ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements. Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, fitness center, playground, courtyard and a tennis court. Located at 1600 Winters Creek Drive, Winters Creek is located close to Interstate 285. Winters Creek is near Assembly Yards, a redevelopment project on the site of the former General Motors plant in Doraville.
WASHINGTON, D.C. — Wegmans Food Markets is opening its first store in Northwest Washington, D.C. at City Ridge. Located at the intersection of Wisconsin Avenue and Rodman Street, the Wegmans Wisconsin Ave. store will be part of the historic building formerly occupied by Fannie Mae’s headquarters. Roadside Development and North America Sekisui House LLC are the developers of the City Ridge development. Wegmans Wisconsin Ave. is part of the $640 million City Ridge development, which includes commercial, residential and retail facilities. The 84,000-square-foot Wegmans supermarket will include a Market Café, coffee shop and the casual restaurant called The Burger Bar. The store site will include parking below and residential units above. The new store is slated to open in the summer of 2022. Wegmans plans to employ approximately 450 people at the City Ridge location, including 150 full-time positions. Wegmans now operates 106 stores in seven states and has more than 50,000 employees chainwide. The company is set to open three Mid-Atlantic locations in 2022: in Alexandria, Va.; Washington, D.C.; and Wilmington, Del.
TYSONS, VA. — Walker & Dunlop Inc. has secured $300 million in construction financing for The Mather, a two-building seniors housing community in Tysons. The project will be built in two phases, with Phase I projected to open in early 2024. The transit-oriented project will feature 19- and 27-story towers with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites. Community amenities will include multiple restaurants, a fitness center, wellness spa, art studio, rooftop terrace, saltwater pool, parking and retail. The Mather will feature approximately three acres of green space with landscaped gardens, walking paths, sculptures and an event lawn. Situated at the corner of Westpark and Westbranch drives, The Mather is just 15 miles from Washington, D.C., and is located within a half-mile of the Tysons Corner Metro Station and the Tysons Galleria Shopping Mall. Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger of Walker & Dunlop served as strategic advisors for the borrower, an entity doing business as Tysons LPC LLC that comprises a 50/50 equity partnership between nonprofit seniors housing operator Mather and Westminster Capital. The capital stack included a syndicated transaction led by The Huntington …
MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.
MIAMI — Millennium Management has signed a long-term lease for more than 74,000 square feet across three floors at 1111 Brickell, a 30-story office tower located in Miami’s Brickell submarket. CBRE represented the landlords, KKR and Parkway Property Investments LLC, in the lease transaction. Zach Wendelin and Tom Haughton of CBRE represented the tenant. The office building is a 524,000-square-foot waterfront office tower overlooking Biscayne Bay. Built in 2000, 1111 Brickell is part of a mixed-use project that includes the adjacent JW Marriot Hotel on Brickell Avenue. Since purchasing the property in 2018, KKR and Parkway have completed upgrades including redesigning the entrance and renovating the lobby, as well as adding multiple points of fiber entry and cellphone signal technology. The property’s meeting and entertainment spaces, as well as its 26,000-square-foot amenity deck with space for fitness classes, have been transformed to deliver a modern work environment centered on hospitality, community and wellness. Millennium plans to staff the office with investment professionals and technology teams. WorldQuant, a global quantitative investment firm, will occupy a section of the Millennium space for its employees. Wordquant is an affiliate of Millennium. Other tenants include Banco Sabadell, Industrious, Telefonica and Baker McKenzie.
CONCORD, N.C. — Winston-Salem-based Lowes Foods LLC has signed a lease to anchor Christenbury Village, a grocery-anchored mixed-use development in Concord. Christenbury Investors LLC, an entity affiliated with Charlotte-based MPV Properties LLC and Mission Properties LLC, is the developer. Christenbury Village is a 17-acre development located at the intersection of Cox Mill Road and Christenbury Parkway. The project is slated to include an approximately 52,000-square-foot Lowes Foods, two mixed-use buildings featuring approximately 150 apartment units and about 26,000 square feet of ground-floor commercial space. Christenbury Village will also include 24,000-square-foot medical office and shop retail buildings along Christenbury Parkway. The developer plans to break ground on Phase I of the project in the fourth quarter, and Lowes Foods is slated to open in the beginning of 2023. Austin Easter of MPV Properties represented Lowes Foods in the lease transaction.
CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.
ORLANDO, FLA. — Arbah Capital, in partnership with Hampshire Stateside, has purchased a 226,548-square-foot office building in Orlando. Mike Davis, Rick Brugge, Zach Eicholtz and Rick Colon of Cushman & Wakefield arranged the sale on behalf of the buyer. CBRE represented the seller, Real Capital Solutions, in the transaction. The sales price was not disclosed. Jason Hochman and Ron Granite of Cushman & Wakefield secured $35.1 million in acquisition financing through a regional bank. Located at 11842 Corporate Blvd., the four-story building features open floor plates, a full kitchen with seating, multiple breakrooms, conference and training rooms, lake views and access to hotels, restaurants, retail and housing. Built in 2003, the property is currently fully leased.
BRANDON, FLA. — Berkadia has secured $28.3 million in acquisition financing for two multifamily communities in Brandon. Mitch Sinberg and Brad Williamson of Berkadia secured a $15.7 million loan for Avenue at Creekbridge, a 112-unit apartment community, and a $12.6 million loan for Westwood at 60, an 88-unit apartment community. Berkadia is providing two Freddie Mac loans with seven-year terms, interest-only payment periods and fixed interest rates. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge for $22.5 million and Westwood at 60 for $18.1 million. The seller(s) was not disclosed. Built in 1987, Avenue at Creekbridge offers two- and three-bedroom apartments ranging from 950 to 1,175 square feet. Units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a fitness center, bark park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock. Located at 1002 Creekbridge Road, the property is situated 3.7 miles from downtown Brandon and about 13.3 miles from Tampa. Avenue at Creekbridge was rebranded to Creekbridge Crossing Apartments. Built in 1986, Westwood at 60 offers one-, two- and three-bedroom apartments ranging from 1,120 …
JUPITER, FLA. — A joint venture between JB Capital Management and Royce Properties has acquired Fresh Market Village, a shopping center in Jupiter, for $25.5 million. Justin Smith of Atlantic Retail represented the seller, an entity doing business as Adar Jupiter LLC, in the transaction. The Fresh Market Village is a 55,046-square-foot center that was 97 percent leased at the time of sale to tenants including The Fresh Market, 2 Vinez Restaurant & Wine Bar, Starbucks Coffee, Casa Mia and Gretchen Scott Designs. Located at 311 E. Indiantown Road, the center is about 2.6 miles from Jupiter Beach, approximately 16.3 miles from West Palm Beach and about 20.7 miles from Palm Beach International Airport.