Southeast

Regions Bank Provides $54M Construction Loan for Townhouse Community in South Florida

by Alex Tostado August 1, 2019

MIRAMAR, FLA. — Regions Bank has provided a $54 million construction loan to FCI Residential Corp. for Miramar Phase II, which will include Catalina at Miramar. Catalina at Miramar will be a 300-unit rental townhouse development spanning 33 acres. Delivery is expected for January 2022. The project will consist of 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings of two types. The first type will consist of a traditional two-story townhome with one- and two-car garage options. The second building type will consist of two-stories without a garage with front patio, back-to-back units including spacious public courtyards and pedestrian walkways between buildings. Communal amenities will include a two-story clubhouse, fitness center, yoga room, virtual fitness, business center, swimming pool with outdoor kitchen and café-style lounge area.

August 1, 2019

Acquisitions Multifamily North Carolina Southeast

JLL Negotiates Sale of 344-Unit Apartment Complex in Charlotte

by Alex Tostado August 1, 2019

CHARLOTTE, N.C. — JLL has negotiated the sale of Novel NoDa, a 344-unit, transient-orient apartment complex in Charlotte. The seller, Crescent Communities, developed the project in 2018. The property is situated on six acres at 424 E. 36th St., directly next to Charlotte’s LYNX 36th Street station and three miles from downtown Charlotte. The community is located within the NoDa (North Davidson) neighborhood. Communal amenities include a saltwater pool with sun shelf; common courtyard with a beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces. Allan Lynch, Caylor Mark, Justin Good, Jeff Glenn and Roberto Casas of JLL represented the seller in transaction. The buyer and sales price were not disclosed.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges Sale, Financing of Office Building in West Palm Beach

by Alex Tostado August 1, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.

August 1, 2019

Acquisitions Healthcare Midwest Multifamily Northeast Ohio Seniors Housing Southeast Texas Top Stories Western

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

by Alex Tostado August 1, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …

August 1, 2019

Acquisitions Florida Retail Southeast

Katz Properties Acquires 174,037 SF Shopping Center in Metro Jacksonville

by Alex Tostado July 31, 2019

ORANGE PARK, FLA. — Katz Properties Retail has acquired Bolton Plaza, a 174,063-square-foot shopping center in Orange Park. Bolton Plaza was built in 1988, then redeveloped and expanded between 2015 and 2017. The center was 99 percent leased at the time of the sale to tenants including Aldi, Marshalls, LA Fitness and Academy Sports + Outdoors. Bolton Plaza is situated at 661 Blanding Blvd., 20 miles south of downtown Jacksonville. The seller and sales price were not disclosed.

July 31, 2019

Acquisitions Development Georgia Industrial Southeast

Black Creek Group Buys 53 Acres Near Atlanta, Plans 777,000 SF Industrial Development

by Alex Tostado July 31, 2019

EMERSON GA. — Black Creek Group has bought 53 acres in Emerson with plans to develop River Point, a three-building industrial park totaling 777,000 square feet. The Denver-based developer said the park can accommodate tenants needing 40,000 to 400,000 square feet. River Point will be located about 40 miles northwest of downtown Atlanta. Black Creek expects construction to begin on all three buildings by the end of this year.

July 31, 2019

Acquisitions Florida Multifamily Southeast

JLL Brokers $30.3M Sale of Multifamily Community in Broward County

by Alex Tostado July 31, 2019

DAVIE, FLA. — JLL has arranged the $30.3 million sale of The Gardens of Nova, a 140-unit value-add multifamily community in Davie. The Gardens of Nova offers 16 garden-style buildings with two-bedroom floor plans averaging 1,173 square feet. Communal amenities include a business center, fitness center, coffee bar, swimming pool, outdoor kitchen and sun deck. The property is located at 6857 College Court, directly across the street from the 545-acre South Florida Education Center (SFEC). Maurice Habif, Simon Banke and Victor Garcia of JLL represented the seller, Grand Peaks Properties Inc., in the transaction. Robbins Property Associates purchased the asset.

July 31, 2019

Acquisitions Multifamily North Carolina Southeast

Redwood Capital Purchases 245-Unit Lowrie Apartment Complex in Charlotte

by Alex Tostado July 31, 2019

CHARLOTTE, N.C. — Redwood Capital Group has purchased Lowrie, a 245-unit apartment complex in Charlotte’s Ballantyne neighborhood. The community offers amenities such as a saltwater swimming pool; grilling areas; dog-friendly rooftop lounge with outdoor TV; 3,000-square-foot fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self-propelled treadmill; yoga studio; and a 4,700-square-foot clubhouse with a catering kitchen, billiards, TV area, mail room and co-working business center. Ballantyne is a master-planned community 12 miles south of downtown Charlotte. The Bissell Cos. developed the area to include a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The sales price was not disclosed.

July 31, 2019

Florida Loans Retail Southeast

Aztec Group Arranges $18.5M Refinancing for Retail Center in South Florida

by Alex Tostado July 31, 2019

PEMBROKE PINES, FLA. — The Aztec Group has arranged an $18.5 million refinancing of an existing construction loan for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.

July 31, 2019

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