Southeast

Parkview Financial Provides $25.5M Construction Loan for Multifamily Adaptive Reuse Project in Birmingham

by Julia Sanders August 10, 2021

BIRMINGHAM, ALA. — Parkview Financial has provided a $25.5 million construction loan to Orchestra Partners Development for the redevelopment of the historic Frank Nelson Building in Birmingham. The overall financing for the property included $9 million in state and federal Historic Tax Credits, opportunity zone investors and a mezzanine loan, according to Parkview Financial. Built in 1903 as the First National Bank Building, the Frank Nelson Building is located at 205 20th St. N. The 10-story, 79,000-square-foot office building will be converted into a 180-unit apartment community and will include four commercial units on the ground floor totaling 9,000 square feet of retail space. Construction is slated for completion in late 2022. The residential units will include 135 studios with averaging 398 square feet and 45 one-bedroom units averaging 532 square feet. The units will feature stainless steel appliances, washer/dryers and custom cabinets. Community amenities will include a dog park and run, fitness center, pool table, outdoor deck, conference rooms and basement storage areas. The retail portion is preleased to The UPS Store in a 3,125-square-foot space and Trattoria ZaZa in a 1,441-square-foot space. The other retail units are available for lease. The property is located less than one mile …

August 10, 2021

Development North Carolina Office Southeast

Legal Aid Redevelops 40,000 SF Office Building in East Charlotte

by Julia Sanders August 10, 2021

CHARLOTTE, N.C. — Legal Aid of North Carolina Inc., a nonprofit law firm, is redeveloping a 40,000-square-foot, single-story office building located at 5525 Albemarle Road in east Charlotte. MPV Properties represented Legal Aid on the purchase of the building and is marketing the remaining 23,000 square feet of vacant space for lease. The seller and sales price were not disclosed. In partnership with Lakemont Property Investors LLC, Legal Aid has recently completed demolition of the interior of the building. The firm expects to finish the full interior renovation in the next couple months and plans to occupy approximately 40 percent of the building once complete. A separate non-profit legal organization, Charlotte Center for Legal Advocacy, also has plans to renovate and occupy an adjacent two-story office building located at 5535 Albemarle Road. MPV Properties is a Charlotte-based commercial real estate firm that offers landlord and tenant representation. Legal Aid of North Carolina is a Raleigh-based law firm that provides free legal services in civil matters to low-income clients.

August 10, 2021

Megan Eckart Baird Datacenter Development

Bohler Content Partner Data Centers Development Features Industrial Midwest Northeast Southeast Texas Western

Data Center Development Download: What Makes a Great Site?

by Sarah Daniels August 10, 2021

As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …

August 10, 2021

Development Georgia Loans Multifamily Southeast

AHS Residential Receives $46.5M Loan for Multifamily Development in Metro Atlanta

by Julia Sanders August 9, 2021

DOUGLASVILLE, GA. — AHS Residential has obtained construction financing for AHS Tributary, a 433-unit mixed-use residential community located in Douglasville, a suburb approximately 20 miles west of Atlanta. PNC Bank provided the $46.5 million construction loan to AHS Residential, which broke ground on the project in late June. The community is slated for a first-quarter 2023 delivery. AHS Tributary will offer studio, one- and two-bedroom floor plans in seven five-story buildings. Apartments will feature stainless steel appliances and in-unit laundry. Community amenities include assigned parking, a business center and a multipurpose clubhouse featuring a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with a 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for lease on the second floor. The property will also include a 5,000-square-foot freestanding retail building.

August 9, 2021

Development Florida Industrial Southeast

Seefried Industrial Properties to Develop 1.1 MSF Building in Port St. Lucie, Florida

by Julia Sanders August 9, 2021

PORT ST. LUCIE, FLA. — Seefried Industrial Properties is developing a 1.1 million-square-foot build-to-suit warehouse facility in Port St. Lucie for Amazon. The project, which is dubbed Project Midway, is being constructed on 110 acres at Midway Business Park along West Midway Road near Interstate 95. The property will feature tilt-up concrete wall panels, a little over 1 million square feet of warehouse space, 32,457 square feet of office and social space, 1,000 employee parking spaces and 390 trailer stalls. Amazon says the company will hire around 500 full-time employees at its new location, according to the Commercial Observer. Construction is expected to begin late fall 2021 with completion slated for summer 2022. The Conlan Co. is serving as general contractor, Ford & Associates is the architect and Kimley-Horn is the civil engineer for Project Midway.

August 9, 2021

Florida Leasing Activity Retail Southeast

Five New Retailers to Join Tenant Lineup at CocoWalk Shopping Center in Miami

by Julia Sanders August 9, 2021

MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have signed five new retailers to join the tenant lineup at CocoWalk, a mixed-use shopping center in the Coconut Grove neighborhood of Miami. CocoWalk’s newest retailers include GlossLab, a membership-based nail studio based in New York that is set to open in summer 2022; Antidote Wellness Labs, a boutique fitness studio; Gas Bijoux, a jewelry brand based in Saint-Tropez; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, which is a salon concept specializing in curating eyebrows. Antidote Wellness Labs will occupy about 2,577 square feet on the second floor of CocoWalk, the Barba Skin Clinic will span 2,181 square feet and 3D Brow Studio will occupy 1,062 square feet. Gas Bijoux will be located on the first floor with 562 square feet facing the open-air plaza, and GlossLab will take up a 1,349-square-foot space. In addition, Botanico Gin & Cookhouse is slated to open at CocoWalk later this summer, and Sushi Garage is expected to open this fall. CocoWalk will feature 150,000 square feet of retail space and include local, national and international restaurants and retailers such as Planta, Mister 01 Extraordinary, Salt & Straw, …

August 9, 2021

Development Florida Loans Multifamily Single-Family Rental Southeast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders August 9, 2021

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

August 9, 2021

Affordable Housing Loans Louisiana Multifamily Southeast

Hunt Capital Invests $8.8M in LIHTC, Historic Tax Credit Equity for Affordable Housing Project in Monroe, Louisiana

by Julia Sanders August 9, 2021

MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …

August 9, 2021

Market Reports North Carolina Office Southeast Southeast Market Reports

A City on the Rise: Charlotte Office Market Poised for Growth and Recovery

by John Nelson August 9, 2021

Last year posed many challenges for Charlotte’s office market, as companies continued to delay making decisions about their office space needs. In the fourth quarter, leasing velocity had slowed, with limited deal activity driven largely by lease expirations. But the city still scored several corporate relocations and expansions, faring well compared to other major cities throughout the country. Fast-forward to June 2021, and the light at the end of the tunnel is getting brighter as more occupants set re-entry plans for this fall. This is a transformative year for Charlotte. Commercial Café ranked the Queen City as No. 5 in the United States for the most anticipated office deliveries in 2021 with more than 4.1 million square feet delivering in the metro area this year. Uptown added to its skyline with the addition of 366,000 square feet at Legacy Union Two, the completion of the 742,000-square-foot Ally Charlotte Center, Honeywell’s 330,000-square-foot corporate headquarters delivering later this fall and the 156,415-square-foot FNB Tower delivering this summer. At the end of the first quarter, new construction in Uptown was more than 82 percent preleased. And as more tenants seek out highly amenitized and efficient space, new construction is expected to be the …

August 9, 2021

Loans Multifamily Southeast Virginia

Pacific Western Bank Provides $127.5M Construction Loan for Apartment Project in Falls Church, Virginia

by Julia Sanders August 6, 2021

FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.

August 6, 2021

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