CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.
ASHEVILLE AND KANNAPOLIS, N.C. — Hall Group has received $77 million in construction financing for The Reserve at Gashes Creek in Asheville and Graces Reserve in Kannapolis, both of which are under construction. Highland Mortgage Co. provided a $62 million HUD 221 (d)(4) construction loan and Morrison Avenue Capital Partners provided $15 million of equity. Multifamily Select Inc. arranged the loan on behalf of Hall Group and will manage both properties upon completion. The Reserve at Gashes Creek will include 190 units offering one-, two- and three-bedroom floor plans along with 12 garages and 16 storage units. Six of the 22 acres are preserved by a conservation easement. The property is situated along U.S. Highway 74, about six miles southwest of downtown Asheville. Graces Reserve is situated on 17 acres at 2200 Roxie St. NE, 25 miles north of downtown Charlotte. The property will offer 240 one-, two- and three-bedroom floor plans along with 36 garages and 48 storage units. Communal amenities at both properties will include pools, sundecks with cabanas, electric vehicle charging stations, grilling areas, fire pits, car care centers, dog parks, playgrounds and clubhouses. Clubhouses will include concierge package delivery systems, pet spas, designer kitchen spaces, cyber …
GARDENDALE, ALA. — Dobbins Group LLC has broken ground on a yet-to-be-named multifamily community in Gardendale. The Birmingham, Ala.-based developer says the 204-unit community will offer one-, two- and three-bedroom floor plans averaging 977 square feet and expects rent to range from $1,175 to $1,800 per month. All units will have nine-foot ceilings, granite countertops, oversized soaking tubs, walk-in closets in every bedroom, custom cabinetry and appliances. Communal amenities will include a saltwater pool, fitness center, fire pits, multiple grilling stations, walking trail and a dog park. Capstone Building Corp. is the general contractor, and Williams Blackstock Architects is the architect. Synovus Financial is financing the project, which has a budget of more than $30 million. Dobbins Group expects to complete the complex by the end of 2021.
WASHINGTON, D.C. — The U.S. Census Bureau has reported that four of the 10 fastest growing metropolitan areas in the United States from 2010-2019 are in the Southeast. Atlanta is No. 4 with 733,646 new residents since 2010, according to the U.S. Census Bureau’s July 1, 2019 population estimates, which were released in late March. Washington, D.C., is right behind the Georgia capital at No. 5, with 630,799 new residents, and Miami comes in at No. 6 with an increase of 600,214 people. Orlando claimed the ninth spot with 473,748 people added since the turn of the decade. Dallas and Houston are the fastest growing metros with 1.2 million and 1.1 million people added, respectively. Phoenix rounds out the top three with 755,074 people added. As far as percentage growth by metro, the Southeast claimed four of the top 10 spots again, with The Villages, Fla., growing by 41.7 percent since 2010. Myrtle Beach, S.C., is No. 2 with 32 percent growth; Fort Myers, Fla., is No. 8 with 24.5 percent growth; and Raleigh, N.C., rounds out the top 10 with 23 percent growth.
PORT ST. LUCIE, FLA. — Berkadia has provided a $24.5 million Fannie Mae refinancing loan of a construction take-out loan for Torino Lakes Townhomes in Port St. Lucie. Mitch Sinberg and Matt Robbins of Berkadia originated the 10-year, fixed-rate loan with an interest-only payment period on behalf of the borrower, Rich Properties, a local developer that delivered the community in 2019. The property offers two- and three-bedroom floor plans, which include hardwood floors, walk-in closets, granite countertops, stainless steel appliances and a kitchen island. Communal amenities include a fitness center, swimming pool, spa, playground, clubhouse, walking/biking trails and a media center with a movie theater. Torino Lakes Townhomes is located at 5511 NW Sandhill Trail, eight miles north of downtown Port St. Lucie.
MIAMI — With Miami under a citywide curfew since March 27 to limit the spread of the novel coronavirus, musician Pitbull and Miami Mayor Francis Suarez have teamed up to help Miami residents know when 10 p.m. strikes and the city’s curfew goes into effect. The curfew ends at 5 a.m. daily. The side of the recently delivered Paramount Miami Worldcenter, a 700-foot condominium tower in downtown Miami, illuminates with an American flag and iHeart Radio broadcasts Pitbull’s new song “I Believe that We Will Win.” In addition to the flag, the side of the building also has a tickertape that features the lyrics of the song. When the song begins, the tower illuminates, signaling stores and businesses to close and all citizens remain home. The song will play nightly for 10 minutes until further notice. The light show on the $600 million Paramount Miami Worldcenter will play for a two-minute duration every half hour from sunset to 11:30 p.m. and again from 4:30 a.m. until sunrise. As of this writing, Johns Hopkins University reports Miami-Dade County and Broward County combine to have 6,032 active cases of COVID-19. Miami-Dade has been under a Stay-at-Home order since mid-March and on Friday, …
BALTIMORE — In response to the spread of COVID-19, Under Armour Inc. (NYSE: UA) will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be paid premium bonuses. The company will cover full health benefits for employees for approximately two months during the layoff period. “In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” says Patrik Frisk, the company’s president and CEO. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and are seeing some early signs of recovery in our Asian-Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand.” Prior to …
What a time to write an article on the state of the retail real estate market in Birmingham. A few short weeks ago this would have been a much easier task. The fundamentals of the Birmingham retail market are healthy and exciting despite the current health crisis and the fact that we have experienced very little population growth. I travel across the country regularly, and there is a national undercurrent about Birmingham that is exciting. Birmingham is spoken about nationally as a city with great food and quality of life, which are the types of things always said about a city prior to it hitting a tipping point. We expect that consumer behavior is going to be different coming out of the pandemic, and that the way retail and restaurant businesses operate will continue to adapt to that consumer behavior. Traditional developments Traditional shopping centers continue to be strong regional draws, with tenant mixes focusing on local and national brands. Lee Branch is one of the most successful in Birmingham. The Dick’s Sporting Goods and Golf Galaxy side-by-side concept opened in February at Lee Branch and is the first of its kind in the state. Discount retail, although not new, …
NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.
WASHINGTON, D.C. — The U.S. economy lost 701,000 jobs in March due to the effects of the novel coronavirus and the efforts nationwide to slow the coronavirus pandemic. Additionally, the unemployment rate rose 90 basis points to 4.4 percent, the Bureau of Labor Statistics (BLS) reported. Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places (-417,000). The hospitality sector was hit hardest due to many states issuing stay-at-home orders, airlines canceling flights and conferences nationwide being canceled or postponed indefinitely. Notable declines also occurred in healthcare (-43,000), social assistance (-19,000), professional and business services (-52,000), retail trade (-46,000), and construction (-29,000). Employment in the federal government rose by 18,000 in March, including 17,000 temporary workers for the 2020 United States Census. The change in total nonfarm payroll employment for January was revised down by 59,000 from 273,000 to 214,000. The change for February was revised up by 2,000 from 273,000 to 275,000. As of this writing, Johns Hopkins University (JHU) reports there are 245,601 confirmed cases of COVID-19 in the U.S. and 6,058 deaths. The number of confirmed cases is up 30.5 percent from 188,200 as of Monday, March 30. The latest job figures …
