Southeast

Big V Capital Buys 276,448 SF Shopping Center in Metro Nashville

by Camren Skelton January 31, 2018

HERMITAGE, TENN. — Big V Capital LLC has acquired Oakwood Commons, a 276,448-square-foot shopping center located at 4670 Lebanon Pike in Hermitage, roughly 16 miles northeast of Nashville. Other terms of the deal were not disclosed. Publix, Bed Bath & Beyond, PetSmart and Ross Dress for Less anchor the center, which was 88.6 percent leased at the time of sale. Additional tenants include Dollar Tree, Bank of America, KFC, Wells Fargo and Goody’s. Big V Properties, the property management affiliate of Big V Capital, will manage Oakwood Commons.

January 31, 2018

Georgia Office Southeast Top Stories

Portman Holdings Secures $150M Construction Financing for Office Tower in Midtown Atlanta

by Nellie Day January 31, 2018

ATLANTA — Portman Holdings has secured $150 million in financing to build a 21-story office building in Atlanta’s Technology Square. The 352,000-square-foot, build-to-suit Anthem Technology Center will be situated near Georgia Tech in Midtown. This area is known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus. Healthcare insurance giant Anthem (NYSE: ANTM) will occupy the space. The offices will serve as a hub for approximately 3,000 IT professionals seeking to enhance consumer healthcare experiences, improve the quality of care and lower healthcare costs. The building will feature a 14,000-square-foot terrace area with green space. Anthem placed an emphasis on energy and water efficiency, indoor environmental quality and active design standards. The building will also include 7,000 square feet of retail space and alternating two-story spaces connected by a staircase to promote collaboration. The project’s groundbreaking is scheduled for Feb. 21. Construction is expected to take two years. John Portman & Associates designed the building for Anthem. PCCP contributed equity financing, while SunTrust acted as the lead lender. Regions also served as a lender for the project. SunTrust will open a full-service branch inside Anthem Technology Center. Atlanta-based Portman Holdings is a …

January 31, 2018

Louisiana Multifamily Southeast

Citadel Builders Breaks Ground on $40M Multifamily Community in New Orleans’ Mid-City District

by Camren Skelton January 30, 2018

NEW ORLEANS — Citadel Builders, a Metairie, La.-based general contractor, has broken ground on Parkway Apartments, a 207-unit multifamily project located at 4650 Washington Ave. in New Orleans’ Mid-City district. The community is situated at the corner of South Jefferson Davis Parkway and Washington Avenue, across the street from Xavier University of Louisiana. Kailas Cos. is developing the $40 million project in conjunction with All Star Electric Inc. and Harry Baker Smith Architects II PLLC. Parkway Apartments will offer one- and two-bedroom units and will include 13,776 square feet of retail space. In addition, the community will feature a fitness center with CrossFit-style equipment, ballroom with catering kitchen, conference center, elevated gardens, swimming pool, picnic area, dog park and an observation deck. The project is slated for completion in spring 2019.

January 30, 2018

Loans Mixed-Use Multifamily North Carolina Southeast

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

by Camren Skelton January 30, 2018

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium residences, 79 apartment units and 32,000 square feet of retail space. The building will be the central component of a more than $70 million redevelopment of a municipal parking deck with a new 400-space parking garage. River Place will feature a rooftop pool, fitness center and a clubhouse. Individual units will feature open floor plans and balconies with views of the Cape Fear River.

January 30, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Capital One Provides $23.1M Fannie Mae Loan for Affordable Housing Community in Atlanta

by Camren Skelton January 30, 2018

ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.

January 30, 2018

Florida Office Southeast

Cushman & Wakefield Brokers $20.3M Sale of Office Park in Tampa

by Camren Skelton January 30, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $20.3 million sale of Bay West, a 195,558-square-foot office park located at 5660 to 5840 W. Cypress St. in Tampa’s Westshore district. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based Equus Capital Partners Ltd. Greenville, S.C.-based RealOP Investments acquired the asset. Bay West includes eight office buildings, constructed between 1983 and 1985. At the time of sale, the office park was 95 percent leased to tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Paula Buffa and Lauren Coup of Cushman & Wakefield have been retained to handle the property’s leasing assignment.

January 30, 2018

Kentucky Retail Southeast

Albanese Cormier Holdings Acquires Two Shopping Centers in Kentucky Totaling 425,930 SF

by Camren Skelton January 30, 2018

NEWPORT, KY. — Albanese Cormier Holdings has acquired a two-property shopping center portfolio in Newport for an undisclosed price. The adjacent properties — Newport Plaza and Newport Shopping Center — are located at 82 Carothers Road and 1727 Monmouth St., respectively. Newport Plaza is home to tenants including Dollar Tree, Fresh Thyme, Planet Fitness and Verizon Wireless. The 264,196-square-foot Newport Shopping Center houses tenants such as Aaron’s, ACE Hardware, Defender Direct, Dollar General, Family Dollar and Taco Bell. Scott Katz of Midland Retail arranged the transaction on behalf of the undisclosed seller.

January 30, 2018

District of Columbia Multifamily Southeast Top Stories

Urban Investment Partners, Atalaya Acquire Apartment Community in Washington D.C. for $95.5M

by Katie Sloan January 30, 2018

WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) and Atalaya Capital Management has acquired Onyx on First, a 266-unit apartment community located in Washington, D.C.’s Capitol Riverfront neighborhood for $95.5 million. The seller was J.P. Morgan, according to the Washington Business Journal. Constructed in 2008, Onyx on First was originally developed by Faison Development as condominiums, but was converted to rental apartments upon delivery. The property is located at 1100 First St. S.E., two blocks from Washington Nationals Park and near the Navy Yard Metro station. The community features shared amenities including a rooftop deck and pool, fitness center, picnic area with grills, courtyard, underground parking and controlled-access entry. The new ownership will update the property by installing cell phone repeaters to improve cell phone service, expanding the outdoor kitchens, installing dog runs and adding other building enhancements. Upon closing, UIP and Atalaya separated the land and building and sold the land to Safety, Income & Growth Inc. (SAFE), a publicly traded owner of ground-net leases. SAFE then leased the land to UIP under a 99-year ground lease. Andy Weiss of Gem Equity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae …

January 30, 2018

District of Columbia Office Southeast

ASB Sells Office Building in D.C.’s East End for $144M

by Camren Skelton January 29, 2018

WASHINGTON, D.C. — ASB Real Estate Investments has sold 900 G Street N.W., a 112,635-square-foot office building in Washington, D.C.’s East End submarket, for $144 million. The firm completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle. Eastdil Secured LLC arranged the transaction on behalf of ASB, and DLA Piper LLC served as ASB’s counsel. An affiliate of Masaveu Real Estate US, advised by EXAN Capital, acquired the building. Masaveu is a subsidiary of Corporacion Masaveu of Spain. ASB developed 900 G Street in partnership with MRP Realty, and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The Gensler-designed building was 95 percent leased at the time of sale to tenants including Simpson Thacher, Swiss RE, Rin Tinto, Herman Miller, Truth Initiative and BMW.

January 29, 2018

Georgia Loans Multifamily Southeast

Trillium Capital Arranges $37.5M HUD Loan for New Apartment Community in Metro Atlanta

by Camren Skelton January 29, 2018

CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.

January 29, 2018

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