Southeast

ANF Group Breaks Ground on 227-Unit Affordable Seniors Housing Community in Cutler Bay, Florida

by John Nelson March 8, 2023

CUTLER BAY, FLA. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for more than 30 years, thanks to a new regulatory agreement on the property. The plans call for a three-story parking garage and an eight-story residential building. The garage will include EV chargers for electric vehicles as they continue to grow in popularity. All apartments will be reserved for those age 62 and older and those earning no more than 60 percent of the area median income (AMI), approximately $40,980 for one-person households or $46,800 for two-person households. The project is scheduled for completion in mid-2024.

March 8, 2023

Alabama Loans Retail Southeast

Northmarq Secures $14M Loan for Madison Plaza Shopping Center in Huntsville

by John Nelson March 8, 2023

HUNTSVILLE, ALA. — Northmarq has secured a $14 million loan for Madison Plaza, a 153,739-square-foot shopping center located at 930 Old Monrovia Road in Huntsville. Randy Wolfe of Northmarq arranged the 10-year financing through a regional credit union on behalf of RCP Cos., the developer of the adjacent MidCity district. The loan features one year of interest-only payments and a 25-year amortization schedule. Built in 1984 and renovated in 2016, Madison Plaza was leased at the time of financing to tenants including Havertys, Stars and Strikes, State Farm, Dragon Alley and Viet Huong.

March 8, 2023

Florida Loans Retail Southeast

MMCC Arranges $9.6M Acquisition Financing for Magic Mall Plaza in Orlando

by John Nelson March 8, 2023

ORLANDO, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9.6 million in acquisition financing for Magic Mall Plaza, a flea market-style shopping center located at 2155 W. Colonial Drive in Orlando. Built in 1971 and renovated in 2000, the 128,939-square-foot complex houses multiple stores and restaurants, as well as event spaces. Garrett Fierstein of MMCC’s Orlando office originated the financing on behalf of the undisclosed borrower. The 10-year loan features a fixed 5.68 percent interest rate, 25-year amortization schedule and a loan-to-value ratio of 75 percent.

March 8, 2023

Development Florida Multifamily Southeast

Related Group Completes 399-Unit Icon Marina Village Apartment Towers in West Palm Beach

by John Nelson March 7, 2023

WEST PALM BEACH, FLA. — Related Group has delivered Icon Marina Village, a luxury apartment community in West Palm Beach totaling 399 units. Situated along the Intracoastal Waterway, the project comprises two high-rise towers and represents the first phase of the 20-acre Marina Village master plan. Icon Marina Village comprises studio, one-, two- and three-bedroom apartments, with each unit featuring condominium-level touches such as floor-to-ceiling windows, high ceilings and oversized balconies. The project also includes 22 penthouses. Pricing at Icon Marina Village ranges from $2,900 for a studio to more than $10,000 for a 3,000-square-foot penthouse. Additionally, Icon Marina Village’s amenities include an oceanside pool with private cabanas, fitness studio, spa and wellness center, club room and a private theater. The design-build team includes architectural firm Arquitectonica, interior designer V Starr and general contractor Balfour Beatty.

March 7, 2023

Alabama Development Loans Multifamily Southeast

Northmarq Arranges $52.8M Construction Loan for Anthem House Apartments in Huntsville

by John Nelson March 7, 2023

HUNTSVILLE, ALA. — Northmarq has arranged a $52.8 million construction loan for Anthem House Apartments, a 304-unit multifamily project that is part of the MidCity District master-planned development in Huntsville. In addition to apartments, Anthem House will include 32,000 square feet of ground-level retail space and 35,000 square feet of collaborative office space, as well as an amenity package comprising a coffee bar, coworking lounge, fitness center, yoga studios, community gardens, resort-style pool and a courtyard. Randy Wolfe and Drew Markley of Northmarq arranged the five-year loan through a major regional bank on behalf of the undisclosed borrower.

March 7, 2023

Development Florida Mixed-Use Southeast

Pebb Capital Breaks Ground on Sundy Village Mixed-Use Project in Downtown Delray Beach, Florida

by John Nelson March 7, 2023

DELRAY BEACH, FLA. — Pebb Capital has broken ground on Sundy Village, a mixed-use development located at 22 W. Atlantic Ave. in downtown Delray Beach. Designed by Gensler and RLC Architects, the seven-acre development will feature 99,000 square feet of Class A offices, more than 28,000 square feet of shops and restaurants and multiple structures listed on the National Register of Historic Places that will be preserved throughout the development process. This includes the Sundy House, the oldest house in Delray Beach, in addition to The Rectory and the Cathcart House. The general contractor, Bluewater Builders, expects to deliver Sundy Village by summer 2024. CBRE oversees Sundy Village’s office leasing, while Vertical Real Estate handles retail leasing.

March 7, 2023

Development Industrial Leasing Activity North Carolina Southeast

Beacon, HM Partners Ink 363,200 SF of Industrial Leases at Beacon Commerce Park in Metro Raleigh

by John Nelson March 7, 2023

GARNER, N.C. — Beacon Partners and HM Partners have signed four leases with separate tenants in the past 60 days at Beacon Commerce Park, a 48-acre industrial park in the Raleigh suburb of Garner. Situated within one mile of I-40 and 6.5 miles from downtown Raleigh, the park will span 631,000 square feet upon completion and feature clear heights ranging from 30 to 36 feet and full concrete truck courts. The four leases included Greentech Renewables-Solar Distribution, an affiliate of Consolidated Electrical Distributors, leasing 68,700 square feet at Building 3, a 260,000-square-foot facility. Also coming to Building 3 is an undisclosed tenant taking 164,956 square feet. At Building 1, Alcami Corp. will occupy 65,002 square feet, and an undisclosed third-party logistics firm will take 64,549 square feet. Ann Stewart Patterson and Austin Nagy of CBRE | Raleigh represented the landlord in all four lease transactions.

March 7, 2023

Florida Leasing Activity Office Southeast

Tech Firm Signs 101,000 SF Office Lease at Wells Fargo Center in Downtown Miami

by John Nelson March 7, 2023

MIAMI — Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman, Eddie Quinon, Brian Gale and Andrew Trench of Cushman & Wakefield represented the landlord, Metropolitan Life Insurance Co., in the lease negotiations. Tony Jones of Cushman & Wakefield represented the tenant. Kaseya plans to grow its workforce in Miami to 4,000 staffers by the end of 2025.

March 7, 2023

Development Office Southeast Virginia

Amazon Pauses Construction on HQ2 Corporate Campus in Arlington, Virginia

by John Nelson March 6, 2023

ARLINGTON, VA. — Amazon has paused construction on the second phase of its 5.4 million-square-foot HQ2 development in Arlington, reports Bloomberg. The developer, JBG Smith, previously announced that the first phase of the headquarters, which comprises 2.1 million square feet, is scheduled for delivery this summer. The delay will affect the second, 3.3 million-square-foot Pen Place phase, plans for which include three office buildings and a biophilic, double-helix amenity center dubbed The Helix. The pause coincides with recent layoffs, and John Schoettler, the real estate chief for the company, did not disclose a new start date for construction, though he says Amazon remains committed to the National Landing area.

March 6, 2023

Development Industrial Kentucky Loans Southeast

Northmarq Secures $25.3M Construction Financing for Bourbon Barrel Storage Facility in Shelbyville, Kentucky

by John Nelson March 6, 2023

SHELBYVILLE, KY. — Northmarq has secured $25.3 million in financing for the construction of the first two phases of a bourbon barrel storage facility in Shelbyville. Randall Waddell of Northmarq’s Louisville office arranged the fixed-rate loan through a Kentucky-based bank on behalf of the borrower, a joint venture between The Spirits Group and K-RAX. The loan carries a five-year term with three years of interest-only payments followed by a 25-year amortization schedule. Upon completion, the development, situated on 107 acres at 2517 Vigo Road will feature seven rickhouses — each of which will have capacity for 19,800 barrels — and one blending/bottling building.

March 6, 2023

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