BOYNTON BEACH, FLA. — A joint venture between MMG Equity Partners and Global Fund Investments has sold Whitworth Farms, an 88,424-square-foot, Publix-anchored shopping center in Boynton Beach, for $19.4 million. The asset is located at 12425 Hagen Ranch Road, about 11 miles north of downtown Boca Raton. The center was 96.1 percent leased at the time of the transaction. The seller was not disclosed.
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.
WASHINGTON, D.C. — Akridge has delivered 1701 Rhode Island, a seven-story, 104,000-square-foot building in Washington, D.C., that is fully leased to WeWork. Hickok Cole Architects designed the building, which features floor-to-ceiling windows, a landscaped entry plaza, two-story lobby, fitness center and a rooftop terrace. Whiting-Turner Contracting Co. was the general contractor. Zach Boroson, Andy O’Brien and Greg Lubar of JLL represented WeWork in the lease transaction.
DURHAM, N.C. — A joint venture between Trinity Capital Advisors, Wheelock Street Capital and SLI Capital has announced a mixed-use building in downtown Durham’s Venable Center. Located at 464 Pettigrew St., the Roxboro at Venable Center will feature 202,000 square feet of office and ground-level retail space spanning eight floors, as well as 200 apartment units. Amenities will include a sky deck lounge, fitness center and a conference center. Venable Center is currently an 87,000-square-foot historic and revitalized campus situated at the intersection of South Roxboro and East Pettigrew streets. The campus is home to the headquarters of Precision BioSciences. Brad Corsmeier and John Brewer of CBRE | Raleigh will handle leasing efforts for The Roxboro.
FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.
BATON ROUGE, LA. — Hunt Real Estate Capital has provided a $30 million Fannie Mae refinancing loan for River House Apartments, a complex built in 2017 in Baton Rouge. The loan features a 10-year term amortized over 30 years with two years of interest-only payments. The 224-unit property is situated at 1480 Nicholson Drive, about a mile south of downtown Baton Rouge. It was 95 percent occupied as of October. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. arranged the financing on behalf of the undisclosed borrower.
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.
