Southeast

RAS Property Acquires Lofts at Wildlight Apartments in Yulee, Florida for $55.8M

by Julia Sanders March 5, 2021

YULEE, FLA. — RAS Property Group has acquired The Lofts at Wildlight, a new 279-unit apartment complex located in Yulee, for $55.8 million. The seller was not disclosed. Situated approximately 22 miles from downtown Jacksonville, The Lofts at Wildlight include five buildings and offers one-, two- and three-bedroom apartments. Community amenities include a pool with sundeck, outdoor dining spaces and a 24-hour fitness center. The property is part of the 2,900-acre Wildlight community in Nassau County. Upon completion, Wildlight will offer 7 million square feet of office, commercial, medical, industrial and residential space. Adam Bieber of Philips Realty Capital advised RAS on capitalization of the property. RAS Realty Partners, parent company of RAS Property Group, is a real estate investment and development company based in Boca Raton, Fla.

March 5, 2021

Development Mixed-Use Restaurant Retail Southeast Tennessee

Brookfield Properties Opens Retail, Dining Portion of Fifth + Broadway in Downtown Nashville

by Julia Sanders March 5, 2021

NASHVILLE, TENN. — Brookfield Properties has opened the retail and dining component at Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development, which formerly was the location of the Nashville Convention Center. General contractor Skanska broke ground on the project in April 2017, when San Diego-based OliverMcMillan was the lead developer before its acquisition by Brookfield in February 2018. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s Hot Chicken, Eddie V’s, Jeni’s Splendid Ice Cream and Shake Shack, among others. The retail center also includes the 56,000-square-foot National Museum of African American Music. Later this spring, Fifth + Broadway’s Assembly Food Hall will debut 15 new eateries dubbed collectively as “South Hall.” The expanded food hall will also include a rooftop concert venue and a full-service restaurant from FB Society (formerly Front Burner Society). Fifth + Broadway also includes The …

March 5, 2021

Development Georgia Industrial Southeast

Oakmont, Pacolet Milliken Break Ground on 484,323 SF Logistics Center in Kennesaw, Georgia

by Julia Sanders March 5, 2021

KENNESAW, GA. — Oakmont Industrial Group has broken ground on a 484,323-square-foot cross-dock logistics center in Kennesaw. Oakmont is developing the facility on a speculative basis through a joint venture with Pacolet Milliken. The Conlan Co. is the project’s general contractor, and Regions Bank is providing construction financing. The project, Oakmont Cobb International, is situated on 35 acres within Cobb International Park, a business park located near Interstate 75 and U.S. Highway 41 (also known as Cobb Parkway). In addition to Oakmont Cobb International, Oakmont is also underway with a 468,000-square-foot building off Hartman Road in Atlanta’s I-20 West industrial submarket. Oakmont Cobb International will feature at least 40-foot clear heights, cross-dock loading offering 103 dock-high loading doors, an enhanced 7-inch Ductilcrete floor slab system, 70-foot loading bays and full-concrete truck courts providing for up to 147 trailer storage spaces. Additionally, the project provides a lot at the north end of the building that will provide additional function and flexibility based on the end-user’s specific needs. Oakmont Industrial Group is an industrial real estate development and management company based in Atlanta. Pacolet Milliken is a private, family-owned investment company based in Greenville, S.C.

March 5, 2021

District of Columbia Southeast

US Economy Adds 379,000 Jobs in February Led by Leisure and Hospitality Hiring

by Julia Sanders March 5, 2021

WASHINGTON, D.C. — The U.S. economy added 379,000 jobs in February, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 210,000 jobs, according to CNBC. The unemployment rate fell 10 basis points to 6.2 percent in February. The biggest employment spike was seen in leisure and hospitality, which increased by 355,000 as pandemic-related restrictions eased in some parts of the country thanks in part to the COVID-19 vaccine rollouts. States such as Texas and Mississippi are lifting all COVID-19 restrictions, including limits on capacity at buildings and facilities. Despite the February surge, the leisure and hospitality sector is still 3.5 million short from its employment level in February 2020, the month before the World Health Organization declared the COVID-19 outbreak a global pandemic. The recent pickup in the sector caused the employment percentages to fall from 15.9 percent to 13.5 percent. The food services and accommodation subsector saw the jobless rate decrease from 15.3 percent to 12.7 percent. Within the professional and business services category, temporary help services added 53,000 jobs in February but remain 175,000 shy from a year ago. Healthcare and retail also generated employment …

March 5, 2021

Harbor Vista at Crawford Street Apartments

Loans Multifamily Southeast Virginia

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

by Julia Sanders March 4, 2021

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 Smiths Neck Road in Carrollton. Berkadia secured $26.2 million in financing at a fixed 2.9 percent interest rate. The apartment community comprises one-, two- and three-bedroom units with walk-in closets. Community amenities include a swimming pool, sundeck, fitness center, clubhouse and laundry facilities. Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, features one- and two-bedroom floor plans with walk-in closets and private balconies. Berkadia secured $17.2 million loan at a fixed 2.9 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. The Marq is located at 4769 Alicia Drive in Virginia Beach. Berkadia secured a $38.3 million loan for the property at a fixed 3.4 percent interest rate. The Marq features one-, …

March 4, 2021

Loans Multifamily North Carolina Southeast

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

by Julia Sanders March 4, 2021

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.

March 4, 2021

Development Florida Industrial Southeast

Automotive Retailer to Open $30M Fulfillment Center, Dealership in Tampa Bay Area

by Julia Sanders March 4, 2021

BRANDON, FLA. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million. Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow HGreg.com to expand its service offering, both digital and onsite, to car buyers throughout Central and West Coast Florida, as well as out-of-state markets. HGreg.com plans to fill 90 jobs in its new facility. HGreg.com is part of HGregoire, a network of 17 pre-owned and 13 new car dealerships throughout Canada and the United States. In December 2020, the company announced the expansion of HGreg.com into the West Coast with a major investment based in the Greater Los Angeles area.

March 4, 2021

Development Florida Southeast

Merlin Entertainments, Hasbro to Build Peppa Pig Theme Park in Central Florida

by Julia Sanders March 4, 2021

WINTER HAVEN, FLA. — Merlin Entertainments and Hasbro have partnered to build the world’s first standalone Peppa Pig Theme Park. Situated within LEGOLAND Florida Resort in Winter Haven, the new park is expected to open in 2022. Merlin has an exclusive multi-territory licensing agreement with Hasbro, owner of the Peppa Pig brand, to build and operate the attractions, which are targeted at the preschool market. Peppa Pig has over 1,000 licensees across 60 countries, and the TV program is broadcast in 180 territories in 40 different languages. Peppa Pig Theme Park will feature multiple rides, interactive attractions, themed playscapes and water play areas and live daily shows. Ride and attraction details for the new Central Florida theme park will be announced this summer. When Peppa Pig Theme Park opens, it will be a separately ticketed theme park from LEGOLAND.

March 4, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Rise to 745,000

by Julia Sanders March 4, 2021

WASHINGTON, D.C. — A total of 745,000 Americans filed for unemployment insurance for the week that ended Feb. 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was below the 750,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 736,000. Continuing claims, for which data lags a week, decreased to a little below 4.3 million. CNBC reports that the continuing claims total hit another pandemic-era low. Additionally, the outlet reports that winter storms in Texas hurt the economy in the state, causing an increase of 17,769 unemployment filings. Ohio and New York also experienced elevated claims.

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Newer Posts

Older Posts