Southeast

Harbor Vista at Crawford Street Apartments

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

by Julia Sanders March 4, 2021

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 Smiths Neck Road in Carrollton. Berkadia secured $26.2 million in financing at a fixed 2.9 percent interest rate. The apartment community comprises one-, two- and three-bedroom units with walk-in closets. Community amenities include a swimming pool, sundeck, fitness center, clubhouse and laundry facilities. Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, features one- and two-bedroom floor plans with walk-in closets and private balconies. Berkadia secured $17.2 million loan at a fixed 2.9 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. The Marq is located at 4769 Alicia Drive in Virginia Beach. Berkadia secured a $38.3 million loan for the property at a fixed 3.4 percent interest rate. The Marq features one-, …

March 4, 2021

Loans Multifamily North Carolina Southeast

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

by Julia Sanders March 4, 2021

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.

March 4, 2021

Development Florida Industrial Southeast

Automotive Retailer to Open $30M Fulfillment Center, Dealership in Tampa Bay Area

by Julia Sanders March 4, 2021

BRANDON, FLA. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million. Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow HGreg.com to expand its service offering, both digital and onsite, to car buyers throughout Central and West Coast Florida, as well as out-of-state markets. HGreg.com plans to fill 90 jobs in its new facility. HGreg.com is part of HGregoire, a network of 17 pre-owned and 13 new car dealerships throughout Canada and the United States. In December 2020, the company announced the expansion of HGreg.com into the West Coast with a major investment based in the Greater Los Angeles area.

March 4, 2021

Development Florida Southeast

Merlin Entertainments, Hasbro to Build Peppa Pig Theme Park in Central Florida

by Julia Sanders March 4, 2021

WINTER HAVEN, FLA. — Merlin Entertainments and Hasbro have partnered to build the world’s first standalone Peppa Pig Theme Park. Situated within LEGOLAND Florida Resort in Winter Haven, the new park is expected to open in 2022. Merlin has an exclusive multi-territory licensing agreement with Hasbro, owner of the Peppa Pig brand, to build and operate the attractions, which are targeted at the preschool market. Peppa Pig has over 1,000 licensees across 60 countries, and the TV program is broadcast in 180 territories in 40 different languages. Peppa Pig Theme Park will feature multiple rides, interactive attractions, themed playscapes and water play areas and live daily shows. Ride and attraction details for the new Central Florida theme park will be announced this summer. When Peppa Pig Theme Park opens, it will be a separately ticketed theme park from LEGOLAND.

March 4, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Rise to 745,000

by Julia Sanders March 4, 2021

WASHINGTON, D.C. — A total of 745,000 Americans filed for unemployment insurance for the week that ended Feb. 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was below the 750,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 736,000. Continuing claims, for which data lags a week, decreased to a little below 4.3 million. CNBC reports that the continuing claims total hit another pandemic-era low. Additionally, the outlet reports that winter storms in Texas hurt the economy in the state, causing an increase of 17,769 unemployment filings. Ohio and New York also experienced elevated claims.

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Acquisitions Multifamily North Carolina Southeast Virginia

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

by Julia Sanders March 3, 2021

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed. The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers. Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing. HGI is a privately-owned international real estate investment and management firm based in Norfolk.

March 3, 2021

Development Georgia Hospitality Southeast

CGI Merchant Group Invests $30M to Develop New Hotel, Training Center at Morris Brown College in Atlanta

by Julia Sanders March 3, 2021

ATLANTA — CGI Merchant Group LLC (CGI), a global investment management firm, will invest $30 million to convert existing facilities at Morris Brown College in Atlanta into an upscale, 150-room hotel and hospitality management training complex. Construction of the 90,000-square-foot facility is expected to begin later this year. The investment was made through CGI’s new $650 million Hospitality Opportunity Fund, whose goal is to acquire 20 hotels in North America and the Caribbean over the next three years. Morris Brown was founded in 1881 and is the first college in Georgia to be owned and operated by African Americans. The college is located within a one-mile radius from other Historically Black College and Universities (HBCU) Morehouse College, Spelman College and Clark Atlanta University. The campus sits next to Mercedes Benz Stadium, home arena of the Atlanta Falcons and Atlanta United. The hotel, which will be branded under the Tapestry Collection by Hilton, will feature two food and beverage outlets, an outdoor terrace and instructional space for the school’s hospitality students. With this investment, Morris Brown is the only HBCU nationwide with both a flagged hotel and a hospitality management training program on its campus. Hilton Worldwide Holdings Inc. will serve …

March 3, 2021

Development Industrial Maryland Southeast

PCCP, Panattoni to Build 730,880 SF Industrial Project in Hagerstown, Maryland

by Julia Sanders March 3, 2021

HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December. Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center sits just off Interstate 81 in an area in high demand from big box distribution tenants. The project will feature multi-modal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs and a concentration of third-party logistics (3PL) carriers. PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. Panattoni Development is a privately held, full-service development company based in Irvine, Calif.

March 3, 2021

Acquisitions Industrial South Carolina Southeast

Avison Young Facilitates Sale of 587,720 SF Industrial Facility in Metro Charleston

by Julia Sanders March 3, 2021

SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston. The industrial facility features LED light fixtures, ESFR sprinkler systems and 36-foot clear heights. The property includes 79 docks (expandable to 111), as well as 151 remote trailer stalls, heavy power and a fenced lot. Erik Foster and Mike Wilson of Avison Young represented the sellers, Clarius Partners LLC and Wanxiang America Real Estate Group, in the transaction. Foster and Wilson also raised development equity on Clarius’ behalf in order to commence the project. The buyer was an institutional real estate venture capital firm, and the sales price was not disclosed. Clarius Partners is a full-service real estate investment and development company with offices in Chicago and Scottsdale, Ariz. Wanxiang America Real Estate Group is a Chicago-based real estate investment firm.

March 3, 2021

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