Property Type

Geyser Group, Sephira Underway on 76-Unit Multifamily Project in Austin

by Taylor Williams June 28, 2022

AUSTIN, TEXAS — Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and will be furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences will be reserved for renters earning 60 percent or less of the area median income. Communal amenities will include a fitness center, and a rooftop deck with an outdoor kitchen. Construction began last November, and completion is slated for January 2023.

June 28, 2022

Loans Multifamily Texas

Thorofare Capital Provides $27M Acquisition Loan for Austin Multifamily Portfolio

by Taylor Williams June 28, 2022

AUSTIN, TEXAS — Los Angeles-based Thorofare Capital has provided a $27 million acquisition loan for a portfolio of four undisclosed multifamily properties totaling 184 units in Austin. The portfolio also includes 20,272 square feet of retail space. The loan carried a floating interest rate and a three-year initial term with an extension option. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

June 28, 2022

Leasing Activity Office Texas

Alto Opens 16,000 SF Headquarters Office in Dallas Design District

by Taylor Williams June 28, 2022

DALLAS — Ridesharing services provider Alto has opened its 16,000-square-foot headquarters office at 141 Manufacturing St. in the Dallas Design District. The space offers a rooftop lounge and kitchen and walking trails. Stream Realty Partners represented Alto in the lease negotiations. Quadrant Investment Properties owns the building, and Transwestern provides leasing services.

June 28, 2022

Loans New York Northeast Office

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

Development Georgia Mixed-Use Multifamily Southeast

Terwilliger Pappas Breaks Ground on Mixed-Use Development in Brookhaven, Georgia

by John Nelson June 28, 2022

BROOKHAVEN, GA. — Terwilliger Pappas has broken ground on Solis Dresden Village, a mixed-use development in Brookhaven comprising 176 apartments, seven townhomes and 30,000 square feet of ground-floor retail space. Atlanta-based Connolly is partnering with Terwilliger Pappas on the retail component. Set to open near the Brookhaven MARTA station in mid-2024, apartments and townhomes at Solis Dresden Village will include quartz countertops and stainless steel appliances. Amenities will include a rooftop deck, pool, wine tasting room, pet spa, fitness center, coworking spaces and a private meditation room. The project team includes general contractor New South Construction, architect Rule Joy Trammell + Rubio and civil engineer Kimley-Horn.

June 28, 2022

Development Georgia Multifamily Southeast

SHR Residential Begins Construction on Howell Apartments in Atlanta’s Upper Westside District

by John Nelson June 28, 2022

ATLANTA — SHR Residential, a subsidiary of Songy Highroads, has broken ground on The Howell, a 210-unit apartment community located at 1850 Howell Mill Road in Atlanta’s Upper Westside district. The site fronts I-75 and previously housed the Atlanta Food Truck Park & Market. Set to open in early 2024, The Howell will feature one-, two- and three-bedroom apartments, along with coworking and retail space. Walton Street Capital is an equity partner with SHR Residential on the project. Development team members include architect Cooper Carry, general contractor Reeves Young and construction lender Ameris Bank. Rivers Residential will manage The Howell upon completion.

June 28, 2022

Alabama Development Loans Multifamily Southeast

Parkview Financial Provides $22.5M Loan for Multifamily Conversion Project in Birmingham

by John Nelson June 28, 2022

BIRMINGHAM, ALA. — Parkview Financial has provided a $22.5 million loan for the redevelopment of a former American Red Cross office building in Birmingham. Built in 1947, the five-story, 140,000-square-foot building has sat vacant since 1999. The borrower, EPT Holdings, plans to use the financing to convert the property into Market Lofts on 3rd, which will comprise 192 affordable housing units and a 4,000-square-foot retail unit with 60 parking spaces. The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, ceramic tile and polished concrete floors. Amenities will include onsite laundry services, a fitness center, lounge on the third floor and a central courtyard. Construction is underway, and EPT Holdings plans to open the property in December 2023. The project team includes Birmingham-based Wyatt General Contractor LLC and Birmingham-based Hendon + Huckestein Architects.

June 28, 2022

Acquisitions Florida Retail Southeast

JLL Brokers $16M Sale of Village Oaks Shopping Center in Pensacola, Florida

by John Nelson June 28, 2022

PENSACOLA, FLA. — JLL has brokered the $16 million sale of Village Oaks, a 166,245-square-foot shopping center located at 6241 N. Davis Highway in Pensacola. A South Florida-based family office purchased Village Oaks from an affiliate of Atlanta-based RCG Ventures. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Built in 1988 and renovated in 2014, the property’s tenant roster includes Bealls, PetSmart, Planet Fitness, Party City, Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.

June 28, 2022

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Brokers $97.5M Sale of Seniors Housing Community in Hamilton, New Jersey

by Taylor Williams June 28, 2022

HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.

June 28, 2022

Development Multifamily Northeast Rhode Island

EQT Exeter Begins Leasing 249-Unit Apartment Community in Providence, Rhode Island

by Taylor Williams June 28, 2022

PROVIDENCE, R.I. — Developer EQT Exeter has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the project, construction of which began in October 2020. Rents start at roughly $2,100 per month for a studio apartment. Bozzuto is the property manager.

June 28, 2022

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