Southeast

Time Equities Unveils Plans for 300-Unit Multifamily Community in West Palm Beach

by Alex Tostado February 20, 2020

WEST PALM BEACH, FLA. — Time Equities Inc. has unveiled plans for CasaMara, a 300-unit multifamily community in West Palm Beach that will also feature 16,000 square feet of retail space. The property will comprise a 16,000-square-foot clubhouse and seven low-rise buildings offering studio to three-bedroom floor plans. Communal amenities will include a pool with cabanas, pool pavilion building, children’s pool, grilling stations, 60-foot water wall, Jacuzzi, coworking lounge, fitness center, bark park, game room with billiards and Wii stations, club room with art lounge and fire place, dining facilities for private parties, children’s playroom and an outdoor playground. The property is situated on 10 acres at 3111 S. Dixie Highway, two miles south of downtown West Palm Beach. MSA Architects is designing the exterior of CasaMara, while ID and Design International will design the interiors. KAST Construction is the general contractor, and Zabik & Associates is the construction manager. M&T Bank is providing construction financing. Avison Young is handling leasing efforts for the retail portion, and Lincoln Property Co. is handling leasing efforts for the multifamily portion. Time Equities expects to deliver the community in spring 2021.

February 20, 2020

Development Multifamily North Carolina Southeast

Joint Venture Breaks Ground on $44.8M Apartment Complex in Metro Raleigh

by Alex Tostado February 20, 2020

HOLLY SPRINGS, N.C. — A joint venture between Dominion Realty Partners, Amzak Capital Management and Kite Realty Group has broken ground on Holly Springs Apartments, a planned 239-unit complex in Holly Springs. The property will offer communal amenities such as a pool, multiple outdoor fireplaces, dog park and a 24-hour fitness center with a yoga and cycle room. Unit interiors will include nine-foot ceilings, decorative pendant lighting, quartz countertops, stainless steel appliances, subway tile backsplash and vinyl plank hardwood floors. United Bank is providing financing for the project, which is expected to cost $44.8 million to develop. Rule Joy Trammell + Rubio is the architect, Armada Hoffler Construction is the general contractor and Piedmont Land Design is the project’s civil engineer. The developers expect to deliver the first units and clubhouse by the end of 2021.

February 20, 2020

Development Florida Retail Southeast

Ferber to Develop 250,000 SF Shopping Center Near Jacksonville

by Alex Tostado February 20, 2020

ST. JOHNS, FLA. — The Ferber Co. will develop Durbin Creek Crossing, a 70-acre shopping center in the south Jacksonville suburb of St. Johns. Ferber is scheduled to break ground this summer and expects to deliver the asset by fall 2021. The property will offer 250,000 square feet of retail space across 10 outparcels sized between 0.8 and 2.6 acres. Ferber has signed Aldi to a 19,000-square-foot lease. Other tenants coming to Durbin Creek Crossing include ABC Fine Wine & Spirits, First Florida Credit Union and Tire Kingdom. Nancy Sumner and Katy Figg of Colliers International are handling the leasing efforts on behalf of Ferber. The site is located at the corner of St. Johns Parkway and Racetrack Road, 21 miles south of downtown Jacksonville. The remaining 22 acres of wetlands at the southern portion of the site will serve as an environmental buffer protected by a conservation land use designation for the single-family communities south of the site.

February 20, 2020

Acquisitions District of Columbia Hospitality Southeast

Park Hotels Sells Embassy Suites by Hilton Hotel in D.C.’s Georgetown District for $90.4M

by Alex Tostado February 20, 2020

WASHINGTON, D.C. — Park Hotels & Resorts Inc. has sold the Embassy Suites by Hilton Washington DC Georgetown, a 197-room hotel in Washington, D.C., for $90.4 million. The property is situated at 1250 22nd St. NW in Georgetown, one mile west of downtown D.C. The hotel offers an indoor pool, fitness center, arcade, complimentary breakfast, baggage storage and a business center. The buyer was EOS Investors LLC.

February 20, 2020

Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Thought Leadership Video Western

M&T Realty Capital: What’s the latest in seniors housing finance?

by Sarah Daniels February 20, 2020

At MBA CREF, M&T Realty Capital’s Sean Huntsman met with reporter Nellie Day to discuss the trends he’s seeing in the multifamily and seniors housing sectors. One big takeaway: The current market demands flexibility and diversified lending. M&T Realty Capital Corp.’s lending platform is allowing the company to both succeed and expand — they had a record 2019 in terms of loan production for healthcare and seniors housing sectors. In addition to a robust pipeline of multifamily and seniors housing construction loans, M&T is also working with owners/operators who are stabilizing assets and recapitalizing equity. However, Huntsman is seeing the impact of high labor and constructions costs and some overbuilding in certain markets, indicating that stakeholders need to look closely at demand on a market-by-market basis. Watch the video for more insights from Huntsman. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 20, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

TD Bank: Practical Steps to Promote Affordable Housing

by Sarah Daniels February 19, 2020

2020 looks like it will be a record year in terms of delivery of multifamily units, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. But how much will Class A continue to dominate the market? “There is a movement toward rent control. Affordable housing is an obvious pressure in the industry,” Gerken says. Entitlement and construction costs mean that developers have focused on Class A projects and LIHTC-supported affordable housing projects. “But much more emphasis will have to be placed on workforce housing and Class B new delivery. There is an unmet — and almost unlimited — demand in that space,” Gerken says. The question is: can the industry influence government — especially local government — to change entitlement processes to encourage development of more affordable housing? Watch the interview for Gerken’s insights on affordable housing development. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 19, 2020

Acquisitions Industrial North Carolina Southeast

Beacon Partners Acquires 95,736 SF Industrial Building in Charlotte’s Echo Hills

by Alex Tostado February 19, 2020

CHARLOTTE, N.C. — Beacon Partners has acquired a 95,736-square-foot industrial building in Charlotte. The property offers multiple signage opportunities, parking, outside storage and is set up for a showroom or last-mile distributor. Beacon Partners plans to upgrade the exterior of the building, which can be subdivided for multiple tenants. The building is situated at 3412 Monroe Road, three miles southeast of downtown Charlotte in the Echo Hills neighborhood. Rob Speir and Lawrence Shaw of Colliers International represented Beacon Partners in the sale. Justin Smith of Colliers represented the undisclosed seller. Tim Robertson of Beacon Partner is handling leasing.

February 19, 2020

Florida Hospitality Loans Southeast

Ready Capital Closes $16.4M Refinance Loan for Newly Built Hotel in Gainesville

by Alex Tostado February 19, 2020

GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of the property were not disclosed.

February 19, 2020

Acquisitions Florida Office Southeast

Woodside Capital Purchases Office, Industrial Building in Jacksonville for $8M

by Alex Tostado February 19, 2020

JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.

February 19, 2020

Acquisitions Georgia Office Southeast

Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail

by Alex Tostado February 19, 2020

ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.

February 19, 2020

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