Southeast

Natixis Arranges $125M Construction Loan for Mixed-Use Property in Baltimore

by Kristin Harlow September 8, 2017

BALTIMORE — Natixis has served as lead arranger for a $125 million senior loan for the construction of an 800,000-square-foot mixed-use property in Baltimore. Natixis, M&T and CIT are providing the capital. In addition, HFF arranged $44 million in mezzanine financing through Bridge Investment Group Holdings. The HFF debt placement team representing the borrower included Mark Remington, Brian Crivella and Drake Greer. Madison Marquette is developing the property, which is named One Light Street. The building will be 28 stories tall and feature 280 apartment units. The Class A property will also feature 252,243 square feet of office space, over 5,000 square feet of street-level retail and 646 parking spaces. M&T Bank is the lead tenant. The property is located near to the Inner Harbor, the Baltimore Ravens M&T Bank Stadium and Oriole Park at Camden Yards. “Downtown Baltimore is undergoing major urban renewal, from renovations of older buildings by local real estate investors to billion-dollar development projects by direct users like universities and corporations,” says Greg Murphy, head of Natixis Real Estate Finance Americas. “One Light Street will further add to downtown’s revitalization.” Madison Marquette is a real estate investment manager, developer, operator and service provider headquartered in Washington, D.C. …

September 8, 2017

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Attracting Workers to ‘Non-Sexy’ Industry Is Challenge Seniors Housing Leaders Face

by Kristin Harlow September 8, 2017

ATLANTA — By offering paid internships, educational programs, community events and flexible hours, seniors housing leaders hope to combat the well-documented labor shortage and entice younger workers. There simply aren’t enough employees to keep up with the pace of development, and the industry is plagued by high turnover rates as well. That’s according to speakers during an operations update at InterFace Seniors Housing Southeast on Aug. 23 in Atlanta. The conference, held at the Westin Buckhead in Atlanta, attracted over 400 industry professionals. Lisa Welshhons, senior vice president of human resources company Aureon, noted the distinct gap between the number of workers needed and actual employees working. As moderator, she asked the panel of operators how the labor shortage is changing the way they are staffing their communities, as well as recruiting and retention strategies. “We’re often asked by our peers and partners what number of communities is our goal, but it’s not about a number of communities. It’s really about continuing to develop as long as we’re able to attract the best-in-class employees,” said Sarabeth Hanson, COO at Harbor Retirement Associates, a regional senior living development and management company in Vero Beach, Fla. Already a concern, the demand for new …

September 8, 2017

Georgia Multifamily Southeast

MAA Opens 332-Unit Multifamily Community in Midtown Atlanta

by Camren Skelton September 7, 2017

ATLANTA — MAA, a multifamily REIT based in Memphis, Tenn., has opened Post Midtown Atlanta, a 332-unit multifamily community located at 33 11th St. N.W. in Atlanta’s Midtown district. MAA acquired Post Properties in 2016, but continues to brand assets under the Post name. The new property includes studio, one-, two- and three-bedroom units with rents starting at $1,670 per month. Individual units feature built-in desks and bookshelves, 10-foot ceilings, quartz countertops and gas cooking stoves. Community amenities include a swimming pool with sundeck, club terrace, outdoor living and dining areas, fitness center, pet park, cycle room and a conference library. Post Midtown Atlanta is within walking distance of Piedmont Park and MARTA’s Midtown station.

September 7, 2017

Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $36.1M Sale of Apartment Community in Charleston

by Camren Skelton September 7, 2017

CHARLESTON, S.C. — Cushman & Wakefield has brokered the $36.1 million sale of The Palms, a 408-unit apartment community in Charleston. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Savannah, Ga.-based Kole Management, in the transaction. JEM Holdings acquired the property, which was constructed in 1966. Community amenities at The Palms include a swimming pool, fitness center, sports courts and a playground.

September 7, 2017

Loans Multifamily Seniors Housing South Carolina Southeast

Ridge Care Senior Living Secures $11.3M Construction Loan for Community on South Carolina Coast

by Camren Skelton September 7, 2017

PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.

September 7, 2017

Georgia Industrial Southeast

Graham Packaging Leases 212,000 SF at Distribution Center, Plant in Metro Atlanta

by Camren Skelton September 7, 2017

ATLANTA AND AUSTELL, GA. — Graham Packaging Co., a global plastic packaging solutions firm, has expanded its presence in metro Atlanta with two industrial leases totaling 212,000 square feet. The Lancaster, Pa.-based company signed a 131,505-square-foot lease expansion for a distribution center at 555 Hartman Road in Austell, roughly 17 miles west of Atlanta, and an 81,600-square-foot lease renewal for its packaging plant at 3495 Donald Lee Hollowell Parkway in Atlanta. Kemp Conrad and Chris Copenhaver of Cushman & Wakefield represented Graham Packaging in both lease transactions. GLP Development is the landlord for 555 Hartman Road, and Hartz Mountain Industries is the landlord for 3495 Donald Lee Hollowell Parkway. Graham Packaging will invest $10 million in improvements to the buildings, including increased central utilities, high-speed production lines, larger storage facilities and increased office space.

September 7, 2017

Florida Industrial Southeast

First Industrial Realty Acquires Warehouse Property in Orlando for $8M

by Camren Skelton September 7, 2017

ORLANDO, FLA. — First Industrial Realty Trust Inc. has acquired a warehouse facility located at 550 Gills Drive in Orlando for $8 million. The 102,568-square-foot building features 30-foot clear heights, 22 dock-high doors, two drive-in doors, 128 parking spaces and ESFR sprinkler systems. The facility sits on 5.4 acres and is roughly two miles from Highway 528 and the Florida Turnpike. At the time of sale, the property was fully leased to two tenants. Richard Prokup and Brad Kluever of First Industrial led the efforts internally to acquire the property. Rich Cavano of Cavano Realty LLC helped facilitate the transaction.

September 7, 2017

District of Columbia Loans Multifamily Southeast

Phillips Realty Capital Arranges $61.5M in Construction Financing for Apartment Asset in D.C.

by Camren Skelton September 6, 2017

WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.

September 6, 2017

Florida Multifamily Southeast

Joint Venture Purchases Multifamily Community in Miami for $37.3M

by Camren Skelton September 6, 2017

MIAMI — Blue Rock Partners LLC Affiliates, in partnership with institutional investors, has acquired Pinebrook Apartments, a 309-unit multifamily community in Miami. Pinebrook South Ltd. sold the property to the joint venture, known as Pinebrook Property Holdings LP, for $37.3 million. The joint venture comprises a Blue Rock Partners affiliate, a Canadian-based investment firm and a New York-based institutional investor. The company will invest roughly $3 million in exterior and interior upgrades and will rename the property The Park at Sheffield. Evan Kristol of Marcus & Millichap brokered the transaction, and Ladder Capital Finance LLC provided debt financing for the acquisition. At the time of sale, the property was 98 percent occupied.

September 6, 2017

Florida Loans Multifamily Southeast

NXT Capital Provides $26.8M Acquisition Loan for Apartment Community in Central Florida

by Camren Skelton September 6, 2017

DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.

September 6, 2017

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