Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Acquisitions North Carolina Office Southeast

JLL, Capital Associates Broker $17.7M Sale of Biomedical Partnership Center in Raleigh

by Alex Tostado January 13, 2020

RALEIGH, N.C. — JLL and Raleigh-based Capital Associates have co-brokered the $17.7 million sale of the Biomedical Partnership Center, a 44,835-square-foot flex/lab building in Raleigh. The newly built property is located at 1001 William Moore Drive on the North Carolina State University’s Centennial Biomedical Campus. Located on 2.6 acres at the corner of Blue Ridge Road and Hillsborough Street, the two-story property has nearby access to Interstates 40 and 440, N.C. Highway 54 and Raleigh-Durham International Airport. The Biomedical Partnership Center was 95 percent leased at the time of sale to multiple tenants. JLL and Capital Associates represented the seller, CBC Flex Lab LLC, and procured the purchaser, Flex III Subsidiary LLC, a Tennessee-based entity that purchased the facility in a 1031 exchange. Ryan Clutter, Scot Humphrey, Christopher Lingerfelt and Zack Drozda of JLL and Tom Huff of Capital Associates represented the seller.

January 13, 2020

Alabama Development Industrial Loans Self-Storage Southeast

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Population Gains, Transforming CBDs Drive Triangle’s Multifamily Market Forward

by Alex Tostado January 13, 2020

Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more uses coming. There are 10 exciting mixed-use projects under construction as the Triangle continues to take amenities to the next level and increase its competitiveness. Multiple demand drivers The Triangle still feels like it’s in earlier innings with durable growth potential as evidenced by: • Explosive In-migration: 52 percent population growth since 2001, or 3.7 times the national average. • Balanced, Recession Resistant Factors: The market is a top 10 life sciences clusters and includes the largest research park in the United States with Research Triangle Park (RTP). Raleigh-Durham also has well-regarded university and hospital systems and state capital. • Highly Educated Workforce: There are more than 80,000 students enrolled at University of North Carolina at Chapel Hill, Duke University and North Carolina State …

January 13, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Office Building in Northern Virginia for $113.2M

by Alex Tostado January 10, 2020

ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.

January 10, 2020

Georgia Loans Multifamily Southeast

Arbor Provides $43.7M Fannie Mae Green Acquisition Loan for Multifamily Community in Roswell, Georgia

by Alex Tostado January 10, 2020

ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.

January 10, 2020

Florida Leasing Activity Office Southeast

Highwoods Signs Fanatics to Lease 92,000 SF at Office Building in Tampa’s Westshore District

by Alex Tostado January 10, 2020

TAMPA, FLA. — Highwoods Properties Inc. has signed a three-floor, 92,000-square-foot lease at the 5332 Avion office building with Fanatics Brands, the in-house apparel division for sports apparel company Fanatics Inc. 5332 Avion is a 176,000-square-foot, six-story office building in Tampa’s Westshore submarket. The building, which was developed by Highwoods, will serve as one of more than a dozen worldwide office locations for Fanatics. Laser Spine Institute previously used the space for its company headquarters and an ambulatory surgery center. Fanatics has begun to build out its office space within the property.

January 10, 2020

Development Leasing Activity North Carolina Retail Southeast

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

by Alex Tostado January 10, 2020

FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.

January 10, 2020

District of Columbia Southeast

U.S. Economy Adds 145,000 Jobs in December, Falls Short of Consensus Forecast

by Alex Tostado January 10, 2020

WASHINGTON, D.C. — The U.S. economy added 145,000 jobs in December 2019, according to the Bureau of Labor Statistics (BLS), falling short of expectations. Economists surveyed by The Wall Street Journal had forecast an increase of 165,000 jobs. The unemployment rate remained unchanged at 3.5 percent. The BLS also revised both October and November job totals downward based on more complete data. The number of new jobs added in October was adjusted slightly downward to 152,000 from 156,000, while the figure for November decreased by 10,000 to 256,000. Following the revisions, job gains have averaged 184,000 over the past three months. Notable December job gains occurred in three sectors: retail trade, leisure and hospitality, and healthcare. More specifically, the retail trade sector added 41,000 jobs, the leisure and hospitality sector gained 40,000 jobs and the healthcare sector added 28,000 jobs. Employment in the leisure and hospitality industry grew by 388,000 in 2019, up from 359,000 in 2018. Meanwhile, the healthcare sector added 399,000 jobs in 2019, compared with an increase of 350,000 jobs in 2018. Conversely, mining employment declined by 8,000 in December. For all of 2019, employment in mining declined by 24,000, after rising by 63,000 in 2018. In December, average …

January 10, 2020

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