Southeast

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel into Student Housing for Tulane Medical Students

by Alex Tostado April 3, 2020

NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.

April 3, 2020

District of Columbia Southeast

U.S. Economy Loses 701,000 Jobs in March Due to Efforts to Contain Spread of Coronavirus

by Alex Tostado April 3, 2020

WASHINGTON, D.C. — The U.S. economy lost 701,000 jobs in March due to the effects of the novel coronavirus and the efforts nationwide to slow the coronavirus pandemic. Additionally, the unemployment rate rose 90 basis points to 4.4 percent, the Bureau of Labor Statistics (BLS) reported. Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places (-417,000). The hospitality sector was hit hardest due to many states issuing stay-at-home orders, airlines canceling flights and conferences nationwide being canceled or postponed indefinitely. Notable declines also occurred in healthcare (-43,000), social assistance (-19,000), professional and business services (-52,000), retail trade (-46,000), and construction (-29,000). Employment in the federal government rose by 18,000 in March, including 17,000 temporary workers for the 2020 United States Census. The change in total nonfarm payroll employment for January was revised down by 59,000 from 273,000 to 214,000. The change for February was revised up by 2,000 from 273,000 to 275,000. As of this writing, Johns Hopkins University (JHU) reports there are 245,601 confirmed cases of COVID-19 in the U.S. and 6,058 deaths. The number of confirmed cases is up 30.5 percent from 188,200 as of Monday, March 30. The latest job figures …

April 3, 2020

Development Georgia Industrial Southeast

Ultimate Realty to Reposition Former Retail Center in Macon into 395,000 SF Industrial Park

by Alex Tostado April 3, 2020

MACON, GA. — Ultimate Realty will redevelop the former Westgate Shopping Mall in Macon into a $12 million, 395,000-square-foot industrial park dubbed Middle Georgia Industrial Park. The six buildings will range in size from 19,000 to 106,000 square feet. The New York City-based developer expects to complete the park this summer. The new campus will include interior upgrades such as new electrical systems, bathrooms, new loading docks and drive-in doors, office pod additions and repainting of the facades. The renovation plan will also include upgrading the signage, major landscaping work, new LED lighting, upgraded sprinklers and expansive truck parking. Courtney Oldenburg and Chris Copenhaver of Cushman & Wakefield have been retained to lease the asset.

April 3, 2020

Kentucky Loans Multifamily Seniors Housing Southeast

Bellwether Enterprise Provides $36.3M Refinancing Loan for Seniors Housing Community in Lexington, Kentucky

by Alex Tostado April 3, 2020

LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The property is situated across the street from Bayer Properties’ Summit at Fritz Farm mixed-use development.

April 3, 2020

Acquisitions Maryland Office Southeast

KLNB Arranges $7.4M Sale of Office Building Near Baltimore

by Alex Tostado April 3, 2020

COLUMBIA, MD. — KLNB has arranged the $7.4 million sale of Rivers Corporate Centre, a two-story, 42,860-square-foot office building in Columbia. The building was fully leased at the time of sale to tenants including Peak-Ryzex Inc., Telligen and American Contracting. Rivers Corporate Centre is situated at 10330 Old Columbia Road, 19 miles southwest of downtown Baltimore. Craig Morrell, Brad Berzins and Don Schline of KLNB represented the seller, KC Rivers Development LLC, in the transaction. The team also procured the buyer, an entity controlled by Reliable Real Estate Services.

April 3, 2020

Georgia Loans Multifamily Southeast Top Stories

Cortland Partners Receives $340M Financing for Acquisition of Pure Multi-Family REIT

by Alex Patton April 3, 2020

ATLANTA — Walker & Dunlop has provided a $340 million loan for the acquisition of Pure Multi-Family REIT (TSX: RUF), a publicly traded Canadian real estate investment trust. Atlanta-based real estate firm Cortland Partners LLC acquired Pure late last year in a $1.2 billion all-cash transaction, which included a 22-property multifamily portfolio totaling 7,085 units. All properties in the portfolio are located in the Sun Belt region of the United States, which spans from the southern half of California to South Carolina. A large portion of the portfolio is located in Houston and Dallas, and the deal will make Cortland the largest multifamily owner-operator in the Dallas-Fort Worth area. Cortland plans to implement a capital improvement investment in each of the properties to improve the exteriors, landscaping, amenities and interior unit finishes. “The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” says Mike Altman, chief investment officer of Cortland. “By executing our financing on this acquisition, [Walker & Dunlop has] allowed us to continue our growth in these markets.” Aaron Appel, Keith Kurland and Jonathan Schwartz led the Walker & Dunlop financing team. Deutsche Bank served as a lending partner. — Alex Patton

April 3, 2020

Development Florida Multifamily Southeast

Fore Property, Canyon Partners to Develop 384-Unit Multifamily Community in Metro Orlando

by Alex Tostado April 2, 2020

KISSIMMEE, FLA. — A joint venture between Fore Property and Canyon Partners Real Estate LLC will develop 19 South, a planned 384-unit multifamily community in Kissimmee. BBVA provided a $49.6 million construction loan for the project, which is situated within an Opportunity Zone. Canyon Partners invested $29.8 million in the community, which is slated to open in May 2022. The project will comprise four four-story buildings offering studio to three-bedroom floor plans with chef-inspired gourmet kitchens, quartz countertops, energy-efficient stainless steel appliances, walk-in closets and hardwood-style flooring. Units will range in size from 670 to 1,437 square feet. Communal amenities will include two pools, an arcade, gaming area, 24-hour fitness center, park and a pet spa. Fore Construction LLC is leading the development of 19 South.

April 2, 2020

Development Industrial Maryland Southeast

Lidl Opens $100M Regional Distribution Center in Cecil County, Maryland

by Alex Tostado April 2, 2020

CECIL COUNTY, MD. — Lidl has opened a 700,000-square-foot regional distribution center in Cecil County. The German-based grocer invested $100 million in the project, which is expected to create more than 200 full-time jobs. Cecil County is situated in northeast Maryland, 53 miles from Baltimore and 60 miles from Philadelphia. Lidl officials said the center will service stores in five states. The discount grocer operates more than 85 stores in nine states on the East Coast. This is the second distribution center Lidl is developing in 2020, having broken ground on a facility in Covington, Ga. in early February.

April 2, 2020

Development Industrial North Carolina Southeast

Seefried, Clarion to Construct Five-Building Spec Industrial Campus in Charlotte

by Alex Tostado April 2, 2020

CHARLOTTE, N.C. — Seefried Properties and Clarion Partners LLC have acquired 50 acres in Charlotte to construct a five-building, 590,000-square-foot industrial campus. The property will be able to accommodate users seeking 20,000 to 180,000 square feet. Buildings will feature 32- to 36-foot clear heights, 130- to 210-foot truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. The property is situated at the southeast corner of Beam Road and Pine Oaks Drive, six miles south of Charlotte Douglas International Airport and seven miles southwest of downtown Charlotte. The developers expect to complete the shells by the second quarter of 2021. Merriman Schmitt Architects is the architect, and Burton Engineering is the civil engineer. Spencer Yorke and Jordan Quinn of JLL will lead the leasing efforts for the new project.

April 2, 2020

District of Columbia Retail Southeast

First Step to Restoring Economy is Stopping Pandemic, Says NRF Chief Economist

by Alex Tostado April 2, 2020

WASHINGTON, D.C. — In the April issue of the National Retail Federation’s (NRF) Monthly Economic Review, NRF chief economist Jack Kleinhenz says in order to see the economy bounce back from the coronavirus pandemic, the country must first “get the virus under control.” The Associated Press reported Thursday morning that U.S. unemployment claims hit 6.6 million for the week ending March 28, doubling that of the 3.3 million claims filed in the week ending March 21. “How quickly the country gets a handle on containing the virus will determine the degree of the impact on the economy and how soon businesses can reopen,” Kleinhenz wrote in the report. The NRF report highlighted that leaving 2019, the gross domestic product (GDP) was growing at 2.1 percent clip year over year and that the U.S. economy benefits from sound fundamentals, unlike during the Great Recession. “Once the pandemic is over, we hope we will find that there is nothing structurally wrong with the economy and that any deficiencies were solved by monetary and fiscal policies,” Kleinhenz said. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.

April 2, 2020

Newer Posts

Older Posts