Southeast

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams February 7, 2019

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Development Industrial Kentucky Southeast

Crossdock Development Breaks Ground on 572,000 SF Spec Industrial Facility Near Louisville

by Alex Tostado February 7, 2019

SHEPHERDSVILLE, KY. — Louisville, Ky.-based Crossdock Development has broken ground on a 572,000-square-foot speculative industrial facility situated within the Salt River Business Park in Shepherdsville. The Class A facility will be located on a 43-acre site off Interstate 65 about 14 miles south of the UPS Worldport in Louisville. The project, which will be shell-ready in June, will feature 36-foot clear heights and expandable parking. This facility marks the eighth industrial project in the Louisville market for Crossdock Development.

February 7, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $50.1M Sale of Apartment Community near Tampa Bay

by Alex Tostado February 7, 2019

CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.

February 7, 2019

Acquisitions Multifamily South Carolina Southeast

JLL Arranges $49M Sale of New Multifamily Property in Metro Charlotte

by Alex Tostado February 7, 2019

FORT MILL, S.C. — JLL has arranged the $49 million sale of Beckett Farms, a 280-unit apartment community located at 1111 Gennett Circle in Fort Mill, a suburb of Charlotte in South Carolina. PRG Real Estate purchased the asset from the developer, Miller-Valentine Group. Built along Interstate 77 in 2018, Beckett Farms features a clubhouse, fire pits, pocket parks and play lawns, fitness center and a saltwater/mineral pool with sun shelves and private cabanas. Units average 1,026 square feet and include wood-style flooring, patios and balconies, large closets, granite countertops and stainless steel appliances.

February 7, 2019

Acquisitions North Carolina Retail Southeast

WRS Acquires 207,542 SF Mayberry Mall in Mount Airy, North Carolina

by Alex Tostado February 7, 2019

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has purchased Mayberry Mall, a 207,542-square-foot regional mall located at 338 Frederick St. in Mount Airy. Completed in 1968, Mayberry Mall is the only enclosed regional mall within a 30-mile radius and is anchored by Belk. The seller is longtime owner Kohan Retail Investment Group. WRS plans to redevelop the mall and bring in new uses and retailers. The Mt. Pleasant, S.C.-based owner and developer says it will begin construction and leasing initiatives immediately. Situated five miles south of the Virginia border, the city of Mount Airy is the home of comedian and TV star Andy Griffith and served as the inspiration for the fictional town of Mayberry, the setting of the “Andy Griffith Show.”

February 7, 2019

Features Finance Insight Midwest Northeast Southeast Texas Western

Relationships Should Stand The Test Of Time, Regardless Of The Market

by Jaime Lackey February 6, 2019

Paul Letourneau, manager of commercial lending for Alliant Credit Union, believes the more things change, the more fundamental business practices stay the same. In the lending world, this includes the ability to form and maintain relationships with key sponsors and brokers. As a credit union, how does Alliant compare to other capital sources? Letourneau: Alliant is looking to complement the prospect’s existing lending relationships. Alliant is a national lender and a great option to supplement the geographic and structure constraints of local capital providers. Strong broker engagement helps Alliant as the brokers bring both market and sponsor intelligence that might not be possible to come by otherwise. The broker’s knowledge is key to thriving in all lending environments and markets. There has been some recent volatility within the markets, so it is more important than ever to make informed decisions, which involves working with experienced and knowledgeable brokers as intermediaries for our clients. How can a disciplined lender remain flexible and accommodating for today’s borrowing needs? Letourneau: Today’s borrowing needs are not much different than they were in the past. Borrowers who need flexibility look to capital providers that can accommodate them. Whether it is interest-only, short-term bridge, flexible pre-payment penalties, longer term fixed rates, floating rates or …

February 6, 2019

quote from Paul Woodworth, Head of Agency Lending, SunTrust

Features Finance Insight Midwest Northeast Southeast Texas Western

2019 Will Require Creativity, Flexibility, Discipline

by Jaime Lackey February 6, 2019

Paul Woodworth, head of agency lending for SunTrust, believes a lot of focus will remain on multifamily in 2019, but that doesn’t mean that multifamily deals will be a piece of cake. Instead, he predicts some ingenuity will be required on the part of the lender in order to keep momentum strong following an active 2018. What are the best ways lenders can work with developers to increase our nation’s affordable housing supply? Woodworth: Lenders should play a consultative and collaborative role. A financial institution has a unique opportunity to leverage its public-private relationships, bringing an array of resources to the table, including foundations, as well as public and private subsidy sources. It is also critical for a lender to bring multiple solutions to fill the capital stack. This could include construction or bridge financing, LIHTC equity and permanent lending solutions. Furthermore, banks have a desire and an obligation to serve their communities. Active — and creative — participation in delivering quality affordable housing plays a critical role in the sustainability of the communities we serve. Where is SunTrust’s sweet spot right now in terms of multifamily activity? Woodworth: SunTrust’s sweet spot is primarily focused in affordable housing, conventional multifamily — …

February 6, 2019

Development Florida Mixed-Use Southeast

Kaufman Lynn Construction Breaks Ground on Phase I of $350M Mixed-Use Project in South Florida

by Alex Tostado February 6, 2019

PLANTATION, FLA. — Kaufman Lynn Construction has broken ground on Phase I of Encore Capital Management’s Plantation Walk, a $350 million mixed-use development in Plantation. Phase I is set to include a seven-story building with 171 multifamily units, 63,000 square feet of retail and restaurant space and 12,000 square feet of amenity space. At full build-out, Plantation Walk will include 700 apartment units, 160,000 square feet of office space and 200,000 square feet of retail space. The site is situated at the former Plantation Fashion Mall at 321 N. University Drive, about eight miles west of downtown Fort Lauderdale. Completion is slated for April 2020.

February 6, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges $64M Sale of Island Club Multifamily Community in Orlando

by Alex Tostado February 6, 2019

ORLANDO, FLA. — CBRE has arranged the $64 million sale of Island Club, a 472-unit multifamily community in Orlando. The asset is situated at 1401 Kirkman Road, about six miles west of downtown Orlando. Built in 1990, Island Club offers one-, two- and three-bedroom floor plans. Amenities include a car care center, tennis court, volleyball court, two lake-side swimming pools, playground, game room and fitness center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brian Eisendrath of CBRE originated a 10-year Freddie Mac loan on behalf of the buyer, TruAmerica Multifamily. The acquisition loan features five years of interest-only payments.

February 6, 2019

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