Southeast

Latitude Management Receives $53.2M Acquisition Financing for Apartment Community in Leland, North Carolina

by Julia Sanders June 9, 2021

LELAND, N.C. — Latitude Management Real Estate Holdings Inc. has received a $53.2 million acquisition loan for Harrington Village Apartments, a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland. Harrington Village totals 387,315 square feet and includes 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet that are available for lease. Units include granite countertops, in-unit washer and dryer connections, nine-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a bark park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of the year. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land on the site. Paul Brindley, Jeff Sause, John Gavigan and Harrison Kalt of JLL arranged the loan through Sound Point Capital Management LP on behalf of Latitude Management. The non-recourse, interest-only bridge loan was structured at …

June 9, 2021

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $45M Refinancing Loan for Tamarac Village Apartments in South Florida

by Julia Sanders June 9, 2021

TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.

June 9, 2021

Development Maryland Office Southeast

RPAI Plans to Develop 125,000 SF Medical Office Building in Largo, Maryland

by Julia Sanders June 9, 2021

LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.

June 9, 2021

Acquisitions Florida Multifamily Southeast

Capstone Brokers $55.2M Sale of Monterosso Apartments in Metro Orlando

by Julia Sanders June 8, 2021

KISSIMMEE, FLA. — Capstone Apartment Partners has brokered the $55.2 million sale of Monterosso Apartments, a new 216-unit multifamily community located in the Orlando suburb of Kissimmee. The four-story property is situated at the intersection of North John Young Parkway and West Osceola Parkway. Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Fore Property Co., and procured the buyer, PassiveInvesting.com, in the transaction. At $255,699 per unit, this transaction marks the highest price per multifamily unit ever sold in Osceola County, according to Capstone. Built in 2019, Monterosso Apartments was approximately 94 percent occupied at the time of sale. The community includes studio, one-, two- and three-bedroom apartment homes with wood-style flooring, quartz countertops, stainless steel appliances, washers and dryers and a patio or balcony. The average size for each unit is 983 square feet. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators and rentable garages. Monterosso Apartments is located at 3050 La Spezia Circle and is approximately 9.6 miles from Walt Disney World, 22.2 miles from downtown Orlando and 31.7 miles from Altamonte Springs. PassiveInvesting.com is a South Carolina-based private equity real estate investment firm focused …

June 8, 2021

Development Florida Industrial Southeast

Foundry Commercial, Stockbridge Break Ground on Phase II of 1,000-Acre Industrial Park in Plant City, Florida

by Julia Sanders June 8, 2021

PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.

June 8, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $32.7M Sale of Apartment Community in Metro Birmingham

by Julia Sanders June 8, 2021

HOOVER, ALA. — Cushman & Wakefield has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located at 861 Tyler Circle in Hoover, a suburb of Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the undisclosed seller. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeast, was the buyer. Constructed in 1973, The Park at Wakefield & Wellington features 46 percent townhome floor plans with private entrances. Community amenities include a business center, clubhouse, cyber café, fitness center, laundry facility and swimming pool. Bluff Park Village, a $9.5 million grocery-anchored retail project across the street, is set to deliver before the end of the year. The apartment complex is located 9.2 miles from Birmingham and 15 miles from Birmingham-Shuttlesworth International Airport.

June 8, 2021

Acquisitions Georgia Industrial Southeast

Faropoint Purchases Eight Industrial Buildings in Decatur, Georgia for $23M

by Julia Sanders June 8, 2021

DECATUR, GA. — Faropoint has purchased an eight-building industrial portfolio totaling 255,013 square feet on 12.6 total acres in Decatur. Faropoint bought the property for a total of $23 million. Construction Resource is the seller and tenant. The company sold the properties to Faropoint and has leased the buildings back. The properties are approximately 8.3 miles from downtown Atlanta and about 21 miles from Hartsfield-Jackson Atlanta International Airport. Brian Bratton and Steve Ratchford of King Industrial Realty Inc./CORFAC International represented Faropoint in the transaction. Faropoint is a real estate investment firm that is based in Israel with U.S. offices situated in Memphis.

June 8, 2021

Acquisitions Florida Retail Southeast

Black Lion Investment Group Acquires Amara at Paraiso Restaurant Property in Miami for $12.1M

by Julia Sanders June 8, 2021

MIAMI — Los Angeles-based Black Lion Investment Group has acquired a restaurant building in Miami known as Amara at Paraiso. The seller, Related Group, sold the property to Black Lion for $12.1 million. Fabio Faerman and Sebastian Faerman of Miami-based FA Commercial represented both parties in the transaction. Amara at Paraiso is a 12,300-square-foot, Class A retail and dining facility that is part of a larger project that includes the residential complex Paraiso Bay, which contains 1,300 residential units. James Beard Award-winning chef Michael Schwartz is at the helm of the popular indoor-outdoor dining space. Miami-based FA Commercial is the commercial division of Fortune International Realty specializing in investment sales, landlord and tenant representation, market analysis, site selection and portfolio overview.

June 8, 2021

Development Georgia Mixed-Use Southeast

RocaPoint Breaks Ground on Phase II of $370M Halcyon Mixed-Use Project in Alpharetta, Georgia

by Julia Sanders June 7, 2021

ALPHARETTA, GA. — RocaPoint Partners has broken ground on the next wave of ground-up development at the $370 million, 135-acre mixed-use Halcyon community in Alpharetta that first opened to the public in the fall of 2019. The second phase includes a four-story brick and steel building that will feature 60,000 square feet of creative office space and The Forum Athletic Club, a new two-story fitness center totaling 23,000 square feet with an adjacent outdoor fitness field. Set to open in early 2022, this will be the third location of The Forum Athletic Club. Phase II will also include a 5,000-square-foot Dogtopia dog boarding and grooming studio. AKA Studio designed the interior of Building 1100 to feature open, accessible stairwells with natural light, HVAC systems with UV filtration and hands-free access throughout the building. The development is also located right off of Ga. Highway 400. RocaPoint made a deal with publicly traded pharmaceutical company Alimera Sciences to occupy a full floor totaling 14,900 square feet of Building 1100, which is set to deliver by the fourth quarter of 2021. Newmark is in charge of office leasing for the development. In addition to Alimera Sciences, Halcyon’s roster of office tenants includes JLL, …

June 7, 2021

Loans Multifamily North Carolina Southeast

Dwight Capital Provides $43.9M HUD Loan for Greystone at Widewaters Apartments in Knightdale, North Carolina

by Julia Sanders June 7, 2021

KNIGHTDALE, N.C. — Dwight Capital has provided a $43.9 million HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit apartment community located in Knightdale. Adam Sasouness and Josh Sasouness of Dwight Capital originated the refinancing. Built in 2006, Greystone at Widewaters includes 13 three-story residential buildings, a car wash station, clubhouse and recycle and storage buildings situated on 24.5 acres. Community amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana and outdoor fireplace with a built-in grilling station. The loan benefitted from HUD’s Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Greystone at Widewaters is Energy Star-certified.

June 7, 2021

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