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DevelopmentFloridaLoansSoutheastStudent Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

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AcquisitionsFloridaLoansMultifamilySoutheast

CBRE Arranges $50.3M Acquisition Financing for Two Multifamily Properties in Tampa

by John Nelson

TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …

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DevelopmentGeorgiaLoansMultifamilySoutheast

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

by John Nelson

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Pennybacker Capital Buys 251,314 SF Infill Industrial Facility in Raleigh

by John Nelson

RALEIGH, N.C. — Pennybacker Capital has purchased a 251,314-square-foot infill industrial facility located at 3200 Bush St. in Raleigh. Grayson Hawkins, Chandler Hawkins, Patrick Gildea and Matt Smith of CBRE represented Pennybacker Capital in the transaction. New Market Strategies sold the asset, which was fully leased at the time of sale to an e-commerce user, building material suppliers and Wake Tech, a regional community college, for an undisclosed price. Situated on a 20-acre site, the facility is located north of I-440 near Raleigh’s North Hills district.

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AcquisitionsNorth CarolinaRetailSoutheast

IPA Brokers $83M Sale of Freedom Town Center Shopping Center in Fayetteville, North Carolina

by John Nelson

FAYETTEVILLE, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. New York-based Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 exchange. Steven Siegel of IPA represented both parties in the transaction. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted Siegel.

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AcquisitionsMultifamilySoutheastTennessee

JLL Arranges Sale of Accent Edgewood Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — JLL Capital Markets has brokered the sale of Accent Edgewood, a 236-unit, mid-rise multifamily community in the Wedgewood-Houston neighborhood of Nashville. JLL represented the seller, Westplan Investors, in the transaction. PassiveInvesting.com acquired the Class A asset for an undisclosed price. ACRE provided a $58.5 million acquisition loan through its latest debt fund to the buyer, which rebranded the community as Braxton Music City. Accent Edgewood features units with luxury finishes, including high ceilings, energy-efficient lighting, granite countertops, stainless steel appliances, vinyl and hardwood flooring, full-sized washers and dryers, walk-in closets and large windows. Community amenities include a 24-hour gym, resort-style pool, pet washing spa, bark park, bicycle storage, sky lounge, coffee bar, coworking space and a recording room. Located at 2165 Nolensville Pike near downtown Nashville, Accent Edgewood is situated near the redevelopment of the May Hosiery and Nashville Warehouse Co., a 150,000-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Geodis Park, Nashville Soccer Club’s MLS stadium, which is the largest soccer-specific stadium in the United States by seating capacity (30,109 seats).

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Negotiates Sale of Alta Winter Garden Multifamily Community in Metro Orlando

by John Nelson

ORLANDO, FLA. — Berkadia has negotiated the sale of Alta Winter Garden, a 250-unit, Class A multifamily community in the Orlando suburb of Winter Garden. Berkadia represented the seller, Atlanta-based Wood Partners, one of the nation’s leading multifamily developers and managers. CONTI Capital, a real estate investment company based in Dallas, acquired the property for an undisclosed price. Alta Winter Garden was delivered earlier this year and is located at 1223 E. Plant St., approximately 15 miles from downtown Orlando. ¬¬The property offers studio, one-, two- and three-bedroom units ranging from 637 square feet to 1,464 square feet. Individual units feature energy-efficient stainless steel Whirlpool appliances, Nest thermostats, electronic door locks with keyless entry, outlets with USB ports, kitchen islands, wood-style plank flooring and oversized balconies in select units. The controlled-access community’s amenities include a walk-in pool with a sun shelf and poolside cabanas, as well as a game room and a fitness center with a virtual training room and TRX equipment. Other amenities include an outdoor pavilion with a beer tap and summer kitchen, pet park, beer garden, rentable private office pods, study spaces with Wi-Fi, an outdoor lounge area, private detached garages and valet waste services.

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AcquisitionsMississippiRetailSoutheast

Palomar Group Secures Sale of Harper Square Shopping Center in Corinth, Mississippi

by John Nelson

CORINTH, MISS. — The Palomar Group has secured the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.

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District of ColumbiaLoansSoutheast

MBA: Commercial, Multifamily Loan Originations Jumped 72 Percent in First Quarter

by John Nelson

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 72 percent in the first quarter of 2022 compared with the same period last year, according to the Mortgage Bankers Association (MBA). In line with seasonality trends, originations during the first three months of 2022 were 39 percent lower than in the fourth quarter of 2021. By property type, loan originations for hotels increased by 359 percent year-over-year, followed by industrial (145 percent), retail (88 percent), healthcare (81 percent), multifamily (57 percent) and office (30 percent). Among investor types, the dollar volume of loans originated for depositories (banks) increased by 194 percent year-over-year, followed by life insurance companies (81 percent), investor-driven lenders (77 percent), conduit lenders (56 percent), and government-sponsored enterprises Fannie Mae and Freddie Mac (1 percent). Jamie Woodwell, MBA’s vice president of commercial real estate research, says that the year-over-year swing in loan volume is the result of strong demand for the various real estate categories. The veteran economist says rising interest rates could be a fly in the ointment for borrowers for the foreseeable future. The 10-year U.S. Treasury yield closed at 2.93 percent on May 13, up from 1.63 percent at the start of the year. …

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Atlantic Station
GeorgiaMarket ReportsRetailSoutheastSoutheast Market Reports

Atlanta Retail Market Stays Hot With Unique, Experiential Offerings Around Town

by John Nelson

Atlanta continues its streak as a high-growth market for retail. Low vacancy rates have turned up the competition for quality spaces among tenants and rents have continued to climb. Competition and a landlord’s market have sparked new trends as developers further refine their approach to finding retailers that drive traffic and retailers search for fertile and readily available locations, including submarkets outside the intown submarkets. Northeastern and West Coast brands have followed the trend of people moving to the Southeast, landing locations in suburban and exurban submarkets often filled with high-income, educated populations. As cities like Newnan, Cumming, Roswell, Woodstock, Peachtree City and Alpharetta see population density continue to grow, retail and restaurants are following. Suburbs and exurbs are also attracting urban dwellers from Atlanta seeking a quieter, yet similarly amenitized lifestyle they may have experienced closer to attractions like the Atlanta BeltLine. During the pandemic, people also got used to staying close to home and are now reluctant to drive far to take care of day-to-day needs and enjoy amenities, giving a boost to Ga. Highway 400 corridor developments like Avalon and Halcyon, as well as Ashley Park in Newnan. Unique offerings Hot trends emerging in Atlanta are “eatertainment,” …

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