WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …
CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.
MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.
CHARLOTTE, N.C. — CBRE has arranged the $29.9 million sale of the Chamber Building, a five-story, 65,444-square-foot office building located at 330 S. Tryon St. in downtown Charlotte. The asset was fully renovated in 2015 and includes a parking garage on a half-acre lot adjacent to the building. Tenants at the time of the sale included the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Grubb Properties, in the transaction. Ferncroft Capital purchased the property.
ROANOKE, VA. — BC Wood Properties has acquired Ivy Market, a 31,073-square-foot shopping center situated about three miles south of downtown Roanoke. The asset is occupied by Earth Fare, First Watch and a soon-to-open CoreLife Eatery. The seller and sales price were not disclosed.
WASHINGTON, D.C. — The Mortgage Bankers Association’s (MBA) expects to see steady commercial real estate markets keep commercial and multifamily mortgage originations on par with the last two years. In its 2019 Commercial/Multifamily Real Estate Finance Forecast, MBA projects commercial and multifamily mortgage originations to total $530 billion in 2019, matching 2017’s total, and slightly up from 2018’s mark of $526 billion. MBA believes that multifamily mortgage originations will increase 1 percent to $264 billion, with total multifamily lending at $315 billion. The Washington, D.C.-based organization expects these originations totals to continue through 2020. Additionally, outstanding debt from multifamily and commercial mortgages are expected to finish 5 percent higher in 2019 than 2018. MBA released its 2019 forecast Sunday, Feb. 10 at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference will conclude Wednesday, Feb. 13.
WASHINGTON, D.C. — Office Properties Income Trust has sold a 34-building portfolio of office assets in metro Washington, D.C., to an undisclosed buyer for $198.5 million. The names and locations of the buildings were not disclosed. Office Properties is a newly named REIT, formed after Government Properties Income Trust and Select Income REIT merged Dec. 31, 2018. This portfolio sale completes Office Properties’ previously disclosed disposition plan with respect to its long-term financing of its acquisition of First Potomac Realty Trust (FPO) in 2017. Office Properties has sold $520.8 million worth of properties since it acquired FPO, including the 34-property portfolio sale.
ORLANDO, FLA. — Retail Value Inc. (RVI) has sold the fully leased Millenia Plaza, a 411,503-square-foot power retail center in Orlando, for $56.4 million. North American Development Group purchased the center, which is located at 4403-4697 Millenia Plaza Way. Millenia Plaza is located about six miles southwest of downtown Orlando and features Interstate 4 visibility. Tenants include Home Depot, BJ’s Wholesale, Ashley’s Furniture, Dick’s Sporting Goods, Total Wine & More, Ross Dress for Less, David’s Bridal, Five Below, Visionworks, Millenia Nail Lounge and Mattress Firm. Brad Peterson, Whitaker Leonhardt and Tommy Isola of HFF represented RVI, which is a subsidiary of SITE Centers Inc., in the transaction.
RALEIGH, N.C. — Leon Capital Group has broken ground on Trilogy Cameron Village, a 203-unit multifamily community in Raleigh. The complex will be situated at 305 Oberlin Road on 3.6 acres, about one mile north of North Carolina State University and about two miles west of downtown Raleigh. The community will offer studio, one-, two- and three-bedroom floor plans. It is the third Trilogy brand apartments in North Carolina, joining Trilogy Cary and Trilogy Chapel Hill, both of which will begin preleasing this year. Amenities at Trilogy Cameron Village will include a resort-style swimming pool, grilling area, package lockers, a fitness and wellness center and an entertainment lounge. JDavis is the architect, and Samet is the general contractor. Completion is slated for summer 2020.
CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group plan to develop a 135-room hotel in Chattanooga as part of the redevelopment of Hamilton Place mall. The new Aloft by Marriott will be situated between The Cheesecake Factory and the future Dave & Buster’s where a former Sears used to be at Hamilton Place. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using your smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga. Construction on Hamilton Place is set to begin in the spring.