Southeast

Trillium Capital Arranges $9.4M Refinancing for Multifamily Community in Greensboro, North Carolina

by Camren Skelton January 9, 2018

GREENSBORO, N.C. — Trillium Capital Resources (TCR) has arranged a $9.4 million loan for the refinancing of Beechwood Apartments, a 208-unit multifamily community in Greensboro. TCR arranged the 35-year, fixed-rate loan through the HUD 223(f) program on behalf of the borrower, NC2 LLC. The program allows for long-term mortgages that can be financed with Government National Mortgage Association (GNMA) mortgage-backed securities, which improves the availability of loan proceeds for borrowers and allows for more favorable interest rates. Beechwood Apartments includes one- and two-bedroom units and features patios or balconies, a swimming pool and a playground.

January 9, 2018

Affordable Housing Florida Multifamily Southeast

Starwood Property Trust to Acquire Affordable Housing Portfolio in Florida for $600M

by Camren Skelton January 8, 2018

GREENWICH, CONN. — Starwood Property Trust Inc., an affiliate of Greenwich-based Starwood Capital Group, has signed a definitive agreement to acquire a 28-property affordable housing portfolio located throughout Florida for approximately $600 million. The portfolio includes 6,185 units predominately located in Orlando, with smaller concentrations in West Palm Beach, Tampa and Miami. At the time of sale, the portfolio was 99 percent occupied. The transaction is expected to close in phases due to timing of regulatory approvals and the assumption of in-place financing. The first phase, which includes 1,740 units, closed in December. Starwood Property Trust expects to complete the remaining phases by the end of the second quarter. Upon closing, the company’s portfolio will include more than 15,100 affordable housing units, located predominately in Florida.

January 8, 2018

Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista to Deliver 525-Bed Student Housing Asset Near Georgia Tech in Atlanta

by Camren Skelton January 8, 2018

ATLANTA — Peak Campus and investment partner Blue Vista Capital Management LLC have broken ground on Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Midtown Atlanta. The project will feature studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a resort-style pool, rooftop amenity deck, fitness center, business center, study/conference areas, a package locker system and parking and bike storage. Theory West Midtown will also feature 10,500 square feet of ground level retail space along Marietta Street. The development is scheduled to open in fall 2019.

January 8, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $37M Sale of Apartment Community in Northern Alabama

by Camren Skelton January 8, 2018

MADISON, ALA. — Cushman & Wakefield has arranged the $37 million sale of Madison Park, a 308-unit apartment community in Madison, a city in northern Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, WCDM Development, in the transaction. Hayden Properties acquired the property. Constructed in 2008, Madison Park includes one- to three-bedroom units, and features a fitness center, on-site storage units, picnic area, pool, business center, package service and private garages.

January 8, 2018

Industrial Southeast Tennessee

Equus Capital Partners Acquires 1.3 MSF Industrial Portfolio North of Nashville

by Camren Skelton January 8, 2018

PORTLAND, TENN. — Equus Capital Partners Ltd. has acquired a four-building, 1.3 million-square-foot industrial portfolio in Portland, a city roughly 40 miles north of Nashville, for an undisclosed price. The acquisition was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus. The portfolio includes three Class A assets located at 1115 and 1125 Vaughn Drive and 1042 Fred White Blvd., all constructed between 2002 and 2007. The properties feature 32-foot clear heights, ESFR sprinkler systems, ample loading, 125- to 175-foot truck courts and efficient column spacing. The two larger buildings include cross-dock configurations. In addition, the portfolio includes one Class B building located at 104 Challenger Drive. Constructed in 1996, the building was renovated in 2007 to include T-5 lighting and an ESFR sprinkler system. Cushman & Wakefield arranged the sale of the portfolio, which was approximately 90 percent leased at the time of sale.

January 8, 2018

Multifamily North Carolina Southeast Student Housing

Joint Venture Buys Student Housing Community Near East Carolina University for $17.8M

by Camren Skelton January 8, 2018

GREENVILLE, N.C. — A joint venture between FM Capital, Gottlieb Family Partners and AMAC Holdings has acquired Captain’s Quarters, a 1,692-bed student housing community located near East Carolina University in Greenville, for $17.7 million. Howard Jenkins of CBRE | Raleigh, along with the CBRE Southeast Multifamily Carolinas Group and CBRE | Student Housing, arranged the transaction on behalf of the seller, LNR. The property is set to undergo renovations and rebranding. The community will be renamed Paramount 3800. The property spans 38 buildings and features three resort-style pools with outdoor lounging and dining areas, two clubhouses, a full-court basketball gymnasium, double sand volleyball courts, a dog park, fitness center, theater room, computer lab and multiple private and group study rooms. The Preiss Co. will manage the property.

January 8, 2018

Georgia Office Southeast Top Stories

NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson January 8, 2018

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …

January 8, 2018

District of Columbia Market Reports Office Southeast Southeast Market Reports

D.C. Region Sees More Development as Tenants Seek Efficient, Amenity-Rich Office Space

by John Nelson January 8, 2018

On the surface, the Washington, D.C., metropolitan office market has shown little change over the past five years. But dig a little deeper, and some interesting trends emerge. Metro D.C.’s office market totaled 377 million square feet as of the third quarter of 2017 and recorded a vacancy rate of just under 15 percent — inclusive of sublease space — and cumulative net absorption of 600,000 square feet year-to-date. The market has demonstrated little change in major market indicators over the last five years. Notably, three of the last five years (2012 to 2016) recorded negative absorption on a regionwide basis — averaging 82,000 square feet annually. Overall vacancy levels have thus far been held in check in part due to vacant buildings being removed from inventory for renovation and retrofitting or for conversion from office to other uses such as schools and residential. Nevertheless, core submarkets and micro-markets are benefitting from occupancy growth and rental rate increases, with tenants demonstrating a decided preference for amenity-rich areas. Tenant Preferences Regionally, the office segment is characterized by flight to quality and tenant-leaning leasing conditions. Tenants continue to favor efficient space design. They’re relying more heavily on building amenities such as conference …

January 8, 2018

Office Southeast Virginia

Washington REIT to Acquire Office Tower in Metro D.C. for $250M

by Camren Skelton January 5, 2018

ROSSLYN, VA. — Washington REIT plans to acquire Arlington Tower, a 398,000-square-foot office tower in Rossyln, less than three miles southwest of Washington, D.C., for $250 million. The name of the seller was not disclosed. Washington REIT is expected to close on the 19-story tower in the first quarter. Located at 1300 N. 17th St., Arlington Tower is situated two blocks from the Rosslyn Metrorail station, offering access to Ronald Reagan Washington National Airport, the Pentagon and the national capital area. Over the past five years, the building underwent $16 million in renovations, including the addition of a private rooftop deck, fitness center, updated onsite retail amenities, a landscaped outdoor plaza, updated lobby and improved five-level underground parking. Washington REIT plans to further enhance the building with pre-built spec suite options, allowing small and mid-size tenants the option to move in quickly. At the time of sale Arlington Tower was leased to tenants including B. Riley FBR, Raytheon/BBR Technologies, Promontory Interfinancial Network, Pepco, the National Electrical Manufacturers Association and Graham Holdings Co. Carol Weld King and David Reina of Morris, Manning & Martin LLP represented Washington REIT in the acquisition.

January 5, 2018

Florida Loans Retail Southeast

Fifth Third Bank Provides $43M Construction Loan for Retail Portion, Parking Garage at Miami Worldcenter

by Camren Skelton January 5, 2018

MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.

January 5, 2018

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