Southeast

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Alabama Loans Multifamily Southeast

Capital One Provides $37M in Agency Financing for Two Apartment Properties in Alabama

by Camren Skelton June 7, 2018

PHENIX CITY AND MOBILE, ALA. — Capital One Multifamily Finance has provided a combined $37 million in agency loans for the acquisition of two multifamily communities in Alabama. In Phenix City, Capital One provided a $26.5 million Fannie Mae loan on behalf of EBSCO Income Properties for the acquisition of The Grand Reserve at Phenix City. The 12-year, fixed-rate loan features eight years of interest-only payments and a 30-year amortization schedule. Developed in 2010, The Grand Reserve at Phenix City features a pool, clubhouse and a fitness center. A 22-acre, grocery-anchored shopping center is scheduled to open adjacent to the property in 2019. In Mobile, Capital One provided a $10.5 million Freddie Mac loan for the acquisition of Southern Oaks Apartments. The 10-year, fixed-rate loan features five years of interest-only payments and a 30-year amortization schedule. StoneRiver Co. acquired the 224-unit asset from the PEM Real Estate Group. Built in 1975, Southern Oaks Apartments feature a clubhouse, fitness center, barbecue station and a swimming pool. StoneRiver plans to update the community with new appliances, flooring, countertops and painting. Chad Thomas Hagwood of Capital One originated both transactions.

June 7, 2018

Acquisitions Multifamily Southeast Virginia

STAR III Acquires Multifamily Community in Hampton Roads Region for $30.1M

by Camren Skelton June 7, 2018

CHESAPEAKE, VA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Cottage Trails at Culpepper Landing, a 183-unit multifamily community in Chesapeake, for $30.1 million. The name of the seller was not disclosed. Completed in 2015, the Hampton Roads property include eight, three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a community clubroom with catering kitchen, saltwater pool, fitness and yoga studio, dog park, playground, residential storage units, cyber café and grilling areas. STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, as well as renovate and update some of the common amenities.

June 7, 2018

Conference Coverage Features Loans North Carolina South Carolina Southeast Southeast Feature Archive

Competition Intense Among Real Estate Lenders, Says InterFace Carolinas Panel

by John Nelson June 7, 2018

CHARLOTTE, N.C. — Capital One Multifamily Finance’s Chad Thomas Hagwood kicked off with a fastball. When prompted with the often used “what inning are we in?” question, Hagwood’s response was indicative of how competitive commercial real estate lending is today. “I don’t know what inning we are in of the cycle, but I know I want to play ball,” says Hagwood, senior vice president of Capital One Multifamily Finance. “People are after it, and we intend to fight it out tooth and nail.” Hagwood’s commentary came during the closing capital markets panel of the ninth annual InterFace Carolinas, a half-day event that drew 212 attendees from North and South Carolina’s commercial real estate community. Bryson Thomason, senior director of Greenville, S.C.-based PMC Real Estate Capital, moderated the panel. The most intense competition for financing is in the multifamily space because of the proliferation of Fannie Mae and Freddie Mac and their designated lenders. The two government-sponsored enterprises (GSEs) have been competing against each other as well as other lenders. Hagwood describes the competition between the two agencies as a “bloodbath.” “It’s all out brutal warfare competition the two,” says Hagwood. “I do expect Fannie and Freddie to be very competitive …

June 7, 2018

Acquisitions Florida Hospitality Southeast

Tishman Acquires Three Orlando Hotels for $81M

by Camren Skelton June 6, 2018

ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.

June 6, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $78.3M Sale of Multifamily Portfolio Located Across Southeast

by Camren Skelton June 6, 2018

ATLANTA — Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit multifamily portfolio located across Alabama, Georgia and Mississippi. Tampa-based Blue Rock Partners acquired the properties from Atlanta-based Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield’s Atlanta office arranged the transaction on behalf of the seller. The sold portfolio includes the 184-unit Madison Square in Dothan, Ala.; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Ga.; the 188-unit Orchard Cove in Covington, Ga.; and the 232-unit Gardens of Canal Park in Robinsonville, Miss. Community amenities across the portfolio include swimming pools, playgrounds, business centers, laundry facilities and fitness centers.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Braemar Hotels Sells 293-Room Renaissance Tampa Hotel for $68M

by Camren Skelton June 6, 2018

TAMPA, FLA. — Braemar Hotels & Resorts Inc. has sold the 293-room Renaissance Tampa International Plaza Hotel in Tampa for $68 million, or $232,000 per room. Newport Beach, Calif.-based Clearview Hotel Capital and funds managed by Oaktree Capital Management LP acquired the asset. According to Braemar, the Renaissance Tampa hotel achieved RevPAR of $158 with occupancy of 83 percent and an average daily rate (ADR) of $191 in the 12-month period ended March 31, 2018. The Marriott-branded property features a fitness center, rooftop hydroponic garden, outdoor pool, onsite dining and an onsite wine bar. Lou Plasencia, Joe Corcoran, Chris Plasencia and Nick Plasencia of The Plasencia Group arranged the transaction on behalf of Braemar.

June 6, 2018

Acquisitions Georgia Retail Southeast

InvenTrust Buys Newly Constructed, Whole Foods-Anchored Center in Metro Atlanta for $64.3M

by Camren Skelton June 6, 2018

KENNESAW, GA. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million. Atlanta-based Fuqua Development delivered the center in 2017. Whole Foods Market anchors the development, which was 99 percent leased at the time of sale to tenants including Starbucks Coffee, MOD Pizza, PNC Bank, AT&T, Sports Clips, Del Taco, Zoe’s Kitchen, Newk’s Eatery and Navy Federal Credit Union.

June 6, 2018

Development Multifamily North Carolina Southeast Student Housing

Eyzenberg & Co. Selects Greystar to Develop 850-Bed Student Housing Community Near UNC Chapel Hill

by Camren Skelton June 6, 2018

CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.

June 6, 2018

Acquisitions Maryland Multifamily Southeast

Morgan Properties, Core Real Estate Buy Apartment Community Near Baltimore for $50M

by Camren Skelton June 5, 2018

ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.

June 5, 2018

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