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LoansMultifamilySouth CarolinaSoutheast

Dwight Capital Finances $24.5M HUD-Insured Loan for Wellspring Apartments in Columbia, South Carolina

by John Nelson

COLUMBIA, S.C. — Dwight Capital has financed a $24.5 million HUD 223(f) loan for Wellspring Apartments, a 232-unit, garden-style multifamily community located in Columbia. This loan qualifies for a reduced Green Mortgage Insurance Premium (MIP) totaling 25 basis points. The undisclosed borrower will use the loan to retire existing debt, close costs, fund the replacement reserve account and complete necessary repairs. Keith Hoffman and Aaron Kirshtein of Dwight Capital originated the loan. The apartment community consists of one-, two- and three-bedroom units, and amenities include a clubhouse, leasing office, walking trails, grilling areas, fitness center, valet trash service and a resort-style pool.

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AcquisitionsHospitalitySoutheastTennessee

Marcus & Millichap Brokers Sale of Historic Hotel in Downtown Memphis

by John Nelson

MEMPHIS, TENN. — Marcus & Millichap has brokered the sale of Hu. Hotel, a 110-room hotel in downtown Memphis. Built in 1905 and located at 79 Madison Ave., the former Tennessee Trust building has been listed on the National Register of Historic Places since 1982, after which it was converted into a luxury boutique hotel in 2002. The hotel is steps from the Mississippi River, Beale Street and FedExForum Arena, and features a rooftop bar, meeting spaces and a fitness center. Mitchell Presas, Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap’s Miller-Gomes Hotel Team represented the local private buyer, Nick Patel. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee in the transaction. 

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Conference CoverageFeaturesGeorgiaMultifamilyMultifamily & Affordable Housing Feature ArchiveSoutheastSoutheast Feature Archive

InterFace: Multifamily Investors Are Bullish on 2025 Sales Market, Though Many Hurdles Will Carry Over into New Year

by John Nelson

Speakers on the investment sales panel at the annual InterFace Multifamily Southeast conference were overall bullish on the sector’s investment prospects in the new year. The event, now in its 15th year, was held on Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. To kick off the panel, moderator Paul Berry, president and COO of Mesa Capital Partners, discussed what a recovery could look like in terms of investment sales volume. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Berry said that in the six years leading up to the onset of the COVID-19 pandemic, annual U.S. multifamily investment sales volume hovered between $155 billion to $195 billion per year. He noted that due to robust inventory growth during that time, a “normal” yearly sales total would average out to $180 billion to $190 billion. “2021 saw ‘double normal’ — it was $350.7 billion,” said Berry. “The first three quarters of 2022 were at that same level before it slowed down by the end of the year, but it still eclipsed $300 billion.” He …

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GeorgiaMarket ReportsOfficeSoutheastSoutheast Market Reports

Atlanta’s Office Sector Is Divided Into the Haves and Have-Nots

by John Nelson

Atlanta’s office market feels like a story of winners and losers. Tenants continue to pay increasing rents for the best located, highest-quality spaces while the sector overall experiences negative office absorption. Those big, shiny objects, so to speak, offer quite a contrast to the results of continued office sector adversity brought on by reduced office attendance, a downsizing leasing trend and swelling sublet space. Who’s in the best position to win? Well-capitalized owners with stabilized debt (or none) that can meet the increasing tenant demands for skyrocketing tenant improvement costs and other rental concessions. With continued construction cost increases and downward pressure on base rental rates, fiscally sound landlords with longer-term business plans are in the best position to transact.  And, of course, the newest buildings with the best location, amenity package and a reasonable commute for the majority of the workforce continue to thrive. CoStar Group reports that during the past 12 months, net absorption in office buildings completed before 2020 was negative 4 million square feet compared to 1.1 million for newer properties.  The Atlanta office market has produced some sizable transactions this year, fueling some optimism among landlords with larger blocks of space for lease. The most …

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AcquisitionsIndustrialSoutheastTennessee

Cushman & Wakefield Commercial Advisors Brokers $63M Sale of Memphis Industrial Facility

by John Nelson

MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has brokered the $63 million sale of a manufacturing and logistics facility located on 35.7 acres at 5106 Tradeport Drive in Memphis. AAON Inc., an HVAC equipment manufacturer based in Tulsa, Okla., purchased the 787,000-square-foot property from Conwood Co. LLC, an affiliate of tobacco manufacturer American Snuff Co. Landon Williams, Katie Hargett and Mark Jenkins of Cushman & Wakefield Commercial Advisors represented the seller in the transaction, and John Beach and Susan Arledge of Newmark represented the buyer.

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DevelopmentGeorgiaMultifamilySoutheast

Woodfield Development Delivers 295-Unit Apartment Community in Union City, Georgia

by John Nelson

UNION CITY, GA. — Woodfield Development has delivered Union Green, a 295-unit apartment community located at 4980 Stonewall Tell Road in Union City, a southwest suburb of Atlanta. The property features a mix of one-, two- and three-bedroom apartments averaging 741 to 1,573 square feet in size. Monthly rental rates range from $1,498 to $4,175, according to Apartments.com. Amenities include a swimming pool with a sun lounge area, club lounge, demonstration kitchen for events, outdoor social commons with a grilling area, wellness and fitness studio and a sky lounge that offers views of downtown Atlanta’s skyline. The project team for Union Green included general contractor CBG Building Co., architect of record Fifth Dimension Architecture and interior designer Shelton Taylor + Associates.

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FloridaIndustrialLoansSoutheast

JLL Arranges $24.5M Loan for Amazon-Leased Industrial Facility in Tampa

by John Nelson

TAMPA, FLA. — JLL has arranged a $24.5 million loan for the recapitalization of a last-mile industrial facility in Tampa leased to Amazon. Built in first-quarter 2022, the 112,000-square-foot property is located in the city’s Southeast Hillsborough submarket near the Port of Tampa Bay and Tampa International Airport. Brian Gaswirth, Jimmy Calvo and Val McWilliams of JLL arranged the fixed-rate loan through Reinsurance Group of America Inc. on behalf of the borrower, an entity doing business as AGS TRIP Corp.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Negotiates $15.5M Sale of Shopping Center in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Marcus & Millichap has negotiated the $15.5 million sale of Northtowne Square, a 96,009-square-foot shopping center located in Lakeland. Built in 1988, the property was fully leased at the time of sale to tenants including Harbor Freight Tools, Fancy Fruit & Produce and Brewlands Bar & Billiards. Tarek Chbeir of Marcus & Millichap represented the seller in the transaction, and Garrett Fierstein of Marcus & Millichap Capital Corp. (MMCC) arranged $6.5 million in acquisition financing on behalf of the buyer.

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AlabamaLeasing ActivityRetailSoutheast

Anchor Investments Signs Workout Anytime to Lease at Shopping Center in Russellville, Alabama

by John Nelson

RUSSELLVILLE, ALA. — Anchor Investments LLC has signed Workout Anytime to a retail lease at Franklin Center, a grocery-anchored shopping center in Russellville. The new 24/7 fitness concept will open in March next to the grocery anchor, Price Less Foods. There are multiple remaining availabilities remaining at Franklin Center, according to Anchor Investments, a Nashville-based real estate investment firm.

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FloridaHospitalityLoansSoutheastTexasTop Stories

Newmark Arranges $1.75B Refinancing of Two Miami Hotel Resorts

by Taylor Williams

MIAMI — Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development. In the first deal, the Newmark team arranged a $1.2 billion loan through Goldman Sachs for Fontainebleau Miami Beach. Originally developed on 22 acres in 1952, the beachfront property totals 1,594 guestrooms across four towers and features a newly built convention center. Amenities include 11 pools with luxury cabanas; nine food-and-beverage outlets; three nightlife and lounge venues; 200,000 square feet of meeting and event space; and a 40,000-square-foot spa with a 5,800-square-foot fitness center. In the second transaction, the quartet of financial intermediaries placed a $550 million loan through J.P. Morgan for the JW Marriott Miami Turnberry Resort & Spa. Built in 1967 and renovated and expanded in 2019, the 270-acre resort comprises 685 guestrooms; two golf courses with a private country club; 120,000 square feet of meeting and event space; six restaurants and lounges; a waterpark; and a 25,000-square-foot spa. “These financings underscore the enduring appeal of South Florida’s premier hospitality assets,’’ says Roeschlaub, …

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