Southeast

TideLock in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Kennedy Wilson Provides $96 Million to Construct Office-to-Residential Conversion Project in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, an office-to-multifamily redevelopment project in Alexandria. The project will redevelop three existing office buildings into a mixed-use complex. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield negotiated the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans for TideLock include 169 residential units, as well as 65 condominiums and 7,000 square feet of commercial space. Construction is slated to begin immediately and complete …

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Stanton Park Apartments in Atlanta
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Woda Cooper, Parallel Housing Deliver Affordable Stanton Park Apartments in Atlanta

by Channing Hamilton

ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in the Peoplestown neighborhood of Atlanta. Stanton Park offers 36 one-bedroom and 20 two-bedroom units, which are set aside for households earning 30 to 80 percent of the area median income. Ten units are reserved with project-based vouchers for tenants who experienced homelessness. The Fulton County Department of Behavioral Health and Developmental Disabilities has agreed to provide support service for the 10 voucher households for 10 years. Hooker DeJong designed the …

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Industry Tallahassee in Tallahassee, Florida
FloridaLeasing & MarketingNewsSoutheast

Asset Living Takes Over Management of Industry Tallahassee in Tallahassee, Florida

by Channing Hamilton

TALLAHASSEE, FLA. — Asset Living has been awarded management of Industry Tallahassee, a community located at 440 N Monroe Street in Tallahassee. According to Apartments.com, the property comprises 248 apartments across six stories. Industry Tallahassee offers studio, one-, two- and three-bedroom floor plans. Units feature stainless-steel appliances and European-style cabinetry. Amenities include a pool, fitness area with a yoga room, grand lounge, co-working spaces and a dog park.

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The Harlow in Tampa, Florida
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Mast Capital Begins Pre-Leasing for The Harlow in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Mast Capital has begun pre-leasing at The Harlow, a garden-style community in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open in March. The Harlow offers one-, two- and three-bedroom units that range from 751 to 1,501 square feet in size. Amenities include a central …

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Madison Oglethorpe in Savannah, Georgia
DevelopmentFinanceGeorgiaNewsSoutheast

Madison Communities Secures $35.5 Million in Construction Financing for Madison Oglethorpe in Savannah, Georgia

by Channing Hamilton

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. The garden-style community will offer 240 units, as well as amenities including a clubhouse and lounge with coworking space, fitness center, outdoor lounge, pool, grilling stations and a fire pit. The project is slated to deliver in late 2025. SGA|NW is the architect. BenCo Construction, an affiliate …

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Carl Whitaker, Market Analyst, RealPage
FeaturesFloridaOperationsSoutheast

Q&A With Carl Whitaker of RealPage: Miami’s Rent Growth Moderates Amid Wave of New Supply, But Market Remains Pricey

by Channing Hamilton

Developers have responded to Miami’s influx of well-heeled renters with a heavy Class A development pipeline and rents that rival some of the nation’s most expensive places to live. The city is also under the gun to create more housing for its low- and middle-income residents. Multifamily & Affordable Housing Business talked with real estate economist Carl Whitaker of RealPage’s data analytics division about rents, development and the Miami market’s unique ability to retain renters.  MAHB: Could you share with us the most recent data on average effective rents, occupancies, deliveries and …

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Company NewsNewsNorth CarolinaSoutheastVirginia

FCA Management Merges with Bonaventure Property Management Services to Expand Property Management Firm

by Channing Hamilton

CHARLOTTE, N.C. AND ALEXANDRIA, VA. — FCA Management and Bonaventure have merged to create an enhanced third-party property management firm and platform. FCA Management is a third-party property management firm, which is based in Charlotte and serves clients in the southeast and mid-Atlantic. Bonaventure is an asset management firm with a focus on investment, development and construction in the southeast and mid-Atlantic. As part of the agreement, Bonaventure’s Property Management Services will become part of FCA Management, which will manage all current and future Bonaventure market-rate communities. The combined platform …

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Roberto Pesant, senior managing director, investment sales, Berkadia Miami
BerkadiaFeaturesFloridaInvestment SalesSoutheast

Q&A With Roberto Pesant of Berkadia: Renter, Investor Demand for Luxury Apartments Expected to Remain Strong in Miami

by Channing Hamilton

Multifamily & Affordable Housing Business sat down with Roberto Pesant, senior managing director of investment sales with Berkadia’s Miami office, to discuss the demand for luxury communities in Miami — from both renters and investors. MAHB: The latest Berkadia report forecasts that average effective rent will be $2,569 by the fourth quarter of this year. Is the market overbuilt toward Class A/luxury properties, and if so, who’s renting these pricey units?  Roberto Pesant: Demand for the urban, luxury product is coming from a number of sources. Some part of it comes …

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FinanceFloridaNewsSoutheast

Greystone Provides $419.6 Million to Refinance 85-Story Panorama Tower in Miami

by Channing Hamilton

MIAMI — Greystone Commercial Capital has provided $419.6 million to refinance Panorama Tower, an 85-story mixed-use complex in Miami. The financing package consists of $85 million in agency-compliant subordinate debt and a $334.6 million Freddie Mac Optigo senior loan funded by Greystone Servicing Co. LLC. The loan carries a five-year term and 35-year amortization. Panorama Tower offers 821 units. The property also includes 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage and an attached 19-story, 208-room Hyatt Centric Hotel.

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Affordable HousingBerkadiaDevelopmentFinanceFloridaNewsSoutheast

Berkadia Secures $118.5 Million to Construct Affordable Housing Development in Orlando

by Channing Hamilton

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …

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