WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has extended Fannie Mae’s and Freddie Mac’s coronavirus-related policies for their single-family properties through Sept. 30, 2020. The policies include the temporary policy allowing the purchase of qualified loans in forbearance, allowing alternative methods for documenting income and verifying employment and expanding the use of power of attorney and remote online notarizations. The new policies for Fannie Mae and Freddie Mac, which are government sponsored enterprises (GSEs) overseen by the FHFA, were previously set to expire Aug. 31. Washington, D.C.-based Mortgage Bankers Association (MBA) issued a statement supporting the FHFA’s decision. “MBA and its members appreciate FHFA and the GSEs extending these important features,” said Bob Broeksmit, CEO and president of MBA. “Both the origination flexibilities and the program to purchase loans in forbearance are providing important stability to the mortgage market during the pandemic. [The] announcement will enable lenders to continue to make low-rate mortgage financing readily available to consumers and avoid the inevitable credit tightening that would have resulted from their expiration.”
FORT LAUDERDALE, FLA. — Concord Summit Capital LLC has arranged a $38.3 million refinancing loan for the Offices at Plantation Walk, a 172,959-square-foot office building in Fort Lauderdale. The owner and borrower, Encore Capital Management, recently implemented a $15 million renovation at the property, which is situated at 261 N. University Drive within Plantation Walk, a 27-acre mixed-use development. Kevin O’Grady of Concord Summit Capital originated the loan on behalf of the Boca Raton, Fla.-based owner. New York Life Insurance Co. provided the loan.
ARLINGTON, VA. — Discount grocer Lidl US plans to open 50 new stores in nine states on the East Coast by the end of 2021. Arlington, Va.-based Lidl US will invest $500 million and hire 2,000 employees as part of the expansion. The footprints of the new stores will include six in Georgia, one in South Carolina, five in North Carolina, seven in Virginia, 10 in Maryland, six in New York, 10 in New Jersey, one in Delaware and four in Pennsylvania. Germany-based Lidl currently operates 11,000 grocery stores in 32 countries.
NASHVILLE, TENN. — The Pizzuti Cos. has opened The Joseph, a 21-story, 297-room hotel in Nashville’s SoBro district. The hotel is part of Marriott International’s Luxury Collection line. The hotel offers indoor and outdoor meeting space, a fitness center, spa and salon, rooftop lounge and restaurant Yolan. The Joseph, named after Pizzuti family patriarch Joseph Pizzuti, is located at 401 Koreans Blvd., less than one mile from downtown Nashville. Miami-based Arquitectonica designed the hotel. New York City-based INC Architecture & Design was the interior designer.
MIAMI — Asia Capital Real Estate (ACRE) has provided an $86.3 million refinancing loan for Yard 8, a 387-unit apartment complex in Midtown Miami. Borrower Wood Partners will use the permanent financing to refinance the construction loan. The Atlanta-based developer opened Yard 8 in May 2019. Daniel Jacobs of ACRE originated the loan on behalf of the borrower in an off-market transaction. The property offers studio to three-bedroom floor plans, which were 83 percent occupied at the time of refinancing. Communal amenities include a pool, sundeck, clubroom, fitness center, coffee bar, concierge service and a resident lounge. In addition, Wood Partners has implemented The Ground Floor Project, a series of events to promote local artists, musicians and dancers at the community. According to the Yard 8 website, there are not any events currently scheduled for The Ground Floor Project.
WINTER GARDEN, FLA. — Greystar Real Estate Partners LLC will develop Overture Hamlin, a 180-unit active adult seniors housing community in Winter Garden. The Charleston, S.C.-based developer expects to deliver the property in summer 2021. The Central Florida property will offer one- and two-bedroom floor plans. The community will feature a clubhouse with a private wine room, covered patio, pool, sun deck, dog park, community-friendly golf cart trails, fitness center, yoga studio, craft room, theater room and an activity lounge. The asset will be situated within Hamlin Town Center, 20 miles west of downtown Orlando.
GAINESVILLE, GA. — Beacon Real Estate Group has acquired 53 West, a 266-unit multifamily community in Gainesville, for $53.2 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, fitness center, pool and a dog park. The complex is located at 1000 Woodacres Road, 49 miles northeast of downtown Atlanta. The community was 99 percent occupied at the time of sale. Mitch Sinberg and Scott Wadler of Berkadia originated a Freddie Mac acquisition loan on behalf of the Coral Gables, Fla.-based buyer. Terms of the loan were not disclosed. Robert Stickel, Tyler Averitt and Alex Brown of Cushman & Wakefield represented the seller, Varden Capital Properties and Tellus Partners, in the transaction.
ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have opened The Julian Apartments at Creative Village in downtown Orlando. Located at 462 N. Terry Ave., the $108 million, 14-story multifamily community features 409 units, 6,000 square feet of ground-floor commercial space and a parking garage. The Julian is the first market-rate apartment building with proximity to the University of Central Florida and Valencia College’s downtown campus, according to the developers. The project is part of the larger $650 million mixed-use development known as Creative Village. The Julian offers studio, one-, two- and three-bedroom residences that range in size from 412 to 1,307 square feet. Monthly rents range from $1,275 to $2,950. Currently, residents can earn up to three months of free rent on select units. Amenities include collaborative space on each floor, a front porch overlooking the 2.5-acre Central Park, a rooftop pool, fitness facility and interior courtyard. Asset Living is the property manager for The Julian. Baker Barrios served as architect and Brasfield & Gorie was the general contractor. Creative Village is a transformation of the former Amway Arena site. The former home of the Orlando Magic closed in 2010 and demolished in 2012. The Creative …
DECATUR, GA. — Starwood REIT has acquired The Baxter Decatur, a 290-unit multifamily community in Decatur, for $82 million. The property, which was formerly known as Solis Decatur, offers one-, two and three-bedroom floor plans. Communal amenities include a car charging station, fitness center, pool, sundeck, game room, bike storage and a pet washing area. The Baxter was 89 percent occupied at the time of sale. Additionally, the property features 20,000square feet of retail space on the ground floor leased to tenants such as Jason’s Deli, 100% Chiropractic, Club Pilates and F45. According to Terwilliger Pappas’ website, the Atlanta-based developer delivered the property in May 2019. The community is located at 1605 Church St., eight miles northeast of downtown Atlanta. The seller was not disclosed.
GREENVILLE, S.C. — Sealy & Co. has acquired an eight-property industrial portfolio totaling 1.2 million square feet in Greenville. Blackstone sold the portfolio for an undisclosed amount. All eight buildings were fully leased to national and international companies at the time of sale. This is the first purchase in South Carolina for Dallas-based Sealy. Scott Sealy Jr., Jason Gandy and Christopher Martin of Sealy worked with Trey Barry of CBRE to acquire the assets.