NEWPORT NEWS, VA. — Berkadia has secured $36.6 million in HUD-insured construction financing for Huntington Pointe Apartments, a 176-unit multifamily project in the Hampton Roads city of Newport News. Amy Gay and Stephen Murden of Berkadia secured the loan on behalf of the borrower, Virginia-based The Breeden Co. The 40-year HUD 221(d)(4) loan was financed through the HUD Green MIP Reduction program and features a fixed 3.36 percent interest rate and an 85 percent loan-to-cost ratio. Designed by Humphreys & Partners Architects, Huntington Pointe will offer one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool, clubhouse with a clubroom, kitchen, business office and a fitness center. Located at 903 Denbigh Blvd., the property is situated about two miles from Newport News/Williamsburg International Airport and 30 miles from Norfolk.
MACON, GA. — Marcus & Millichap has brokered the sale of two multifamily properties in Macon that were sold for a total of $26.2 million. Mason Taylor and John McCalla of Marcus & Millichap represented the seller, New York-based Exact Capital Group LLC, in the transaction. Glenn Cove Group LLC purchased the property. The two properties included Hidden Lakes, a two-story, 144-unit apartment community located at 180 Hidden Lakes Court on 12 acres, and Shadowood West, a two-story, 152-unit apartment community located at 4394 W. Highland Drive on 19 acres. Both properties were 96 percent occupied at the time of sale. Community amenities at both properties include swimming pools, fitness centers, onsite management teams, 24-hour emergency maintenance, clubhouses, laundry centers, playgrounds, sand volleyball pits and fishing ponds.
ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.
CUMMING, GA. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Beachwood, Ohio-based Site Centers. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, Old Navy, Five Below, Petco and Ashley Furniture Homestore. Located at 2475 Marketplace Blvd., the property is situated 39 miles from downtown Atlanta and about 20 miles from Lake Lanier.
ST. PETERSBURG, FLA. — JBM Institutional Multifamily Advisors, a multifamily brokerage firm based in St. Petersburg, has announced 19 listings either under contract, available or coming soon for a total price tag of $1.6 billion. The listings, which comprise 4,143 units, include the following: Southwest Florida • Pearl Founders Square, a 400-unit apartment community in Naples • BOLD Lofts, a 98-unit multifamily property built in 2019 in Sarasota • Vive, a 288-unit apartment community built in 2021 in Fort Myers • Charlotte Commons, a 264-unit apartment community built in 2022 in Port Charlotte • ShoreView, a 216-unit multifamily property built in 2021 in Bradenton • The Palms at Cape Coral, a 280-unit apartment community slated for completion by 2023 in Cape Coral • Alvista Golden Gate, a 200-unit apartment community built in 1988 in Naples • Bear Creek, a 120-unit affordable housing community built in 1995 in Naples • The Point at Bella Grove, a 180-unit apartment community built in 2017 in Sarasota • The Bergamot Apartments on 780, a 98-unit apartment community built in 2020 in Sarasota • Opus, a 63-unit apartment community built in 2000 in Naples • Ridgelake, a 329-unit apartment community built in 2020 in Sarasota …
ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac Investment Properties. The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The hotel will contain 134 rooms and 30,000 square feet of amenities, meeting space, restaurant space and ground-floor retail. Aparium Hotel Group will manage the hotel and restaurant upon completion. The property is currently being used as an office building and parking garage.
WILMINGTON, N.C. — Ready Capital has closed a $34 million loan for the acquisition and renovation of a 200-unit, two-property multifamily portfolio in Wilmington. The non-recourse, interest-only, floating-rate loan features a 36-month term with two extension options and flexible prepayment. The loan is inclusive of a facility to provide future funding for capital expenditures and interest and operating shortfalls. Upon acquisition, the sponsor will convert the properties from student housing to traditional multifamily. In addition, the sponsor will implement a capital improvement plan to renovate unit interiors, improve curb appeal and upgrade community amenities and common areas.
RICHMOND, VA. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the asset for an undisclosed price. Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s and an 83,600-square-foot Saks Fifth Avenue. The center is also home to RH, Tiffany & Co., Brooks Brothers, Anthropologie, Latitude Seafood, P.F. Chang’s, CMX CineBistro, Vineyard Vines, Talbots, Fleming’s Steakhouse, Eggspectation and LensCrafters. Located on 45 acres at 9200 Stony Point Parkway, the property is situated 10 miles from downtown Richmond and 22.4 miles from Richmond International Airport.
PEMBROKE PINES, FLA. — CBRE has secured a $21.9 million loan for the refinancing of Pines Medical Professional Centre, a 91,956-square-foot medical office complex in Pembroke Pines. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets arranged the seven-year, fixed-rate loan through Bank United on behalf of the borrower, an unnamed private investor. Pines Medical Professional Centre features four, two-story office buildings built between 2000 and 2002. The South Florida property was 97 percent leased at the time of financing to a variety of medical providers, including physicians, dentists, radiologists and urologists. Located at 400-700 N. Hiatus Road, the property is situated less than one mile from Memorial Hospital West and 9.8 miles from Hollywood.
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Multifamily Operators Battle Fraud, Labor Shortages on the Front Lines, Say InterFace Panelists
CHARLOTTE, N.C. — Property managers are navigating a minefield of issues in today’s apartment market. Analyzing renter applications for fraud, collecting overdue rent and turning over units from freeloading tenants are all in a day’s work for savvy apartment operators. Amanda Kitts, senior vice president of property management at Northwood Ravin, a multifamily owner and operator based in North Carolina, said that part of the role of an operations professional today entails poring over documents like check stubs, IDs and employment records to make sure the prospective resident is creditworthy. She said that fraud is more prevalent in some markets than others, so it’s imperative that property managers are adequately trained. “Charlotte still is a very big market for fraud, but Durham not so much. Chapel Hill is squeaky clean; nobody does anything wrong in Chapel Hill,” joked Kitts. “We have these applications and check stubs, and maybe one could be off, and you have to investigate and Google. We’re almost mini-FBI investigators.” Kitts’ comments came during the leasing and operations panel at France Media’s InterFace Carolinas Multifamily, which took place April 14 at the Hilton Uptown Charlotte. The networking and information conference drew more than 260 attendees from all facets …