Southeast

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

by Alex Tostado April 14, 2020

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of downtown Miami. Kobi Karp is designing the property’s multifamily component. Robert Ginsberg and David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of Weiss, which has owned the land since the 1970s.

April 14, 2020

Florida Loans Office Southeast

Prime Finance Provides $20.1M Refinancing Loan for Office Building in Jacksonville

by Alex Tostado April 14, 2020

JACKSONVILLE, FLA. — Prime Finance has provided a $20.1 million refinancing loan for One Deerwood, a 161,167-square-foot office building in Jacksonville. The three-year loan features a floating interest rate. The property is situated at 10201 Centurion Parkway, 11 miles southeast of downtown Jacksonville. The six-story asset was 88 percent leased at the time of the financing. Porter Terry and Tarik Bateh of JLL arranged the loan on behalf of the borrower, Boston-based Taurus Investment Holdings LLC. San Francisco-based Prime Finance was founded in 2008 and provides loans for property types including office, multifamily, industrial, hospitality, retail and student housing.

April 14, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 14, 2020

LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.

April 14, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

District of Columbia Southeast

IRS Expected to Grant Extension for 1031 Investors in Response to COVID-19

by Alex Tostado April 13, 2020

WASHINGTON, D.C. — In response to the COVID-19 outbreak, the Internal Revenue Service (IRS) is expected to grant extensions to the 45-day identification period and 180-day purchase period that applies to commercial real estate investors seeking to transact via 1031 exchanges. The expectation that an extension will be granted is supported by Legal 1031 Exchange Services, a New York-based law firm specializing in this type of transaction. The firm is one of several trade groups that has pushed Treasury Secretary Steven Mnuchin to make an official announcement on the subject. Historically, extensions for both periods have been 120 days in length. The IRS has already extended the deadline for filing federal income taxes for 2019 to July 15, 2020 in response to the pandemic.

April 13, 2020

Development Industrial Kentucky Southeast

Molto Properties Breaks Ground on 324,012 SF Spec Industrial Building in Louisville

by Alex Tostado April 13, 2020

LOUISVILLE, KY. — Molto Properties has broken ground on a 324,012-square-foot industrial building within Renaissance South Business Park in Louisville. The new speculative building will be situated on 22.4 acres and will feature 36-foot clear heights, ESFR sprinklers, LED lighting, 2,760 square feet of speculative office space, 234 car parking spaces, 98 trailer park spaces, a loading area with 42 dock-high doors and four drive-in doors. Molto expects to deliver the facility by December. Kevin Grove and Doug Butcher with CBRE will be leading the leasing/selling efforts of this project. Paul Hemmer Co. is serving as the general contractor. Louisville Renaissance Zone Corp. is the main developer of Renaissance South Business Park, a 680-acre business park situated two miles from Louisville Muhammad Ali International Airport.

April 13, 2020

Georgia Healthcare Southeast

State of Georgia to Set Up Alternate Care Facility at Georgia World Congress Center for Coronavirus Patients

by Alex Tostado April 13, 2020

ATLANTA — The State of Georgia has signed a contract with Pacific Architects and Engineers (PAE) to build a 200-bed, alternate care facility at Georgia World Congress Center (GWCC) in downtown Atlanta for coronavirus (COVID-19) patients, Georgia Gov. Brian Kemp announced Sunday. Starting immediately, the Georgia National Guard, Georgia Emergency Management and Homeland Security Agency, Department of Community Health, Department of Public Health and contractors will begin to prepare GWCC to house and treat patients with mild to moderate illness levels excluding ventilator support. Nearby Grady Memorial Hospital will lend additional support to the center. As of Monday, April 13, there have been 10,726 confirmed cases in Georgia and 1,422 in Fulton County, according to Johns Hopkins University (JHU). HealthData.org projects the peak date for COVID-19 cases in the state will be Sunday, April 26.

April 13, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges Sale of 174,000 SF Office Building in Winston-Salem

by Alex Tostado April 13, 2020

WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged the sale of Consolidated Center, a four-building, 174,000-square-foot office campus in Winston-Salem. The property is situated on 9.5 acres at 3334 Healy Drive, five miles west of downtown Winston-Salem. The asset was 91 percent leased at the time of sale to tenants including Lowes Foods and Novant Health. David Finger and Sara Owen of Cushman & Wakefield represented the seller, Dallas-based Macfarlan Capital Partners, in the transaction. Greensboro, N.C.-based Deep River Partners acquired the property for an undisclosed amount.

April 13, 2020

District of Columbia Southeast

US Travel Association: Spending Down 85 Percent from Last Year in Midst of Coronavirus Outbreak

by Alex Tostado April 13, 2020

WASHINGTON, D.C. — A recent report from the U.S. Travel Association found that travel spending is down 85 percent from this time last year due to the worldwide coronavirus (COVID-19) outbreak. The week ending April 4 saw $3.3 billion in spending, down from $21.9 billion the same week a year ago. The U.S. Travel Association says that with now five weeks of evident COVID-19 impact, the U.S. travel economy has lost $60.8 billion. More than $36 billion (60 percent) of these losses have been realized in the past two weeks. With the shared decrease in spending, the organization expects that 5.9 million travel-related jobs will be lost by the end of April. Southwest Airlines says it will cut flights by up to 50 percent in June. Furthermore, American Airlines has said it will cut 80 percent of its flights in May and cut its international summer flights by 60 percent. As of this writing, there were 547,627 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU). The U.S. Travel Association is a nonprofit organization representing the travel industry, such as airlines, cruise lines, buses, rail transportation, museums, amusement parks and state tourism offices, which generates …

April 13, 2020

Nashville Rent & Occupancy Forecast Under COVID-19, RED Capital

Content Partner Features Lument Multifamily RED Capital Group Southeast Tennessee

Multifamily Sector in Music City Hits All the Right Notes

by Sarah Daniels April 13, 2020

In Homer’s Odyssey, Odysseus resisted the Sirens’ beguiling music by lashing himself to the mast of his ship. But few relocating businesses, ambitious young people from the Midwest and Mid-South or multifamily developers have been able to resist the charming sounds wafting from Music City these days. Nashville’s pro-growth disposition, competitive operating cost structure, high quality of life and vital cultural scene make it a formidable competitor for investment and business relocation among U.S. growth markets. Beverage marketer Icee, e-commerce unicorn SmileDirectClub and Mitsubishi North America were just a few of the nearly 100 companies that elected to move headquarters operations to or expand in the Nashville area last year. The moves were emblematic of Nashville’s emergence as the go-to spot for major industries — Tennessee now ranks second among states for automobile manufacturing employment after Michigan — and fast-growing tech-focused start-ups. The pipeline is just as robust in 2020. Employment statistics speak for themselves. Nashville added 30,000 or more payroll jobs in each of the last eight years: one of only two U.S. metros in the under 1.5 million-job weight class to check that box (Austin is the other.) While the unemployment rate was only 2.8 percent in January, …

April 13, 2020

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