Southeast

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

by John Nelson January 18, 2023

MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.

January 18, 2023

Development Hospitality North Carolina Retail Southeast

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Development Florida Industrial Loans Southeast

JLL Arranges $45.1M Construction Loan for Industrial Project in Metro Orlando

by John Nelson January 18, 2023

OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.

January 18, 2023

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $10.3M Sale of Shopping Center in Hinesville, Georgia

by John Nelson January 18, 2023

HINESVILLE, GA. — Marcus & Millichap has brokered the $10.3 million sale of Hinesville Central, a 41,800-square-foot retail center located at 755 Oglethorpe Highway in Hinesville. The property is shadow-anchored by a Walmart Supercenter. Al Taf of Marcus & Millichap’s Atlanta office represented the seller, a 104-year-old private company based in Georgia, in the transaction. Brian Munn, also with Marcus & Millichap’s Atlanta office, procured the buyer, a private investor. Both parties requested anonymity. Hinesville Central’s tenant roster includes Hibbett Sporting Goods, Kay Jewelers, GameStop, Bath & Body Works, Shoe Show, Luxor Nails, Hong Kong Restaurant, 1st Franklin Financial Corp., High Life Tobacco and Vape, General Nutrition Corp., Surcheros, Polar Sweets and Golden Beauty Supply.

January 18, 2023

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $100M Bridge Financing for Affordable Housing Community in Metro Baltimore

by John Nelson January 17, 2023

GLEN BURNIE, MD. — KeyBank Community Development Lending and Investment (CDLI) has provided a $100 million bridge loan for Villages at Marley Station, a 757-unit mixed-income apartment community located in Glen Burnie, a suburb of Baltimore. The borrower, San Diego-based Fairfield, plans to renovate the property and convert 100 percent of the units to be affordable to households earning 60 percent of the area median income (AMI). Matt Haas and Greg Deeks of KeyBank structured the bridge financing, which will be re-syndicated later this year with 4 percent LIHTC equity, bonds and equity bridge loan funding for renovations that will take place over the next three years. Built in 1963 and renovated in 1997 and 2009, Villages at Marley Station consists of 26 elevator-serviced, low-rise buildings housing 35 studios, 428 one-bedroom, 281 two-bedroom and 12 three-bedroom apartments. Fairfield’s renovations to the interiors will include upgrades to HVAC, appliances, flooring, countertops, cabinets, bathtubs, plumbing and vanities. Common area improvements will be made to the property’s central laundry, clubhouse, pool equipment and furniture, fitness center, sport courts and playgrounds.

January 17, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Berkadia Arranges $92M Construction Financing for Tampa Heights Apartments

by John Nelson January 17, 2023

TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.

January 17, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE|Raleigh Negotiates $56.5M Sale of Apartment Community in Northwest Raleigh

by John Nelson January 17, 2023

RALEIGH, N.C. — CBRE|Raleigh has negotiated the $56.5 million sale of Edwards Mill Townhomes and Apartments, a 220-unit multifamily community located at 4428 Mill Village Road in northwest Raleigh. Howard Jenkins, Kevin Kempf, William Yowell and Drew Harney of CBRE’s Southeast Multifamily Investment Sales team represented the seller, California-based RK Properties, in the transaction. K.O. Kennedy and Scott Brady of CBRE’s Debt & Structured Finance division secured acquisition financing for the undisclosed buyer. Built in 1984, Edwards Mill is situated within walking distance to Crabtree Valley Mall and features an onsite 20-mile fitness trail, a 5,000-square-foot fenced dog park, car care center, fitness center, swimming pool with a sundeck, cyber café, full basketball court and a lighted tennis court.

January 17, 2023

Acquisitions Affordable Housing Development Florida Multifamily Retail Southeast

Urban Story Ventures Sells Former Macy’s Store in Daytona Beach, Buyer Plans Multifamily Redevelopment

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.

January 17, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $12.8M Sale of Oceanfront Hotel in Daytona Beach

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.

January 17, 2023

Acquisitions Content Partner Features Midwest NAI Northeast Southeast Texas Western

Despite Stormy Credit Conditions, Multifamily Sector Still in Demand Among Investors

by Sarah Daniels January 17, 2023

The mere flipping of the calendar to mark a new year has done nothing to inject certainty into the next 12 months. The higher cost of credit that muted commercial real estate investment sales in the second half of 2022 and the attitude of some sellers who refuse to recognize the new pricing reality remain in place in the new year. Many eyes are on the Federal Reserve, hoping for a respite in interest rate hikes after the central bank raised the effective benchmark federal funds rate some 400 basis points to 4.33 percent in less than a year, according to the Federal Reserve Bank of New York. Some investors are even hoping for a rate cut. Neither of those is likely, at least in the short term, observes Arthur Milston, a senior managing director of NAI Global in New York City. While inflation has cooled to an annual rate of 6.5 percent from a high of 9.1 percent in June, that’s still far off from the roughly 2 percent annual target that the Fed desires, he adds. That should translate into continued tightening, Milston says, although the question is, how long will the central bank keep raising rates, and …

January 17, 2023

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