Southeast

MORGAN GROUP SECURES $146M FINANCING

by admin February 6, 2012

CHARLOTTE, N.C., MAITLAND AND JACKSONVILLE, FLA. — Houston-based The Morgan Group has secured $146 million in financing on behalf of its affiliated investment partnerships for five multifamily projects. The properties include the 331-unit Spectrum South End Apartments in Charlotte, funded by New York Life; the 455-unit Lake Lily in Maitland and the 270-unit Arelia James Island Apartments in Jacksonville, both financed by FNMA and Metropolitan Life. Additionally, 2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston received financing.

February 6, 2012

WALKER & DUNLOP ARRANGES $11.34M LOAN

by admin February 6, 2012

WINTER SPRINGS, FLA. — Walker & Dunlop has secured an $11.34 million acquisition loan for the 208-unit Chatham Pines, located at 1020 Chatham Pines Cir. in Winter Springs. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 5-year loan with a 3-year amortization through Freddie Mac's CME program on behalf of the borrower, AREA Property Partners and ECI Group.

February 6, 2012

Multifamily Southeast

WNC PROVIDES $9.5M LIHTC FINANCING

by admin February 6, 2012

ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.

February 6, 2012

District of Columbia Market Reports Southeast Market Reports

The Crunch Factor

by admin February 6, 2012

The watchwords for D.C. tenants in fourth quarter, and throughout 2011, were efficiency and flexibility. While many companies opted to renew leases and maintain existing footprints, others relocated and took the opportunity to streamline their operations. This “doing more with less” approach has proven particularly appealing in the face of political uncertainty and economic headwinds and firms are finding they’re able to save significantly on occupancy costs along the way. Writ large, these actions are contributing to an upward trend in availability and are likely to lower the aggregate demand for office space in D.C. for a long time to come. At the height of the economic downturn, companies were forced to reorganize their operations and create leaner organizations in an effort to reduce financial commitments. This heightened efficiency is now being implemented as a long-term cost-savings strategy and tenants are not eager to alter this new model. The real estate decisions made by law firms, in particular, have been demonstrative of this trend as recent leases have resulted in a net decrease in firms’ occupied space. This is especially telling since new leases typically account for both today’s space needs as well as room for expansion during the lease …

February 6, 2012

Multifamily Southeast

IPA BROKERS $24.5M MULTIFAMILY SALE

by admin February 3, 2012

BRANDON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $24.5 million sale of the 300-unit Charleston Landings, located at 902 Delaney Cir. in Brandon. Amenities include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and a theater. Jamie May of IPA's Tampa office represented the seller, Denver-based Apartment Investment and Management Co., in the transaction and procured the buyer, Minneapolis-based Dorvidor Management Co.

February 3, 2012

Industrial Southeast

CHARTER SCHOOL SIGNS 65,190 SF LEASE

by admin February 3, 2012

FORT MYERS, FLA. — The Fort Myers Preparatory & Fitness Academy has signed a 65,190-square-foot lease at a former Robb & Stucky warehouse and showroom, located at 4740 S. Cleveland Ave. in Fort Myers. The charter school will move from its temporary location at 10676 Colonial Blvd. in Fort Myers, and convert the space into 33 classrooms, office space, a cafeteria and athletic facilities. Jim Garinger of Colliers International's Fort Myers office represented the landlord, Normark Investments, in the 10-year lease transaction. John Paulich, IV, of Jassy Real Estate Investments represented the tenant.

February 3, 2012

Industrial Southeast

SKY ZONE LEASES 30,000 SF OF INDUSTRIAL SPACE

by admin February 3, 2012

MEMPHIS, TENN. — Chris Avery of AESOP Memphis has signed a 30,000-square-foot lease at an industrial building, located at 5355 Distriplex Farms Dr. in Memphis, for a Sky Zone Indoor Trampoline Park. Charles Sevier of Memphis-based Crump Commercial/CORFAC International, along with Aleks Trifunovic of The Klabin Co./CORFAC International's Los Angeles office represented the tenant in the lease transaction. Hank Martin of Memphis-based NAI Saig represented the landlord, Net Magan Property Owner One LP.

February 3, 2012

Multifamily Southeast

NORTHMARQ SECURES $24.8M MULTIFAMILY LOAN

by admin February 3, 2012

GREENVILLE, S.C. — NorthMarq Capital has arranged $24.8 million in first mortgage refinancing for the 562-unit The Plantations, located at 135 Haywood Crossing Dr. in Greenville. Marty Meagher of NorthMarq's San Diego office arranged the 3-year loan with a fixed dollar amount monthly amortization schedule through Prime Finance on behalf of the borrower, Plantations at Haywood O, LLC.

February 3, 2012

Multifamily Southeast

LOVE FUNDING ARRANGES $2.4M LOAN

by admin February 3, 2012

WEST MONROE, LA. — Love Funding has secured a $2.4 million loan for the 40-unit Rosemont Assisted Living Community, located at 110 Regency Pl. in West Monroe. Brian Robertson of Love Funding's St. Louis office arraned the 27-year loan with a low interest rate through HUD's 232/223(a)(7) LEAN loan program on behalf of the borrow, Barron Management.

February 3, 2012

Retail Southeast

WATER TOWER SHOPPES SELLS FOR $18.3M

by admin February 2, 2012

CELEBRATION, FLA. — The 120,000-square-foot Water Tower Shoppes, located at 6070 W. Irlo Bronson Memorial Hwy. in Celebration, has been sold for $18.3 million. Clarion Partners purchased the center, which currently includes SunTrust, Exxon and Chick-fil-A. Clarion, along with Crossman & Co., the development manager and leasing agent for the property, plans to redevelop the center, beginning with the addition of Publix as an anchor tenant.

February 2, 2012

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