SOUTHAVEN, MISS. — Kushner has acquired The Clare Apartments, a 352-unit multifamily community in Southaven, for $45.1 million. The seller was not disclosed. Newmark was the broker for the transaction. Situated less than 18 miles from downtown Memphis, Clare is centrally located between Northwest Mississippi Community College, Tanger Outlets Southaven and Landers Center. The property will be rebranded as Southaven Pointe. Community amenities include a swimming pool, tennis court, volleyball court, business center, dog park and a picnic area. Kushner is a New York City-based real estate development and management firm with a portfolio including residential, commercial, retail, hospitality and industrial properties.
ANTIOCH, TENN. — Lee & Associates has brokered the sale of a 121,596-square-foot office property in Antioch. The sales price was $27.9 million, but the buyer and seller were not disclosed. William Sisk and Brett Wallach of Lee & Associates represented the buyer in the transaction. Located at 5720 Crossings Blvd. on nearly 12 acres, the property, which is currently being used as a call center, is located 14.6 miles south of Nashville and about 14.4 miles from Nashville International Airport.
NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.
WASHINGTON, D.C. — Commercial and multifamily mortgage bankers are expected to close approximately $578 billion of loans backed by income-producing properties in 2021, according to a report released by the Mortgage Bankers Association (MBA) on Tuesday. The report predicts a 31 percent increase from last year’s loan volume of $442 billion. Jamie Woodwell, MBA’s vice president for commercial real estate research, says that commercial and multifamily real estate markets are moving past the pain that the COVID-19 pandemic caused in 2020. “There remain significant differences by property type, but incomes have rebounded strongly and investor interest in real estate and real estate finance is robust,” says Woodwell. “The result is strong property appreciation and increased transaction activity, both of which are fueling financings.” MBA predicts that multifamily lending alone will rise to $409 billion this year, which would be a new record and a 13 percent increase from 2020’s total of $360 billion. Looking ahead, MBA anticipates additional increases in lending volume in 2022, with activity rising to $597 billion in commercial/multifamily loan originations by mortgage bankers, and $421 billion in total multifamily lending. Based in Washington, D.C., the MBA is a national association representing the real estate finance industry, …
RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.
CHARLOTTE, N.C. — CBRE has arranged a loan for the refinancing of The Village at Commonwealth, an 823-unit multifamily complex in Charlotte. Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis of CBRE arranged the loan on behalf of the owner, Northwood Ravin. Manhattan-based KKR provided the five-year permanent loan. The loan amount was not disclosed. Located at 1308 Lorna St., the Village at Commonwealth is situated within Charlotte’s Plaza Midwood neighborhood near Veterans Memorial Park. Built in 2015, the property includes studio, one-, two- and three-bedroom units and townhomes and has ample parking and detached garages. Community amenities include a fitness center, sauna, spa, pool, bike storage, beer garden, barista bar, walking and biking trails, gameroom, pet care, conference room and a clubhouse and business center. Northwood Ravin is a Charlotte-based, full-service development, construction and property management firm.
STONE MOUNTAIN, GA. — Berkadia has arranged the $62.2 million sale of Lakeview I and II, a 540-unit apartment property in the Atlanta suburb of Stone Mountain. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, California-based Praxis Capital, in the transaction. Bethesda, Md.-based Acento Real Estate Partners was the buyer. Lakeview previously operated as two properties and is now combined into one property. Located at 200 Summit Lake Drive, Lakeview I and II has one-, two- and three-bedroom floor plans. The property features fully equipped kitchens and patios or balconies. Praxis Capital previously renovated 32 of the units so the transaction represents a value-add opportunity for Acento. Community amenities include two swimming pools, two playgrounds, an outdoor area with grilling stations and a laundry facility. The property is located about 1.5 miles from Stone Mountain Industrial Park and is also situated close to the Atlanta Media Campus, Amazon’s new robotic distribution facility and Assembly Yards.
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 …
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.
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 …