Current Projects

Hargrove Bellamy House

Hargrove Bellamy House Wilmington North Carolina

Purchased in December 2016, the Hargrove Bellamy House is being restored to its original grandeur to become a residence and corporate center for Dr. Timothy R. Fussell, founder of the Partners South companies and Chairman of the Board of Alpha Investment Inc. Having fallen into disrepair, the home is undergoing a full renovation, faithful to its original Georgian Revival design.

Jersey Walk

Jersey Walk Elizabeth New Jersey

The Jersey Walk development is a seven-story mixed-use building at the site of the former Elizabeth General Medical Center with 163 apartments and 14,316 square feet of retail space. The plans call for the old hospital parking garage behind the building to remain, however, and for it to be expanded into a 10-story structure with parking on the bottom and 111 apartments on top.

Residents will be within walking distance of the Citi Grocer at the former Daffy’s site, the Elizabeth Avenue business district, the Elizabeth Train Station, and NJ Transit’s Bus 62 to Newark Liberty International Airport and Newark Penn Station, and will be a short drive away from The Mills at Jersey Gardens, the Elizabeth IKEA, and the Goethals Bridge to Staten Island.

Paris Lakes Medical Center

Paris Lakes Medical Center Paris Texas

Paris Lakes Medical Center is currently under construction and will bring a full-service, quality state-of-the-art, digital hospital facility as well as over 200,000 square feet of professional medical office space.  The goal is to be the Northeast Texas and Southeast Oklahoma Healthcare leader by offering superior quality hospital and physician services that meet and exceed the present and future healthcare needs of the region.

The development will also be complimented with commercial retail and office space, a 100 room hotel and will be nestled in a park like setting providing patients and their families a relaxed environment while their healthcare needs are being met.

 

United Artists Tower

Commando Island Village New Smyrna Beach Florida

The subject is the former United Artists Tower, a nine-story, octagonal building that formerly housed music publishing offices and broadcasting and recording studios on the very famous Music Row in Nashville, TN. The building will be redeveloped into a 187-room Hilton Tapestry Hotel. The planned hotel will also include a restaurant and event space. Current ownership has received zoning approval to construct the hotel and expand the building footprint outward into a relatively more rectangular configuration from its current octagon shape and add two additional stories resulting in an eleven-story hotel upon completion. Construction completion is planned for June of 2020. As of the current date of valuation, the subject is vacant, and some interior demolition has been completed.


Paris Lakes Medical Office Building

Paris Lakes Medical Office Building

This is a $23,419,141 loan for Paris Lakes Medical Assets Holdings, LLC, a Delaware limited liability company to construct three medical office buildings. This particular loan is for the first medical office building known as (MOB1). This MOB1 is located on the Paris, TX hospital campus, which ALPC is financing as reflected on the previous slide.

The site where the medical campus will be built consists of approximately 40 acres located in south-eastern Paris, Texas in Lamar County. Anchoring the medical campus will be a general acute care hospital, along with four medical office buildings three of which ALPC is financing separately, the forth MOB has already been completed and is open as a Free Standing Emergency Room.

One of the office buildings will house physician offices, administrative offices, an ambulatory surgery center (ASC) and an imaging center, while a second building will house a free-standing emergency room (FSER). The ASC, imaging center, and FSER are intended to be complementary to the hospital with the ASC and imaging center focusing on providing outpatient procedures that can be more efficiently provided in an ambulatory or outpatient setting. The FSER will treat emergent injuries and conditions that are more efficiently and economically performed at a free-standing location.

Two additional physician office buildings will be completed after the hospital is open. In addition to the hospital, the ASC, the imaging center, the FSER, and the medical ofice buildings, the medical campus will also include a hotel and approximately 100,000 SF of retail space.


Staybridge Suites

Staybridge Suites

Staybridge Suites is an all-suite, residential-style brand of hotels within the InterContinental Hotels Group (IHG). The brand targets extended-stay and corporate travelers. There are over 200 Staybridge Suites hotels open in the United States, the United Kingdom, Canada, Mexico and Latin America. The chain competes with Residence Inn, Homewood Suites by Hilton, and Hyatt's Summerfield Suites in the upscale segment of the extended-stay lodging market. In its early days, the chain was branded as"Staybridge Suites by Holiday Inn."

Staybridge Suites hotels feature residential-style surroundings and services, including their "Great Room" lobby. Hotels in the franchise feature all apartmentstyle suites with kitchens. Amenities offered by Staybridge Suites include complimentary hot breakfast daily, evening receptions midweek, fitness centers and recreational activities.

The I-20 corridor is a high occupancy hotel market with successful hotels and the huge growth potential in Grand Prairie around the proposed IKEA site is very attractive for future rooms demand. With 300 acres of developable land surrounding IKEA this is one of the few remaining areas in the heart of the DFW metroplex still available for large scale development along the lines of The Colony and Frisco. The Staybridge Suites is a brand that is attractive to both the extended stay traveler and the short stay traveler. Extended stay will help support the growth in the market for those traveling to the market for training, relocation,corporate business who are not staying long enough to require apartment accommodations rather just several days at a time.

Best Western Hotel

Best Western Hotel Corpus Cristie

The site’s address is 9307 South Padre Island Drive, Corpus Christi, TX 78418. The site is located in Flour Bluff, an area of Corpus Christi located 14 miles southeast of the downtown central business district and 9 miles northwest of the gulf coast beaches on North Padre Island. The site is situated on the encinal peninsula bordered by Corpus Christi Bay on the north; Oso Bay on the west; and the Laguna Madre on the east and the site is 500ft east of the naval base that opened in 2014. The location appeals to travelers who wish to be near the water plus they would have views of the water from the upper floors; it has excellent proximity to the military base; and it has a central location between the beach and the restaurants/retail area on South Padre Island Drive. The suitability for extended stay is proven by strong performance of the nearly adjacent Candlewood Suites.

 

Construction and Development Loans

Contact Us

Contact the Partners South/Omega IM Group adviser that referred you to this site or 800.654.3170 x101.