Southeast

Berkadia Arranges $217.2M Recapitalization of Multifamily Portfolio in Central Florida

by John Nelson July 20, 2023

ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.

July 20, 2023

Development Georgia Southeast Student Housing

LV Collective Delivers 565-Bed Whistler Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson July 20, 2023

ATLANTA — LV Collective has delivered Whistler, a 565-bed student housing community located in the Midtown neighborhood of Atlanta near the Georgia Tech campus. The 277,457-square-foot property is located at 859 Spring St. NW, on the edge of Midtown’s Tech Square district. The community offers 168 units in studio to five-bedroom configurations with bed-to-bath parity. Shared amenities include a second-floor study mezzanine with private study spaces, conference rooms and a podcast room; Daydreamer Coffee café; dog spa; fitness center with cardio and weightlifting equipment, yoga and spin studios and a sauna; and a 24th-floor deck with an infinity pool and hot tub. Whistler was developed through a partnership between LV Collective and ELV Associates Inc. Variant Collaborative provided interior design services for the project, and Niles Bolton Associates served as architect. JE Dunn was the general contractor, and Asset Living will manage the community. Move-in for residents is scheduled to begin on Aug. 11, in time for Georgia Tech’s 2023 fall semester.

July 20, 2023

Development Mississippi Retail Southeast

Woodmont Breaks Ground on Retail Strip Center in Petal, Mississippi Leased to Starbucks, T-Mobile

by John Nelson July 20, 2023

PETAL, MISS. — The Woodmont Co. has broken ground on a new retail strip center spanning nearly 5,000 square feet in Petal, a suburb of Hattiesburg, Miss. Located at 1098 Evelyn Gandy Parkway, the property will house a Starbucks and T-Mobile. The retail center represents Woodmont’s fourth development with Starbucks and first with T-Mobile. Jackson Longley of Woodmont worked to arrange financing through Embree Capital, and Jack Mock of Woodmont represented the developer in the lease negotiations with the national credit tenants. Tony Oswalt with Advanced Building Specialties Inc. will serve as the project’s general contractor. Woodmont plans to open the center in spring 2024.

July 20, 2023

Acquisitions Retail South Carolina Southeast

Cushman & Wakefield Arranges $10.8M Sale of Shopping Center in Greenwood, South Carolina

by John Nelson July 20, 2023

GREENWOOD, S.C. — Cushman & Wakefield has arranged the $10.8 million sale of Westwood Plaza, an 83,354-square-foot shopping center located at 512 Bypass 72 NW in Greenwood. Planet Fitness, Dollar Tree, Bath & Body Works and pOpshelf anchor the center, which is shadow-anchored by Walmart. Five of the center’s 12 tenants have occupied Westwood Plaza for more than 20 years. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller in the transaction. Prudent Growth Partners acquired the property.

July 20, 2023

Affordable Housing Development Loans Mississippi Multifamily Southeast

BWE Arranges $10.6M HUD-Insured Loan for Rehabilitation of Affordable Housing Community in Starkville, Mississippi

by John Nelson July 20, 2023

STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.

July 20, 2023

Industrial Leasing Activity Louisiana Southeast

IRG Signs Schlumberger to 1 MSF Industrial Lease in Shreveport, Louisiana

by John Nelson July 19, 2023

SHREVEPORT, LA. — Los Angeles-based Industrial Realty Group (IRG) has signed offshore drilling giant Schlumberger Ltd. to a 1 million-square-foot industrial lease in Shreveport. The tenant will join Hyundai Glovis, Pratt Paper and Thyssenkrupp Supply Chain Services at the 3.5 million-square-foot Shreveport Business Park. Schlumberger will occupy a portion of two buildings and utilize the site for high-tech manufacturing. The company’s $18.5 million investment is expected to create 596 new direct jobs, and Louisiana Economic Development estimates the project will result in an additional 749 new indirect jobs.

July 19, 2023

Acquisitions Kentucky Multifamily Southeast

Oakley Group Acquires Griffin Gate Apartments in Hopkinsville, Kentucky for $10.8M

by John Nelson July 19, 2023

HOPKINSVILLE, KY. — Oakley Group has acquired Griffin Gate, an 80-unit apartment community located at 300 Griffin Gate Drive in Hopkinsville, a suburb of Clarksville, Tenn. The Birmingham, Ala.-based investment firm purchased the asset from a Georgia-based entity doing business as Griffin Gate HKY LLP for $10.8 million. Tyler Mayo of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group brokered the transaction. Chad Hagwood and Brandon Pate of Lument’s Birmingham office originated a 10-year, fixed-rate Fannie Mae on behalf of Oakley Group. Situated on more than 16 acres, Griffin Gate is a two-story property that features a clubhouse, pool, dog park, walking trail and ample green space. Oakley Group plans to make capital improvements to the property and has retained NextGen Management as property manager.

July 19, 2023

Affordable Housing Loans Multifamily Southeast Tennessee

Northmarq Arranges $10.7M Refinancing for Two Affordable Housing Properties in Memphis

by John Nelson July 19, 2023

MEMPHIS, TENN. — Northmarq has arranged a $10.7 million refinancing loan for two affordable housing properties in Memphis. The communities, Bantam-Airways and Bantam-Springbrook, are situated near each other and total 291 units. The properties were both built in 1973 and renovated in 2022. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis office arranged the Freddie Mac loan, which features five years of interest-only payments followed by a 35-year amortization schedule.

July 19, 2023

Acquisitions Georgia Net Lease Restaurant Retail Southeast

Marcus & Millichap Brokers $3.3M Sale of New Restaurant in LaGrange, Georgia Leased to Chick-fil-A

by John Nelson July 19, 2023

LAGRANGE, GA. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $3.3 million sale of a newly constructed restaurant in LaGrange that is ground-leased to Chick-fil-A for 15 years. Located at 2110 Vernon St. on a 1.5-acre lot, the nearly 5,000-square-foot building is a relocation of a former Chick-fil-A and serves as an outparcel to a new Publix-anchored shopping center that Taylor McMinn Retail Group will be marketing. An unnamed, out-of-state private investor purchased the restaurant at list price within 30 days of listing with all-cash, according to McMinn, who represented the undisclosed seller in the transaction. “Pricing for quality net-lease retail continues to receive strong demand and command attractive pricing in spite of the rising interest rate environment,” says McMinn.

July 19, 2023

District of Columbia Retail Southeast

US Retail Sales Rise in June, NRF Predicts Strong July Activity With Back-to-School Shopping

by John Nelson July 19, 2023

WASHINGTON, D.C. — The U.S. Census Bureau reports that overall retail sales in June rose 0.2 percent from May and 1.5 percent from June 2022. Barron’s and other media outlets are reporting that economists had previously forecasted that June sales would grow 0.6 percent from May. The Wall Street Journal reports that the retail sector’s three consecutive months of positive sales activity can be attributed, in part, to inflation easing. The Consumer Price Index, the U.S. Bureau of Labor Statistics’ leading indicator for inflation, rose at an annualized rate of 3 percent in June, the lowest figure since March 2021. The National Retail Federation (NRF), a Washington, D.C.-based advocacy organization for the retail industry, expects the momentum to carry into July as consumers shop for back-to-school items. “Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records,” says Matthew Shay, president and CEO of NRF. “Consumers are looking for the best value and deals, and retailers are well-stocked with essential items for families and students.” The NRF’s own calculation of retail sales excludes automobile dealers, gas stations and restaurants in order …

July 19, 2023

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