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DevelopmentFloridaMultifamilySoutheast

Presidium Completes 334-Unit Luxury Multifamily Community in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Presidium has completed Presidium Regal, a 334-unit luxury apartment community located at 14501 Beach Blvd. in Jacksonville. The property represents the fourth community in the city for the Texas-based multifamily developer and operator. Designed by Atlanta-based Dwell Design Studio, Presidium Regal’s one-, two- and three-bedroom apartments range in size from 550 to 1,600 square feet. Monthly rental rates range from $1,470 to $2,945, according to Apartments.com. The property’s 11,000-square-foot leasing office and clubhouse features a club room, game lounge, golf simulator, theater room, showroom kitchen, coworking lounge with micro-offices, podcast rooms, a rooftop lounging deck and a 2,000-square-foot fitness center. Other amenities include a zero-edge swimming pool with grilling stations, poolside cabanas, indoor and outdoor fireplaces with lounging areas, an onsite car wash, juice and java bar, dog park and dog spa and EV charging stations.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Brokers $55M Sale of Braxton at Lake Norman Apartments in Metro Charlotte

by John Nelson

MOORESVILLE, N.C. — Northmarq has brokered the $55 million sale of Braxton at Lake Norman, a 232-unit apartment community located at 118 Plantation Creek Drive in Mooresville, a suburb of Charlotte. Andrea Howard, Caylor Mark, John Currin, Allan Lynch, Jeff Glenn and Austin Jackson of Northmarq represented the seller, Passive Investing, in the transaction. Inwood Holdings LLC purchased the community, which was built in 2014 near I-77. Braxton at Lake Norman is situated on 20 acres near Lake Norman and features apartments averaging 1,055 square feet in size. Amenities include a saltwater swimming pool, 24-hour fitness center with rock climbing wall, drive-thru mail kiosk, car wash station and a pet park and spa.

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AcquisitionsIndustrialSoutheastVirginia

Pearlmark, Seastone Capital Acquire 433,039 SF Industrial Building in Harrisonburg, Virginia

by John Nelson

HARRISONBURG, VA. — A partnership between Pearlmark and Seastone Capital has purchased 1433 Pleasant Valley, a 433,039-square-foot industrial building located off I-81 in Harrisonburg. The seller and sales price were not disclosed. The property was fully leased at the time of sale to two tenants: Marshalls and DRiV Automotive. Built more than 20 years ago on a 30.2-acre site in Virginia’s Shenandoah Valley region, the building is partially cross-docked and features 35-foot clear heights. A major life insurance company provided acquisition financing for the transaction, which represents the fourth investment for Pearlmark’s latest equity fund, Pearlmark Equity Partners II LP.

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FloridaLoansOfficeSoutheast

CBRE Arranges $32.5M Refinancing for Westshore Center Office Building in Tampa

by John Nelson

TAMPA, FLA. — CBRE has arranged a $32.5 million loan for the refinancing of Westshore Center, a nine-story office building in Tampa. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture between C-III Capital Partners and America’s Capital Partners. The 219,992-square-foot office property was 85 percent leased at the time of financing to 25 tenants with an average weighted lease term of nearly five years.

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AcquisitionsMultifamilySouth CarolinaSoutheast

American Landmark Purchases 304-Unit Ingleside Apartments in North Charleston

by John Nelson

NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Road in North Charleston. The Tampa-based investor plans to rebrand the property, its seventh in the Charleston metropolitan area, as Sage at Ingleside. The seller and sales price were not disclosed. Built in 2008, Sage at Ingleside offers amenities including a 24-hour fitness center, swimming pool, barbecue/picnic area, multipurpose clubhouse and an onsite dog park.

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

Fannie Mae Q&A: Agency Remains Active Capital Source for Multifamily Borrowers

by John Nelson

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) recently published that multifamily originations totaled $246.2 billion in 2023, a 49 percent decline compared to 2022 and below its April estimation of $264 billion. Additionally, the Washington, D.C.-based organization said that 51 percent of active lenders made five or fewer multifamily loans last year. While a step back in terms of loan volume, the multifamily sector still stands out relative to other property types as the sector represented more than 60 percent of all commercial real estate loans provided in 2023, according to an MBA report in April. Chris Flynn, senior vice president and multifamily chief underwriter for Fannie Mae Multifamily, says that it’s important to keep that in perspective as all loans for all commercial real estate asset classes declined in 2023. “Multifamily was seen as an attractive asset class among the commercial real estate sectors in 2023 and was viewed as relatively more stable, from an investment perspective, compared to office, retail, and industrial,” says Flynn. The agencies didn’t take any breaks last year as Fannie Mae and Freddie Mac combined to generate 42 percent of all 2023 multifamily loans, according to the MBA, which tracks loans made on multifamily …

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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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AcquisitionsCompany NewsGeorgiaLoansSoutheast

Trimont Agrees to Acquire Wells Fargo’s Commercial Mortgage Servicing Business

by John Nelson

ATLANTA AND SAN FRANCISCO — Atlanta-based Trimont has signed a definitive agreement to acquire Wells Fargo’s non-agency third-party commercial mortgage servicing business. The acquisition does not include the San Francisco-based company’s Fannie Mae or Freddie Mac business lines, which Wells Fargo will continue to service, along with the loans remaining on its balance sheet. Värde Partners, a global alternative investment firm, acquired and has owned Trimont through certain funds since 2015. Värde will provide funding for the acquisition, which will enable Trimont to offer servicing across all non-bank commercial real estate lending structures. Following the close of the acquisition, which is expected to occur in early 2025, Trimont will manage more than $715 billion in U.S. and international commercial real estate loans, making the firm the largest commercial real estate loan servicer in the United States. Trimont’s consultants in the transaction include J.P. Morgan Securities LLC (financial advisor), Goldman Sachs & Co. LLC (general advisory services) and Kirkland & Ellis LLP, Cadwalader, Wickersham & Taft LLP, and Trilegal (legal). Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, and Wachtell, Lipton, Rosen and Katz served as the company’s legal advisor.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

CTO Realty Growth Purchases Shopping Center Portfolio in Florida, North Carolina for $137.5M

by John Nelson

WINTER PARK, FLA. — CTO Realty Growth Inc. has purchased a portfolio of three Southeast shopping centers: Carolina Pavilion in Charlotte, Millenia Crossing in Orlando and Lake Brandon Village in Brandon, Fla. The undisclosed seller(s) sold the portfolio, which totals approximately 893,000 square feet, to CTO for $137.5 million. Carolina Pavilion is an approximately 691,000-square-foot regional retail center located on 72 acres in Southern Charlotte on South Boulevard. The center was 93 percent leased at the time of sale to tenants including AMC Theatres, Floor & Décor, Nordstrom Rack, Ross Dress for Less and Burlington. Millenia Crossing is a 100,385-square-foot shopping center located adjacent to the Mall at Millenia in Orlando. The center was 96 percent leased at the time of sale to tenants including Nordstrom Rack, Party City, Modani Furniture, Milan Laser Hair Removal, Destination XL, The Vitamin Shoppe and Relax the Back. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the undisclosed seller in the Millennia Crossing transaction. Situated east of I-75 near Tampa, Lake Brandon Village spans approximately 102,000 square feet and was fully leased at the time of sale to tenants including Sprouts Farmers Market, PetSmart, DSW and Scandinavian Design Furniture. Additionally, CTO announced the …

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DevelopmentSouth CarolinaSoutheastStudent Housing

Holder Properties, USC Foundations to Begin Leasing 940-Bed Student Housing Community in Columbia

by John Nelson

COLUMBIA, S.C. — Construction is underway and leasing will begin next month on Gateway 737, a 940-bed student housing development located on the University of South Carolina campus in Columbia. The project is being developed by a public-private partnership between Holder Properties and the University of South Carolina Foundations and is expected for completion in August 2025. Gateway 737 is the second community developed by the partnership. The community will include 12,500 square feet of retail space, a three-story meeting and event space and dedicated parking spaces. Shared amenities will include a rooftop lounge, two-story fitness center, resort-style swimming pool, tech lounge and a game room. The community will offer fully furnished units in studio, two-, three- and four-bedroom configurations.

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