Southeast

HCP Acquires Seniors Housing Portfolio in Mid-Atlantic for $186.3M

by John Nelson October 27, 2016

BALTIMORE AND WASHINGTON, D.C. — An affiliate of HCP Inc. (NYSE: HCP), a seniors housing REIT based in Irvine, Calif., has purchased a portfolio of assisted living and memory care properties in the Mid-Atlantic for approximately $186.3 million. Developed between 1993 and 2013, The Morningside House Mid-Atlantic Portfolio consists of seven seniors housing communities located in the greater Baltimore and Washington, D.C. areas. The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, sold the portfolio for roughly $354,000 per unit. HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. The portfolio included: — Morningside House of Ellicott City in Ellicott City, Md. — Morningside House of Friendship in Hanover, Md. — Morningside House of Laurel in Laurel, Md. — Morningside House of Satyr Hill in Parkville, Md. — Morningside House of Leesburg in Leesburg, Va. — Morningside House of Saint Charles in Waldorf, Md. and — Poet’s Walk Memory Care in Fredericksburg, Va. Lisa Widmier and Matthew Whitlock led CBRE Capital Markets’ National Senior Housing team in representing the joint venture in the sale. “This transaction had multiple moving parts, including a new operator — Senior Lifestyle — partnering with a …

October 27, 2016

District of Columbia Hospitality Southeast

Trump Hotels Opens $212M Trump International Hotel, Washington, D.C.

by John Nelson October 26, 2016

WASHINGTON, D.C. — Trump Hotels has officially opened the Trump International Hotel, Washington, D.C., a 263-room luxury hotel located at 1100 Pennsylvania Ave. N.W. in Washington, D.C. The hotel is a $212 million redevelopment of the former Old Post Office. Hotel rooms feature 16-foot ceilings, crystal sconces and chandeliers and floor-to-ceiling windows. Guest amenities include the Benjamin Bar & Lounge, BLT Prime by David Burke, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes the 4,000-square-foot Presidential Suite, which is located in the former Postmaster General’s office. The suite features three bedrooms, walk-in closets, a fireplace, dining room with butler’s pantry, master bath featuring Calacatta Gold marble and a fitness center. The property will also include the 6,300-square-foot Trump Townhouse, a two-level suite that features a private entrance on Pennsylvania Avenue, two bedrooms, two bathrooms, private office, workout room and a dining room with seating for up to 24 people.

October 26, 2016

Mixed-Use Southeast Virginia

Monument, Edison to Develop $44M Mixed-Use Project in Richmond

by John Nelson October 26, 2016

RICHMOND, VA. — DKJ Richmond LLC, a partnership between associates of The Monument Cos. and The Edison Co., plans to develop a $44 million mixed-use project adjacent to Richmond’s Carytown district. Known as Cary Street Station, the project is a redevelopment of a historic bus and trolley barn. Situated at the corner of Cary and Robinson streets, Cary Street Station will feature two commercial buildings totaling 16,000 square feet of ground-floor retail and restaurant space and a 1,000-square-foot patio. The bus and trolley barn will be converted to 285 luxury apartment units, with residents moving in by the end of the year. DKJ Richmond plans to deliver the commercial space by the summer of 2017. The developer has hired The Shopping Center Group and JLL to lease the retail and office portions of Cary Street Station.

October 26, 2016

Georgia Hospitality Loans Southeast

Natixis Provides $43M Loan for Dual-Brand Hotel Complex in Midtown Atlanta

by John Nelson October 26, 2016

ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.

October 26, 2016

Multifamily Southeast Tennessee

PointOne Holdings Acquires Apartment Complex in Chattanooga for $31M

by John Nelson October 26, 2016

CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.

October 26, 2016

Retail South Carolina Southeast

Continental Realty Purchases Shopping Center in Charleston for $17.3M

by John Nelson October 26, 2016

CHARLESTON, S.C. — Baltimore-based Continental Realty Corp. has purchased West Ashley Shoppes, a 136,242-square-foot shopping center located at 946 Orleans Road in Charleston. Continental Realty bought the asset through its Continental Realty Fund IV LP fund from T West Ashley SC LLC for $17.3 million. Built in 1987 and renovated in 2003, West Ashley Shoppes was 93 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less and Party City. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the seller in the transaction.

October 26, 2016

Georgia Office Southeast Top Stories

Banyan Street Capital, Oaktree Acquire 191 Peachtree in Atlanta for $268M

by Haisten Willis October 26, 2016

ATLANTA — A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management has purchased 191 Peachtree Tower from Cousins Properties in downtown Atlanta. The partnership bought the 50-story office tower for $268 million. The 1.2 million-square-foot office tower was 93 percent leased at the time of sale to tenants such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the LEED Silver-certified building later this year. “Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” says Rudy Touzet, CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable urban centers.” 191 Peachtree offers direct access to the Ritz-Carlton Hotel, which features retail and restaurant tenants such as Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank. It is also located directly across from a MARTA transit station. The new ownership has selected Cushman & Wakefield to lease the office tower and plans to initiate select upgrades to 191 Peachtree in the near future. “191 …

October 26, 2016

Georgia Seniors Housing Southeast

Oak Hall, Jim Chapman Communities to Build 206-Acre Seniors Community in Metro Atlanta

by John Nelson October 25, 2016

GAINESVILLE, GA. — Oak Hall Cos. and Jim Chapman Communities have revealed development plans for a 206-acre, mixed-use, age-restricted community in Gainesville, approximately 55 miles northwest of Atlanta. The developers plan to start construction in spring of 2017. The community will feature a total of 739 residential units, all restricted to residents age 55 and older. The units are composed of 248 single-family detached homes, 32 cottages, 107 terrace homes, 27 stacked flats, 175 independent living units and 150 assisted living/memory care units. The yet-to-be-named community will also feature 1.1 miles of Lake Lanier frontage with 140 boat slip docks, as well as 24,000 square feet of retail, office and restaurant space. A large clubhouse and outdoor swimming pool are part of the master plan, as are paved sidewalks throughout the community. The developers intend to donate land to the city of Gainesville to build a new fire station.

October 25, 2016

Georgia Loans Seniors Housing Southeast

Grandbridge Arranges $125M Acquisition Financing for Independent Living Portfolio

by John Nelson October 25, 2016

ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged $125 million in financing for the acquisition of four independent living communities in four states. Details on the buyer, seller and specific communities were not disclosed. The financing was arranged as $25 million in supplemental loans and $100 million in assumption loans, which replace existing loans Grandbridge previously arranged for the seller. All the loans are through Fannie Mae. Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.

October 25, 2016

Maryland Multifamily Southeast

IBDAR Bank Acquires Apartment Community in Metro D.C. for $78M

by John Nelson October 25, 2016

MONTGOMERY COUNTY, MD. — Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has purchased a 326-unit apartment community in Montgomery County for $78 million. Built in 2001, the garden-style property is situated roughly 25 miles from downtown Washington, D.C. Ibdar Bank will renovate the asset, which is expected to yield a more than 9 percent return on investment. The seller and the name of the property were not disclosed.

October 25, 2016

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