Property Type

Bank OZK Provides $84M Construction Loan for First Phase of Nora District in Downtown West Palm Beach

by John Nelson June 17, 2024

WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.

June 17, 2024

Development Florida Hospitality Southeast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson June 17, 2024

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

June 17, 2024

Development Leasing Activity North Carolina Restaurant Retail Southeast

CBL Properties Adds New Tenants, Expands Existing Retailers at Mayfaire Town Center in Wilmington, North Carolina

by John Nelson June 17, 2024

WILMINGTON, N.C. — CBL Properties has signed female apparel retailers Free People and FP Movement to open new stores at Mayfaire Town Center, a 610,000-square-foot open-air shopping mall in Wilmington. The affiliated brands will open their stores on Main Street totaling 5,500 square feet this fall. Additionally, CBL is set to open a new Claire’s store this month and reopen Chick-fil-A later this summer. Vochos Urban Mexican Kitchen and Potbelly Sandwich Shop are also set to debut their restaurants at Mayfaire soon. CBL is also expanding Reeds Jewelers, which has been a tenant at Mayfaire since the mall opened 20 years ago. The retailer will operate a newly expanded store on Inspiration Drive spanning 9,000 square feet. Set to open in July, the flagship store will carry Rolex and David Yurman brands and feature a bar and lounge. CBL also agreed to relocate and expand lululemon, which has been a tenant since 2021, to a new 5,200-square-foot store on Main Street. Rack Room Shoes also recently relocated to a new 4,000-square-foot store.

June 17, 2024

Acquisitions Multifamily Utah Western

Investor Capital Group Divests of 288-Unit The Falls at Canyon Rim Apartments in Ogden, Utah

by Amy Works June 17, 2024

OGDEN, UTAH — Investor Capital Group has completed the disposition of The Falls at Canyon Rim, a multifamily property in the Salt Lake City suburb of Ogden. TruAmerica Multifamily purchased the asset for an undisclosed price. Built in 2001 on more than 14 acres, the 12-building community features 288 one-, two- and three-bedroom apartments ranging in size from 937 square feet to 1,420 square feet. Each unit offers full-size washers/dryers, plank flooring and a private patio or balcony. Community amenities include two playground areas, a swimming pool and tennis court. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 17, 2024

Development Hospitality Kentucky Southeast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson June 17, 2024

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

June 17, 2024

Idaho Loans Lument Multifamily Seniors Housing Western

Lument Provides $9M Financing for Three-Property Seniors Housing Portfolio in Idaho

by Amy Works June 17, 2024

BOISE, IDAHO — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care facilities in Garden City and Meridian, respectively. The loan features a two-year term, floating interest rate and interest-only payments. Once performance at Alpine Meadows has stabilized, Lument plans to convert the financing into a HUD scattered-site loan to create a larger base of beds and diversify the operational risk across buildings.

June 17, 2024

Development Loans Multifamily Southeast Tennessee

Knighthead Funding Originates $22M Refinancing for Luna Apartments in Nashville

by John Nelson June 17, 2024

NASHVILLE, TENN. — Knighthead Funding has originated a $22 million loan for the refinancing of The Luna, a newly built apartment community located at 1009 8th Ave. S in Nashville’s Edgehill neighborhood, roughly two miles south of downtown. The two-year, fixed-rate loan will feature interest-only payments and be used to take out a maturing construction loan. The borrower is a joint venture led by developer CA South. Built in 2023, The Luna features 108 apartments with monthly rental rates ranging from $1,650 to $4,300, according to Apartments.com. Floor plans include studio, one-, two- and three-bedroom layouts ranging in size from 520 to 1,350 square feet. Amenities include a pool, fitness center, clubhouse, pet play area, pet washing station and a business center.

June 17, 2024

Affordable Housing Colorado Loans Multifamily Western

Brikwell Receives $5.8M Loan for Benjamin Square Affordable Housing Community in Eaton, Colorado

by Amy Works June 17, 2024

EATON, COLO. — Brikwell has received $5.8 million in financing for Benjamin Square, an affordable housing property in Eaton, a small town east of Fort Collins. Located at 55 Juniper Ave., Benjamin Square features 60 one-bedroom apartments spread across 10 single-story buildings. The units are all Section 8 affordable housing. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area. Brock Yaffe and Tony Nargi of JLL Capital Markets Debt Advisory secured the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

June 17, 2024

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 50-Unit Assisted Living Community in Mercer Island, Washington

by Amy Works June 17, 2024

MERCER ISLAND, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 50-unit assisted living and memory care community in Mercer Island, located in Lake Washington just east of Seattle. The property was built in 1990. Its name was not disclosed. The seller was a private real estate fund. The buyer is a Northwest-based owner-operator looking to expand its portfolio in Washington. The new owner plans to remodel the community Jason Punzel and Daniel Geraghty handled the transaction for SLIB.

June 17, 2024

Acquisitions Arizona Industrial Western

Arizona Food Bank Network Buys 35,920 SF Industrial Space in Rio Rico, Arizona

by Amy Works June 17, 2024

RIO RICO, ARIZ. — Arizona Food Bank Network has acquired 35,920 square feet of industrial space at 13 Calle Cristina in Rio Rico, approximately 60 miles south of Tucson near the Mexico border. ACKA #3 Partnership sold the property for $2.7 million. Jose Dabdoub of Cushman & Wakefield | PICOR represented the seller, while Brian Uretzky of Keyser represented the buyer in the deal.

June 17, 2024

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