Southeast

Grandbridge Originates $105M Refinancing for Multifamily Portfolio in Florida, Georgia

by Alex Tostado December 10, 2019

ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …

December 10, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Capstone Apartment Partners Arranges $48M Sale of Willows at the University in Charlotte

by Alex Tostado December 10, 2019

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $48 million sale of Willows at the University, a 255-unit apartment community approximately two miles from University of North Carolina at Charlotte. Capstone represented Charlotte-based developer and seller, Gateway Communities NC, and procured the buyer, Salt Lake City-based real estate investment firm Millburn & Co. Willows at the University is Millburn’s third Charlotte-area property. Alex McDermott, Caleb Troop and Bryse Toothaker of Capstone negotiated the deal. Willows at the University was completed in May 2019 and was approximately 95 percent occupied at the time of closing. The property features one-, two- and three-bedroom apartments in nine three- and four-story buildings. The gated community includes a swimming pool with sundeck, outdoor kitchen and grilling area, business center, fitness center, two dog parks and a theater/media room. The community is situated near Concord Mills shopping mall and PNC Music Pavilion.

December 10, 2019

Loans Office Southeast Virginia

Rubenstein Mortgage Funds $47.8M Refinancing of Office Building in Northern Virginia

by Alex Tostado December 10, 2019

MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.

December 10, 2019

Conference Coverage Features Georgia Multifamily Southeast

Powered By Healthy Job Market, Multifamily Investment Remains a Safe Bet

by Alex Patton December 10, 2019

ATLANTA — Increased job growth in major markets throughout the Southeast and lower borrowing costs have quelled fears of a 2020 recession, and multifamily investors are feeling confident going into the new year. The Bureau of Labor Statistics recently reported that the U.S. economy generated 266,000 jobs in November and the unemployment rate fell 10 basis points to 3.5 percent. Healthy job growth in major population centers drives heightened demand for housing, particularly in the multifamily sector. Speakers at France Media’s InterFace Multifamily Southeast conference shared their perspectives on the multifamily investment market of 2019 and their predictions for 2020. The conference, which took place Tuesday, Dec. 3 at The Whitley hotel in the Buckhead district of Atlanta, attracted 384 industry professionals. “Multifamily is a pretty much tried-and-true section of the real estate investment market,” said Steven Shores, president and CEO of Pollack Shores. “We have very low volatility compared to other sectors, and if you’re trying to make an allocation between some sort of alternative asset versus cash or bond portfolio, we look pretty attractive from a risk-investment perspective.” Shores noted that existing assets are trading at cap rates anywhere between 4 to 5 percent, depending on the location, …

December 10, 2019

Development Georgia Mixed-Use Southeast

Granite, MetLife Break Ground on Midtown Union Mixed-Use Development, Including Invesco’s Headquarters

by Alex Tostado December 9, 2019

ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …

December 9, 2019

Acquisitions Development Florida Industrial Southeast

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

by Alex Tostado December 9, 2019

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and sales price were not disclosed.

December 9, 2019

Acquisitions Georgia Office Southeast

TerraCap Management Sells Office Portfolio in Northern Atlanta Suburb for $46.1M

by Alex Tostado December 9, 2019

KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE represented TerraCap in the sale. Lincoln Property Co. represented TerraCap on both leasing and management. TerraCap originally purchased the property for $30 million in January 2016.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Acquisitions Hospitality Midwest Missouri Retail Southeast Top Stories West Virginia

VICI Properties Acquires Three Casinos in Missouri, West Virginia for $278M

by Taylor Williams December 9, 2019

CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …

December 9, 2019

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