LAFAYETTE, LA. — Cohen Financial has provided a $21.9 million Freddie Mac acquisition loan for La Veranda, a 220-unit multifamily community in Lafayette. The borrower is an affiliate of Waypoint Residential LLC. La Veranda was built in 2016 and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, game room, outdoor fireplace, pet park and a rooftop lounge. The seller was not disclosed.
A strong, vibrant urban core is vital to the success of the entire metropolitan region, and although currently struggling to regain its footing in some critical areas, Baltimore City will eventually return to prominence in the eyes of international investors, CEOs and the general public. Local stakeholders retain confidence in the city based on its strong fundamentals, including nationally renown hospitals, an impressive labor force (a recent CBRE survey ranked Baltimore City as the No. 11 U.S. market for tech talent) and proximity to the Nation’s Capital and continued federal government spending. The city’s infrastructure, led by Interstate 95, the Port of Baltimore and Baltimore/Washington International Thurgood Marshall Airport (BWI), is among the most highly regarded across the country. There is an overall uptick in leasing and development activity in 2019, with an emphasis on mixed-use communities with an “engaging story to tell” based on the projects design, location or both. Baltimore City inches forward Ground was officially broken on the first phase of Port Covington, the $5.5 billion mega-project planned on a 235-acre waterfront parcel in south Baltimore that is expected to be anchored by the new Under Armour headquarters. This inaugural section will include 1.3 million square feet …
HUNTSVILLE, ALA. — DaikyoNishikawa US (DNUS) has broken ground on its $110 million automotive plant in Huntsville. The plant will be on the same site as the 3.1 million-square-foot Mazda Toyota Manufacturing USA (MTMUS) plant, which is expected to be operational in 2021. DNUS’ plant is expected to come on line around the same time. DNUS will produce plastic automotive parts at the plant and expects the plant to house 380 employees at full production. The MTMUS plant will have the capacity to produce 300,000 vehicles annually.
DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.
JACKSONVILLE, FLA. — FCP has acquired Townsend Apartments, a 396-unit multifamily community in Jacksonville, for $29.1 million. This marks FCP’s first acquisition in Jacksonville. Townsend Apartments is located at 3450 Townsend Blvd., seven miles east of downtown Jacksonville. The property is situated on both sides of Townsend Boulevard and comprises 13 buildings, which offer one-, two- and three-bedroom floor plans. Communal amenities include a playground, two clubhouses, two swimming pools, tennis courts, fitness center, business center and barbecue and picnic areas. The seller was not disclosed.
RALEIGH, N.C. — Waterton has purchased Manor Six Forks, a 298-unit apartment community with 12,000 square feet of ground-level retail space, in Raleigh. Waterton plans to renovate unit interiors, the lobby, clubroom and fitness center. The new owner also plans to make improvements to the pool area, including converting the swimming pool to a saltwater pool and upgrading furniture. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, bike storage, media center and movie theater. The retail tenants include a craft beer and wine outlet, nail salon, fitness and martial arts studio and full-service pet care center. The seller and sales price were not disclosed.
WASHINGTON, D.C. — Calkain Cos. has arranged the $15 million sale of a triple-net-leased CVS property in Washington, D.C. The 8,754-square-foot building is located at 3323, 3325-3329 Connecticut Ave. NW, three miles north of downtown Washington, D.C. The building first served as a pharmacy in the 1950s before being converted to a CVS in 1990. Jonathan Hipp and Rick Fernandez of Calkain represented the seller, an undisclosed family trust, in the transaction. The buyer was a private investor completing a 1031 tax-deferred exchange.
FORT LAUDERDALE, FLA. — A public-private partnership between RISE: A Real Estate Co. and Nova Southeastern University has opened Mako Hall, a 608-bed living/learning community on the university’s campus in Fort Lauderdale. The development offers a mix of one-, two- and four-bedroom, apartment-style units. Shared amenities include lounge areas, open and semi-private study rooms and an outdoor courtyard with hammocks, table tennis and grilling areas. Nova Southeastern is a private university that has 20,793 enrolled students.
STAFFORD, VA. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations in Williamsburg and Fredericksburg as the only Publix stores in Virginia outside of the Richmond metro area.
MIAMI — Mayorga Organics, a producer of organic coffee, will open a 33,000-square-foot distribution facility in Miami. The new facility will work in conjunction with the company’s existing center in Rockville, Md., to distribute coffee along the East Coast. The facility, located across from Miami International Airport at 4101 NW 25th St., is expected to be operational by Nov. 1 and open to the public by Dec. 1 of this year.
