Southeast

Summit Contracting Breaks Ground on 163-Unit Seniors Housing Community in Central Florida

by Alex Tostado October 1, 2020

DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.

October 1, 2020

Acquisitions Multifamily Southeast Virginia

Passco Acquires 200-Unit Multifamily Community in Northern Virginia

by Alex Tostado October 1, 2020

WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

October 1, 2020

Development Georgia Hospitality Southeast

IHG Opens 99-Room Staybridge Suites in Metro Atlanta

by Alex Tostado October 1, 2020

DULUTH, GA. — InterContinental Hotels Group (IHG) has opened a 99-room Staybridge Suites hotel in Duluth, a northeast suburb of Atlanta in Gwinnett County. The property features a 24-hour business center, saltwater pool, fitness center, a meeting room and laundry facilities. Each room includes a 49-inch smart TV. Atlanta-based IHG has implemented its Clean Promise program, which includes disinfecting rooms and common areas with an electrostatic sprayer, as well as operating the hotel with strict social distancing guidelines. Duluth Capital Investments LLC operates and owns the hotel, which opened Sept. 30.

October 1, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Fallon, Inlivian to Develop 1.4 MSF Centre South Mixed-Use Project in Charlotte

by Alex Tostado October 1, 2020

CHARLOTTE, N.C. — The Fallon Co. and Inlivian have unveiled plans for Centre South, a 1.4 million-square-foot mixed-use development in Charlotte’s South End neighborhood. The 16.2-acre site will feature 330,000 square feet of office space, a hotel, 750 residential units and 145 affordable housing units. The developers expect to break ground on Phase I, which will comprise 310,000 square feet of office space, in 2021. The project was formerly named Strawn Cottages and announced in 2016, but plans have changed dramatically since that time. Development costs are expected to be in excess of $400 million, according to the developers. Inlivian, a nonprofit real estate holding company, will develop the affordable housing units, which will be reserved for residents earning 60 percent and 80 percent of the area median income (AMI). The locally based organization reports that as of April 2020, that was between $45,120 and $60,150 for a family of three. “With construction at Centre South set to begin, we are proud to join the Fallon Co. in bringing to life our vision of creating a dynamic, healthy community of choice that provides quality housing for families with diverse incomes,” says A. Fulton Meachem Jr., Inlivian president and CEO. “The …

October 1, 2020

Florida Loans Office Southeast

CIM Group Provides $72.9M Refinancing Loan for SunTrust Plaza in Downtown Orlando

by Alex Tostado September 30, 2020

ORLANDO, FLA. — CIM Group has provided a $72.9 million construction take-out loan for SunTrust Plaza at Church Street Station. The new 28-story, 209,000-square-foot office building is located in downtown Orlando. The borrower, a partnership between Lincoln Property Co. and Mason Capital Partners, delivered the asset earlier this year. Truist Financial Corp., formerly SunTrust Bank, occupies 43 percent of the building through 2030. The asset was 84 percent leased at the time of financing.

September 30, 2020

Acquisitions Multifamily Southeast Tennessee

RADCO Sells Multifamily Community in Chattanooga for $32M

by Alex Tostado September 30, 2020

CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.

September 30, 2020

Acquisitions Loans Office Southeast Virginia

NorthMarq Arranges $19.5M Acquisition Loan for Office Building in Metro D.C.

by Alex Tostado September 30, 2020

ALEXANDRIA, VA. — NorthMarq has arranged a $19.5 million acquisition loan for 1199 North Fairfax Street, a 108,118-square-foot office building in Alexandria. NorthMarq arranged a 10-year term loan through an undisclosed life insurance company. The financing featured a fixed interest rate followed by a 30-year amortization schedule on behalf. The 10-story building features an underground parking garage and was 87 percent leased at the time of financing. The asset is situated eight miles south of downtown Washington, D.C. The borrower was not disclosed.

September 30, 2020

Acquisitions Florida Retail Southeast

Limestone, Orion Purchase Two Retail Properties in Sarasota, Florida for $15.5M

by Alex Tostado September 30, 2020

SARASOTA, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.

September 30, 2020

Acquisitions Florida Office Southeast

Boutique National Negotiates $8.3M Sale of Four-Building Office Portfolio in Tallahassee

by Alex Tostado September 30, 2020

TALLAHASSEE, FLA. — Boutique National LLC has negotiated the $8.3 million sale of four office buildings within Woodcrest Office Park in Tallahassee. The buildings total 89,284 square feet and are located at 323-325 John Knox Road, three miles north of downtown Tallahassee. At the time of sale, the assets were leased to 26 tenants. Nick Ganey, Tommy Szarvas and Estevan Lamas of Boutique National represented the buyer, an undisclosed private investor, in the transaction. Jimmy Nystrom of NAI Talcor represented the seller, an undisclosed limited liability company.

September 30, 2020

Development Multifamily North Carolina Southeast

HHHunt Breaks Ground on $55M Multifamily Community in Metro Charlotte

by Alex Tostado September 29, 2020

HUNTERSVILLE, N.C. — HHHunt Corp. has broken ground on Abberly Liberty Crossing, a 320-unit multifamily community in Huntersville. The developer expects development costs to total more than $55 million. The property will offer one- through three-bedroom floor plans ranging from 792 to 1,499 square feet. Unit interiors will include Shaker-style cabinets, granite countertops, stainless steel appliances and wood-style flooring. Communal amenities will include a fitness center, pool, sundeck, dog park, car charging stations and a car care center. The complex will be situated near the intersection of Independence Hill and Keith Hill roads, 12 miles north of downtown Charlotte. HHHunt expects to deliver the community by fall 2021. HHHunt also developed Abberly Woods in Charlotte and Abberly Green in nearby Mooresville.

September 29, 2020

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