Southeast

Berkadia Arranges $47M Construction Loan for Apartment Development in Fayetteville, North Carolina

by John Nelson July 21, 2023

FAYETTEVILLE, N.C. — Berkadia has arranged a $47 million construction loan for The One at Hope Mills, a 360-unit, garden-style apartment community that will be located at 3680 Elk Road in Fayetteville. Mitch Sinberg, Brad Williamson, Scott Wadler and Matt Robbins of Berkadia’s South Florida office arranged financing on behalf of the Miami-based borrower, One Real Estate Investment (OREI). City National Bank of Florida and Abanca provided the floating-rate loan. Construction will begin in the third quarter, and the property is scheduled for completion in the second half of 2024. The design-build team includes general contractor Berkley Hall Cos., architect BSB Design and civil engineer Site Design Inc. Upon completion, The One at Hope Mills will feature a mix of one-, two- and three-bedroom units, as well as a resort-style pool, outdoor cabana with TVs, a game room with billiards and shuffleboard and a modern fitness center.

July 21, 2023

Development Florida Industrial Southeast

Stonemont, US Capital Development Deliver $28M Industrial Facility in Ocala, Florida

by John Nelson July 21, 2023

OCALA, FLA. — Stonemont Financial Group and US Capital Development have completed the development of a $28 million speculative industrial facility located in Ocala, about 37 miles south of Gainesville, Fla. Situated on 35 acres, Topline Logistics Facility totals 457,000 square feet and features 36-foot clear heights, 95 dock doors, four drive-in doors and 110 trailer parking spaces. Construction on the project began in March of last year. HDA Architects designed the property, and Frampton Construction served as general contractor.

July 21, 2023

Acquisitions Florida Multifamily Southeast

Olympus Purchases, Rebrands 370-Unit Multifamily Community in Jacksonville

by John Nelson July 21, 2023

JACKSONVILLE, FLA. — Olympus Property has acquired Presidium Town Center, a 370-unit multifamily community located in the Deerwood Park neighborhood of Jacksonville. The property was developed in 2021 by Texas-based multifamily developer Presidium. The buyer has rebranded the community as Olympus Preserve at Town Center. The property offers apartments in studio, one-, two- and three-bedroom layouts and amenities including a swimming pool, rooftop lounging deck, fitness center and indoor and outdoor fireplaces. Rents start at $1,611, according to the community website. The sales price was not disclosed.

July 21, 2023

Acquisitions Georgia Industrial Southeast

Dermody Properties Acquires 312,000 SF Logistics Facility in Garden City, Georgia

by John Nelson July 21, 2023

GARDEN CITY, GA. — Dermody Properties has acquired a 312,000-square-foot logistics facility located at 2509 Dean Forest Road in Garden City, about three miles west of the Port of Savannah’s Garden City Terminal. Yokohama Off-Highway Tires America Inc. and GFA Inc. occupy the property, which features 32-foot clear heights, 89 dock-high doors, three drive-in doors, 74 trailer parking spaces, T-5 lighting and ESFR fire protection. Britton Burdette, Matt Wirth, Jim Freeman, Dennis Mitchell and Mitchell Townsend of JLL arranged the transaction. The seller and sales price were not disclosed.

July 21, 2023

Leasing Activity Office Southeast Tennessee

Switchyards to Open 8,000 SF Coworking Space in East Nashville

by John Nelson July 21, 2023

NASHVILLE, TENN. — Switchyards, a coworking concept based in Atlanta, will open an 8,000-square-foot club at 1101 Chapel Ave. in the Eastwood neighborhood of Nashville. Located within a historic building that formerly housed a church, the space will feature a café, work stations, two libraries, eight soundproof phone booths and three meeting rooms. The landlord is locally based Vintage South Development. Switchyards Eastwood is scheduled to open in September.

July 21, 2023

Florida Loans Multifamily 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

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