Southeast

Hall Structured Finance Provides $140M Construction Loan for Four Hotels Near Walt Disney World

by Alex Tostado February 11, 2020

ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.

February 11, 2020

Acquisitions North Carolina Retail Southeast

Branch Properties Sells Sprouts-Anchored Shopping Center in Greensboro, North Carolina for $38.4M

by Alex Tostado February 11, 2020

GREENSBORO, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge LLC, an affiliate of Birmingham, Ala.-based McDonald Group Inc., acquired the property.

February 11, 2020

Loans Louisiana Multifamily Southeast Student Housing

KeyBank Provides $23.2M Refinancing for 552-Bed Student Housing Community Near Louisiana Tech

by Alex Tostado February 11, 2020

RUSTON, LA. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac refinancing loan for University Crossing Apartments, a 552-bed student housing community located near Louisiana Tech University in Ruston. Hayley Suminski and Amanda Kutia of KeyBank originated the floating-rate financing on behalf of the borrower, WFInvestments. The loan features a 10-year term with three years of interest-only payments. Communal amenities include a pool, sundeck, 24-hour fitness center, clubhouse, study lounge, bicycle parking, a community kitchen and upright tanning beds. The garden-style community is currently undergoing renovations.

February 11, 2020

Acquisitions Hospitality Loans Maryland Southeast

Ready Capital Closes $7.2M Acquisition Loan for Hotel Near Baltimore Airport

by Alex Tostado February 11, 2020

LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.

February 11, 2020

District of Columbia Loans Southeast

PNC Narrowly Tops Wells Fargo in MBA’s 2019 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 11, 2020

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2019 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. PNC Real Estate/Midland Loan Services led the field with $702 billion in loan volume as of Dec. 31, 2019, narrowly edging out Wells Fargo Bank ($700 billion). KeyBank National Association ($306 billion), Berkadia Commercial Mortgage LLC ($280 billion) and CBRE Loan Services ($228 billion) rounded out the top five. The Washington, D.C.-based association released the rankings at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes Wednesday. The MBA also ranked a few different categories in its report, including ranking the top agency servicers. For Fannie Mae loans, Wells Fargo, Walker & Dunlop, Berkadia, CBRE and Newmark Knight Frank (NKF) are the top five servicers. For Freddie Mac, Wells Fargo, KeyBank, PNC, CBRE and Berkadia are the top five performers. Orix Real Estate Capital, Walker & Dunlop, Berkadia, Greystone and Wells Fargo were the top Federal Housing Authority (FHA) and Ginnie Mae servicers. Wells Fargo, PNC, KeyBank, NKF and JLL were the top CMBS servicers, and JLL was at the top of …

February 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Negotiates $76.6M Sale of 10-Property Seniors Housing Portfolio in Metro Miami

by Alex Tostado February 10, 2020

MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …

February 10, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Negotiates $47.4M Sale of Multifamily Community Near Nashville

by Alex Tostado February 10, 2020

ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.

February 10, 2020

Development North Carolina Retail Southeast

Topgolf to Open Second Charlotte Location on City’s North Side

by Alex Tostado February 10, 2020

CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.

February 10, 2020

Florida Loans Retail Southeast

Ready Capital Provides $7.1M Refinancing for Retail Center in Miami

by Alex Tostado February 10, 2020

MIAMI — Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls. Further details of the property were not disclosed.

February 10, 2020

District of Columbia Loans Southeast

Commercial, Multifamily Loan Originations Climb 7 Percent to Close Out 2019, Says MBA

by Alex Tostado February 10, 2020

WASHINGTON, D.C. — Commercial and multifamily loan originations climbed 7 percent year-over-year in fourth-quarter 2019, according to preliminary estimates from the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The results were released Sunday at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference began Sunday and will conclude Wednesday. The industrial, office and healthcare sectors experienced increases in dollar volume of loans in the latter part of 2019. Compared to fourth-quarter 2018, the industrial sector grew by 67 percent, the healthcare sector was up 33 percent and office properties ticked up 29 percent. Multifamily property loan originations decreased 4 percent, and hotel property lending fell 25 percent. Among investor types, the dollar volume of loans originated by commercial mortgage-backed securities (CMBS) lenders increased year-over-year by 81 percent, 13 percent for commercial bank portfolio loans and 9 percent for life insurance companies. The dollar volume of government-sponsored enterprises (i.e. Fannie Mae and Freddie Mac) loans decreased 30 percent compared to the fourth quarter of 2018. “Commercial and multifamily borrowing and lending hit a new high during the fourth quarter of 2019, surpassing the previous record from the second quarter of 2007,” …

February 10, 2020

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