MADISON, MISS. — Newmark has arranged a $30 million construction loan for a new four-story, approximately 99,000-square-foot medical office building development in Madison, about 15 miles north of Jackson, Miss. Jay Miele, John Nero, Ben Appel and Michael Greeley of Newmark’s Healthcare Capital Markets group placed the loan through a regional bank on behalf of the borrower, Boldt Healthcare Real Estate Development. Adam Goss and Ron Ott of Newmark provided transactional support. The healthcare facility will be located on Baptist Memorial Health Care Corp.’s medical campus and is anticipated to be completed in the first quarter of 2024.
FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.
Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida
ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.
MIAMI — Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing units, as well as 25,000 square feet of shops and restaurants on the ground level. Amenities will include a sunset-view recreation deck with two pools, dog park, fitness center, outdoor kitchen, club lounge and a work-from-home center. A|P and Miami-Dade County held a groundbreaking ceremony for Atlantic Station on Monday, Jan. 9. The construction timeline was not disclosed.
MITCHELLVILLE, MD. — JLL has secured a $28.4 million loan for Lake Arbor Towers, a 209-unit apartment community located at 11411 Lake Arbor Way in Mitchellville, about 14 miles east of Washington, D.C. Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL arranged the 10-year, fixed-rate loan through Eastern Bank on behalf of the borrower, The Dolben Co. Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake. The community features 110 one-bedroom and 99 two-bedroom units, ranging in size from 675 square feet to 1,100 square feet. Community amenities include a swimming pool, sundeck, social room and a fitness center.
COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.
POOLER, GA. — Northmarq has brokered the $7.3 million sale of Shops at Tanger Parkway, a 15,600-square-foot retail strip center located at 240 Tanger Outlets Blvd. in Pooler, a suburb of Savannah. David Annett and Anne Perrault of Northmarq’s Tulsa office represented the seller, a Utah-based developer, in the transaction. Mark Lovering of Northmarq’s Chicago office represented the buyer, a private equity firm based in Mexico City. Built in 2020, Shops at Tanger Parkway was fully leased at the time of sale to Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses and Pita Mediterranean Street Food. The property is shadow-anchored by Tanger Outlets Savannah, an open-air outlet mall developed in 2015.
LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …
ROCK HILL, S.C. — The Keith Corp., with partners Springsteen Properties and Capitol Broadcasting Co., will break ground Tuesday, Jan. 17 on The Thread, a 400,000-square-foot adaptive reuse project located in Rock Hill, roughly 30 miles southwest of Charlotte. Built in 1946, the property originally housed a textile mill and warehouse. Upon completion, the first phase of development will feature 170,000 square feet of office space and 30,000 square feet of ground-floor retail space. Delivery is scheduled for January 2024. Horizon Bank is providing construction financing. A second phase — construction of which will commence upon completion of the first — will include 200,000 square feet of residential and retail space, with apartments in one-, two- and three-bedroom layouts.
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of The Commons at the Park, an adaptive reuse campus located at 6800 Solectron Drive in Charlotte. The property comprises a 438,144-square-foot office building and two additional land parcels. The buyer, Albemarle U.S. Inc., a specialty chemicals company, will utilize the property as a lithium research and development center. Completion of the project, dubbed Albemarle Technology Park, is scheduled for late 2026. Keith Bell, Matt Treble, Dirk Riekse and Eric Sorenson of Cushman & Wakefield represented the buyer in the transaction. Jessica Brown, David Dorsch and Jordan Williams of Cushman & Wakefield represented the seller, a Shorenstein Properties entity doing business as 6800 Solectron Owner LP.