January 8, 2013 | ISSUE 96
Southeast Real Estate Business
Auction.com
Top Story
Love Funding Closes $361.4M HUD Hospital Loan in Charleston, S.C.
MUSC Health CHARLESTON, S.C. -- Love Funding, a provider of FHA multifamily and healthcare financing, has closed a $361.4 million loan modification for the Medical University Hospital Authority (MUHA) in Charleston. MUHA, a division of the state of South Carolina, owns and operates the Medical Center of the Medical University of South Carolina (MUSC Health). The transaction, which was secured through the U.S. Department of Housing and Urban Development's Section 242 loan insurance program, is the third-largest hospital loan in the agency's history. Steven Hunt of Love Funding secured the loan, which was underwritten by Matthew Andrea of Love Funding. MUSC Health is a 696-bed teaching hospital and was recognized in 2012 by U.S. News & World Report as "One of America's Best Hospitals."
Latest News
Don't Touch That Dial:
Michael Bull's CRE Show Expands
to Nine New Markets 

Bull, Michael ATLANTA -- The "Commercial Real Estate Show" has entered new markets by expanding its reach to 10 radio stations across the country. Michael Bull, president of Bull Realty, hosts the Atlanta-based talk radio show, which was originally launched in October 2010.

 

The one-hour weekly program examines commercial real estate and business issues by talking with experts. Guests have included analysts, accountants, brokers, lenders, developers, attorneys and architects.

 

This January, the radio show is now broadcast in the following Southeast markets (all times are local):

 

* Atlanta -- WAFS 1190 AM, Saturdays, 10 to 11 a.m.

* Miami -- WZAB 880 AM, Fridays, 5 to 6 p.m.

* Orlando, Fla. -- WBZW 1520 AM, Saturdays, 12 to 1 p.m.

 

The radio show has also expanded to the Dallas/Fort Worth, Houston, Honolulu, Sacramento, Calif., San Francisco, Seattle and Minneapolis/St. Paul markets. 

 

"I've been delighted at the impact the show has had in just two years, and I'm extremely excited about the opportunity to continue to extend its reach," says Bull. "We can tell by the location of podcast downloads that the content is relevant to audiences across the globe. As we continue to add stations, the show's comprehensive analysis and enlightening conversations will reach a much larger audience."

 

The show's podcasts are also available on iTunes and at www.CREShow.com.

REIT Acquires Apartment Communities in Kentucky and Tennessee for $115M

LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. -- Irvine, Calif.-based Steadfast Income REIT Inc. has acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas.

 

  • Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and was built in phases between 2008 and 2012.
  • South Pointe at Valley Farms was acquired for $5.2 million in Louisville. The property is a 26-acre site that includes 32 apartment units and a clubhouse community building.
  • Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes.
  • Keystone Farms was acquired for an unlisted price. The property is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.

Virginia Multifamily Sells for $107.5M Rolling Brook Village

WOODBRIDGE, VA. -- A joint venture between The Donaldson Group (TDG) and Angelo, Gordon & Co. (AG) has acquired Rolling Brook Village, a 732-unit multifamily in Woodbridge, for approximately $107.5 million. The partnership plans to invest $5 million in upgrades and renovations to the buildings, common areas and apartment units, including new kitchens in all units. Walker & Dunlop assisted the partnership in obtaining acquisition financing through Freddie Mac. Miles Spencer of Eastdil Secured represented the unlisted seller. Rolling Brook Village is situated on approximately 55 acres and 24 miles south of Washington, D.C. It includes 53 garden-style apartment buildings that were constructed in two phases in 1988 and 1990. The one- and two-bedroom units range from 644 to 1,038 square feet in size.
Partnership Purchases Three Florida Multifamily Complexes for $66M
BRANDON AND LAKELAND, FLA. -- Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin's Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.

NorthMarq Arranges $38M
for Multifamily in North Lauderdale, Fla. Parrot's Landing

NORTH LAUDERDALE, FLA. -- Alison Williams and Stephen Whitehead of NorthMarq's Dallas regional office have arranged $38 million in acquisition financing for Parrot's Landing, a 560-unit multifamily community in North Lauderdale. Financing was based on a 10-year term and a 30-year amortization schedule. A Toronto, Canada-based private real estate investment company purchased the property, which was constructed in two phases in 1987 and 1997. It consists of one-, two- and three-bedroom units and amenities include two clubhouses, three swimming pools, a sundeck, fitness center, lighted tennis court, car care center, business center and running trails.
Citrus Tower Multifamily Sells for $32M
in Suburban Orlando, Fla.
ORLANDO, FLA. -- Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle's Capital Markets team represented the institutional seller.
Capital Advisors Secures $16.2M
for Apartments in Jacksonville, Fla. Oasis At Mandarin
JACKSONVILLE, FLA. -- Philip Rachels of Capital Advisors has arranged $16.2 million in refinancing for Oasis at Mandarin Apartments, a 256-unit multifamily community at 3355 Claire Lane in Jacksonville. The 10-year loan was arranged on behalf of the borrower, Claire Pointe JAX Developers LLC, through Freddie Mac. The property includes one-, two- and three-bedroom units in 16 three-story buildings that were constructed in 1986 and partially renovated in 2006. Amenities include a clubhouse, fitness center, two swimming pools, tennis court and playground.
In The Pipeline
The LaSalle Group Plans Memory Care Community in Woodstock, Ga. Autumn Leaves at Towne Lake
WOODSTOCK, GA. -- The LaSalle Group is planning a nearly 28,000-square-foot, $9.8 million memory care community called Autumn Leaves of Towne Lake and located at 1962 Eagle Dr. in Woodstock. It will be the second Autumn Leaves memory care community in metro Atlanta, and it will exclusively care for residents with Alzheimer's, dementia and memory impairment. Autumn Leaves of Towne Lake is expected to open in fourth quarter of 2013.
Upcoming Events

Humphreys & Partners Architects L.P.: 

Wednesday, Jan. 9
Free Webinar on Apartment Development
4 pm EST
Overview: Humphreys & Partners has assembled a panel of multifamily experts to lead a discussion on the apartment market in 2013. The topics of discussion include: renter demographics, construction costs, efficient designs, student housing and design trends for 2013. 
Click here for more information.

CREW Atlanta & CORENET Global Atlanta:
Thursday, Jan. 10
2013 Economic Forecast Luncheon
Featuring Dr. Marci Russell
Cobb Energy Performing Arts Center
2800 Cobb Galleria Parkway
Atlanta, GA 30339

IFMA Atlanta:
Friday, Feb. 22

2013 Atlanta Workplace Vendor Showcase
Loudermilk Center
40 Courtland Street
Atlanta, GA 30303
Click here for more information.

 

Have an event that you would like to share with our readers? Send an e-mail with the details to southeast@francemediainc.com.


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