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Harrison Street Sells New York Seniors Housing Portfolio for $600M

by Hayden Spiess August 28, 2025

CHICAGO — Investment management firm Harrison Street Asset Management has sold a portfolio of seniors housing communities located in the state of New York for more than $600 million. The buyer was not disclosed, but multiple media outlets report the buyer was senior living giant Ventas Inc. (NYSE: VTR). The portfolio comprises five communities. Harrison Street developed the properties in partnership with B2K Development between 2016 and 2022. Amenities at the communities include swimming pools, theaters, fitness centers, libraries and lifestyle programming. The names and addresses of the five communities were not released, but Long Island Business News reports the properties are located in the Long Island cities of Mt. Sinai, West Babylon, Holtsville, Bethpage and Jericho, N.Y. “This transaction exemplifies Harrison Street’s ability to produce value by targeting strategic developments, creating portfolios at scale that deliver operational excellence and executing strategic sales at opportune moments in time,” says Ben Mohns, head of asset management, North America at Harrison Street. Chicago-based Harrison Street ranked as the fourth-largest owner of seniors housing properties in the newly released, 2025 edition of the ASHA 50. Since its inception, Harrison Street has invested roughly $14.6 billion in seniors housing assets. In December 2024, Harrison Street sold a …

August 28, 2025

Development Loans Mixed-Use Multifamily New York Northeast Top Stories

Alloy, Vistria Obtain $535M Construction Financing for 62-Story Mixed-Use Tower in Downtown Brooklyn

by Kristin Harlow August 27, 2025

NEW YORK CITY — Alloy Development and The Vistria Group have obtained $535 million in construction financing for One Third Avenue, a 62-story mixed-use tower that marks the second and final phase of the Alloy Block development in downtown Brooklyn. Rising 730 feet, the project will include 583 market-rate and affordable housing units along with retail and office space. Vistria will invest more than $120 million of equity to capitalize the development, and Kayne Anderson Real Estate is providing $375 million of debt. Chris Peck, Nicco Lupo and Peter Rotchford of JLL managed the capital raise. One Third Avenue marks the tallest Passive House building in the world, according to the developers. Passive House is a building standard for dramatically reducing energy use while improving indoor air quality. Elements of the Passive House design include an airtight, well-insulated building envelope, filtered fresh air and a low carbon footprint. The development’s residential and office spaces will share energy resources to minimize waste heat. One Third Avenue joins the two projects in the first phase of Alloy Block — 505 State Street, a 44-story, 441-unit apartment tower and New York City’s first all-electric skyscraper, and 489 State Street, the first two public schools designed to …

August 27, 2025

Colorado Illinois Loans Midwest Ohio Seniors Housing Top Stories Western

Spectrum Retirement Receives $330M Refinancing for Seniors Housing Portfolio in Midwest, Southwest

by John Nelson August 26, 2025

DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest United States. Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate. “We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says Stoll, national director of BWE’s Seniors Housing and Care team. “It is a privilege to partner with one of the industry’s most respected owners and operators, and Spectrum exemplifies the highest standard of excellence.” The direct lender was not released, but BWE disclosed that the lender was a “global private credit investor.” BWE also said the transaction drew interest from multiple capital sources, including agencies, life insurance companies, banks and private credit firms. The eight-property portfolio spans major metropolitan areas in four states, all of which benefit from attractive demographics and sustained demand for high-quality senior living, according to BWE. The properties include Green Oaks Senior Living and Palos Heights …

August 26, 2025

Acquisitions Development Georgia Mixed-Use Office Southeast Top Stories

Portman Acquires Metro Atlanta Office Park, Plans Mixed-Use Redevelopment

by Taylor Williams August 25, 2025

ALPHARETTA, GA. — National developer Portman Holdings has acquired Brookside Office Park, a 266,000-square-foot development located in the northern Atlanta suburb of Alpharetta with plans to undertake a mixed-use redevelopment. The seller and sales price weren’t disclosed, but the Atlanta Business Chronicle reports that an affiliate of Bridge Commercial Real Estate sold the property for $27 million. Brookside Office Park consists of two buildings on a 20-acre site that were originally constructed in the 1980s. Portman plans to retain one 130,000-square-foot building, raze the other and pave the way for a proposed vision that includes 335 multifamily residences, 70 townhomes and 60,000 square feet of retail and restaurant space. Townhome prices will start at roughly $650,000, according to reports from the Atlanta Business Chronicle. The redevelopment will also feature activated public gathering areas, pedestrian connections and outdoor amenities that promote walkability and community engagement. Portman received unanimous approval from the Alpharetta City Council in April to transform the site into a mixed-use destination. Construction is expected to begin in 2026, with completion anticipated in 2029. “With Brookside, we’re taking an older office campus and giving it new life, keeping the best of what’s there while bringing in housing, retail and spaces …

August 25, 2025

Acquisitions Company News Multifamily Northeast Pennsylvania Top Stories

Morgan Properties Agrees to Acquire Dream Residential REIT in $354M Deal

by John Nelson August 22, 2025

CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …

August 22, 2025

Development Hospitality Mixed-Use Retail Top Stories Utah

Angstrom Development Group to Develop Mixed-Use Resort Project in Heber Valley, Utah

by Hayden Spiess August 21, 2025

HEBER VALLEY, UTAH — Angstrom Development Group has announced plans for The Slope, a new mixed-use resort project in Heber Valley, roughly 50 miles southeast from Salt Lake City International Airport. Situated along the Provo River, the development will feature an 86-room resort and more than 100,000 square feet of retail space. The Slope will also include 200 hotel-branded residences, which will be available for purchase or for short-term rentals. Residences at the project will be fully furnished, with rentals operated by the hotel brand’s professional management program. In addition to two- and three-bedroom condos located within the hotel, residential units will include four-bedroom, multistory villas. The villas will feature expansive patios and rooftop decks with hot tubs and saunas. Waterways, bike paths and pedestrian alleys will connect the development, and the resort will offer access to skiing, mountain biking, hiking trails, golfing and boating. Austin, Texas-based Angstrom Development Group develops high-end residential, mixed-use and resort projects across premier markets. — Hayden Spiess

August 21, 2025

Development Multifamily New York Northeast Top Stories

Lendlease Begins Preleasing, Reveals Renderings for 834-Unit Apartment Development in Brooklyn

by Kristin Harlow August 20, 2025

NEW YORK CITY — Lendlease has begun preleasing and revealed new renderings for The Riverie, an 834-unit apartment development in the Greenpoint neighborhood of Brooklyn. The project is slated to open in October. Of the total unit count, 30 percent are designated as affordable housing. The development will also feature 13,000 square feet of retail and restaurant space, state-of-the-art amenities and new public greenspace. Spanning an entire city block along the East River, The Riverie features two towers rising 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Marvel was the project architect. INC Architecture & Design handled the interior design, while Crème designed the townhomes. At the core of The Riverie’s sustainability strategy is its vertical closed-loop geothermal system, comprised of 320 boreholes beneath the site. This feature makes it the largest geothermal residential building in New York state and is believed to be the largest high-rise geoexchange system in the country, according to Lendlease. Combined with its fully electric design, The Riverie is expected to reduce annual carbon emissions from heating and cooling by 53 percent when …

August 20, 2025

Data Centers Development Industrial Texas Top Stories

Vantage Data Centers to Invest $25B for Mega-Campus in Shackelford County, Texas

by Abby Cox August 19, 2025

SHACKELFORD COUNTY, TEXAS — Vantage Data Centers will invest $25 billion to develop a 3.7 million-square-foot, large-scale data center campus in Shackelford County, which is situated near Abilene, Texas, and about 120 miles west of the Dallas-Fort Worth metroplex. Construction of the new 1.4-gigawatt (GW) campus, dubbed “Frontier,” has already begun, with the first of 10 buildings scheduled for delivery in the second half of 2026. The 1,200-acre, multi-phase project is expected to create jobs for 5,000 people across construction and ongoing operations at the campus, according to company representatives. Additionally, Vantage has pledged annual college scholarships for Shackelford County students throughout the lifespan of the project and plans to hire locally while providing training opportunities. “This investment in Texas will be a significant economic growth driver for the area as we rapidly deploy the digital infrastructure needed to support AI applications,” says Dana Adams, president of Vantage’s North America operations. The Frontier campus will be capable of supporting server racks with a power draw of more than 250 kilowatts (kW), while utilizing liquid cooling to support the next generation of graphics processing unit (GPU) loads. Vantage is also pursuing LEED (Leadership in Energy and Environmental Design) certification for Frontier, which …

August 19, 2025

Acquisitions Industrial Top Stories

W. P. Carey Acquires Tennessee Food Processing Facility in $166M Sale-Leaseback Deal

by Taylor Williams August 18, 2025

NEW YORK CITY — W. P. Carey, a New York City-based REIT specializing in net-leased deals, has acquired a food processing facility in Tennessee in a sales-leaseback transaction valued at $166 million. The exact location of the facility, which was completed in May and is occupied by a subsidiary of Canadian manufacturer and distributor Premium Brands Holding Corp., was not disclosed. The facility spans approximately 350,000 square feet. Building features include 40-foot clear heights, 27 dock doors and over 250,000 square feet of cooler and freezer space. In addition, the facility is fully powered by renewable energy sources and is expected to receive LEED Silver certification. Under the terms of the deal, which formally closed earlier this summer, Premium Brands is subject to a triple-net lease for a term of 25 years with fixed annual rent increases. Premium Brands will reinvest the proceeds of the sale into its core business. “We’re thrilled to partner with Premium Brands on this transaction, which highlights our conviction in the food production sector and our ability to structure real estate solutions that support operational growth for market-leading companies,” says Boyd Borjiet, vice president of investments at W. P. Carey. — Taylor Williams

August 18, 2025

Acquisitions Industrial Loans Southeast Top Stories

JLL Arranges $352.7M in Financing for Fundrise National Industrial Portfolio in Sun Belt, Mid-Atlantic

by Abby Cox August 15, 2025

WASHINGTON, D.C. — JLL Capital Markets has arranged a $352.7 million financing package for the Fundrise National Industrial Portfolio, a collection of 12 institutional-quality industrial buildings concentrated in the Mid-Atlantic and Sun Belt regions. Goldman Sachs and TPG Real Estate Credit provided the loan to an affiliate of Fundrise, a private equity firm based in Washington, D.C. Robert Carey, Carl Beardsley, Jason Carlos, Gus Caiola and Patrick Wu of JLL’s Debt Advisory team arranged the loan, which will be used to refinance the portfolio. “This financing will enable us to advance our long-term business plan for the industrial portfolio, create value for our investors and capitalize on the strong macro tailwinds in the industrial sector today,” says Brandon Jenkins, chief operating officer of Fundrise. Buildings within the portfolio, which totals roughly 3.2 million square feet, feature LED lighting, ESFR sprinkler systems, cross-dock configurations and clear heights ranging from 23 feet to 40 feet. “This portfolio represents a compelling investment opportunity, offering both geographic diversification and strong income stability from a quality tenant roster,” says Carey. “The strategic locations near major transportation networks, including international airports and key interstate corridors, position these assets to benefit from continued logistics demand.” The facilities …

August 15, 2025

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