JUNE 18, 2014
Atlanta Commercial Properties E-Newsletter

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NORTHMARQ ARRANGES $24.2M LOAN FOR LODGE AT BRIDGEMILL

The Lodge at Bridgemill is a 159-unit independent living community serving seniors in Canton, Ga.

CANTON, GA. -- NorthMarq Capital has arranged a $24.2 million loan for the Lodge at Bridgemill, a 150-unit seniors independent living community in Canton, a northern suburb of Atlanta. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender for an undisclosed borrower.

 

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DOUGHERTY MORTGAGE CLOSES 

$13.2M LOAN FOR WELLINGTON RIDGE

The 220-unit Wellington Ridge apartment community
is located in Covington, Ga.

COVINGTON, GA. -- Dougherty Mortgage LLC has originated a $13.2 million HUD 223(f) loan to refinance Wellington Ridge, a 220-unit apartment community in Covington. Dougherty's Minneapolis office arranged the 35-year loan with a 35-year amortization schedule on behalf of the borrower, Lochridge Newton LP.

 

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BULL REALTY COMPLETES ITS OFFICE EXPANSION IN CENTRAL PERIMETER 
Bull Realty has increased its office space by roughly 3,000 square feet to total 15,075 square feet in Atlanta's Central Perimeter submarket.

ATLANTA -- Bull Realty has completed the second expansion in less than two years of its office space at 50 Glenlake Parkway in Atlanta's Central Perimeter submarket. Bull Realty now occupies 15,075 square feet, increasing its footprint by roughly 3,000 square feet. The office features a large open coffee shop area looking in on the company's Studio One, a radio/video studio where the nationally syndicated "Commercial Real Estate Show" is produced.  

 

The space now has a new game room with a pool table, ping pong, dartboard, Bluetooth sound system and flat screen TVs. The space also includes a new high-tech meeting room, a lounge with a large video screen and an executive boardroom. Facilitec designed the space and consulted on the office's furniture. Bull Realty's cubicles were also replaced with modern pods.

 

Bull Realty's current specialties include office, retail, industrial, multifamily, healthcare, land, seniors housing, student housing, automotive properties, self storage, daycare and single-tenant net lease properties.

 

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SCOTT DEMYER JOINS COLLIERS INTERNATIONAL ATLANTA AS SVP 

Scott DeMyer


 

ATLANTA -- Colliers International Atlanta has hired Scott DeMyer as senior vice president in the firm's landlord services group. In this position, DeMyer will focus on leasing high-profile properties in the Atlanta market, including the three-building 145,000-square-foot The Carriage Works and 200 Ashford North in the Central Perimeter office market. Additionally, he will focus on in-town properties in the Buckhead, Midtown and Downtown submarkets. Previously, DeMyer served as senior associate with CBRE.

 

 

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U.S. CONSTRUCTION SPENDING RISES
IN APRIL FOR THIRD STRAIGHT MONTH

Ken Simonson

  

ARLINGTON, VA. -- Total construction spending rose modestly for the third straight month in April as a mix of increases and declines in public and private categories showed the sector's recovery remains fragile and fragmented, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC). Association officials say the industry could benefit from new federal investments in infrastructure to offset declining public sector demand. 

 

"Residential, private nonresidential and public construction spending all have areas of strength but also pockets of weakness," said Ken Simonson, chief economist for the association based in Arlington, Va. "While the overall trend remains more positive than last year, growth is likely to be spotty for the foreseeable future." 

 

Construction put in place totaled $954 billion in April, 0.2 percent above the revised February total and 8.6 percent higher than in April 2013. The year-over-year growth so far in 2014 has exceeded the full-year increase of 5 percent recorded from 2012 to 2013. 

 

Private residential construction spending inched up 0.1 percent in April to a six-year high. The latest total exceeded the year-ago level by 17 percent. Single-family construction rose 1.3 percent in April and 14 percent year-over-year. Multifamily spending soared 4.4 percent and 31 percent, respectively. Improvements to existing single- and multifamily structures slumped 2.2 percent for the month, but increased 17 percent from a year ago. 

 

Private nonresidential spending dipped 0.1 percent in April, but climbed 5.6 percent over 12 months. Most major categories increased from year-ago levels. However, the largest private segment, power construction - comprising work on oil and gas fields and pipelines as well as electricity projects - slipped 0.6 percent for the month and 3.9 percent over the year. The fastest-growing private type was office construction, which jumped 3.1 percent in April and 26 percent since April 2013. 

 

Public construction spending rose 0.8 percent for the month and 1.2 percent year-over-year. The largest public segment, highway and street construction, declined 1.1 percent in April but increased 4.9 percent from a year before. The second-biggest category, educational construction, gained 3 percent and 4.9 percent, respectively.  

 

To read the full report, click here. 
 
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