Southeast

Berkadia Arranges Sale of 709-Bed Student Housing Community Near Georgia Southern

by Alex Tostado March 24, 2020

STATESBORO, GA. — Berkadia has arranged the sale of 111 South, a 709-bed student housing community located near Georgia Southern University in Statesboro. Kevin Larimer, Greg Gonzalez and Judy MacManus of Berkadia represented the seller, a partnership between Artemis Real Estate Partners and The Preiss Co., in the transaction. The community was acquired by Centurion Property Group for an undisclosed price. Pete Benedetto and Aaron Moll, also with Berkadia, originated an acquisition loan through Basis Investment Group on behalf of the buyer. The property was built in 2013 and offers two-, three-, four- and five-bedroom units with bed-to-bath parity and furniture packages. Communal amenities include a pool with a lazy river, a water volleyball court, 24-hour fitness center and a cyber lounge.

March 24, 2020

Development Hospitality Loans South Carolina Southeast

Knighthead Funding Secures $30.5M Construction Loan for Boutique Hotel in Historic Charleston

by Alex Tostado March 24, 2020

CHARLESTON, S.C. — Knighthead Funding LLC has provided a $30.5 million construction loan for Roost Charleston, a planned boutique hotel that will also include 11,003 square feet of retail space. The non-recourse, floating-rate loan has a 27-month term. The property will comprise a newly constructed building as well as three redeveloped, historic buildings. Roost Charleston will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a restaurant, café, spa and an outdoor courtyard. The building site is located at the northeast corner of King and George streets in historic Charleston. Brian Sullivan and Jonathan Daniel of Knighthead Funding originated the loan on behalf of the borrower, King & George Street LLC, an affiliate of Method Co. A timeline for construction was not disclosed.

March 24, 2020

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Capital Acquire Multifamily Community in Fredericksburg, Virginia for $23.5M

by Alex Tostado March 24, 2020

FREDERICKSBURG, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC has acquired Southpoint Reserve at Stoney Creek, a 156-unit multifamily community in Fredericksburg, for $23.5 million. The property offers one-, two and three-bedroom floor plans ranging in size from 450 to 1,075 square feet. Communal amenities include a clubhouse, pool, grilling stations, 24-hour fitness center, business lounge, playground and a sand volleyball court. The property was built in 1985 and is located at 5300 Steeplechase Drive, equidistant to Richmond and Washington, D.C. The seller was not disclosed. Christopher Doerr and William Harvey of Walker & Dunlop brokered the off-market transaction.

March 24, 2020

Loans Mississippi Multifamily Seniors Housing Southeast Tennessee

Greystone Provides Two HUD Refinancing Loans for Seniors Housing Properties Near Memphis Totaling $29.4M

by Alex Tostado March 24, 2020

GERMANTOWN, TENN. AND OLIVE BRANCH, MISS. — Greystone has provided two HUD refinancing loans to the same borrower for seniors housing communities in Germantown and Olive Branch. The loans total $29.4 million. The undisclosed borrower took out a $12.2 million loan for Germantown Plantation Senior Living, a 106-unit assisted living facility situated at 9293 Poplar Ave., 21 miles east of downtown Memphis. The other property is Silvercreek Senior Living Community, which is located at 6630 Crumpler Blvd. in Olive Branch, 22 miles southeast of downtown Memphis. Greystone provided a $17.2 million refinancing loan for the facility, which offers 99 studio, one- and two-bedroom units.

March 24, 2020

Georgia Southeast

Atlanta Mayor Issues Stay-at-Home Order to Curb Spread of COVID-19

by Alex Tostado March 24, 2020

ATLANTA — Atlanta Mayor Keisha Lance Bottoms has signed an executive order that requires Atlantans to stay in their place of residence in response to the rising number of COVID-19 infections. The order will go into effect at midnight, March 24. Individuals may leave their place of residence only for essential activities, essential governmental functions or to operate essential businesses. According to the Georgia Department of Public Health, Fulton and DeKalb counties — where Atlanta city limits lie — combined to have 226 confirmed cases as of 7 p.m. Monday. Some examples of essential businesses include healthcare operations and essential infrastructure; grocery stores, farmers’ markets, farm and produce stands, supermarkets, food banks and convenience stores; food cultivation, including farming, livestock and fishing; newspapers, TV, radio and other media services; gas stations and auto-supply, auto-repair and related facilities; and banks and related financial institutions. According to Bottoms, essential government functions means all services needed to ensure the continuing operation of the government agencies and provide for the health, safety and welfare of the public. “As mayor of Atlanta, I have been entrusted with making decisions that are specific to our city,” says Bottoms. “Given our population density, high rate of asthma …

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Development Georgia Industrial Southeast

Trammell Crow, Diamond Realty to Develop 403,648 SF Industrial Property Near Atlanta

by Alex Tostado March 23, 2020

NEWNAN, GA. — A joint venture between Trammell Crow Co. and Diamond Realty Investments will develop Innovation Business Center, a two-building, 403,648-square-foot industrial property in Newnan. The North Building will span 201,740 square feet and the South Building will include 201,908 square feet. The developers expect the property to be completed at the end of the year. The single-story buildings are situated at 185 and 195 Innovation Way, 36 miles southwest of downtown Atlanta and 27 miles from Hartsfield-Jackson Atlanta International Airport. Each building will feature 32-foot clear heights, 60-foot dock bays, a 185-foot truck court with 115 trailer spaces, 375 automobile parking spaces and an ESFR fire sprinkler system. Ware Malcomb is the project’s architect, Catamount Constructors is the general contractor, Eberly & Associates is the civil engineer and landscape architect, Haines Gipson & Associates is the structural engineer and Jordan & Skala Engineers is the MEP engineer. Mark Hawks, Todd Barton and Joanna Blaesing of CBRE are handling the marketing and leasing of the property.

March 23, 2020

Development Florida Multifamily Southeast

BCDC, Ventures Development Break Ground on 185-Unit Multifamily Community in Jacksonville

by Alex Tostado March 23, 2020

JACKSONVILLE, FLA. — Batson-Cook Development Co. (BCDC) and Ventures Development Group have broken ground on a 185-unit multifamily community in Jacksonville’s St. Johns River neighborhood. The property is situated at 841 Prudential Drive, along the bank of the St. Johns River and next to Jacksonville’s medical campus. Communal amenities at the yet-to-be-named complex will include a clubroom, community kitchen, green space, playground, dog park and a pool and deck on the third floor overlooking the river. The developers expect to open the community in early 2022. Niles Bolton is the architect, and Summit Contracting Group is the general contractor. Erik Bjornson and Tyler Nilsson of Newmark Knight Frank (NKF) arranged the land sale of the 2.9-acre plot. Cadence Bank provided a senior construction loan, and Nationwide Realty Investors provided preferred equity. Patterson Real Estate Advisory Group assisted BCDC and Ventures Development with sourcing the debt and equity.

March 23, 2020

Acquisitions Office Southeast Virginia

Office Properties Income Trust Sells Building in Northern Virginia for $22.2M

by Alex Tostado March 23, 2020

FAIRFAX, VA. — Office Properties Income Trust has sold an 83,130-square-foot office building in Fairfax for $22.2 million. The building is situated at 3920 Pender Drive, 21 miles west of downtown Washington, D.C. The office building was originally constructed in 1981. The Newton, Mass.-based REIT will use the proceeds of the sale to pay off a $13.2 million mortgage loan and put the rest toward general business purposes. The buyer was not disclosed.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

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