Southeast

Berkadia Arranges $23M Refinancing Loan for Student Housing Community Near Florida State University

by Alex Tostado September 16, 2020

TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.

September 16, 2020

Development Louisiana Multifamily Southeast

Dobbins Group Completes $43M Apartment Complex Near New Orleans

by Alex Tostado September 15, 2020

COVINGTON, LA. — Dobbins Group LLC has completed The Collins, a $43 million apartment complex in Covington. The 272-unit property offers one-, two- and three-bedroom floor plans with rents ranging from $995 to $2,000 per month. Communal amenities at the gated community include a clubhouse, pool, fitness center, pet spa, car washing station, firepit and an outdoor kitchen. The Collins is located at 1612 Versailles Business Parkway, 38 miles north of downtown New Orleans. Birmingham, Ala.-based Capstone Building Corp. was the general contractor, and Dallas-based Humphreys & Partners Architects was the designer.

September 15, 2020

Development Florida Hospitality Southeast

Epelboim Development Delivers First Tru by Hilton Hotel in Orlando

by Alex Tostado September 15, 2020

ORLANDO, FLA. — Epelboim Development Group has delivered the 259-room Tru by Hilton Orlando Convention Center. The new hotel, which opened Sept. 3, marks Tru by Hilton’s largest property to-date and first in Orlando. The hotel is located at 6461 Westwood Blvd., nine miles northeast of the Orlando Convention Center and 13 miles southwest of downtown Orlando. The eight-story hotel offers complimentary Wi-Fi, free parking, a pool, fitness center and a business center. The Aventura, Fla.-based developer opened the property with Centers for Disease Control and Prevention (CDC) guidelines in place. The Hilton CleanStay Program has been implemented at the property, and some services and amenities have been adjusted in response to COVID-19. New York City-based Highgate is managing the hotel.

September 15, 2020

Loans Multifamily North Carolina Southeast

NKF Provides $49M Freddie Mac Loan for Multifamily Community in Charlotte

by Alex Tostado September 15, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has provided $49 million Freddie Mac acquisition loan for Addison Park in Charlotte. The 426-unit community was built in 1999 and renovated in 2015. The property offers one- through three-bedroom floor plans with nine-foot ceilings, fireplaces, hardwood flooring and granite countertops. Communal amenities include a business center, fitness center, two pools, dog park and a playground. The asset is situated at 6265 Hackberry Creek Trail, 10 miles north of downtown Charlotte and two miles from healthcare firm Centene’s planned 1 million-square-foot headquarters campus. Josh Davis and Chris Caison of NKF originated the loan on behalf of the borrower, Dermot Co. The seller was not disclosed.

September 15, 2020

Acquisitions Development Georgia Multifamily Southeast

JLL Negotiates $7.9M Sale of Land in Midtown Atlanta, Buyer Plans 284-Unit Apartment Building

by Alex Tostado September 15, 2020

ATLANTA — JLL has negotiated the $7.9 million sale of a 1.1-acre site in Atlanta’s Midtown district. The purchase price represents the highest price per square foot ($167) in the neighborhood, described as south of North Avenue (SoNo). The buyer, Woodfield Development, plans to build a 284-unit apartment community at the site, located at 505 Courtland St. NE. The property is expected to also include 18,000 square feet of amenity space. The Isle of Palms, S.C.-based developer plans to break ground this month. Scott Cullen and Mark Lindenbaum of JLL represented the seller, Drapac Capital Partners, in the land sale.

September 15, 2020

Leasing Activity Retail Southeast West Virginia

Hibbett Sports Opens 5,600 SF Store at Mall in Morgantown, West Virginia

by Alex Tostado September 15, 2020

MORGANTOWN, W.VA. — Hibbett Sports has opened a 5,600-square-foot store within Morgantown Mall. The Birmingham, Ala.-based sports retailer offers brands such as Nike, Under Armour, Jordan, The North Face and Adidas. The new location implements the company’s new store design, which features an open concept, phone charging stations and other amenities for customers to experience. The mall location also offers online, pick-up in-store and curbside pick-up shopping options. Morgantown Mall is located at 9235 Mall Road, three miles southwest of downtown Morgantown and three miles south of West Virginia University.

September 15, 2020

Georgia Leasing Activity Office Southeast

Piedmont Office REIT Signs Fintech Firm to 172,000 SF Office Lease in Atlanta’s Central Perimeter District

by John Nelson September 14, 2020

ATLANTA — Piedmont Office Realty Trust, a metro Atlanta-based office REIT, has signed financial tech firm Deluxe Corp. to a 172,000-square-foot office lease at Glenridge Highlands II in Atlanta. The 20-story office tower is located at 5565 Glenridge Connector in Atlanta’s Central Perimeter submarket. Deluxe plans to bring approximately 700 jobs to metro Atlanta with more to come in the near future. The company plans to invest approximately $12 million to construct, build-out and furnish the space at Glenridge Highlands II. Piedmont Office Realty Trust owns the 424,000-square-office building, as well as the adjacent Glenridge Highlands I, and is planning to develop a new 250,000-square-foot office tower on the campus.

September 14, 2020

Acquisitions Healthcare Maryland Southeast

Heritage Partners Sells Build-to-Suit Medical Facility in Metro D.C. for $39.3M

by John Nelson September 14, 2020

GLENARDEN, MD. — Heritage Partners has sold Children’s National Prince George’s County, a 60,000-square-foot medical outpatient facility situated within Woodmore Towne Centre in Glenarden. The Annapolis, Md.-based developer sold the newly constructed property to Municipal Acquisitions for $39.3 million, and Municipal Acquisitions has subsequently restructured the lease with the tenant. The deal allows Children’s National Hospital, a Washington, D.C.-based healthcare system, to transition from a tenant under a triple-net-lease to the owner of the building and the land. Municipal Acquisitions and Children’s National financed the acquisition using tax-exempt and taxable bonds. The three-story, build-to-suit property opened in July and houses a pediatric ambulatory surgery center and space for pediatric clinics and offices. Jonathan Hipp of Avison Young brokered the deal.

September 14, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Acquisitions Florida Retail Southeast

TSCG Brokers Sale of Grocery-Anchored Shopping Center in Southeast Orlando

by John Nelson September 14, 2020

ORLANDO, FLA. — TSCG has arranged the sale of The Shoppes at South Semoran, a 101,611-square-foot shopping center in Orlando. The property was originally built in 1986 and renovated in 2013, when anchor Walmart Neighborhood Market opened. At the time of sale, the property was 97 percent leased to tenants including Walmart, Chase Bank, Dollar Tree and Wendy’s. The asset is situated at 4520 S. Semoran Blvd., seven miles southeast of downtown Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Gavin Walsh of TSCG represented the seller, an affiliate of Weingarten Realty, in the transaction. An affiliate of Core Investment Management acquired the property for an undisclosed price.

September 14, 2020

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