Southeast

Sheraton Sand Key Resort Clearwater Beach

BankUnited Provides $41.8M Loan for Sheraton Sand Key Resort in Florida

by John Nelson June 23, 2016

CLEARWATER BEACH, FLA. — BankUnited has provided a $41.8 million loan for Sheraton Sand Key Resort, a 390-room, beachfront hotel in Clearwater Beach, a town in Pinellas County fronting the Gulf of Mexico. The resort-style hotel is situated on 21.1 acres at 1160 Gulf Blvd. in Clearwater Beach, which TripAdvisor ranked as the No. 1 beach in the United States for 2016. The nine-story property features 24,000 square feet of indoor and outdoor meeting space, an outdoor pool, fitness center, spa, tennis and beach volleyball courts, whirlpool, gift shop and five dining options including Rusty’s Bistro, Island Grille, Poolside Café and Mainstay Tavern. Daniel Peek, Scott Wadler, Preston Reid and Alexandra Lalos of HFF arranged the five-year, fixed-rate loan, which the borrower is using to refinance an existing loan.

June 23, 2016

Florida Retail Southeast

Avison Young Brokers $16.5M Sale of Shopping Center in Orlando

by John Nelson June 23, 2016

ORLANDO, FLA. — Avison Young has brokered the $16.5 million sale of West Colonial Oaks, a 160,792-square-foot shopping center located at 7150-7300 W. Colonial Drive in Orlando. Triarch Capital Group purchased the retail development from Noble Properties. The property is shadow-anchored by The Home Depot and leased to tenants such as Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden and Ollie’s Bargain Outlet. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young represented Noble Properties in the transaction.

June 23, 2016

Maryland Retail Southeast

Greysteel Arranges $7.5M Sale of Shopping Center in Baltimore City

by John Nelson June 23, 2016

BALTIMORE CITY, MD. — Greysteel has arranged the $7.5 million sale of Waverly Towers, a 51,550-square-foot urban retail center located in Baltimore City. The property was 96 percent leased at the time of sale to tenants including Advance Auto Parts, Family Dollar, Fresenius Medical Care and Ashley Stewart. Gil Neuman, Joyce Swain and Cyrus Kashfian of Greysteel represented the seller, Waverly Commons LLC, and procured the buyer, Brentwood Village LLC, in the transaction.

June 23, 2016

Georgia Loans Retail Southeast

Bellwether Enterprise Closes $5.2M Refinance of Shopping Center in Metro Atlanta

by John Nelson June 23, 2016

SANDY SPRINGS, GA. — Bellwether Enterprise Real Estate Capital LLC has closed the $5.2 million refinance for Sandy Springs Village, a 40,944-square-foot shopping center located in Sandy Springs, a northern suburb of Atlanta. Built in 1977 on a 4.1-acre site, the property is leased to tenants such as Goodwill, Crossfit Perimeter and Huey Luey’s Mexican Restaurant, which is currently building out its restaurant.

June 23, 2016

International Spy Museum L’Enfant Plaza Washington DC

District of Columbia Retail Southeast

JBG, Malrite Co-Developing New International Spy Museum in D.C.

by John Nelson June 22, 2016

WASHINGTON, D.C. — The JBG Cos. and Malrite Co. are working together to develop a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. Cleveland-based Malrite created and founded the International Spy Museum, and The JBG Cos. owns the majority of L’Enfant Plaza and will act as the owner’s representative during the construction period of the new 140,000-square-foot museum. The property will be situated outside of L’Enfant Plaza and will feature a glass curtain wall and an enclosed black box layout on the interior. London-based architect Rogers Stirk Harbour + Partners designed the building, and Washington-based Hickok Cole Architects will be the architect of record for the project. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. The museum is expected to create more than 300 construction jobs and generate a 20 percent increase in staff over its current location at 800 F St. N.W. in Washington, D.C. The new building is expected to open in spring 2018.

June 22, 2016

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $31.7M

by John Nelson June 22, 2016

LAWRENCEVILLE, GA. — The RADCO Cos. has purchased The Pointe at Sugarloaf Apartments, a 324-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. RADCO acquired the property for $31.7 million with plans to invest $3.7 million in capital improvements. The Atlanta-based company is using private equity and debt from BBVA Compass to fund the acquisition and renovation of the property, which will be rebranded 2800 at Sweetwater. Built in 1997 on 35.5 acres, the property features one- and two-bedroom apartments and three- and four-bedroom townhomes. The property’s average unit size is 1,002 square feet. Community amenities include a swimming pool with a sundeck, Wi-Fi café, coffee bar, large dog park, playground and a 24-hour fitness center. Berkadia brokered the off-market transaction. RADCO Residential will manage the property.

June 22, 2016

Alabama Hospitality Loans Southeast

Financial Federal Bank Arranges $20M Refinancing of Embassy Suites Hotel in Tuscaloosa

by John Nelson June 22, 2016

TUSCALOOSA, ALA. — The Memphis office of Financial Federal Bank has secured the $20 million refinancing of a 154-room Embassy Suites hotel in Tuscaloosa. Financial Federal Bank arranged the loan through an unnamed life insurance company on behalf of the borrower.

June 22, 2016

Hidden Creek Village Apartments Fayetteville

Loans Multifamily North Carolina Southeast

Capstone Capital Secures $15.2M Refinancing of Apartment Community in North Carolina

by John Nelson June 22, 2016

FAYETTEVILLE, N.C. — Capstone Capital has arranged the $15 million refinancing of Hidden Creek Village Apartments, a 352-unit community in Fayetteville. Jackson Howard of Capstone Capital arranged the loan through a CMBS lender, which the borrower, a multifamily developer and owner, is using to retire existing debt totaling roughly $15.1 million. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule.

June 22, 2016

Loans Multifamily Seniors Housing South Carolina Southeast

Grandbridge Arranges $9.5M Construction Loan for Seniors Housing Property in Charleston

by John Nelson June 22, 2016

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged a $9.5 million construction loan for Benton House of West Ashley, a 59-unit seniors housing facility set to break ground in Charleston. Benton House will offer both assisted living and memory care services upon completion in the summer of 2017. Richard Thomas of Grandbridge’s seniors housing and healthcare finance team in Atlanta arranged the loan through BB&T on behalf of the borrower, Principal Senior Living Group, which will manage the property upon completion. Principal Senior Living currently operates more than 20 properties in Georgia, Florida, South Carolina, Missouri and Kansas.

June 22, 2016

District of Columbia Loans Mixed-Use Office Retail Southeast Top Stories

KeyBank, Walton Street Originate $196M Refinancing for The Atlantic Building in D.C.

by Haisten Willis June 22, 2016

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …

June 22, 2016

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