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Town-Laurel-Crossing-Buford-Georgia
AcquisitionsGeorgiaLoansMultifamilySoutheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges Sale, Acquisition Financing for Metro Atlanta Apartment Communities Totaling 707 Units

by Taylor Williams

BUFORD AND KENNESAW, GA. — Walker & Dunlop (NYSE: WD) has arranged the sale of and provided Freddie Mac acquisition financing for Town Laurel Crossing and Manor Barrett, two apartment communities in the metro Atlanta area totaling 707 units. The transactions represent a total of $352.8 million in capital movement and placement. The name of the borrower, a private multifamily owner-operator, was not disclosed. Both properties are currently listed under rebranded names on the website of Denver-based Mission Rock Residential, which provides third-party management services for the assets. The properties were both built in 2024. Chris Goldsmith, Telly Fathaly and Cameron Dunn of Walker & Dunlop represented the seller, Related Group, in both transactions. Mary Stuart Hurst and Fletcher Dunn of Walker & Dunlop led the debt origination efforts on behalf of the new owner. Town Laurel Crossing is a 360-unit community located within the Exchange at Gwinnett shopping district in Buford, a northeastern suburb of Atlanta. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 752 to 1,550 square feet. Amenities include a pool, fitness center, lounge, clubhouse, dog park and outdoor grilling and dining stations. Manor Barrett is a 347-unit community …

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RetailWashingtonWestern

Starbucks to Close Stores, Lay Off Workers in $1B Restructuring Effort

by Kristin Harlow

SEATTLE — Starbucks Coffee has announced that it will be eliminating roughly 900 non-retail U.S. jobs, with additional plans to close several hundred underperforming company-operated stores, as part of a broader $1 billion restructuring effort. The company’s store count will decrease by about 1 percent, which translates to roughly 500 closures for the company, as reported by CNBC. Starbucks plans to end its fiscal year with almost 18,300 North American locations, including both company-operated and licensed cafés.  Brian Niccol, chairman and CEO of Starbucks Coffee, stated that baristas from closing locations will receive severance packages or will be transferred to nearby locations. The latest store closures and layoffs at Starbucks are part of Niccol’s wide-ranging turnaround strategy in his first year at the company.  Starbucks has reported six consecutive quarters of declining same-store sales, as well as a previous round of 1,100 corporate layoffs in February. 

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DevelopmentFloridaIndustrialSoutheast

Foundry, Wheelock Street Capital to Develop 474,000 SF Festival Logistics Park in South Florida

by John Nelson

POMPANO BEACH, FLA. — A partnership between Foundry Commercial and Wheelock Street Capital has purchased the former Festival Flea Market site at 2900 W. Sample Road in Pompano Beach. The duo plans to transform the 25-acre property into Festival Logistics Park, a 474,000-square-foot development with three buildings ranging in size from 60,000 to 300,000 square feet. Two of the buildings will front Sample Road, and all buildings will feature 32- to 36-foot clear heights, ESFR sprinkler systems, dock-high loading and ample parking. Foundry and Wheelock Street Capital plan to begin demolition of existing structures on the Festival site in the fourth quarter and deliver the park by the end of 2026. The co-developers have tapped Nick Wigoda and Steve Medwin of Stream Realty Partners to manage leasing at Festival Logistics Park.

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Jefferson-Bonnie-Brae-Denton
DevelopmentMultifamilyTexas

JPI Breaks Ground on $132M Workforce Housing Project in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Locally based multifamily developer JPI has broken ground on Jefferson Bonnie Brae, a $132 million workforce housing project that will be located in the North Texas city of Denton. Jefferson Bonnie Brae will consist of five residential buildings and one leasing and amenity building. Of the development’s 461 units, 66 percent will be one-bedroom apartments, 30 percent will be two-bedroom residences and 4 percent will be three-bedroom units. Amenities will include a pool, fitness center, dog park, pickleball court and open green spaces. The first units are expected to be available for occupancy in the third quarter of next year, with full completion slated for 2027.

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AcquisitionsIndustrialTexas

Blacktop Industrial Trust Buys 337,705 SF Rosslyn Business Park in Northwest Houston

by Taylor Williams

HOUSTON — Blacktop Industrial Trust, a South Florida-based REIT, has purchased the 337,705-square-foot Rosslyn Business Park in northwest Houston. Rosslyn Business Park consists of 11 buildings on a 45-acre site that were fully leased to seven tenants at the time of sale. Buildings feature clear heights of 20 to 55 feet and oversized grade-level doors, and the campus includes outdoor storage space. JLL provided financial advisory services to Blacktop. The seller was Houston-based Clay Development & Construction Inc. The sales price was not disclosed. JLL provided financial advisory services to Blacktop.

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Build-to-RentLoansSingle-Family RentalTexas

Greystone Provides $19.8M Agency Refinancing for Build-to-Rent Property in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Greystone has provided a $19.8 million Fannie Mae loan for the refinancing of Legacy on Rockhill, a 128-unit build-to-rent property in McKinney, located north of Dallas. Built on 13.2 acres in 2023, Legacy on Rockhill offers one-, two- and three-bedroom single-family and duplex-style homes with private backyards. Amenities include a pool, fitness center, dog park and a bocce ball court. John Sloot of Greystone originated the debt. The borrower was not disclosed. The property was 94 percent occupied at closing.

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AcquisitionsMultifamilyTexasWalker & Dunlop

Western Wealth Capital Buys 97-Unit Multifamily Property in Euless, Texas

by Taylor Williams

EULESS, TEXAS — Canadian investment firm Western Wealth Capital (WWC), which also has an office in Phoenix, has purchased Park Place Townhomes, a 97-unit multifamily asset located near DFW International Airport in Euless. The property was built in 1980 and has an average unit size of 1,116 square feet. WWC partnered with StepStone Group on the deal, which involved the assumption of the existing mortgage. Brian Murphy of Newmark brokered the sale. Katie Runyan of Walker & Dunlop handled the loan assumption.  

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HealthcareLoansTexas

PACE Equity, Lone Star Provide $2.4M in Financing for Renovation of Plano Medical Office Building

by Taylor Williams

PLANO, TEXAS — PACE Equity and Lone Star PACE have provided $2.4 million in C-PACE financing for the renovation of Independence Medical Center, a 57,000-square-foot medical office building located north of Dallas in Plano. Planned upgrades include a replacement of HVAC systems, modernization of common areas and the installation of 56 covered parking spaces with solar-paneled rooftops. The property owner was not disclosed.

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The-Mill-Greenwich
AcquisitionsConnecticutMultifamilyNortheast

CBRE Negotiates $97.5M Sale of Apartment Complex in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — CBRE has negotiated the $97.5 million sale of The Mill, a 71-unit apartment complex located in the southern coastal Connecticut city of Greenwich. The Mill, which is a redevelopment of a 19th century riverfront industrial building, consists of five buildings that also house 28,653 square feet of retail space across them. The apartments consist of 59 units in the former mill (built in 1881) and a converted office building (built in 1981), plus 12 additional apartments located at 328 Pemberwick Road (built in 1983). Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

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The-Shops-at-Chestnut-Hill
DevelopmentMassachusettsNortheastRetail

Simon Begins Redevelopment of Shops at Chestnut Hill in Metro Boston

by Taylor Williams

CHESTNUT HILL, MASS. — Simon Property Group has begun the redevelopment of The Shops at Chestnut Hill, a shopping, dining and entertainment destination located on the western outskirts of Boston. The project will include a full repainting of the center’s interiors, the installation of a new lighting system, as well as fresh artwork and decor throughout the center, and a refreshing of the indoor garden area. Simon will also upgrade the center’s flooring, facades and restrooms. The project is expected to be substantially complete by the end of the year. The Shops at Chestnut Hill is currently home to about 50 retail and restaurant establishments, including the only Bloomingdale’s in Massachusetts.

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