Southeast

Trez Capital Provides $78.2M Construction Financing for Apartment Project in Miami

by Julia Sanders October 14, 2021

MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …

October 14, 2021

Acquisitions Life Sciences North Carolina Southeast

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

by Julia Sanders October 14, 2021

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed. Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades, according to Allan Swaringen, president and CEO of JLL Income Property Trust. The properties are located adjacent to Research Triangle Park, the biggest scientific research park in the country. The weighted average lease term on the two properties is more than 14 years.

October 14, 2021

Development Industrial South Carolina Southeast

Seefried Breaks Ground on 185,250 SF Distribution Center in Duncan, South Carolina

by Julia Sanders October 14, 2021

DUNCAN, S.C. — Atlanta-based Seefried Industrial Properties has broken ground on Victor Hill Distribution Center, a 185,250-square-foot industrial project in Duncan. Located at 1117 Victor Hill Road on a 15-acre site, Victor Hill is situated about 3.6 miles from Greenville-Spartanburg International Airport, 17.8 miles from downtown Greenville and 2.3 miles from BMW’s plant in Spartanburg, S.C. The Class A distribution center is being built on a speculative basis and is slated for completion and for tenant occupancy by July 2022. The building will have 32-foot clear heights, a rear-load configuration with a 185-foot truck court, 30 dock doors, 135 parking spaces and 50 trailer spaces. Additionally, the building will offer 2,300 square feet of office space. Doug Smith and Joseph Tripp of Seefried Industrial Properties will internally lead leasing for the building. Pattillo Construction Corp. is the general contractor at Victor Hill, and MCA Architecture is the project architect.

October 14, 2021

District of Columbia Loans Multifamily Southeast

FHFA Raises Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac to $78B in 2022

by Julia Sanders October 14, 2021

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac to be $78 billion for each agency for a combined total of $156 billion. The 2022 caps are based on FHFA’s projections of the overall growth of the multifamily originations market. This year the caps are set at $70 billion a piece for both Fannie Mae and Freddie Mac. The FHFA wants the agencies to keep their focus on providing liquidity for affordable housing and underserved markets. Just like this year, the organization is requiring that at least 50 percent of Fannie Mae’s and Freddie Mac’s multifamily business in 2022 to be mission-driven affordable housing, or for units affordable to residents earning 80 percent of area median income (AMI). However, at least 25 percent of the agencies’ multifamily business is required to be affordable to residents at or below 60 percent of AMI, up from the 20 percent required this year. Additionally, the FHFA is expanding certain definitions of what it determines as “mission-driven affordable housing.” Starting next year, the FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or …

October 14, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Acquisitions Florida Multifamily Southeast

Shoma Group Sells Sanctuary Doral Apartments in South Florida for $102.5M

by Julia Sanders October 13, 2021

DORAL, FLA. — Shoma Group has sold Sanctuary Doral Apartments, a 226-unit, six-story apartment building in Doral. The buyer, Avanti Group, purchased the property for $102.5 million, or $453,539 per unit. Still Hunter of Walker & Dunlop represented the seller in the transaction. Built in 2020, Sanctuary Doral includes one-, two- and three-bedroom floorplans. Rental rates average $2,210 to $3,660 for a 12-month lease and $2,410 to $3,860 with a seven-month lease. Other community amenities include a gym with steam room and sauna, pet spa, pool, bike path, mini soccer field, yoga lawn and a two-story clubhouse. The apartment property was fully occupied at the time of sale. Located at 9400 NW 41st St., Sanctuary Doral is situated close to retailers and restaurants such as McDonald’s, Walgreens, Starbucks and Publix. The apartment community is also about 13.3 miles from downtown Miami and 17.7 miles from Miami Beach.

October 13, 2021

Development Georgia Loans Mixed-Use Southeast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders October 13, 2021

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

October 13, 2021

Acquisitions Arkansas Retail Southeast

Global Net Lease Acquires Walmart Learning Center in Bentonville, Arkansas for $40.6M

by Julia Sanders October 13, 2021

BENTONVILLE, ARK. — Global Net Lease Inc. (GNL) has acquired the Walmart Learning Center, a 90,000-square-foot training and development center in Bentonville that is leased to Walmart Inc. The sales price was $40.6 million. The Walmart Learning Center serves as the primary digital and onsite training and development facility for Walmart associates. The retail giant has seven years of remaining lease term at the facility.

October 13, 2021

Leasing Activity Office Southeast Virginia

Software Firm Signs 49,257 SF Office Lease at 3TWENTY3 in Charlottesville, Virginia

by Julia Sanders October 13, 2021

CHARLOTTESVILLE, VA. — General Atomics Commonwealth Computer Research Inc., a locally based advanced analytics and software solutions firm, has signed a 49,257-square-foot office lease within the 3TWENTY3 building in Charlottesville. Totaling 120,000 square feet, 3TWENTY3 is a five-floor office building that was built on top of a four-story, 200-space parking structure. Building amenities include a pedestrian plaza/walkway, common lobby gathering space, LEVEL10 rooftop area with event and conference space, catering kitchen, patio, electric car charging stations and covered bike racks. Located at 323 2nd St. SE, the property will be located near downtown Charlottesville and is about 1 mile from the University of Virginia. Built in late 2020, the property is about 80 percent leased out to tenants including McGuireWoods, Williams Mullen and Manchester Capital. John Pritzlaff of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord and developer, Charlotte-based Insite Properties. Robin Amato of REIII Commercial Properties represented the tenant.

October 13, 2021

Acquisitions Multifamily Southeast Tennessee

Embrey Disposes of 322-Unit Multifamily Community in Nashville

by Julia Sanders October 13, 2021

NASHVILLE, TENN. — Embrey Partners LLC, a San Antonio-based real estate investment and development firm, has disposed of Knox at MetroCenter, a 322-unit multifamily community in Nashville. Newmark brokered the sale. The sales price and buyer were not disclosed. Located at 101 Athens Way, Knox at Metrocenter is located about three miles north of downtown Nashville and overlooks Amulet Lake. The apartment property has one- and two-bedroom floorplans with units featuring 9-foot ceilings, wood-style flooring, kitchens with granite countertops and stainless steel appliances, bathrooms with a garden tub and a built-in computer desk and bookshelves. Community amenities include a clubhouse with games and a media center, fitness center, spin and yoga room, swimming pool, outdoor grilling and dining areas, dog park and a pet spa.

October 13, 2021

Newer Posts

Older Posts