Southeast

Hilton Grand Vacations Agrees to Acquire Bluegreen Vacations for $1.5B, Including 48 Club Resorts

by John Nelson November 7, 2023

ORLANDO AND BOCA RATON, FLA. — Orlando-based Hilton Grand Vacations has entered into a definitive agreement to acquire Bluegreen Vacations, a time-share resort company based in Boca Raton. The all-cash transaction is valued at $75 per share, or $1.5 billion, including debt. The merger agreement will add more than 200,000 members and 48 club resorts in 14 new geographies for Hilton Grand Vacations. Additionally, Hilton Grand Vacations has reached a 10-year marketing agreement with Bass Pro Shops, which formerly had an exclusive marketing agreement with Bluegreen Vacations that includes a joint venture for four outdoor-themed resorts. The Bluegreen Vacations acquisition is expected to close in the first half of 2024.

November 7, 2023

Loans Multifamily Southeast Tennessee

JLL Arranges $101.2M Refinancing for Kenect Nashville Apartments

by John Nelson November 7, 2023

NASHVILLE, TENN. — JLL has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit, Class A apartment community located at 800 19th Ave. in Nashville’s Midtown district. Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden of JLL arranged the loan through MF1 on behalf of the borrower, Akara Partners. Built in 2019, Kenect Nashville features a mix of studio, one-, two- and three-bedroom units ranging in size from 360 to 612 square feet, according to Apartments.com. Amenities include coworking spaces via membership for all residents, as well as a pool, business center, fitness center, concierge, pet play area and a clubhouse.

November 7, 2023

Development Multifamily North Carolina Southeast

Joint Venture Opens 263-Unit Beckon Apartments in Downtown Durham

by John Nelson November 7, 2023

DURHAM, N.C. — A joint venture between Ivanhoe Cambridge, Public Sector Pension Investment Board (PSP Investments) and Greystar has opened Beckon, a six-story, 263-unit apartment community located at 311 Liggett St. in Durham. The property features a mix of 52 studios, 142 one-bedroom, 64 two-bedroom and five three-bedroom apartments. Rental rates start at $1,570 per month and renters can receive one month of free rent, according to the property website. Amenities include a pool, courtyard, fitness center, sky lounge, clubroom, outdoor kitchen, coworking spaces, private conference rooms, pet wash station, dog park, an urban pocket park and an onsite parking garage with EV charging capabilities. Additionally, Beckon features 5,600 square feet of ground-floor retail space that will include Crank Arm Brewery.

November 7, 2023

Acquisitions Maryland Southeast Student Housing

TSB Realty Brokers Sale of 328-Bed Student Housing Community Near Johns Hopkins University in Baltimore

by John Nelson November 7, 2023

BALTIMORE — TSB Realty has brokered the sale of The Academy on Charles, a 328-bed student housing community located adjacent to the Johns Hopkins University campus in Baltimore. Randall Calvert of TSB Realty arranged the disposition from GMH Communities to an undisclosed buyer. The luxury property was originally built in the early 1930s and renovated and converted into student housing in 2014. The community offers fully furnished units alongside shared amenities including a rooftop terrace, fitness center, games center, garage and surface parking and private and group study lounges. The community is fully leased for the 2023-2024 academic year.

November 7, 2023

Leasing Activity Office South Carolina Southeast

Colliers Arranges 37,654 SF Office Lease Renewal in Downtown Greenville

by John Nelson November 7, 2023

GREENVILLE, S.C. — Colliers has arranged a 37,654-square-foot office lease renewal at 55 Beattie Place in downtown Greenville. The tenant, regional law firm Gallivan White & Boyd, is renewing its space within One Liberty Square. Bailey Tollison, Brantley Anderson and Taylor Allen of Colliers represented the tenant in the lease transaction. The landlord was not disclosed. In addition to the One Liberty Square renewal, the Colliers team recently represented Gallivan White & Boyd in other office leases in Columbia, S.C., and Charlotte.

November 7, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

CAA Signs 75,000 SF Office Lease at Nashville Yards

by John Nelson November 6, 2023

NASHVILLE, TENN. — Entertainment and sports agency Creative Artists Agency (CAA) has signed a 75,000-square-foot office lease at Nashville Yards, a 19-acre mixed-use project currently underway in downtown Nashville. Scheduled to begin in late 2025, CAA’s occupancy will span two floors. Designed by CannonDesign, the office will feature indoor-outdoor workspaces, game and listening lounges and private terraces on each floor. Amenities at the property, which is located at 955 Church St., will include plazas, courtyards, green spaces, meeting hubs, entertainment spaces, an outdoor deck, three levels of retail and dining space, parking and valet services. CAA will be relocating from its current Nashville office within the SunTrust building next to the Ryman Auditorium. Southwest Value Partners is the landlord and developer at Nashville Yards, which, upon completion, will feature a 591-room hotel and a 4,500-person concert venue in addition to retail, dining and office space.

November 6, 2023

Development Multifamily North Carolina Southeast

Camden Property Trust Opens 420-Unit Multifamily Community in Downtown Durham

by John Nelson November 6, 2023

DURHAM, N.C. — Camden Property Trust (CPT) has opened Camden Durham, a 420-unit multifamily community located at 441 Dillard St. in downtown Durham. The property features one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhomes. Amenities at the community include a 24-hour athletic club, resident lounge and community workspace, swimming pool, barbecue grills and a lawn for gatherings. Additionally, the property features 5,945 square feet of ground-floor retail space available for lease. Monthly rental rates begin at $1,529, according to the community website.

November 6, 2023

Development Loans Seniors Housing Southeast Virginia

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Break Ground on $37M Seniors Housing Community in Miami

by John Nelson November 6, 2023

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.

November 6, 2023

Alabama Loans Southeast Student Housing

The Preiss Co. Secures Recapitalization for 600-Bed Student Housing Community Near Auburn University in Alabama

by John Nelson November 6, 2023

AUBURN, ALA. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed student housing community located near the Auburn University campus in Alabama. A multimillion-dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are scheduled to begin in spring 2025. The Collective at Auburn offers two-, three- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, game room, movie theater and a business center.

November 6, 2023

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