Southeast

Axiom Realty Sells The Studios at Uptown Apartments in Central Florida for $10.9M

by Julia Sanders March 16, 2021

ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.

March 16, 2021

Acquisitions Kentucky Retail Southeast

MAGNA Properties Acquires Florence Shops in Metro Cincinnati for $5.5M

by Julia Sanders March 16, 2021

FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.

March 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 230-Unit Affordable Housing Community in Brandon, Florida

by Julia Sanders March 16, 2021

BRANDON, FLA. — Summit Contracting Group, a multifamily general contractor, has broken ground on Landon Preserve, an affordable housing community located on Pauls Drive in Brandon, a Tampa suburb east of Interstate 75. Landon Preserve will be a pet-friendly community featuring one-, two- and three-bedroom apartment homes. The construction will include 230 units in seven three-story buildings, and a total square footage of 255,960. Community amenities will include a clubhouse with fitness center, swimming pool, mail kiosk, maintenance building and a dog park. Construction is planned to be complete in summer 2022. The developer is Vestcor and the architect is Group 4 Design Inc.

March 16, 2021

District of Columbia Southeast

US Retail Sales Decrease 3 Percent in February

by Julia Sanders March 16, 2021

WASHINGTON, D.C. — The U.S. Commerce Department has reported that retail sales decreased 3 percent in February, following a robust showing in January. According to CNBC, economists surveyed by Reuters expected February retail sales to only drop 0.5 percent in light of inclement weather around the country. The Commerce Department also revised January retail sales total up from 5.3 percent to 7.6 percent. Nonstore retailers were up 25.9 percent from February 2020, while food services and drinking places were down 17 percent from a year ago. Overall retail sales were up 6.3 percent above this time last year. Other types of businesses were also down in the month of February. Gas stations were down 3.5 percent, motor vehicle and parts dealers were down 4.2 percent, furniture and home stores were down 3.8 percent and electronics and appliance stores were down 1.9 percent. According to The Wall Street Journal, February is typically a slow month for retailers as stores prepare for the spring season and Easter. The article also states that economists are forecasting for retail sales to be higher in the coming months because of warmer weather and stimulus checks. As part of the most recent stimulus package, some Americans …

March 16, 2021

Affordable Housing Build-to-Rent Finance Insight Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels March 16, 2021

NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

March 16, 2021

Acquisitions Multifamily South Carolina Southeast

Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Development Loans Mixed-Use Multifamily North Carolina Southeast

ACRE Provides $34M Loan for New High-Rise Development in Durham

by Julia Sanders March 15, 2021

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan on behalf of the borrower, Austin Lawrence Partners (ALP). Located at 110 Corcoran St., One City Center is a Class A, 28-story tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by ALP, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Virginia Beach, Va.-based Armada Hoffler. Community amenities include a rooftop pool, hot tub, rooftop lounge with kitchen, fitness center, a sixth floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking garage with 122 spaces. Individual units include floor-to-ceiling glass windows, nine-plus-foot ceilings, stainless steel appliances, …

March 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Affordable Housing Community in Palm Coast, Florida

by Julia Sanders March 15, 2021

PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …

March 15, 2021

Georgia Industrial Leasing Activity Southeast

MCB Signs Logistics User to 1 MSF Industrial Lease in Palmetto, Georgia

by Julia Sanders March 15, 2021

PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.

March 15, 2021

Acquisitions Loans Retail South Carolina Southeast

Aztec Group Secures $10.8M Acquisition Financing for Shopping Center in Chapin, South Carolina

by Julia Sanders March 15, 2021

CHAPIN, S.C. — Aztec Group Inc., a real estate investment and merchant banking firm, has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group secured a 60 percent loan to cost, non-recourse loan, as well as joint venture equity. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres. The property includes a 45,600-square-foot Publix, 13,950 square feet of in-line retail space and a 13,164-square-foot multi-tenant outparcel. The shopping center’s tenants include Anytime Fitness, Marco’s Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike’s, Verizon Wireless and Palmetto Health. Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent.

March 15, 2021

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