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Capital Square Acquires North Carolina Portfolio

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Capital Square Acquires North Carolina Portfolio


Asheville, N.C., group portfolio. Picture courtesy of Capital Sq.

Capital Sq. has acquired the Asheville NC Condominium Portfolio comprising two multifamily communities in Asheville, N.C. In whole, the belongings have 305 flats. The agency made the acquisition on behalf of a personal placement providing, CS1031 Asheville NC Condominium Portfolio, DST. The Delaware statutory belief funding providing is searching for $73.1 million in fairness.

One of many properties, River Mill Lofts, has 253 models situated at 100 River Mill Drive. The opposite close by asset is the Skyloft Flats, situated at 500 S. Skyloft Drive, with 52 flats. Each communities are in high-growth areas, with Asheville rents rising 25% over 12 months ending in January, in keeping with a report by Condominium Listing.

“Capital Sq. is worked up so as to add two extra Asheville belongings to our portfolio,” Whitson Huffman, chief technique officer for Capital Sq., advised Multi-Housing Information. “This dynamic, excessive barrier-to-entry market is uniquely positioned to proceed the excessive progress the rental market has been experiencing.”

Cushman & Wakefield’s Michael Saclarides and Devin Bryan brokered the deal. In accordance with Yardi Matrix knowledge, River Mill Lofts bought for $42 million, or $166,403 per unit. Additionally in keeping with Yardi Matrix knowledge, Skyloft Flats bought for $14.2 million, or $273,076 per unit.

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READ ALSO: 24/7 Retailer It Buys North Carolina Facility


North Carolina’s largest well being system, Mission Well being, has its flagship medical middle lower than 2 miles from the portfolio, using greater than 10,000 folks in Asheville and western North Carolina. Pratt & Whitney, an aerospace producer, is ready to construct a 1 million-square-foot middle 3 miles from the property, which is able to add 800 jobs by the top of 2022.

Different close by facilities embrace downtown Asheville, the Higher Asheville wilderness, the Swannanoa River and Biltmore Village. Biltmore Village is a historic enclave modeled after an English village, that includes outlets, eating places, cafes and breweries.

The communities are on greater than 10 acres of land and have one-, two- and three-bedroom flats. Items common 1,120 sq. toes. River Mill Lofts residents have entry to the Swannanoa River, a clubhouse and a swimming pool, whereas Skyloft Flats has outside hearth pits, grilling areas and a pet park.

Final month Capital Sq. secured long-term financing for a group in Richmond, Va., in addition to acquired a multifamily asset in Woodbridge, Va.

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North Carolina Gov. Roy Cooper backs out of consideration to be Harris’ running mate

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North Carolina Gov. Roy Cooper backs out of consideration to be Harris’ running mate


North Carolina Gov. Roy Cooper has informed Kamala Harris’ presidential campaign that he does not want to be under consideration in her search for a vice presidential candidate, the governor said Monday night.

Cooper said in a statement explaining his decision that although he was taking himself out of consideration for the role, he’s still backing Harris’ candidacy.

“I strongly support Vice President Harris’ campaign for President,” Cooper said. “I know she’s going to win and I was honored to be considered for this role. This just wasn’t the right time for North Carolina and for me to potentially be on a national ticket.”

“As I’ve said from the beginning, she has an outstanding list of people from which to choose, and we’ll all work to make sure she wins,” he added.

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The New York Times first reported that Cooper was withdrawing his name from consideration.

One source directly involved in Harris’ search for a running mate said Cooper took himself out of the mix because he wants to run for the U.S. Senate in 2026. The source said Cooper never indicated to the campaign that he wanted to be vice president and told Harris aides that he did not want to be considered.

NBC News previously reported that interviews with some Democratic insiders pointed to Cooper, along with Sen. Mark Kelly of Arizona and Gov. Josh Shapiro of Pennsylvania, as top contenders to join Harris on the Democratic ticket.

Other governors, including Kentucky’s Andy Beshear and Minnesota’s Tim Walz, and Transportation Secretary Pete Buttigieg are among those who have also been floated as potential running mates.

The Harris campaign previously said she plans to select a running mate by Aug. 7.

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Feds approve Cooper plan to relieve up to $4B in NC medical debt, as Harris weighs in

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Feds approve Cooper plan to relieve up to B in NC medical debt, as Harris weighs in


A plan unveiled at the beginning of this month by Democratic Gov. Roy Cooper to leverage Medicaid funds to help North Carolinians struggling with medical debt has been approved by the federal government.

On Friday, the U.S. Centers for Medicare and Medicaid Services (CMS) approved a plan that has the potential to relieve $4 billion in existing hospital medical debt for people in the state, according to a news release. In order for the plan to take effect, hospitals would need to sign on.

“Unlike most other debts, medical debt is not intentional because people don’t choose to get seriously ill or have an accident,” Cooper said, according to the news release.

“Medical debts are often beyond people’s ability to pay, ruining their credit, keeping them from getting credit cards, loans and jobs and sometimes driving them into bankruptcy. That’s why we’re working with hospitals and federal partners to help relieve the burden of medical debt for North Carolina families,” he said.

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Vice President Kamala Harris — who appears set to become the Democratic presidential nominee for the November election, and has been considering Cooper as a possible running mate — has been “coordinating” with state officials on the medical debt plan, The Washington Post reported.

“No one should be denied access to economic opportunity simply because they experienced a medical emergency,” Harris said in a statement sent as part of a news release Monday.

“Yet today, more than 100 million Americans struggle with medical debt — making it more difficult for them to be approved for a car loan, a home loan, or a small-business loan, which makes it more difficult for them to just get by, much less get ahead.”

“I applaud North Carolina for setting an example that other states can follow by advancing a plan that has the potential to relieve $4 billion in medical debt for two million individuals and families. This critical step also strengthens financial assistance for emergency medical procedures moving forward,” Harris said.

Vice President Kamala Harris, joined by N.C. Gov. Roy Cooper, speaks while visiting Durham’s historic Black Wall Street district on Friday March 1, 2024.

Vice President Kamala Harris, joined by N.C. Gov. Roy Cooper, speaks while visiting Durham’s historic Black Wall Street district on Friday March 1, 2024.

Harris wrote that over $650 million in medical debt had been forgiven through the American Rescue Plan, which was passed under the Biden administration.

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The News & Observer has contacted several hospitals and the North Carolina Healthcare Association, which represents hospitals, regarding their stances on the plan.

UNC Health “continues to have discussions with state and federal officials,” UNC Health spokesperson Alan Wolf said in an email.

“We support efforts to reduce medical debt and we expect to receive more details on the approved plan soon,” he said.

Medical debt relief provided

According to Cooper’s news release, hospitals that opt in to the plan must implement the following to be eligible for enhanced payments offered under the plan:

  • For those on Medicaid, relieve all unpaid medical debt dating back to Jan. 1, 2014.

  • Relieve all unpaid medical debt that has become virtually impossible to collect dating back to Jan. 1, 2014, for people not enrolled in Medicaid whose income is at or below at least 350% of the federal poverty level (FPL) or whose total debt exceeds 5% of their annual income. A family of two at 350% of the FPL makes about $71,000 a year.

  • Provide discounts on medical bills for people at or below 300% FPL.

  • Automatically enroll people into financial assistance, known as charity care.

  • Not sell medical debt of people making below 300% FPL to debt collectors.

  • Not report debt covered by policies laid out in the plan to a credit reporting agency.

Patients of participating hospitals will not need to take any actions to benefit from medical debt relief, according to the news release.

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Plan to leverage Medicaid funds

When the state expanded Medicaid in December, it implemented a mechanism that allowed hospitals to receive higher federal reimbursements in return for paying the state’s share of costs under the expansion bill.

The federal government covers 90% of Medicaid coverage costs for the expansion population, while the state covers 10%. This funding mechanism was called the Healthcare Access and Stabilization Program.

The medical debt relief plan further leverages federal funds by providing higher HASP payments to hospitals that choose to implement the plan.

Hospitals often only collect a small fraction of the medical debt they are owed, Cooper said during a press conference announcing the plan on July 1.

However, large debts that remain on the books can prevent people from buying a home or getting a credit card and sometimes can lead people into homelessness and bankruptcy, he said.

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North Carolina has one of the highest percentages — 13.4% — of adults with medical debt, according to KFF, a health policy organization. About 20 million people — or nearly 1 in 12 adults — owe a combined total of at least $220 billion in medical debt in the United States, KFF says.



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Officials warn against swimming in French Broad River due to dangerous bacteria

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Officials warn against swimming in French Broad River due to dangerous bacteria


NORTH CAROLINA (WTVD) — A North Carolina river is deemed ‘too dirty’ to swim in.

People are advised to refrain from swimming in the French Broad River near Asheville for 24 to 48 hours, or until the water is less muddy.

Samples showed high levels of bacteria, including e-coli from recirculating water. According to officials, it’s because of the recent heavy rains.

“What we recommend for folks to do is…find somewhere else to go swim,” Anna Alsobrook, the watershed science and policy manager at MountainTrue, said. “We’ve seen everything from ear infections to GI issues (to) sinus infections.”

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Officials are also telling people to avoid ingesting any water until the quality level improves, which could be in a matter of days.

French Broad River flows from North Carolina into Tennessee.

SEE ALSO | NC farmer losing crop because of unsafe levels of chemicals in water

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