Southeast

JLL Arranges $145M Refinancing Loan for Hotel Portfolio in Metro Orlando

by John Nelson July 18, 2023

WINTER GARDEN, FLA. — JLL has arranged a $145 million loan for the refinancing of a four-property hotel portfolio in the Orlando suburb of Winter Garden totaling nearly 1,000 rooms. Gregg Shapiro and Barnett Wu of JLL arranged the financing through Aareal Capital Corp. on behalf of the borrower, Doradus Partners, and its management affiliate, Yedla Hotels. The hotels in the portfolio includes: the 223-room Residence Inn by Marriott (2111 Flagler Ave.); the 273-room Fairfield Inn & Suites by Marriott (631 Flagler Ave.); the 272-room Home2 Suites by Hilton (341 Flagler Ave.); and the 229-room Homewood Suites by Hilton (411 Flagler Ave.). The hotels, which were delivered between January 2021 and January 2022, are situated near the western gate of Walt Disney World Resort.

July 18, 2023

Development Industrial North Carolina Southeast

Keith Corp., IDM Ventures to Develop 185-Acre Industrial Park in High Point, North Carolina

by John Nelson July 18, 2023

HIGH POINT, N.C. — The Keith Corp. and IDM Ventures have formed a joint venture to develop South Point Commerce Center, a 185-acre industrial park in High Point, a city in North Carolina’s Triad region. The eight buildings will be build-to-suits ranging from 73,500 to 342,000 square feet. All of the buildings will feature rear-load configurations and offer auto and truck parking. Also, the site provides the option to combine two parcels to create a larger, cross-dock building spanning more than 600,000 square feet. South Point Commerce Center will be situated one mile from the I-85 business loop and near I-74, I-73 and I-40. Keith Corp. and IDM have tapped Spencer Yorke, Al Williams and Jay Hill of JLL to market and lease the park.

July 18, 2023

Development Florida Georgia Office Southeast

CP Group to Complete 340,000 SF of Flexible Office Suites in 2023

by John Nelson July 18, 2023

BOCA RATON, FLA. — CP Group, an office real estate owner-operator based in Boca Raton, plans to complete 340,000 square feet of its “worCPlaces” flexible office suites this year. Launched in 2021, worCPlaces includes three different types of spaces: Cowork Places, a scalable coworking office space for small and growing teams; Flex Places, individual suites with shared amenities that are ideal for high-growth companies; and Spec Places, traditional move-in-ready, pre-built office suites. All worCPlaces suites offer flexible lease terms between two and 10 years, and tenants can access personalized company branding on their suite entrances, as well as hybrid meeting spaces, flexible workstations, dedicated break and copy/storage space, internet access and printing. CP Group’s properties that will soon house worCPlaces include Paces West, Bank of America Plaza and 5600 Glenridge in Atlanta, as well as Two Town Center and Boca Raton Innovation Campus in Boca Raton.

July 18, 2023

Acquisitions Florida Multifamily Southeast

ZOM Living to Sell Azalea Apartments in Metro Tampa to Trilogy Real Estate for $85.8M

by John Nelson July 18, 2023

BRANDON, FLA. — ZOM Living has sold Azalea Apartments, a 289-unit luxury multifamily community that the developer is currently building in Brandon, for $85.8 million. Simon Banke and Jesse Wright of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer, Trilogy Real Estate Group. Azalea Apartments is located on a 13-acre site in Brandon’s East Tampa neighborhood and will feature one-, two- and three-bedroom units ranging in size from 700 to 1,400 square feet. Amenities will include a resort-style pool deck with cabanas, relaxation area with hammocks and a fire pit, event lawn, pool pavilion, gaming area with a pool table and corn hole, fenced dog park and pet salon, personal workstations, meeting rooms and a fitness center with a spinning studio and an outdoor yoga lawn. ZOM Living is managing the project through completion.

July 18, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Retail Strip Center in Miami Gardens, Florida

by John Nelson July 18, 2023

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity. Shoppes of Ives Dairy’s tenant roster includes Wells Fargo, Smoothie King, The UPS Store, Subway, T-Mobile, Foot Locker and local restaurants and service retailers.

July 18, 2023

Development Florida Loans Mixed-Use Multifamily Southeast Top Stories

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

by John Nelson July 18, 2023

FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …

July 18, 2023

Acquisitions Louisiana Southeast Student Housing

Landmark Properties Acquires 1,290-Bed Student Housing Community in Baton Rouge, Louisiana

by John Nelson July 17, 2023

BATON ROUGE, LA. — Athens, Ga.-based Landmark Properties has acquired The Lodges at 777, a student housing community located in Baton Rouge, roughly two miles from Louisiana State University (LSU). Constructed in 2011, the property comprises 1,290 beds across 382 units. Amenities at the community, which was 100 percent preleased for the fall 2023 term at the time of sale, include a swimming pool, clubhouse and fitness center. The seller and sales price were not disclosed.

July 17, 2023

Georgia Loans Multifamily Southeast

Thorofare Capital Provides $52.2M Refinancing for Multifamily Tower in Atlanta

by John Nelson July 17, 2023

ATLANTA — Thorofare Capital, an affiliate of Callodine Group, has provided a $52.2 million loan for the refinancing of 142 units within Seven88 West Midtown, a 279-unit multifamily tower located in Atlanta’s West Midtown submarket. The borrower, McKinley Homes, developed the property between 2018 and 2020 for $135 million and previously sold 113 condominiums. In addition to the 142 apartments, the loan will cover 8,639 square feet of ground-floor retail space. McKinley plans to use the funds to complete the lease up of the community, whose amenities include a swimming pool, dog park, clubhouse, lounge, spa and a fitness center. Ben Nevid, Drew Anderman, Naphtali Marrus and Elliot Braude of Meridian Capital Group arranged the financing, and David Perlman, Edward Prosser and Scott Sumida of Thorofare originated the loan.

July 17, 2023

Acquisitions Florida Multifamily Southeast

Joint Venture Sells 312-Unit Altís Ludlam Trail Apartments in Miami

by John Nelson July 17, 2023

MIAMI — A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community going forward. Altman, a wholly owned subsidiary of BBX Capital Real Estate, developed Altís Ludlam Trail in partnership with MV Real Estate Holdings and The Mattoni Group.

July 17, 2023

Kentucky Loans Multifamily Southeast

Greystone Originates $42.3M Financing for Multifamily Community in Louisville

by John Nelson July 17, 2023

LOUISVILLE, KY. — Greystone has originated a $42.3 million loan for the financing of 800 Tower Apartments, a 286-unit multifamily community located in Louisville. Anthony Cristi of Greystone originated the Fannie Mae loan, which carries a 10-year term and 30-year amortization schedule, as well as three years of interest-only payments. Built in 1963, the property features apartments in studio, one- and two-bedroom layouts across 29 stories. The borrower was an entity doing business as 800 City Apartments LLC.

July 17, 2023

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