Southeast

Cushman & Wakefield Arranges Sale of 237-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 18, 2021

SPRINGDALE, ARK. — Cushman & Wakefield has facilitated the sale of Towne Park at Har-ber, a 237-unit apartment community located in Springdale. Martin Bynum and Craig Hey of Cushman & Wakefield represented the Little Rock-based seller, BSR REIT, in the transaction. Block Funds bought the property for $31.7 million, according to the seller. Constructed in 2016, Towne Park at Har-ber is located at 257 Arborside Road, 68 miles from Fort Smith Regional Airport. Amenities include swimming pool with sun deck, fully equipped fitness center and a community clubhouse.

February 18, 2021

Affordable Housing Alabama Development Loans Multifamily Southeast

Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama

by Julia Sanders February 18, 2021

DOTHAN, ALA. — Bellwether Enterprise Real Estate Capital LLC has provided an $11.6 million HUD 221(d)(4) loan for the rehabilitation of an affordable housing community in Dothan. The 50-unit public housing property, Capstone at Kinsey Cove, is located at 1121 Kinsey Road. Jon Killough of Bellwether Enterprise’s Alabama office originated the loan on behalf of the borrower, an affiliate of The Banyan Foundation. The financing is part of HUD’s Rental Assistance Demonstration (RAD) program, which allows housing authorities to access private capital to meet capital needs while also protecting long-term affordability. Capstone at Kinsey Cove includes a one-story office building and a one-story maintenance structure. Community amenities include a community room, business and computer lab, central laundry facility, playground, picnic area, off-street surface parking and onsite management. In addition to the HUD loan, the transaction’s capital stack includes 4 percent Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James Tax Credit Funds and subordinate loans provided by the Housing Authority of the City of Dothan. The rehabilitation total development cost will be $158,000 per unit. Upon rehabilitation, units will receive dishwashers, microwaves and vinyl plank flooring. The estimated completion date of the renovations is July 2022.

February 18, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $1.7M Sale of Medical Cannabis-Occupied Retail Property in Jacksonville

by Julia Sanders February 18, 2021

JACKSONVILLE, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $1.7 million sale of a retail property located at 9760 San Jose Blvd. in Jacksonville. The property is triple-net leased to Curaleaf, a medical cannabis provider. Curaleaf, which operates approximately 100 stores, recently signed a 10-year lease at the 2,619-square-foot location. William Wamble and Patrick Nutt of SRS represented the unnamed seller, a national investment and development company, in the sale. Alex Wolak of Podium Realty Group represented the all-cash buyer, a Brazil-based investor.

February 18, 2021

District of Columbia Southeast

Another 861,000 Americans File for First-Time Unemployment Assistance

by Julia Sanders February 18, 2021

WASHINGTON, D.C. — A total of 861,000 Americans filed for unemployment assistance for the week that ended Feb. 13, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims exceeded the 773,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 848,000. CNBC reports this week’s total is the highest amount of weekly claims in a month. The four-week moving average declined to 833,250 claims, a 3,500 difference from the revised average for the previous four weeks. Continuing claims, for which data lags a week, decreased to approximately 4.5 million.

February 18, 2021

Development District of Columbia Hospitality Southeast

Koucar, Donohoe Open $58M Cambria Hotel in Southwest D.C.

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Cambria Hotel Washington DC Capitol Riverfront has opened in southwest Washington, D.C. Michigan-based Koucar Management and Donohoe Cos. Inc. co-developed the nine-story, 154-room property. BBGM Architects and DiLeonardo designed the hotel, which is valued at $58 million. The Cambria Hotel Washington DC Capitol Riverfront hotel is located at 69 Q St., SW, about 1.4 miles from the National Mall and 6.1 miles from the Ronald Reagan Washington National Airport. The hotel is near the Anacostia River. The hotel’s amenities include guest rooms with spa-style bathrooms, 24-hour room service, a fitness center, full-service restaurant with patio seating and 1,500 square feet of meeting space. The property also has a 3,500-square-foot rooftop terrace offering skyline views. Cambria is a hotel flag under Choice Hotels International. An official grand opening celebration at the hotel will be held later in 2021.

February 17, 2021

Acquisitions Multifamily Single-Family Rental South Carolina Southeast

Haven Realty Capital Acquires Harrison Landing Townes Community in Simpsonville, South Carolina for $30.6M

by Julia Sanders February 17, 2021

SIMPSONVILLE, S.C. — Haven Realty Capital has acquired Harrison Landing Townes, a 166-unit townhome community in Simpsonville, for $30.6 million. Haven partnered with CenterSquare Investment Management to acquire the property. The homebuilder of the single-family rental community was not disclosed. Harrison Landing Townes is located on an 18-acre site at 106 McGuires Place, 21 miles southeast of downtown Greenville. Each of the two-story, 1,564-square-foot townhomes will feature three-bedrooms, two-and-a-half baths, an attached garage, vinyl plank floors, stainless steel appliances, granite countertops, tile backsplash and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and a walking trail. The remaining homes will be acquired in phases from the homebuilder over the next 15 months. The project is expected to be fully stabilized by June 2022. Haven is acquiring the homes as the phases are being completed. The first phase is almost 100 percent occupied. CenterSquare Investment Management is a global investment manager based outside Philadelphia. Haven Realty Capital is a Los Angeles-based real estate investment and management firm.

February 17, 2021

Development Industrial Loans Maryland Self-Storage Southeast

MD Energy Provides $3M CPACE Loan for Former Printing Facility Conversion in Baltimore County

by Julia Sanders February 17, 2021

PIKESVILLE, MD. — MD Energy Advisors has provided a $3 million commercial property-assessed clean energy (CPACE) loan to Garver Development Group to fund renovations to the former Port City Press printing facility in Baltimore County. The 177,000-square-foot property is located at 1323 Greenwood Road in Pikesville. Garver Development acquired the facility in 2020. The former owner, a Pennsylvania-based entity doing business as 1323 Greenwood LLC, closed the plant in early 2018 and the site has remained vacant. CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill, according to the U.S. Department of Energy. CPACE loans are non-recourse debt products on a 20- to 25-year term and amortization schedule and feature a fixed interest rate routinely under 6 percent. Garver Development plans to convert approximately two-thirds of the building into a use that will support self-storage under the Self Storage Plus brand, as well as storage options for cars and small recreational vehicles. The balance of the space, representing approximately 32,000 square feet, will be transformed into an area that can be used for various light industrial and warehouse applications. …

February 17, 2021

District of Columbia Restaurant Retail Southeast

Retail Sales in January Show 5.3 Percent Growth on Heels of Stimulus Payouts

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Retail and food service sales in January increased by 5.3 percent and 7.4 percent from January 2020, the U.S. Commerce Department reported Wednesday. The monthly increase is the first rise for several months, following three months of declining retail sales numbers. The growth exceeded the 1.2 percent gain that economists surveyed by Dow Jones forecasted. The Wall Street Journal reported that January’s advanced figure marks the biggest monthly gain since June 2020. The increase in sales follows the federal government’s dispersal of stimulus checks of about $600 per recipient. Jack Kleinhenz, chief economist of the National Retail Federation, said that the surge in sales is a direct result of relief funds and better trends of the COVID-19 pandemic. “There is plenty of purchasing power available for most consumers,” said Kleinhenz. “Confidence is building thanks to the availability of COVID-19 vaccines, and states and local governments are beginning to remove restrictions on economic activity. Going forward, I expect consumer spending to build on this momentum.” Month to month, there was an increase in sales for motor vehicles and parts by 3.1 percent, gas stations by 4 percent, food and beverage stores by 2.4 percent, furniture stores by 12 …

February 17, 2021

Company News District of Columbia Hospitality Southeast

Marriott International President, CEO Arne Sorenson Dies at Age 62

by Julia Sanders February 17, 2021

BETHESDA, MD. — Arne Sorenson, president and CEO of Marriott International (NASDAQ: MAR), died on February 15 due to complications from pancreatic cancer. Sorenson was 62. Sorenson became the third CEO in Marriott’s history in 2021. Over his time at Marriott, Sorenson put the company on a strong growth track that included the $13 billion acquisition of Starwood Hotels & Resorts. “Arne was an exceptional executive — but more than that — he was an exceptional human being,” said J.W. Marriott, Jr., executive chairman and chairman of the board. “Arne loved every aspect of this business and relished time spent touring our hotels and meeting associates around the world. He had an uncanny ability to anticipate where the hospitality industry was headed and position Marriott for growth. But the roles he relished the most were as husband, father, brother and friend.” Sorenson was passionate about national and global issues, as he steered Marriott to make significant progress on diversity, equity and inclusion, environmental sustainability and human trafficking awareness. He had to reduce his schedule at the beginning of February to continue his cancer treatments. Stephanie Linnartz and Tony Capuano will continue to oversee day-to-day operations and corporate functions until Marriott’s …

February 17, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida

by John Nelson February 16, 2021

DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.

February 16, 2021

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