ATLANTA—The US Treasury Department's Community Development Financial Institutions Fund selected SunTrust Banks to receive $70 million in tax credit allocation authority in the calendar year 2017 round of the New Markets Tax Credit (NMTC) Program. The company's subsidiary, SunTrust Community Development Enterprises, was one of 73 recipients receiving awards totaling $3.5 billion. This is the ninth time SunTrust has been selected as a recipient, with awards totaling $578 million in allocation authority.

NASHVILLE—Foundry Commercial expanded its Nashville team with the addition of senior real estate advisor Rick Frazier and associate broker Benton Ozburn. In his new role, Frazier will oversee Property Management construction management and will help grow the Foundry platform in Nashville. Ozburn joins a very successful industrial service and development platform in Foundry and will be focused on building the industrial service platform in the greater Nashville area.

DEAL TRACKER

ATLANTA—Coming off an end-of-year surge that included $6.3 million in sales in three real estate auctions in only 30 days, John Dixon & Associates is preparing to auction 250 properties in a two-day February event. “The strengthening economy is causing an upsurge in demand for real estate, ranging from high-end homes to land to commercial property. Improved investor confidence is feeding the demand, resulting in more bidders and stronger bidding in our auctions,” says John Dixon, president of the Marietta-based auction company. The upcoming auction includes properties owned by banks, hedge funds, corporations, estates and individuals. The February event will include properties from Georgia, Alabama, North Carolina, South Carolina, Florida, Mississippi, West Virginia, Tennessee and even Indiana.

HERMITAGE, TN—HFF brokered the sale and arranged acquisition financing for Oakwood Commons, a 276,448-square-foot, Publix-anchored community center in the Nashville suburb of Hermitage, Tennessee. The HFF team marketed the property on behalf of the seller, Brixmor Property Group. Big V Capital purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate loan with Citizens Bank.

ALPHARETTA, GA—CBRE Capital Markets arranged the sale of Echo at North Point Center, a 111-unit multifamily property located at 10105 Westside Parkway in Alpharetta, GA, a suburb north of Atlanta. An Atlanta-based firm acquired the newly-built class A property for $26.1 million, which equals $235,135 per unit.

BUILDING BLOCKS

LEXINGTON, KY—Embassy Suites by Hilton and 245 LGC Hotel Partners LLC completed a $7.7 million renovation of the Hilton Suites Lexington Green. The property-wide renovation featured a complete revamp of the guestrooms and inviting public spaces pays homage to Kentucky's heritage of thoroughbred racing and bourbon with a modern twist. Quorum Hotels & Resorts acquired the 174-room full-service hotel in June 2016 with plans to implement a renovation and rebranding program.