Southeast

Neology Development Obtains $63.5M Bridge Loan from Starwood for Miami Multifamily Project

by John Nelson January 2, 2025

MIAMI — Neology Development Group has obtained a $63.5 million bridge loan from Starwood Property Trust to pay off the construction loan for Fourteen Main Street Residences, a multifamily development located along downtown Miami’s historic 36th Street. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia arranged the financing on behalf of Neology and American Opportunity Zone Advisors, a group led by Peter Linneman. Berkadia also arranged the original $57.5 million construction loan through Churchill Real Estate to fund Neology’s third project in Miami’s Allapattah neighborhood. Upon completion, the development will feature 237 units that will range in size from 450 to 1,000 square feet across two buildings named the Highrise and Midrise. The 14-story Highrise will include studio, one- and two-bedroom floor plans, and the five-story Midrise will include two-bedroom walk-up homes and two-bedroom apartment units. The development will also include ground-level retail space. Amenities will include a multipurpose lobby, coworking spaces, outdoor movie screen, 12,000-square-foot rooftop pool and clubhouse, poolside cabanas, fitness and wellness center, yoga and cardio studio, dog park, bike storage, smart package lockers, parking garage with electric vehicle charging stations and a rideshare lobby. Fourteen Main Street Residences is on track to receiving …

January 2, 2025

Acquisitions Alabama Multifamily Southeast

DWG Capital, Dorado Holdings Purchase 106-Unit Multifamily Property in Montgomery

by John Nelson January 2, 2025

MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit multifamily community located at 3453 Audubon Road in Montgomery. This marks the joint venture’s second acquisition in Montgomery, following the purchase of the 96-unit Greenbriar Apartments in July. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the transaction. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom residences ranging in size from 725 to 1,350 square feet. Each apartment features spacious layouts, patios/balconies and select in-unit washer and dryer connections. Approximately 70 percent of the units have been upgraded with high-end finishes, updated mechanical systems and exterior improvements. The new ownership plans to renovate the remaining apartments over the next 24 months.

January 2, 2025

Acquisitions Georgia Office Southeast

Bull Realty Brokers Sale of 103,105 SF Office Building in Metro Atlanta

by John Nelson January 2, 2025

NORCROSS, GA. — Atlanta-based Bull Realty has brokered the sale of a 103,105-square-foot office building in metro Atlanta that was formerly owned by Ameris Bank. Located at 6625 The Corners Parkway in Norcross, the property sold for $6.4 million in an all-cash deal. The buyer was an investor partnership that included ALM Automotive Group, a current tenant in the building. Michael Bull and Austin Bull of Bull Realty marketed the property on behalf of the seller.

January 2, 2025

Acquisitions Georgia Multifamily Retail Southeast

JLL Arranges $63.5M Sale of Cobb Place Shopping Center in Metro Atlanta

by John Nelson December 24, 2024

KENNESAW, GA. — JLL Capital Markets has arranged the $63.5 million sale of Cobb Place, a 335,190-square-foot shopping center in Kennesaw. Jim Hamilton, Brad Buchanan, Andrew Kahn and Anton Serafini of JLL represented the seller, Savannah, Ga.-based Wicker Park Capital Management, in the transaction. The buyer was Miami-based Shaked Acquisitions. Located about 27 miles northwest of Atlanta, the shopping center is historically the top destination in the region for furniture and home-centric retailers, according to JLL. The longstanding anchor list includes Ashley Furniture HomeStore, American Signature Furniture, DSW, Cost Plus World Market, Hobbytown, Bassett Furniture, Natuzzi and BrandsMart USA.

December 24, 2024

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 296-Unit Multifamily Property in Newport News, Virginia

by John Nelson December 24, 2024

NEWPORT NEWS, VA. — Berkadia has brokered the sale of Forest Lake at Oyster Point, a 296-unit multifamily property located at 307 Saint Thomas Drive in Newport News. Richmond-based Levco Management acquired the property for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented the Nebraska-based seller, Haley Residential, in the transaction. Built in 1986 and renovated between 2008-2013, Forest Lake at Oyster Point offers a mix of one-, two- and three-bedroom apartments ranging in size from 780 to 1,235 square feet, according to Apartments.com. Amenities at the Class B property include a tennis court, grilling area, two swimming pools and a fitness center.

December 24, 2024

Loans Multifamily North Carolina Southeast

Walker & Dunlop Provides $13.9M Loan for Sedgefield Apartments in Winston-Salem, North Carolina

by John Nelson December 24, 2024

WINSTON-SALEM, N.C. — Walker & Dunlop has provided a $13.9 million loan for Sedgefield Apartments, a 144-unit garden-style multifamily community located at 4755 Country Club Road in Winston-Salem. Brendan Coleman and Adam Johnston of Walker & Dunlop originated the Freddie Mac loan on behalf of the borrower, Elliott Properties. Sedgefield was built in 1987 and features one- and two-bedroom apartments, as well as a pool, fitness center, laundry facilities, business center, dog park and tennis and volleyball courts.

December 24, 2024

Acquisitions Florida Industrial Leasing Activity Southeast

MAG Capital Partners Acquires Sarasota Industrial Facility in Sale-Leaseback Deal

by John Nelson December 24, 2024

SARASOTA, FLA. — MAG Capital Partners, a Dallas-based investment firm led by Dax T.S. Mitchell and Andrew Gi, has acquired a 23,895-square-foot industrial facility located at 6460 Parkland Drive in Sarasota. The firm purchased the asset for an undisclosed price in a sale-leaseback with the tenant and seller, MDC Precision. Andrew Sandquist, JC Asensio and Briggs Goldberg of Newmark represented MDC, which uses the facility for its insulator sealing division, in the transaction. The asset is situated on a 2.2-acre site near the Sarasota-Bradenton International Airport with 1,000 feet of frontage along US Highway 301.

December 24, 2024

Civic Development Florida Southeast

St. Lucie Public Schools Selects Spiezle to Design 217,500 SF Prototype Campus

by John Nelson December 24, 2024

ST. LUCIE, FLA. — St. Lucie Public Schools has selected Spiezle Architectural Group Inc. to provide design services for the school district’s 217,500-square-foot Western Grove K-8 prototype campus. General contractor Wharton-Smith plans to begin construction on the project in February and wrap up by August 2026. The six-building campus will include two-story academic buildings, a two-story administration building, gymnasium, chiller plant with thermal storage and a 33,569-square-foot auditorium/cafeteria that will feature dining facilities, a kitchen, custodial area, stage, band classroom, vocal classroom and an art classroom. Outdoor offerings will include playgrounds, multipurpose field, hard court and dropoff/pickup area. The Western Grove K-8 prototype campus is designed to accommodate nearly 2,000 students.

December 24, 2024

Acquisitions Georgia Industrial Loans South Carolina Southeast

JLL Secures $357.8M Acquisition Loan for National Industrial Portfolio

by John Nelson December 23, 2024

ATLANTA — JLL’s Capital Markets group has secured a $357.8 million acquisition loan for a national industrial portfolio on behalf of the borrower, Atlanta-based industrial real developer MDH Partners. Chris Drew, Michael Cosby, Ryan Ade, Brian Gaswirth, Jimmy Calvo and Nicole Barba of JLL arranged the balance sheet loan through Wells Fargo Bank and Capital One. Nathan Balmes and Michael Loffredo internally led the debt execution for MDH. The 5.5 million-square-foot portfolio, dubbed “MDH F3 Arctic Portfolio,” is located within the metropolitan areas of Houston, Austin, Chicago, Greenville, S.C., and Middletown, Pa. The portfolio comprises eight developments consisting of 12 individual buildings ranging in size from 140,300 to 1 million square feet, with an average clear height of 34 feet. The portfolio was fully leased at the time of financing to tenants across several industries, including automotive, e-commerce, food-and-beverage and home goods.

December 23, 2024

Development Hospitality Louisiana Mixed-Use Restaurant Retail Southeast

Cordish to Open $270M Live! Casino & Hotel in Louisiana in February

by John Nelson December 23, 2024

BOSSIER CITY, LA. — The Cordish Companies has set the opening date for its $270 million Live! Casino & Hotel Louisiana — Thursday, Feb. 13, pending approval from the Louisiana Gaming Control Board. The Baltimore-based company launched bookings at the Bossier City hotel last Friday, almost exactly a full year after breaking ground. Additionally, tickets are now on sale for a slate of shows/concerts at the development’s Event Center at Live! Situated along the Red River near Shreveport, La., the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu, as well as Ridotto Grand Café and The Prime Rib steakhouse.

December 23, 2024

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