Southeast

Berkadia Provides $16.2M Refinancing Loan for Multifamily Community in Jacksonville

by Alex Tostado May 4, 2020

JACKSONVILLE, FLA. — Berkadia has provided a $16.2 million Fannie Mae loan for the refinancing of Creekwood Club in Jacksonville. The 176-unit multifamily community was built in 1975 and offers studio to three-bedroom floor plans ranging from 422 to 1,300 square feet. The 10-year loan features a fixed interest rate with partial interest-only payments at a 75 percent loan to value ratio. The property was 95 percent occupied at the time of refinancing. Communal amenities include a pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, dog park and a playground. The property is located at 8343 Hogan Road, seven miles southeast of downtown Jacksonville. Charles Foschini and Christopher Apone of Berkadia originated the financing on behalf of the borrower, Westside Capital.

May 4, 2020

Acquisitions Georgia Office Southeast

Stan Johnson Co. Arranges $6.7M Sale of Office Building in East Atlanta

by Alex Tostado May 4, 2020

ATLANTA — Stan Johnson Co. has arranged the $6.7 million sale of a 25,416-square-foot office building in the Kirkwood neighborhood of east Atlanta. The single-tenant building, located at 200 Arizona Ave. NE, serves as mobile and web app development company Big Nerd Ranch’s headquarters. The property was originally built in 1955 and was renovated in 2014. The building sits on two acres, four miles east of downtown Atlanta. A private California-based investor completing a 1031 exchange bought the property from a Dallas-based private investor. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson represented the seller in the transaction.

May 4, 2020

Development Industrial South Carolina Southeast

Tindall to Develop $27.9M Industrial Facility in Upstate South Carolina

by Alex Tostado May 1, 2020

SPARTANBURG, S.C. — Tindall Corp. has acquired 41 acres in Spartanburg to develop its $27.9 million utility division manufacturing facility. The locally based company, which provides concrete solutions for the industrial sector across the country, will use the new site to expand its operations and create 20 jobs. The new site is situated at 2877 Fairforest Clevedale Road, less than two miles from Tindall’s existing headquarters. Tindall expects the utility division to open in early 2021. The South Carolina Coordinating Council for Economic Development has awarded Spartanburg County a $100,000 Set-Aside grant for costs related to the project. John Montgomery, Garrett Scott and Brockton Hall of Colliers International represented the seller, a private family fund, in the land transaction. Bobby Lyons of Lyons Industrial Properties represented the buyer.

May 1, 2020

Arkansas Retail Southeast

Arkansas Governor: Gyms Allowed to Reopen Monday, Limited Dine-In at Restaurants May 11

by Alex Tostado May 1, 2020

LITTLE ROCK, ARK. — Arkansas Gov. Asa Hutchinson has rolled out Phase I plans for reopening the state. Hutchinson says gyms and fitness centers will be able to open Monday, May 4, while restaurants will be allowed to operate dine-in services at one-third capacity Monday, May 11. The guidelines for gyms and fitness centers include the use of facemasks for staff and patrons except when exercising, daily temperature checks for employees and patrons and social distancing of at least 12 feet while exercising. Additionally, Hutchinson placed restrictions on patrons who can enter, including but not limited to those who have returned from travel to New York, New Jersey, Connecticut, New Orleans or overseas within the past 14 days; have had a fever of 100.4°F or greater in the past two days; or had contact with a person known to be infected with COVID-19 within the previous 14 days. The guidelines for restaurants require daily health screening of staff, use of facemasks and gloves and strict social distancing. The governor requires that tables be 10 feet apart; employees interacting with patrons must wear a facemask covering the nose and mouth; kitchen staff are encouraged to wear a mask; employees must wear …

May 1, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires Newly Built Multifamily Complex in Florida’s Panhandle

by Alex Tostado May 1, 2020

PANAMA CITY BEACH, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Parkside at the Beach, a 288-unit multifamily complex in Panama City Beach. The community was built in 2019 and is situated at 17225 Panama City Beach Parkway, less than a mile from the beach. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, business center, fitness center and a clubhouse. An undisclosed lender in Freddie Mac’s Optigo program provided a 10-year acquisition loan, which features a fixed 2.95 percent interest rate. The seller/developer and sales price were not disclosed.

May 1, 2020

Company News Maryland Retail Southeast

Federal Realty Investment Trust to Implement Program for Contactless Exchanges at its Properties

by Alex Tostado May 1, 2020

ROCKVILLE, MD. — Federal Realty Investment Trust will implement a new program dubbed The Pick-Up at its properties beginning Friday, May 15. In the midst of the COVID-19 crisis, the Rockville-based company said the program will offer a singular service across its tenants to limit physical contact. Federal Realty will introduce the new service where permitted by local jurisdictions. When a customer places an order with a retailer or restaurant within a Federal Realty-owned property by phone or online, the customer can designate a pick-up time and will be assigned a designated parking space. Employees will then bring the order to the customer’s car. Federal Realty owns properties including Bethesda Row and Pike & Rose in Maryland, Santana Row in Northern California, and other properties in Florida, Washington, D.C., Pennsylvania, New York, Massachusetts and Illinois.

May 1, 2020

Acquisitions Alabama Retail Southeast

SRS Negotiates $18.3M Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado May 1, 2020

HOOVER, ALA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther of SRS represented the seller and buyer, a California-based company completing a 1031 exchange, in the transaction.

May 1, 2020

District of Columbia Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $2.4B Fannie Mae Refinancing for Multifamily Portfolio in Metro D.C., Largest Loan in Company’s History

by Alex Patton May 1, 2020

WASHINGTON, D.C. — Walker & Dunlop Inc. has provided a $2.4 billion Fannie Mae loan to refinance a 67-property multifamily portfolio in the Washington, D.C., metro area. The borrower is Virginia-based multifamily owner and manager Southern Management Corp. (SMC). The portfolio includes 22,439 units in total, more than 60 percent of which qualify as affordable housing. The loan package features staggered maturities across a mix of fixed- and floating-rate, full-term, interest-only financing. “This $2.4 billion Southern Management transaction gave us the opportunity to partner with one of our top DUS lenders, Walker & Dunlop, using the credit facility, one of our most flexible financing products, to structure a winning solution for the borrower while delivering affordability to the Washington, D.C.,” says Jeffery Hayward, executive vice president of multifamily at Fannie Mae. The loan represents the largest transaction in Walker & Dunlop’s history, according to a statement from the company. “Walker & Dunlop’s creativity, tenacity and market knowledge resulted in a superior execution for this large and complex transaction amidst the uncertainty of a rapidly unfolding financial and health crisis,” says Suzanne Hillman, president and CEO of SMC. Brendan Coleman, Chris Forte and Connor Locke led a Walker & Dunlop team …

May 1, 2020

Development Florida Loans Multifamily Southeast

Madison Realty Provides $102M Construction Loan for Two Multifamily Communities in South Florida

by Alex Tostado April 30, 2020

POMPANO BEACH AND PLANTATION, FLA. — Madison Realty Capital has provided a $102 million construction loan to Invesca Development Group for two planned multifamily projects in South Florida’s Broward County. Invesca will use some of the loan to complete a 214-unit property at 452 E. Atlantic Blvd. in Pompano Beach. Construction is 98 percent complete, and Invesca expects to start lease-up in the next two months. The yet-to-be-named property will also include 12,000 square feet of ground-floor retail space. The asset will feature two buildings connected by a sky bridge and will offer studio to three-bedroom floor plans. Invesca will use the other portion of the loan to begin construction on a 330-unit project at 4350 W. Sunrise Plantation Blvd. in Plantation. The planned development includes an additional 30,000-square-foot commercial building, office space and 10 townhomes with 37 townhome lots on a 12-acre site. The property will comprise eight nine-story buildings offering studio, one- and two-bedroom floor plans. The two communities are situated 11 miles from each other. Josh Zegan of Madison Realty Capital originated the loan.

April 30, 2020

District of Columbia Southeast

First-Time Unemployment Claims Rise as 3.8M Americans File Due to Coronavirus Crisis

by Alex Tostado April 30, 2020

WASHINGTON, D.C. — Another 3.8 million Americans have filed first-time unemployment claims in the week ending April 25, according to the U.S. Department of Labor. The newest figure shows that since the sudden shutdown in the second half of March due to the outbreak of COVID-19, about 30 million people have filed for unemployment. This is the fourth consecutive week, though, that the weekly filings have decreased from the prior report. During the week ending April 18, 4.4 million claims were handled, which was down from 5.2 million during the week ending April 11. The Department of Labor reports the four-week moving average is 5 million, down from 5.8 million the previous four weeks. On Wednesday, the Center for Economic and Policy Research (CEPR) reported that the gross domestic product (GDP) in the United States shrank by 4.8 percent in the first quarter of 2020, which is the largest quarterly decline since the fourth quarter of 2008 when it contracted by 8.4 percent. As of this writing, there were 61,005 deaths and nearly 1.1 million cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).

April 30, 2020

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