TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.
DURHAM, N.C. — Duke Health has opened a newly built center at Duke Regional Hospital in Durham that services behavioral therapy patients. The new center plans to combine the behavioral health services that had been offered separately at Duke University and Duke Regional hospitals. The facility, known as Duke Behavioral Health Center North Durham, cost $102.4 million to build. The Duke Behavioral Health Center North Durham project also includes an expansion of the hospital’s emergency department, which has been moving into the new space on a rolling basis as construction is completed. The new behavioral health services at the facility include 42 private inpatient rooms with two courtyards; 18 private treatment spaces in the emergency department with a courtyard; 30 outpatient clinic rooms; and electroconvulsive therapy. The new addition increases capacity from 36 to 49 treatment rooms. Construction started inside in the hospital in March 2018. The public entrance that had recently been near Cancer Services opened yesterday at its permanent location off Crutchfield Street, adjacent to the main hospital building.
WEST PALM BEACH, FLA. — Balfour Beatty has broken ground on Icon Marina Village, a two-tower, 24-story residential development in West Palm Beach. Related Group is the developer of the project, which will be located close to the Intracoastal Waterway, Atlantic Ocean, Palm Beach Island and downtown West Palm Beach. Balfour Beatty and Related Group plan to deliver Icon Marina Village in 2023. Designed by Miami-based Arquitectonica, Icon Marina Village will feature two high-rise towers that will accommodate 399 residential units, offering one-, two- and three-bedroom units. The development will include a rooftop with adjoining garage, semi-private beach club with day dock and sand beach, a heated European-edge swimming pool, business lounge, fire pit and outdoor kitchen, a spa with a sauna and more. Each apartment will feature stainless steel appliances, quartz countertops, backsplashes, Italian cabinetry and Wi-Fi. Each waterfront unit comes with floor-to-ceiling windows, high ceilings and balconies. At least two of the penthouse units will also feature their own private rooftop pools. Icon Marina Village represents the first phase of a 19 plus-acre integrated master development in partnership with Rybovich at the site of its Superyacht Marina.
ATLANTA — Scottsdale, Ariz.-based Alliance Residential Co. has delivered Broadstone Summerhill, a new multifamily development located in the heart of Atlanta’s Summerhill neighborhood on the city’s south side. This property is Alliance Residential’s latest development in the Atlanta area, with three additional developments under construction and three properties recently opening. Broadstone Summerhill comprises of three residential buildings with 276 studio, one- and two-bedroom apartment units. Each unit has entry mud benches, wet islands, plank-style vinyl wood flooring, designer lighting packages, custom cabinetry, quartz countertops and stainless steel appliances. The community has received the National Green Building Standard (NGBS) Green Certification. Located at 100 Fulton St. SE, just north of the Center Parc Credit Union Stadium (formerly Turner Field), the multifamily community is close to the Atlanta BeltLine, Grant Park, Zoo Atlanta and Mercedes-Benz Stadium. The community is also 9.7 miles from Hartsfield-Jackson Atlanta International Airport. Broadstone Summerhill’s rooftop observatory and lounge includes indoor/outdoor seating areas, a wet bar and arcade games. Also, the property has a pitched-roof clubroom with a demonstration kitchen and private workspaces. Other community amenities include flexible patio area near the indoor/outdoor fireplace, a saltwater pool with two sun shelves and gas grills, fitness center, pet park …
ATLANTA — Publix will occupy a 42,514-square-foot store for the second phase of The Interlock, a mixed-use development underway at the intersection of Ethel Street and Northside Drive in Atlanta’s West Midtown district. Demolition for the site will begin in May, and vertical construction will start in the fall of 2022. S.J. Collins Enterprises is the landlord. Phase I of The Interlock is a nine-acre, mixed-use property located at 1115 Howell Mill Road N.W. The development includes 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes; 70 single-family homes; and the 161-room Bellyard, a Tribute Portfolio Hotel. Phase I leasing opportunities still include approximately 87,000 square feet of office space and 30,000 square feet of retail and restaurant space. Phase II includes an additional 4.5 acres that will include another 40,000 square feet for retail space, 186,000 square feet of office space, student housing serving students of nearby Georgia Tech and the Publix grocery store. The various components of The Interlock are connected to each other via a one-acre public park. Phase II is currently being designed by Dynamik Design. Puttshack is debuting at The Interlock next week and Bellyard, …
ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.
HUNTSVILLE, ALA. — WSS Development LLC has broken ground on 2020 at Providence, a $100 million luxury apartment project in Huntsville. The development is situated within the larger 305-acre Village of Providence master-planned community. Located at the intersection of Providence Main Street and Town Center Drive, 2020 at Providence will feature 360 luxury apartment units and 20,000 square feet of ground-floor retail space. More than 70 percent of the retail space has been leased to Starbucks, The Cajun Steamer, Oh Crepe and an unnamed breakfast and lunch concept. Amenities will include a rooftop pool, rooftop fitness center, covered parking deck, high-speed elevators and an electronic package delivery system. The project team includes Humphreys & Associates Contractors LLC, Riverstreet Architects, Goodwyn Mills Cawood and Geo Solutions. BancorpSouth provided financing and Spaces Management will serve as property manager. Completion is slated for the end of 2022. The surrounding Village of Providence, which Duany, Plater-Zyberk & Co. designed and WSS developed, is home to hundreds of single-family homes, townhomes and a town center that includes more than 800,000 square feet of office, restaurants, retail and hotels. “The broader Huntsville market is experiencing unprecedented growth from both a rent and employment standpoint,” says Marc …
HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.
MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. The assemblage includes 45,000 square feet of developable space. The property, known as the west parcel of Miami Worldcenter’s “Block A,” is located between Northeast 10th and 11th streets along Northeast 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million. Miami Worldcenter will total 300,000 square feet of retail, restaurant and entertainment space. Other uses include two completed residential buildings, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet …
CHESTERFIELD, VA. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. The buyers were private investors based in Lexington, Ky., that were represented by Jason Taylor of Equity Management Group Inc. The buyers purchased the property for $11.1 million to complete a 1031 exchange. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, a Virginia-based developer. The Hancock Village Phase II is part of a community center located 20 miles from downtown Richmond. The property was constructed in 2018 and is situated on 4.9 acres. Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.