Southeast

Carr Properties Breaks Ground on Trophy Office Building in Metro D.C.

by John Nelson October 21, 2016

ARLINGTON, VA. — Carr Properties has begun construction on a 175,000-square-foot, eight-story trophy office building located at 2311 Wilson Blvd. in Arlington’s Clarendon-Court House neighborhood. The LEED Gold-certified building will be anchored by OPower’s corporate headquarters. The project will feature a two-story glass lobby, conference facility, childcare center with an outdoor play area, health club, 5,900-square-foot rooftop terrace with a bocce court, urban park, bicycle center and on-site retail space. The office building will also be situated one block from the Metro’s Orange and Silver transit lines. The design team includes architect MTFA Architecture and general contractor Clark Construction. Carr Properties plans to deliver the asset by the end of 2017.

October 21, 2016

Loans North Carolina Southeast Student Housing Tennessee

NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis

by John Nelson October 21, 2016

GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.

October 21, 2016

Multifamily South Carolina Southeast

Berkadia Brokers Sale of Two Multifamily Communities in South Carolina Totaling $46.4M

by John Nelson October 21, 2016

COLUMBIA AND NORTH CHARLESTON, S.C. — Berkadia has brokered the sale of two multifamily communities located in Columbia and North Charleston for a combined $46.4 million. The transactions include the $30 million sale of Greenbrier Apartments in Columbia and the $16.4 million sale of Ashley Village Townhomes in North Charleston. Southwood Realty purchased the 526-unit Greenbrier Apartments from an undisclosed seller. PEM Real Estate Group purchased the 260-unit Ashley Village Townhomes from URS Capital Partners. Mark Boyce and Blake Coffey of Berkadia brokered the transactions.

October 21, 2016

Georgia Industrial Southeast

PRP, TPG Group Sell 604,930 SF Distribution Center in Savannah for $32.9M

by John Nelson October 21, 2016

SAVANNAH, GA. — PRP LLC and Atlanta-based TPG Group have sold Interstate Center II, a 604,930-square-foot distribution facility in Savannah. An affiliate of Gramercy Capital purchased the property for $32.9 million. The property was owned in partnership between one of PRP’s comingled investment funds and TPG Group. Built in 2009 on a 54-acre parcel, the property features 32-foot clear heights and cross-dock loading. Interstate Center II was fully leased this summer to tenants including Ameriwood Industries, a subsidiary of Montreal-based Dorel Industries.

October 21, 2016

Georgia Multifamily Southeast Top Stories

SunTrust Banks to Acquire Pillar Financial’s Multifamily Business

by John Nelson October 21, 2016

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has signed a definitive agreement to acquire all of the assets of the operating subsidiaries of Pillar Financial LLC. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. Following completion of the acquisition, the Pillar team will join SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. “SunTrust and Pillar make a fantastic combination since there is very little overlap in our capabilities, yet there is tremendous synergy and compatibility,” says Anand Gajjar, CEO and senior managing director of Pillar Financial. Following the acquisition, Gajjar will report to Kathy Farrell, executive of SunTrust’s CRE division. “Our management team is energized to serve our clients with the significant product offerings of SunTrust,” adds Gajjar. The acquisition will expand SunTrust’s multifamily lending capabilities, given that Pillar Financial holds licenses with all three agencies …

October 21, 2016

Affordable Housing Florida Loans Multifamily Southeast

Greystone Helps Preserve 1,058 Affordable Housing Units in Florida in $130.8M Transaction

by John Nelson October 20, 2016

NEW YORK — Greystone Affrodable Housing Initiatives LLC has closed a $130.8 million transaction to help preserve 1,058 affordable housing units in Florida. The 24 aged properties are located in 12 counties throughout the state. Completed on behalf of owner and operator The Hallmark Cos. Inc., the financing included $41.6 million in tax-exempt bonds by Osceola County; Boston Financial purchasing $28.1 million in 4 percent Low-Income Housing Tax Credits; HUD’s assumption of $26.7 million of original USDA Section 515 debt, which provides subsidized financing to developers of affordable housing in rural markets; $29.9 million in senior debt; and $4.5 million in additional capital. Greystone worked closely with the USDA’s Rural Housing Service, as well as Osceola County Housing Finance Authority and Florida Housing Finance Corp. in the transaction. Hallmark will use the funds to rehabilitate the interior and exterior of the 24 properties over the next 12 months at an average of $32,000 per unit. The redevelopment team includes Columbia, Mo.-based architect Wallace Architects LLC and Roswell, Ga.-based general contractor Formula Construction Group.

October 20, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $113M Sale of Trophy Office Building in Fort Lauderdale

by John Nelson October 20, 2016

FORT LAUDERDALE, FLA. — Cushman & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale’s CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team represented the seller, Dallas-based Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, a car wash, wraparound outdoor terrace, ballroom and conference facilities. The previous owner invested $15 million in capital improvements at 110 Tower in 2011.

October 20, 2016

Loans Multifamily North Carolina Southeast

KeyBank Arranges $34.8M Loan for Apartment Community in Metro Charlotte

by John Nelson October 20, 2016

CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.

October 20, 2016

North Carolina Retail Southeast

InvenTrust Acquires Whole Foods-Anchored Center in Metro Charlotte for $31M

by John Nelson October 20, 2016

HUNTERSVILLE, N.C. — InvenTrust Properties Corp. has purchased Northcross Commons, a 61,000-square-foot, grocery-anchored shopping center in Huntersville, roughly 14 miles north of Charlotte. InvenTrust acquired the Whole Foods Market-anchored center from Hawthorne Retail Partners for approximately $31 million. Located at 9121 Sam Furr Road, Northcross Commons is situated adjacent to Birkdale Golf Community and Country Club and Birkdale Village, a retail development leased to tenants such as Banana Republic, Williams-Sonoma, Regal Cinemas, Talbots and Barnes & Noble. InvenTrust’s portfolio in metro Charlotte includes Poplin Place in Monroe and Sycamore Commons in Matthews.

October 20, 2016

Georgia Retail Southeast

SRS Arranges Sale of Grocery-Anchored Shopping Center in Georgia

by John Nelson October 20, 2016

CARTERSVILLE, GA. — SRS’ Southeast investment sales team in Atlanta has brokered the sale of Felton’s Crossing, a 112,240-square-foot shopping center located at 879 Joe Frank Harris Parkway in Cartersville. Situated near the southwest corner of the intersection of East Road and Felton Place, Felton’s Crossing is situated on a 10.9-acre parcel and in anchored by Ingles and Planet Fitness. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, Felton’s Associates LLC, in the transaction. The buyer, a private fund, purchased the property for an undisclosed price and was self-represented in the transaction.

October 20, 2016

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