WINSTON-SALEM, N.C. — HanesBrands Inc. has signed a 122,670-square-foot lease at 101 N. Cherry St., a seven-story office building located in Winston-Salem. The global clothing manufacturer plans to relocate its corporate headquarters to the property, which totals 224,900 square feet. Sam Haus, Will Henderson and Tara Alexander of CBRE represented the landlord, Truist Bank, in the lease negotiations. Amenities at the building include parking, a fitness center and onsite security.
ATHENS, GA. — LV Collective has completed Rambler Athens, a 600,000-square-foot student housing development located at 558 W. Broad St. in Athens near the University of Georgia campus. The community offers 750 beds across 342 units, with configurations ranging from studio to five-bedroom layouts. Amenities at the property include a second-floor study mezzanine with private study spaces and conference rooms; a resort-style swimming pool and hot tub surrounded by fire pits, a grilling area and jumbotron; an onsite dog spa; and a fitness center with cardio machines, weightlifting equipment, a yoga studio, artificial turf area and two saunas. The community also features a coffee shop dubbed Daydreamer Café, as well as 22,692 square feet of retail space. The development team for the project included Niles Bolton Associates, Krywicki Interior Design and Rabren General Contractors.
BAY HARBOR ISLANDS, FLA. — Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds to begin pre-development on the third and final phase of the project, which will feature an additional 77 units. Construction is currently underway on the first, 28-unit phase, with completion scheduled for the end of this year. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins of Walker & Dunlop secured the financing on behalf of the borrower.
KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.
WASHINGTON, D.C. — Multifamily lending declined 49 percent year-over-year in 2023, according to a report by the Mortgage Bankers Association (MBA). Lenders provided a total $246.2 billion for apartment buildings with five or more units last year, with 51 percent of active lenders making five or fewer multifamily loans throughout the year. The Washington, D.C.-based organization previously estimated that multifamily originations totaled $264 billion. By volume, the top five multifamily lenders in 2023 included Berkadia, Walker & Dunlop, JP Morgan Chase & Co., CBRE and Greystone. Nearly half (42 percent) of the dollar volume went to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.
TAMPA, FLA. — Landmark Properties has delivered The Metropolitan Tampa, a 759-bed student housing development located at 2701 E. Fowler Ave. near the University of South Florida (USF) campus in Tampa. The community offers 276 fully furnished units in studio through four-bedroom configurations. Shared amenities at the property include an outdoor rooftop swimming pool, jumbotron, grilling areas, a gaming lawn, two courtyards, fitness center, study centers and onsite parking. The development also features 1,700 square feet of retail space at the ground level. The development team for the five-story project included Niles Bolton Associates and Landmark Construction, the in-house construction arm of Athens, Ga.-based Landmark Properties.
DAVENPORT, FLA. — JLL has arranged a $69.6 million loan for the refinancing for Phase I of Atlantica at Town Center, a multifamily community located at 1121 Loblolly Lane in the Orlando suburb of Davenport. Phase I of the property, which was delivered in December 2022, comprises 360 units. Gregory Nalbandian, Kenny Cutler and Josh Odessky of JLL arranged the two-year, floating-rate bridge loan through Timbercreek Capital on behalf of the borrowers, Sovereign Properties and Invest Capital Group. Atlantica at Town Center features one-, two- and three-bedroom units ranging in size from 683 to 1,435 square feet, as well as a resort-style pool, gaming lawn, dog park, pet spa, fitness center, yoga and spin room, demonstration kitchen and coworking space.
SAVANNAH, GA. — Berkadia has secured a $24.4 million loan for the refinancing of River Walk Savannah, a 220-unit apartment community located at 101 Saint George Blvd. in Savannah. Mitch Sinberg, Scott Wadler, Brad Williamson, Matthew Robbins and Hugo Hernandez of Berkadia arranged the Freddie Mac Loan on behalf of the borrower, Vantage Point Acquisitions, a real estate private equity firm. The loan features a five-year term and a fixed interest rate. Built in 1988, River Walk Savannah features one- and two-bedroom apartments, as well as a clubhouse, gated access, pickleball court, pet park, swimming pool and a fitness center.
NEWPORT, TENN. — Marcus & Millichap has brokered the sale of Five Rivers Plaza, a 40,085-square-foot retail center located on 8.3 acres at 140 Five Rivers Plaza Way in Newport, a suburb of Knoxville. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a local developer, in the transaction. The duo also sourced the buyer, a private 1031 investor based in Nashville. Both parties requested anonymity. Additionally, Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction. “We received a tremendous amount of interest in this property,” says Taylor. “The unanchored service retail sector remains the gold standard. We closed all-cash with a private buyer.” Built in 1983 and renovated in 2023, Five Rivers Plaza was 77 percent leased at the time of sale to 11 tenants, including newly established Family Dollar and Dollar Tree stores.
WASHINGTON, D.C. — CBRE has negotiated a 7,282-square-foot office lease at 1050 17th Street, a trophy 11-story office building in Washington, D.C. Randy Harrell, Lara Nealon, Joe Coleman and Brittany Gosnell of CBRE represented the landlord, Hines, in the lease negotiations. Tucker Farman of JLL represented the tenant, Allsteel, a manufacturer of workplace furnishings and products. The LEED Gold-certified office building features a fitness center, 100-person multipurpose conference center and a lounge on the second floor. Other tenants at the 154,000-square-foot property include Davis Polk and Dweck Properties.
