Southeast

Berkadia Arranges $97M Construction Loan for Apartment Complex Near Miami

by Alex Tostado June 17, 2020

SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.

June 17, 2020

Development Mixed-Use North Carolina Southeast

Third & Urban, Angelo Gordon to Develop $80M Adaptive Reuse Project in West Charlotte

by Alex Tostado June 17, 2020

CHARLOTTE, N.C. — Third & Urban has partnered with Angelo Gordon to develop Lower Tuck, an $80 million, 260,000-square-foot mixed-use project in Charlotte’s west side. Atlanta-based Third & Urban will transform the existing four-building property into office, showroom and retail space. The property is located along Tuckaseegee Road (where the project named is derived) between Jay and Gesco streets, two miles west of downtown Charlotte. Cadence Bank has provided a $48 million construction loan to the developers. Charley Leavitt, Barry Fabyan and Alexandra Mann of JLL will handle leasing efforts for the space. The design team includes Smith Dalia Architects, civil engineer LandDesign and general contractor Gay Construction. The development team expects to begin construction this summer with initial units being delivered in summer 2021.

June 17, 2020

Development Florida Multifamily Southeast

LandSouth Breaks Ground on 257-Unit Multifamily Community Near Tampa Bay

by Alex Tostado June 17, 2020

LAKEWOOD RANCH, FLA. — LandSouth Construction has broken ground on Summerhouse Apartments, a planned 257-unit, five-building community in Lakewood Ranch. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, pool and dog fountains. The five-acre plot is situated at 11716 18th Place, 48 miles south of downtown Tampa. LIV Development is developing the asset, which is expected to deliver in winter 2022.

June 17, 2020

Acquisitions Healthcare North Carolina Office Southeast

Flagship Healthcare Purchases Three Medical Office Buildings Totaling 88,000 SF in Hickory, North Carolina

by Alex Tostado June 17, 2020

HICKORY, N.C. — Flagship Healthcare Properties has purchased three medical office buildings totaling 88,000 square feet in Hickory. The buildings were 96 percent leased at the time of sale to tenants including the Veteran’s Administration Hickory Outpatient Clinic (25,920 square feet), A Woman’s View (20,470 square feet) and practices associated with Frye Regional Medical Center (19,923 square feet). The VA is located at 2440 Century Place SE, 50 miles north of downtown Charlotte. A Woman’s View is located at 915 Tate Blvd. SE, and Frye Regional Medical Center is situated at 420 N. Center St. Flagship Healthcare will provide property management services at the Hickory portfolio. First Horizon Bank provided acquisition financing. The seller(s) and sales price were not disclosed.

June 17, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

District of Columbia Southeast

Freddie Mac, Fannie Mae Hire Financial Advisors to Exit Conservatorship

by Alex Tostado June 16, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have hired separate financial advisors to guide the agencies in exiting conservatorship. Freddie Mac has brought on J.P Morgan, and Fannie Mae has hired Morgan Stanley & Co. LLC. Both government-sponsored enterprises (GSEs) are based in Washington, D.C. The Federal Finance Housing Agency (FHFA) became the conservator for both Fannie Mae and Freddie Mac in 2008 during the Great Recession to oversee the lending activity of the agencies. The FHFA helps ensure that Fannie Mae and Freddie Mac are providing counter-cyclical liquidity and support sustainable homeownership and affordable rental housing. The timeline for the GSEs to exit conservatorship was not specifically disclosed, though FHFA director Mark Calabria says it won’t be before 2024. The FHFA announced Freddie Mac’s and Fannie Mae’s intentions of exiting conservatorship in the 2020 FHFA Scorecard, which was released in October 2019. The Scorecard is a tool used to align the GSEs’ priorities and operations with FHFA’s Strategic Plan for the lenders.

June 16, 2020

District of Columbia Restaurant Retail Southeast

US Retail Sales Surge 17.7 Percent in May, Says Commerce Department

by Alex Tostado June 16, 2020

WASHINGTON, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it,” National Retail Federation (NRF) president and CEO Matthew Shay said in an interview on CNBC’s “Squawk Box.” “The most important thing now is to keep these retail stores open for business and not penalize them by closing their doors in the event of a coronavirus surge. “As those stores that remained open have shown, retailers have developed solutions that protect the safety of their customers and associates, and they are sharing those lessons to the benefit of store owners large and small in communities across the country.”

June 16, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 250-Unit Multifamily Community in Raleigh

by Alex Tostado June 16, 2020

RALEIGH, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the Trace, a 250-unit multifamily community in Raleigh. The property was built in 1995 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, playground, dog park, valet trash pickup, picnic area, grilling area, fitness center and a clubhouse. The asset is located at 8224 Green Lantern St., 10 miles northwest of downtown Raleigh. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Hawthorne Residential Partners, in the transaction. NKF’s Debt & Structured Finance team arranged financing on behalf of the buyer, KnightVest, which bought the community for an undisclosed price. The terms of the loan were also not disclosed.

June 16, 2020

Acquisitions Florida Retail Southeast

Current Capital Acquires Retail Property in South Florida for $12.6M

by Alex Tostado June 16, 2020

LAUDERHILL, FLA. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided the buyer with an $8.5 million acquisition loan.

June 16, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Skyview Advisors Arranges Sale of 530-Unit Self-Storage Facility in Florida’s Space Coast

by Alex Tostado June 16, 2020

TITUSVILLE, FLA. — Skyview Advisors has arranged the sale of Prestige Self Storage, a 530-unit, 57,600-square-foot facility in Titusville. The self-storage property is situated on five acres at 4706 S. Washington Ave., four miles south of downtown Titusville and 37 miles east of downtown Orlando. Zack Urow and Ryan Clark of Skyview Advisors represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.

June 16, 2020

Newer Posts

Older Posts