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DevelopmentLoansMidwestMinnesotaMultifamily

JLL Secures $76.3M in Financing for Luxury Apartment Development in West St. Paul

by Kristin Harlow

WEST ST. PAUL, MINN. — JLL Capital Markets has arranged $76.3 million in financing for Thompson Oaks, a 291-unit luxury apartment community to be built in West St. Paul. Josh Talberg, Scott Loving, Will Hintz and Jack Graveline of JLL represented the borrower, Greco and Swervo Management. First International Bank & Trust provided a $63 million loan, which features a four-year term and a floating interest rate. JLL also sourced $13.3 million from WhiteStar Advisors. Construction will begin immediately following closing. The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 townhome-style units. The development team will also lead a renovation of a former auto parts shop, creating an additional 7,100 square feet of commercial retail space. Amenities will include an outdoor pool, golf simulator, wellness center, work-from-home spaces, a theater room, clubroom, private dining area and underground parking. The project is a public-private partnership with the City of West St. Paul. Upon completion, the public components will include significant park improvements with connections to the regional trail system. The project, which will be built by Frana Cos. and designed by BKV Group, represents the initial phase of a master redevelopment of …

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DevelopmentIndustrialTexas

HLCI to Develop 238,000 SF Industrial Project in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Holt Lunsford Commercial Investments (HLCI) will develop Meacham 820 Crossing, a 238,000-square-foot industrial project in North Fort Worth. The development will consist of two buildings totaling approximately 105,000 and 133,000 square feet on a 26.5-acre site at the northwest corner of Old Decatur Road and I-820. Both buildings will feature 32-foot clear heights and dock-high loading doors, in addition to “deep” truck courts and “generous” car parking space. Construction is set to begin before the end of the year and to last about 12 months.

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IndustrialLeasing ActivityMidwestMissouri

Newmark Zimmer Arranges 1.4 MSF Industrial Lease in Independence, Missouri

by Kristin Harlow

INDEPENDENCE, MO. — Newmark Zimmer has arranged a 1.4 million-square-foot lease for a warehousing and distribution tenant at Space Center underground industrial park, which is located at 1500 Geospace Drive in Independence. The transaction represents the largest industrial lease in metro Kansas City by square footage year to date, according to Newmark Zimmer. Spanning 160 acres of limestone, Space Center offers tenants a naturally stable climate, low humidity and advanced fire protection systems. Mark Long, John Hassler and Seamus McLaughlin of Newmark Zimmer represented the undisclosed landlord.

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AcquisitionsKansasMidwestMultifamily

Northmarq Brokers Sale of 301-Unit Multifamily Property in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — Northmarq has brokered the sale of Union Mill, a 301-unit luxury multifamily property in Wichita. Benjamin Davis, Jeff Lamott and Casey Wilhm of Northmarq represented the seller, TLC Properties. The buyer was UM Apts LLC. Built in 2023 and 2024, Union Mill is comprised of 11 buildings with studio, one-, two- and three-bedroom floor plans. The property is currently 91 percent leased. Amenities include a heated saltwater pool, pickleball court, mini putting course, golf simulator, fitness center, dog park, electric vehicle charging stations, covered parking and a bodega convenience store. The deal marks the largest multifamily sale in Wichita history, according to Northmarq.

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AcquisitionsHospitalityMidwestWisconsin

Hunter Advisors Negotiates Sale of 196-Room Renaissance Milwaukee West Hotel

by Kristin Harlow

WAUWATOSA, WIS. — Hunter Advisors has negotiated the sale of the Renaissance Milwaukee West Hotel, a 196-room property in Wauwatosa, about 10 miles west of downtown Milwaukee. Spencer Davidson of Hunter brokered the transaction. Chicago-based Witness Investment was the buyer. Built in 2020 and located at 2300 N. Mayfair Road, the 12-story hotel sits adjacent to Mayfair Mall. The property features 9,864 square feet of flexible meeting and event space, the ELDR+RIME Restaurant, the Silhouette Lobby Lounge and a 12th-floor fitness center.

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LoansOfficeTexas

JLL Arranges Loan for Refinancing of 121,115 SF Office Building in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has arranged a loan of an undisclosed amount for Rollingwood III, a 121,115-square-foot office building in southwest Austin. Built in 2019, the building is one of three within Rollingwood Center, a 13-acre campus located at the intersection of MoPac Expressway and Bee Caves Road. Rollingwood III was fully leased at the time of sale. Colby Mueck and Doug Opalka of JLL arranged the fixed-rate loan through Ascentris on behalf of the undisclosed borrower.

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Affordable HousingDevelopmentMultifamilySoutheastTennessee

Holladay, Urban League Open East Nashville Affordable Housing Community

by John Nelson

NASHVILLE, TENN. — Holladay Ventures and the Urban League of Middle Tennessee (ULMT) have delivered Park24, a 140-unit affordable housing community in east Nashville. The property is located at 660 Joseph Ave. in the city’s McFerrin Park neighborhood. Park24 offers one-, two- and three-bedroom apartments affordable to households earning 30 to 80 percent of the area median income (AMI). Capital partners for the project included Amazon Housing Fund, U.S. Bancorp Impact Finance, Cedar Rapids Bank and Trust and Barnes Fund, which provided a $2 million grant. Community partners and consultants included ULMT, Pillars Development, PATHE and the McFerrin Park Neighborhood Association. Holladay Ventures also credited the Mayor’s Office of Nashville-Davidson County Metro, the Metropolitan Development and Housing Agency (MDHA), Tennessee Housing Development Agency and Metro Council as “backing” the project. The ULMT operates a 2,200-square-foot empowerment center onsite at Park24, which also features 2,500 square feet of ground-level commercial space that The Cauble Group is marketing for lease.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Accesso Signs Piedmont Health Services to 24,000 SF Office Lease in Durham

by John Nelson

DURHAM, N.C. — Accesso has signed a 24,000-square-foot lease with Piedmont Health Services, a North Carolina-based nonprofit healthcare system, in Durham. The tenant will occupy two spaces within two different buildings at Meridian Business Park, a 10-building office park. The lease term for both suites is nearly 11 years and will establish the organization’s long-term administrative headquarters, as well as flex space to warehouse equipment for Piedmont Health’s clinics and facilities across 14 North Carolina counties. Issac Brown and Doug Brock of Newmark represented Piedmont Health in the lease negotiations, and Brad Corsmeier and Brian Carr of CBRE represented Accesso. The owner also recently secured a loan modification for its mortgage at Meridian Business Park, which includes capital reserves to fund property improvements, renovations and spec suite development.

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DevelopmentLoansMultifamilyNew YorkNortheast

Merchants Capital Provides $138.5M in Financing for White Plains Multifamily Project

by Taylor Williams

WHITE PLAINS, N.Y. — Merchants Capital has provided $138.5 million in financing for a 296-unit multifamily project in White Plains, located north of New York City. The financing consists of a $120.5 million construction loan from Merchants Bank and an $18 million revolving loan fund from the New York State Homes and Community Renewal’s Housing Acceleration Fund (HAF) program. Known as North White Plains Workforce Transit Hub, the project will comprise two six-story buildings that will house studio, one- and two-bedroom units. Of the 296 residences, 266 will be rented at market rates, and 30 will be reserved for households earning between 50 and 110 percent of the area median income. Amenities will include a fitness center, resident lounge and a coworking/event space, and the development will also feature onsite retail space, a parking garage and a 15,000-square-foot public park. BRP Cos. is leading development of the project, construction of which is underway and expected to be complete in mid-2029.

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