Monday, June 1, 2026
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Kotarides
AcquisitionsMultifamilyNorth CarolinaSoutheast

Capstone Brokers $4.4M Sale of Multifamily Development Site in Leland, North Carolina

by Julia Sanders

LELAND, N.C.— Capstone Land Sales has brokered the $4.4 million sale of a 22.8-acre multifamily development site within the Westgate community of Leland, about 10 miles west of Wilmington, N.C. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community at the site. Caleb Troop and Eric Liebich of Capstone Land Sales led the sales transaction. The seller was not disclosed. Kotarides’ apartment project will offer views of Jackeys Creek and be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park. The project will be the first apartment property in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. The regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.

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The-Wheeler-Brooklyn
CivicLeasing ActivityNew YorkNortheastOffice

St. Francis College to Relocate Campus to The Wheeler in Downtown Brooklyn

by Taylor Williams

NEW YORK CITY — St. Francis College, a private Catholic educational institution, will relocate its campus from Brooklyn Heights to The Wheeler, Tishman Speyer’s new building that is situated atop a former Macy’s department store in downtown Brooklyn. Under the terms of the 30-year lease, St. Francis College will occupy 255,091 square feet across the fifth, sixth and seventh floors beginning in September 2022.

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AcquisitionsDelawareHospitalityNortheast

Savills Brokers Sale of 112-Room Marriott-Branded Hotel in Bethany Beach, Delaware

by Taylor Williams

BETHANY BEACH, DEL. — Savills Inc. has arranged the sale of the 112-room Bethany Beach Ocean Suites Residence Inn, part of the Marriott family of brands, in coastal Delaware. The oceanfront hotel offers resort-like suites, a full-service spa and five meeting rooms. Marc Magazine and Tom Baker of Savills represented the seller, a partnership by entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.

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LoansLumentMultifamilyNortheastPennsylvaniaSeniors Housing

Lument Arranges $35.6M Construction Loan for Skilled Nursing Facility in Bellefont, Pennsylvania

by Taylor Williams

BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.

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DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

LCS Completes $8M Renovation of Seniors Housing Property in Bridgewater, New Jersey

by Taylor Williams

BRIDGEWATER, N.J. — Life Care Services (LCS) has completed an $8 million renovation project at Laurel Circle, a seniors housing community in Bridgewater, located between New York City and Philadelphia. The project added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 acres. Hord Coplan Macht served as the architect and interior designer for the renovation.

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One-Franklin-Square-White-Plains
LoansMultifamilyNew YorkNortheast

NorthMarq Provides $5.6M Agency Loan for Refinancing of Multifamily Asset in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — NorthMarq has provided a $5.6 million Freddie Mac loan for the refinancing of Franklin Square Apartments, a 141-unit multifamily asset in White Plains, a northern suburb of New York City. The property was built in 1990 and features one- and two-bedroom units, many of which were recently renovated. Robert Ranieri of NorthMarq originated the 10-year, interest-only loan on behalf of the undisclosed borrower.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges $26.1M Sale of Apartment Complex in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of the Phoenix Apartments in the Battle Creek neighborhood of St. Paul for $26.1 million. Located at 200 Winthrop St., the 216-unit apartment complex was built in 1976 and updated in 2017. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Main Street Cos. A joint venture between a fund managed by DRA Advisors and Marquette Cos. was the buyer. The sale represents a value-add opportunity as roughly 50 percent of the apartment complex is still in need of renovations, according to JLL.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

East Lake Management & Development to Build 161-Unit Workforce Housing Community in Illinois Medical District

by Kristin Harlow

CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.

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AcquisitionsMidwestNebraskaRetail

MAG Capital Partners Sells 88,000 SF Athletic Facility in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — MAG Capital Partners LLC has sold an approximately 88,000-square-foot athletic and tennis facility in Lincoln to the property’s tenant, Genesis Health Clubs. The sales price was undisclosed. MAG Capital Partners purchased the property, located at 5300 Old Cheney Road, in 2017 and leased it to Genesis. The property offers tennis, racquetball, aquatics, youth programs, tanning, massage therapy, a café and pro shop. Plans for a major remodel are underway. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi. Genesis operates 57 locations across six states.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $20.8M Loan for Refinancing of Rana Village Apartments in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $20.8 million Fannie Mae loan for the refinancing of Rana Village, a 113-unit apartment complex in Minneapolis. The six-story building was constructed in 2019. Amenities include a playground, fitness center, business center and covered parking. The fixed-rate loan features a 10-year term and a 30-year amortization schedule. Rana Village LLC was the borrower.

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