Southeast

Toro Development to Build 186-Unit Reid Apartments in Atlanta’s Reynoldstown District

by John Nelson July 29, 2022

ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.

July 29, 2022

Acquisitions Multifamily North Carolina Southeast

CRC Acquires Apartment Community in Downtown Raleigh for $36.5M

by John Nelson July 29, 2022

RALEIGH, N.C. — Continental Realty Corp. (CRC) has purchased 800 St. Marys Apartments, a 65-unit multifamily community located at 800 St. Marys St. in downtown Raleigh’s Glenwood South neighborhood. Built in 2020 by Selwyn Property Group and Southeast Apartment Investors, 800 St. Marys is a four-story elevator building with townhomes and attached garages. Units come in one-, two- and three-bedroom floor plans ranging from 963 to 1,666 square feet, with an average unit size of 1,224 square feet. The community was 95 percent occupied at the time of sale. Community amenities include an outdoor terrace with a kitchen, fire pit with seating, fitness center, clubhouse equipped with flat screen TVs, wine lockers, complimentary coffee bar, business lounge with private conference center and a controlled-access parking garage. Adam Randall and John Westby-Gibson of Newmark originated an undisclosed amount of Freddie Mac acquisition financing on behalf of CRC, which purchased the asset through its Core Multifamily Fund LP in partnership with Baltimore-based Brown Advisory in an off-market transaction.

July 29, 2022

Development Florida Industrial Leasing Activity Southeast

All Florida Paper Signs 226,698 SF Industrial Lease in Metro Miami

by John Nelson July 29, 2022

HIALEAH, FLA. — All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant. Construction on Building D is scheduled to begin in the fourth quarter, and All Florida Paper is slated to occupy the space by mid-2023. Once completed, Beacon Logistics Park, located at NW 145th Place and NW 107th Ave., will span more than 1.3 million square feet of space.

July 29, 2022

Development Industrial Southeast Virginia

Saltbox Opens 45,000 SF Co-Warehousing Facility in Alexandria, Virginia

by John Nelson July 29, 2022

ALEXANDRIA, VA. — Saltbox has opened a new 45,000-square-foot “co-warehousing” facility located at 4700 Eisenhower Drive in Alexandria, the company’s sixth location in the United States. Situated near Washington, D.C., the property features 85 flexible warehouse and office suites, as well as conference rooms, loading dock access and a photo studio for entrepreneurs. Atlanta-based Saltbox plans to double its footprint of co-warehousing assets by the end of the year with secondary assets coming to Los Angeles, Atlanta and Dallas. Last month, the company debuted its first fulfillment center in Columbus, Ohio. Saltbox houses 300 tenants across its six locations, 70 percent of which are e-commerce companies.

July 29, 2022

Florida Georgia Loans Multifamily Southeast Tennessee

ECI Group Refinances Sun Belt Multifamily Portfolio with $625M Loan from Goldman Sachs

by John Nelson July 28, 2022

ATLANTA — ECI Group, an Atlanta-based multifamily developer and investor, has obtained a $625 million loan for the refinancing of a 13-property multifamily portfolio in the Sun Belt. Goldman Sachs Bank USA provided the loan, and Jones Lang LaSalle Securities LLC served in an advisory role to ECI Group, which will use the loan to refinance the portfolio and fund renovations for six communities. Built between 1979 and 2021, the 3,478-unit portfolio comprises Class A and B properties in Florida, Georgia, Tennessee and Texas. The assets had an average occupancy of 96.6 percent at the time of the loan closing.

July 28, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

Development Florida Office Southeast

Gatsby to Develop 200,000 SF PGA Tower Office Building in Palm Beach Gardens

by John Nelson July 28, 2022

PALM BEACH GARDENS, FLA. — Gatsby FL, a division of New York City-based family investment firm Gatsby Enterprises, plans to build PGA Tower, a 200,000-square-foot office building in Palm Beach Gardens. Chris Smith with CBRE and Darryl Kaplan of Darryl R Kaplan Co. represented Gatsby in the land acquisition. Smith will be handling leasing along with CBRE’s John Criddle and Joe Freitas. Situated on seven acres near the intersection of PGA and RCA boulevards, the eight-story office building will feature column-free, 25,000-square-foot floor plates; fine dining restaurants; 7,000 square feet of quick-serve restaurants and retail; a fitness center; and 1,000 covered garage parking spots along with EV charging stations. PGA Tower’s offices will feature 10-foot, floor-to-ceiling windows with hurricane-resistant glass, full generator back-ups and building top signage. Gatsby, which also owns the nearby DiVosta Towers and 800 Brickell in Miami, anticipates tenant delivery beginning in first-quarter 2024.

July 28, 2022

Loans Seniors Housing Southeast Virginia

Ziegler Arranges $71M Bond Financing for Seniors Housing Community in Winchester, Virginia

by John Nelson July 28, 2022

WINCHESTER, VA. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, the first phase of which will include 48 new independent living unit apartments. To fund the first phase of the project, SVWC issued two tranches of drawdown bank loans that Atlantic Union Bank and Pinnacle Financial Partners purchased. The first portion of the financing was $51 million in bonds via a 12-year bank commitment, with a variable interest rate. The second portion, totaling $20 million, features a 4.5-year final maturity to be repaid from initial entrance fees to the new independent living units.

July 28, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

Development Florida Loans Multifamily Southeast

Newmark Arranges $64.5M Construction Loan for Advantis Station Apartments in Fort Lauderdale

by John Nelson July 27, 2022

FORT LAUDERDALE, FLA. — Newmark has arranged a $64.5 million loan for the development of Advantis Station, a 252-unit midrise apartment community situated within Fort Lauderdale’s Flagler Village. The borrower is a joint venture between Midtown Capital Partners and Prospect Real Estate Group. Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin and Tim Polglase of Newmark arranged the loan through Forum Real Estate Group and Bank OZK. Advantis Station will be situated on a 1.3-acre site at the intersection of NE 3rd Ave. and NE 6th Street, which is near a Brightline station and Peter Feldman Park. The property will feature studio, one-, two-, three- and four-bedroom units, as well as over 300 parking spaces and ground-floor retail space. The construction timeline was not disclosed.

July 27, 2022

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