NEWS & NOTABLES

ATLANTA—Hotel Equities promoted Drew Salapka to senior vice president of Revenue Generation. His responsibilities include leading the revenue generation division for the organization which sets top line strategy and manages the total inventory for the firm's portfolio of hotels. Salapka's team analyzes the demand for all markets, evaluates market strengths and weaknesses and reports key statistics that impact the hospitality industry and individual hotels. The team also manages sales processes and directs the ongoing training of all key sales and revenue staff members. Since 2014, Salapka has served as the vice president of Sales and Revenue Generation.

ATLANTA—Lockton added Brett Gillmon to its property team. The new senior vice president will serve as a national resource working closely with the US property leader Mike Andler, and will provide service and property solutions for Lockton's clients throughout the United States, with a focus on the Southeast. Gillmon joins Lockton after an extensive 20-year career at Marsh, most recently as managing director leading their Southeast Property team, which included work in London, New York, Dubai and Atlanta.

DEAL TRACKER

STONECREST, GA—KeyBank Real Estate Capital arranged a $17.3 million loan with Freddie Mac. The first mortgage loan is for The Retreat at Stonecrest, located in Stonecrest. The 276-unit multifamily property was built in 2003 and is comprised of 10, three- and four-story, garden-style buildings as well as a clubhouse and garage. Chris Black and Caleb Marten of Key's National Multifamily Accounts Group arranged the adjustable-rate financing with a seven-year term, two-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

LAWRENCEVILLE, GA—Blaze Partners and Bailard acquired acquisition of 1760 Apartments Homes, a 239-unit midrise community located in Lawrenceville, by a newly formed partnership between affiliates of the parties. The asset was acquired in an all-cash transaction. Located in a rapidly growing suburban pocket of Gwinnett County, 1760 Apartment Homes is situated on the highly-trafficked interchange of Route 316 and Sugarloaf Parkway, providing significant visibility and abundant access to healthcare and education employment hubs with proximity to attractive lifestyle amenities. The luxury community was recently completed in 2017 by LIV Development and offers residents a variety of finely appointed one-, two-, and three- bedroom units and access to an expansive amenity package.

LOUISVILLE, KY—KeyBank Real Estate Capital secured a $73.3 million Freddie Mac, first mortgage loan for Mallard Crossing, located in Louisville. The 600-unit, multifamily property was built in two phases starting in 1991 and is comprised of 51, two- and three-story garden-style apartment buildings situated on 36 acres of land. Tim Migchelbrink of Key's Commercial Mortgage Group arranged the adjustable-rate loan with a four-year interest only term, which was used to acquire the property.

ATHENS, GA—Capital Square 1031 acquired High Ridge Apartments, a 160-unit multifamily community in Athens. Located at 700 Mitchell Bridge Road, High Ridge Apartments sits on 17.99 acres of land. The multifamily community is home to 11 two- and three-story residential apartment buildings consisting of one-two- and three-bedroom units, with an average size of 1,228 square feet. High Ridge Apartments is Capital Square 1031's 41st DST offering for investors who desire a quality replacement property for their Section 1031 exchanges.

OBERLINE, LA—Boulder Group completed the sale of a single tenant Dollar General Plus located at 8798 US Route 165 in Oberlin for $1,332,470. The newly-constructed 10,640 square foot property is located along US Route 165, the primary thoroughfare in the parish. Dollar General Plus serves as a primary convenience shopping destination for residents in the area with limited competition. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller in the transaction, a local Louisiana based developer. The purchaser was a Louisiana based investment group.

ATLANTA—Internap Corporation is significantly expanding its presence in Atlanta, a top-10 US market, through a master lease for a Tier 3-like data center located at 40 Perimeter Center East from Lincoln Rackhouse, the data center division of Lincoln Property Company. A joint venture partnership between Bailard and Lincoln Rackhouse acquired the property earlier this year, and The Coca Cola Company remains the majority tenant. Through this long-term lease, INAP adds a new Atlanta facility with 4.8 MW of critical power capacity. INAP plans to exit another non-core data center in downtown Atlanta, and consolidate customers into both its primary downtown Williams Street Tier 3-like data center and this new high-end enterprise facility with Lincoln Rackhouse.

BUILDING BLOCKS

ATLANTA—Development of 371 East Paces Ferry, a medical office building located in Buckhead, has topped out and is three-quarters of the way through construction. The nine-story, 120,000-square-foot building is targeting an April 2018 opening. The Loudermilk Cos. broke ground on the project in February 2017.