Southeast

Housing Trust Group Breaks Ground on 60-Unit Seniors Housing Community in Downtown Miami

by Alex Tostado May 21, 2020

MIAMI — The Housing Trust Group (HTG) has broken ground on Father Marquess-Barry Apartments, a planned 60-unit seniors housing community in downtown Miami. The units are reserved for residents 62 years of age and older earning between 28 and 60 percent of the area median income (AMI). Rents will range from $372 to $1,200 a month for qualifying residents. Six units will be reserved as workforce housing. The community is scheduled to open in April 2021 and is named after the late Rev. Canon Richard Livingston Marquess-Barry, a Miami native and former pastor of The Historic St. Agnes Episcopal Church in Overtown. The three-story community will offer 48 one-bedroom apartments and 12 two-bedroom apartments ranging from 684 square feet to 969 square feet. Communal amenities will include a multipurpose club room for community and property gatherings, fitness center, library and media center with computers, a package-delivery locker system and bike racks. The property is situated at 301 NW 17th St. The owner of the land, nonprofit group Rainbow Housing Corp., granted a 99-year ground lease for HTG to build the community. Raymond James provided $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC); TIAA Bank provided a …

May 21, 2020

District of Columbia Southeast

Jobless Claims Continue to Rise as Another 2.4M Americans File for Assistance, Says Department of Labor

by Alex Tostado May 21, 2020

WASHINGTON, D.C. — COVID-19 has continued to impact the U.S. economy as an additional 2.4 million Americans filed first-time unemployment claims in the week ending May 16, the U.S. Department of Labor reports. Since mid-March, 38.5 million people have filed first-time claims. The number for this week was inline with what economists surveyed by Dow Jones expected when they forecast 2.4 million claims. The latest number is a decrease of 249,000 claims from the week ending May 11, which was revised down from its original figure by 294,000 to nearly 2.7 million. The four-week moving average is just over 3 million claims, down by 501,000 from the previous four-week moving average. Despite the number of claims rising overall, the weekly figure has lessened for seven consecutive weeks, the Department of Labor found.

May 21, 2020

Development Florida Healthcare Office Southeast

AJP Ventures, Mas Group to Develop 37,000 SF Medical Office Building in Miami

by Alex Tostado May 21, 2020

MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

May 21, 2020

Company News Mississippi Retail Southeast

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

by Alex Tostado May 21, 2020

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The properties reopened at 10 a.m. local time.

May 21, 2020

Georgia Loans Multifamily Southeast

Greystone Provides $17.8M Refinancing Loan for Apartment Complex Near Atlanta

by Alex Tostado May 21, 2020

FAIRBURN, GA. — Greystone has provided a $17.8 million Fannie Mae refinancing loan for Cambridge Faire Apartment Homes in Fairburn. The 12-year loan features two years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower will use the funds to further upgrade the community. The 208-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, sports courts, dog park and a car wash area. The asset, which was built in 2001, is situated at 900 Meadow Glen Parkway, 21 miles southwest of downtown Atlanta. Keith Hires of Greystone originated the loan on behalf of the borrower.

May 21, 2020

Development Multifamily Southeast Virginia

PointOne Holdings, NRP Group to Develop 390-Unit Multifamily Community in Northern Virginia

by Alex Tostado May 20, 2020

TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline for completion was not disclosed.

May 20, 2020

Company News District of Columbia Hospitality Southeast

AHLA Releases ‘Roadmap’ for Hotel Industry Recovery, Calls on Congress to Provide Relief for Hotel Workers

by Alex Tostado May 20, 2020

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released what it called a “Roadmap to Recovery” for the hotel sector in the United States. In the document, AHLA notes that the April jobs report issued by the U.S. Bureau of Labor Statistics (BLS) says the hotel industry was hit the hardest of any sector tracked, losing 7.7 million jobs. The AHLA wrote a letter on behalf of its members to the U.S. Congress urging it to prioritize hotel workers and small businesses during the next stimulus package and to provide immediate assistance in four areas: help hotels retain and rehire employees by extending the Paycheck Protection Program, (PPP) offering employees direct tuition assistance or tax credits and expanding the Employee Retention Credit; protect employees and guests through tax credits for cleaning equipment and personal protective equipment (PPE); keep hotel doors open by providing relief for hotel commercial mortgages and increasing the size and flexibility of PPP loans; and incentivize Americans to travel again when it’s safe with a new, temporary travel tax credit and restoring the entertainment business expense deduction. “The hospitality industry is in a fight for survival,” says Chip Rogers, president and CEO of Washington, D.C.-based …

May 20, 2020

Acquisitions Florida Healthcare Office Southeast

Onicx Sells Medical Office Building in Gainesville for $18.2M

by Alex Tostado May 20, 2020

GAINESVILLE, FLA. — Onicx has sold a 46,483-square-foot medical office building in Gainesville for $18.2 million. The building is situated at 6500 W. Newberry Road on the North Florida Regional Medical Center’s campus. Onicx developed the property in 2016 and sold it to an investor group of physicians from Florida Cancer Specialists. Dhvanit Patel and Arjun Choudhary internally represented Onicx in the transaction. Tampa, Fla.-based Onicx specializes in medical and commercial real estate development.

May 20, 2020

Florida Industrial Leasing Activity Southeast

Bausch Health Signs 127,254 SF Industrial Lease in Tampa

by Alex Tostado May 20, 2020

TAMPA, FLA. — Bausch Health has signed a 127,254-square-foot industrial lease within Cabot at Aprile Farms in Tampa. Cabot at Aprile Farms comprises 390,395 square feet and offers 417 car stalls and 116 trailer drops along with dock-high loading and onsite trailer storage. The property is situated at 8963 E. Sligh Ave., near the interchange of Interstate 4 and U.S. Highway 31, nine miles northeast of downtown Tampa. John Dunphy of JLL represented the landlord, Cabot Properties, in the lease transaction. Jodie Matthews, Scott Claiborne and Peter Cecora, also with JLL, represented the tenant. Bausch Health is a Canadian-based pharmaceutical company developing, manufacturing and marketing pharmaceutical products and branded generic drugs.

May 20, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Wells Fargo-Occupied Retail Property in Metro Atlanta

by Alex Tostado May 20, 2020

PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.

May 20, 2020

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