Southeast

Evans Senior Investments Arranges $22.2M Sale of Seniors Housing Community in Louisiana

by John Nelson June 15, 2016

COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.

June 15, 2016

Georgia Multifamily Southeast

Admiral Capital, Wood Partners Sell 3833 Peachtree in Atlanta

by John Nelson June 15, 2016

ATLANTA — Admiral Capital Group and Wood Partners have sold 3833 Peachtree, a 222-unit multifamily property in Atlanta. The pair of companies purchased 209 of the 240 units in the broken condominium conversion project in 2012 in a joint venture agreement. During their ownership, Admiral and Wood added a new outdoor pool and cabana area, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded. JLL’s Atlanta office represented both the undisclosed buyer and sellers in the transaction. The sale represents the eighth transaction for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund LP.

June 15, 2016

Alabama Loans Multifamily Southeast

Trillium Capital Resources Arranges $18.4M Loan for Apartment Community in Alabama

by John Nelson June 15, 2016

PELHAM, ALA. — Trillium Capital Resources has arranged an $18.4 million loan for Grand Reserve of Pelham, a 184-unit apartment complex in Pelham, roughly 20 miles south of Birmingham. Trillium arranged the 12-year, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, an apartment operator based in Phenix City, Ala. The borrower used the loan to refinance an existing construction loan.

June 15, 2016

District of Columbia Hospitality Southeast Top Stories

The Watergate Hotel Reopens Following $125M Renovation

by Haisten Willis June 15, 2016

WASHINGTON, D.C. — Following a nine-year renovation process, The Watergate Hotel in Washington, D.C. has reopened its doors after $125 million in upgrades. New York-based developer Euro Capital Properties owns the famous hotel property, which had been closed for renovations since 2007. The hotel consists of 336 guestrooms, half of which include balconies, and 32 suites. Located on the banks of the Potomac River at 2650 Virginia Ave. N.W., The Watergate Hotel was originally designed by Italian architect Luigi Moretti in 1961 to look like a sail on the river. It opened in March 1967, and its name is synonymous with the political scandal that started with a break-in at the Democratic National Convention headquarters, which was located in an office complex connected to the hotel. The scandal would eventually lead to the 1974 resignation of President Richard Nixon. For the renovations, Ron Arad and Italian design firm Moroso added curves and mid-century modern design, while restoring some of the hotel’s original structures such as its staircase and indoor pool. Architectural and interior design firm BBGM was the architect for the project. “The Watergate is undoubtedly one of the most glamorous and illustrious hotels in the world,” says Rakel Cohen, …

June 15, 2016

Georgia Loans Multifamily Southeast

NXT Capital Provides $16M Acquisition Loan for Apartment Community in Savannah

by John Nelson June 14, 2016

SAVANNAH, GA. — NXT Capital has provided a $16 million acquisition loan for One West Victory, a newly constructed apartment community located in Savannah. The Class A property is situated in Savannah’s Historic District and features an on-site restaurant and coffee bar, fitness center, media room and community study lounges. Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the undisclosed borrower.

June 14, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $12.5M Sale of Shopping Center in Miami

by John Nelson June 14, 2016

MIAMI — Marcus & Millichap has brokered the $12.5 million sale of Sabina Plaza, a 51,044-square-foot shopping center located at 4001 S.W. 152nd Ave. in Miami’s West Kendall submarket. Built in 2007, the property is fully leased to tenants such as Dollar Tree, two restaurants, a cross-fit gym, nail salon, martial arts studio, nail salon, beauty salon, dental office and a daycare. Walgreens and Bank of America are outparcels to the property but were not included in the sale. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, Sabina 40 Street LLC, an affiliate of North Miami-based IMC Equity Group and headed by Yoram Izhak, who purchased the property out of foreclosure in 2012 for $5.4 million.

June 14, 2016

Healthcare Loans South Carolina Southeast

NorthMarq Arranges $2.6M Refinancing of Medical Office Building in Metro Charlotte

by John Nelson June 14, 2016

ROCK HILL, S.C. — NorthMarq Capital has arranged the $2.6 million of Kedrion Biopharma, a 13,000-square-foot medical office property located at 1843 Cherry Road in Rock Hill, a southern suburb of Charlotte in South Carolina. Susan Branscome of NorthMarq Capital’s Cincinnati-based office arranged the 20-year loan with a 20-year amortization schedule through Symetra Financial on behalf of the borrower, The Stough Group.

June 14, 2016

Georgia Retail Southeast

Home Depot Sells Land to Ferber Development in Metro Atlanta

by John Nelson June 14, 2016

CANTON, GA. — The Home Depot has sold a 1.9-acre tract of land located at the intersection of Sixes Road and Holly Springs Parkway in Canton, a northern suburb of Atlanta in Cherokee County. Keith Valentine of Atlanta-based Corporate Property Dispositions represented The Home Depot in the sale. The buyer, Ferber Development, plans to build a retail strip center at the site that is pre-leased to AT&T and Starbucks Coffee, as well as an outparcel pre-leased to Taco Bell. The new project will be located near The Home Depot and Northside Hospital’s offices.

June 14, 2016

North Carolina Office Southeast

Lincoln Harris’ Capitol Towers in Charlotte Receives LEED Gold Certification

by John Nelson June 14, 2016

CHARLOTTE, N.C. — The U.S. Green Building Council has awarded Capitol Towers, a Class A office campus in Charlotte’s SouthPark submarket, LEED Gold certification. The office park is owned by Lincoln Harris, an affiliate of Lincoln Property Co. Phase I of Capitol Towers, which features the 236,250-square-foot South Office Tower, a parking deck and 25,000 square feet of retail and restaurant space, was opened recently. Phase II, which will feature the 236,250-square-foot North Office Tower, is scheduled for completion in the first quarter of 2017. Sustainability and energy efficient features at Capitol Towers range from an on-site parking deck that provides preferred parking for low emission vehicles to an HVAC system designed to measure and filter air before entering the building.

June 14, 2016

Georgia Hospitality Southeast

Peachtree Hotel Group Acquires 10 Hotels for $183M

by John Nelson June 13, 2016

ATLANTA — Atlanta-based Peachtree Hotel Group has purchased 10 hotels in the Southeast and Midwest for a combined $183 million. Four hotels are under contract for acquisition and the other six properties are in various stages of development. PHG’s management arm will operate all 10 hotels upon closing, which is expected within the next 60 days. The four properties under contract for acquisition span nearly 600 rooms and include two Hampton Inns, an Aloft and a DoubleTree conversion. The six hotels under development represent nearly 700 rooms across four states and include Marriott, Hilton, IHG and Starwood brand affiliations. Peachtree’s current portfolio comprises 65 hotel assets totaling 6,672 rooms.

June 13, 2016

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