Southeast

Cushman & Wakefield Brokers $70.4M Sale of Two-Property Multifamily Portfolio in Charlotte

by John Nelson March 10, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.

March 10, 2017

Southeast Student Housing Virginia

Columbus Pacific Acquires Student Housing Community Near University of Virginia

by John Nelson March 10, 2017

CHARLOTTESVILLE, VA. — Columbus Pacific has acquired The Pavilion at North Grounds, a 528-bed student housing community located near the University of Virginia campus in Charlottesville.   The acquisition was financed with a $58.1 million, 10-year, fixed-rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. Columbus Pacific’s planned renovations for the community include new pool furniture; refreshments to the pool area; the addition of an outdoor dog park; and enhancements to the front lobby, to include a more functional and modern cyber café. Homestead U, an affiliate of Columbus Pacific, will manage the property.

March 10, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $35.8M Acquisition Loan for Seniors Housing Property in Palm Beach County

by John Nelson March 10, 2017

DELRAY BEACH, FLA. — Walker & Dunlop has structured a $35.8 million Freddie Mac Immediate Delivery Tax Exempt Loan (TEL) for Smith & Henzy Advisory Group. The funds will be used to acquire and renovate Lake Delray Apartments, an affordable seniors housing community in Delray Beach in Palm Beach County. The community features 404 units, with assisted payment vouchers available for 193 units and the rest reserved for seniors making 60 percent of the area median income. The Delray Housing Group manages the 14-acre property. The borrower will use $14.3 million of the financing to replace kitchens, baths, windows, flooring and mechanical systems. Enhancements will be made to the amenity spaces as well, including renovations to the clubhouse and pool areas and the addition of a 1,200-square-foot gym, yoga room, library with computer rooms, barbeque area and outdoor LED lighting. The loan was originally structured as HUD tax-exempt bonds, then later converted to Freddie Mac to acquire more flexible terms. The 17-year acquisition loan features two years of interest-only payments followed by a 35-year amortization schedule. The Palm Beach Housing Finance Authority provided the capital. Frank Baldasare led the Walker & Dunlop origination team.

March 10, 2017

Retail Southeast Virginia

Regency Centers Begins Construction on $44.5M Wegmans-Anchored Shopping Center in Metro D.C.

by John Nelson March 9, 2017

CHANTILLY, VA. — Regency Centers Corp. has broken ground on The Field at Commonwealth, a $44.5 million, 180,000-square-foot shopping center located at the intersection of U.S. Highway 28 and Westfields Boulevard in Chantilly, roughly 25 miles west of Washington, D.C. The project will be anchored by a 120,000-square-foot Wegmans, a Rochester, N.Y.-based chain that operates large, upscale supermarkets. Regency Centers plans to deliver the shopping center in 2018.

March 9, 2017

Mixed-Use Southeast Virginia

Edens, Gables Residential Break Ground on Mixed-Use Project in Alexandria

by John Nelson March 9, 2017

ALEXANDRIA, VA. — Edens and Gables Residential have broken ground on a new mixed-use project located at 530 First St. in Alexandria. The groundbreaking ceremony was attended by principals of Edens and Gables Residential, as well as Alexandria Mayor Allison Silberberg and members of the city government. The project will include 232 apartment residences and 50,000 square feet of commercial space. The property will also feature an enhanced streetscape, public art on-site and a Capital Bikeshare station. Edens and Gables Residential plan to open the 530 First Street project in 2019.

March 9, 2017

Georgia Seniors Housing Southeast

McShane to Build Affordable Seniors Community Near Atlanta

by John Nelson March 9, 2017

CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.

March 9, 2017

Georgia Loans Office Southeast

MetLife Provides Refinancing for 348,000 SF Office Tower in Atlanta

by John Nelson March 9, 2017

ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.

March 9, 2017

Arkansas Multifamily Southeast

BSR Trust Acquires Apartment Community in Fayetteville, Arkansas

by John Nelson March 9, 2017

FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

March 9, 2017

Maryland Office Southeast Top Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson March 9, 2017

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

March 9, 2017

Maryland Multifamily Southeast

Washington Property Co. Breaks Ground on Apartment Tower in Metro D.C.

by John Nelson March 8, 2017

SILVER SPRING, MD. — Washington Property Co. (WPC) has broken ground on Solaire 8250 Georgia Avenue, a 20-story apartment tower in Silver Spring, about six miles north of Washington, D.C. The 470,000-square-foot property will be situated two blocks from the Silver Spring Metro station and will feature studio, one- and two-bedroom units averaging 760 square feet with quartz countertops, stainless steel appliances, wood flooring, oversized windows and private balconies. Community amenities will include a rooftop swimming pool and pool deck, cyber café with free Wi-Fi, private courtyard with grilling areas, fitness center and a clubroom. The property will also feature 15,000 square feet of street-level retail space and three levels of below-grade parking. The WPC-led project team, including general contractor Lendlease and architect Design Collective, expects to deliver Solaire 8250 Georgia Avenue in spring 2019. Bethesda, Md.-based Streetsense will lease the property’s retail space, which will include room for outdoor restaurant seating.

March 8, 2017

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