WETUMPKA, ALA. — Russell Brands LLC has sold its former manufacturing facility in Wetumpka. An affiliate of Phoenix Investors acquired the 891,000-square-foot building for an undisclosed price. Prior to closing the plant in 2013, Russell Brands manufactured sports equipment and clothing at the site, marketing its products under many brands and subsidiaries, including Russell Athletic and Spalding. The property spans 102 acres and features 41-foot clear heights, 100 slots for trailer storage, 29 loading docks and five drive-in doors. Built between 1995 and 1997, the asset is situated at 3145 Elmore Road, 18 miles north of downtown Montgomery. Philip Yost of CBRE brokered the transaction of the vacant property.
KENNESAW, GA. — Vesper Holdings has purchased The Indy, a 543-bed student housing community near Kennesaw State University (KSU). Delivered earlier this year, the property offers one- to five-bedroom floor plans with bed-to-bath parity. Unit interiors feature granite countertops, stainless steel appliances, washers and dryers and 55-inch smart TVs. Communal amenities include a fitness center, rooftop lounges, clubhouse and a pool. The community is situated on 4.2 acres at 3011 Hidden Forest Court in Kennesaw, two miles from KSU’s campus. The seller and sales price were not disclosed.
MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.
WILMINGTON, N.C. — Dwight Capital LLC has provided a $35 million HUD 221 (d)(4) loan for the construction of Renaissance Apartments, a 198-unit multifamily community in Wilmington’s Wayfaire neighborhood. The property will comprise two four-story buildings offering 2,530 square feet of ground-floor retail space. Communal amenities will include a courtyard, clubhouse, fitness center and a pool. The lender says the community will be built in compliance with the National Green Building Standard’s Bronze Level, which resulted in a 25 basis-point reduction in the loan interest rate through the Green Mortgage Insurance Premium. Brandon Baksh of Dwight Capital originated the 40-year term loan on behalf of the undisclosed borrower.
BIRMINGHAM, ALA. — The Opus Group and The McKinney Fund have delivered Ascend Five Points South, a 520-bed student housing community near the University of Alabama at Birmingham (UAB). The property offers studio to four-bedroom floor plans with rents starting at $739 per month. Communal amenities include a pool, fitness center, study rooms and a spa. The asset is situated at 1001 20th St. S., adjacent to the UAB campus. The design team for Ascend Five Points South included Rabren General Contractors, Myefski Architects and Creative License International. Asset Living manages the community.
BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …
Patterson Real Estate Arranges Construction Financing for Phase II of Lee + White Project in Atlanta
ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.
NASHVILLE, TENN. — General contractor James McHugh Construction and developer CA Ventures are celebrating the topping off of 2010 West End, a 500,000-square-foot multifamily development located near Vanderbilt University in Nashville’s Midtown neighborhood. Architectural firm Solomon Cordwell Buenz designed the 25-story project, which will include 358 residential units, 420 parking spaces and 5,700 square feet of ground-floor retail space. Communal amenities are set to include an outdoor deck with a swimming pool, spa, fire pits, grills and picnic areas; a fitness and wellness center with a yoga studio; a music performance lounge; and a dog run with a pet spa and lounge. “We are pleased to reach a key construction milestone with McHugh in the vibrant West End market,” says Matt Booma, president and global head of residential at CA Ventures. “Our contribution to the skyline will continue Nashville’s growth with a development that values individualism and self-expression with an exceptional design.” The development is on schedule to open in summer 2021. The total project cost was not provided. Chicago-based CA Ventures is a global real estate investment management company with over $13 billion of assets across North America, South America and Europe. The firm offers in-house investment, development and …
CHARLOTTE, N.C. — A joint venture between The Spectrum Cos., Batson-Cook Development Co. (BCDC) and Heitman has broken ground on a 325-unit multifamily community in Charlotte’s University submarket. The property will comprise four mid-rise buildings with communal amenities such as a saltwater pool, dog park, grilling areas and a courtyard. Unit interiors will feature 10-foot ceilings, stainless steel appliances and tile backsplashes. The yet-to-be-named community will be situated at the intersection of University City Boulevard and North Tryon Street, near Lynx Blue Line’s University Station. It will also be near Centene’s $1 billion office headquarters underway. BB+M Architecture is the designer, Samet Corp. is the general contractor and LandDesign provided landscaping architecture and civil engineering services. The developers expect to deliver the first units in the second quarter of 2022 with full buildout planned for third-quarter 2022.
WASHINGTON, D.C. — Another 853,000 Americans filed for first-time unemployment insurance for the week ending Dec. 5, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected claims to total 730,000. The most recent figure is the highest weekly claim total since Sept. 19 and a 137,000-claim increase from the previous week’s revised number. The four-week moving average increased by 35,500 to 776,000. Continuing claims, for which data is a week behind, increased by 230,000 to just under 5.8 million. The figure represents the first increase since August.