Acquisition financing and equity raised for Valora at Homewood

JLL worked on behalf of the borrower, Brick Lane LLC, to assume the existing 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. In addition, JLL secured equity financing from National Property REIT Corporation (NPRC) for Brick Lane. This marks the third deal completed between Brick Lane and NPRC.

“Valora at Homewood is a continuation of the partnership between Brick Lane and NPRC with their third acquisition together,” said Leachman. “Additionally, this will serve as an anchor property as Brick Lane enters the Birmingham market as well as taking them to over 3,500 units under ownership.”

Homewood property sells for $82M

A luxury apartment community in Birmingham has traded hands in one of the biggest multifamily deals of the year. Brick Lane and its affiliate acquired the 722-unit Valora at Homewood for $82 million, or almost $115,000 a unit, according to Jefferson County public records.

Brick Lane is a real estate development and investment firm based in Washington, DC with a portfolio of more than 2 million square feet of apartment and mixed-use projects in DC, Virginia, Maryland and South Carolina.

“Brick Lane and our partner, Prospect Capital, are very excited for our first investment in the Birmingham/Homewood market and look to add to this acquisition in Alabama in the future,” said Gib Hale, Vice President of Acquisitions for Brick Lane. “We thank Lurin Capital and Berkadia for a smooth transaction.”

Berkadia Brokers $33M Sale of Charleston MF Property

Berkadia has arranged the $33.2 million sale of Palmetto Creek, a 260-unit multifamily property in North Charleston. Mark Boyce and Blake Coffey of Berkadia’s Carolinas office represented the seller, Texas-based Lurin Capital, in the transaction. The buyer was Washington D.C.-based Brick Lane.

Located at 3311 Mountainbrook Ave., the property features townhouse-style units, of which, roughly 75% are newly renovated. Community amenities include a swimming pool, fitness center, playground and an outdoor area with grilling stations. Residents have access to nearby Interstate 26 as well as the shops and restaurants along Ashley Phosphate Road.

BEST WASHINGTON/BALTIMORE LOW-RISE APARTMENT COMMUNITY

Delta Associates will host its 24th Annual Mid-Atlantic Multifamily Awards Presentation on October 21, 2020. The Washington/Baltimore Multifamily Market Overview and Awards for Excellence ceremony recognizes apartment and condominium communities from Washington, Suburban Maryland, Virginia and Baltimore. The presentation discusses the economic overview of the Washington/Baltimore region as well as the overview and forecast of the apartment and condo market in the region. Awards are based on independent factors, such as lease-up or sales pace for an apartment or condo building.

Fred Awards 2020

Presented by the Frederick County Office of Economic Development, the Frederick Real Estate Dealmakers (FRED) Awards honors the most successful real estate transactions and projects of 2019 – and the people who made them happen. 

Loft-style living in a former Coca-Cola bottling plant

Industrial-inspired decorating schemes have been popular for years, but not every apartment can boast a direct connection to an actual industrial plant. A mixed-use development created from a former Coca-Cola bottling plant at 1707 N. Market St. in Frederick, Md., includes restaurant and office spaces in the original plant and a new four-story apartment building. The Bottling Plant’s apartments have large floor-to-ceiling windows in the units and design elements in the main entrance and lobby that echo the entrance to the former plant.

Amenities in the 86-unit building include a swimming pool, a fitness center, a courtyard, a fire pit, bike storage, a dog run and outdoor games such as bocce. Pets are allowed. The Bottling Plant is a short drive to shops, restaurants and downtown Frederick. The building is adjacent to Rose Hill Manor Park.

CUSHMAN & WAKEFIELD ARRANGES SALE FOR RADCO

Cushman & Wakefield has arranged the $29.65 million sale of Greenwood at Ashley River, a 280-unit apartment community located in North Charleston, South Carolina. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller, The RADCO Companies, in the transaction. Brick Lane was the buyer.

“Greenwood at Ashley River demonstrates once again what RADCO does best,” said Norman Radow, CEO of The RADCO Companies. “We identified a struggling property, we modernized and substantially improved it, and then transformed it into a vibrant community. We wish our buyer the same success with the community that we enjoyed.”

“Brick Lane and our partner, Enterprise Community Investment, Inc., are very excited to expand our presence in the North Charleston market and look to add to our portfolio in South Carolina in the future,” said Gib Hale, Vice President of Acquisitions for Brick Lane. “We thank RADCO and Cushman & Wakefield for a smooth transaction.

JLL secures $28.33M financing for South Carolina apartments

JLL worked exclusively on behalf of the borrower, Brick Lane and Enterprise Community Investment, Inc., to arrange the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

The Grove at St. Andrews is located at 716 Zimalcrest Drive approximately six miles from downtown Columbia and immediately northeast of the Interstate 20/26 interchange. Built in phases from 1977 to 1984, Brick Lane and Enterprise plan to complete interior and common area upgrades to the property, including the addition of in-unit washers and dryers in some units, washer/dryer connections in others and enhancements to the pool and greenspaces.