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Ocean-Park-Apartments
Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Bank Funds $60.5M Acquisition Loan for Queens Affordable Housing Property

by Taylor Williams

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

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AcquisitionsDelawareMultifamilyNortheast

NAI Emory Hill Brokers Sale of 88-Unit Apartment Building in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Lancashire Apartments, an 88-unit multifamily building located on the north side of Wilmington. The property offers a mix of studio, one- and two-bedroom units that range in size from 312 to 733 square feet. Kyle McLaughlin and Rich Dudek of NAI Emory Hill represented the undisclosed seller in the transaction. Tommy Ciccarone Jr. of Bennett Williams Commercial represented the buyer, Berger Communities, which has rebranded the property as Larkwood Place Apartments.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $6.3M Sale of Apartment Complex in East Orange, New Jersey

by Taylor Williams

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated a $6.3 million sale of Arlington Court Apartments, a 53-unit multifamily complex in East Orange, located in Northern New Jersey. The three-building property offers 10 studios, 23 one-bedroom units and 20 two-bedroom units. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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AcquisitionsIndustrialSoutheastTennessee

Local Investment Group Buys 47-Acre Scrapyard Site in Nashville’s East Bank Area

by Abby Cox

NASHVILLE, TENN. — A group of Tennessee-based investors doing business as TEB LLC, which was organized by ARRT Global’s SRE investment fund I, has acquired a 47-acre scrapyard site in Nashville’s East Bank region. The purchase price was $245 million, according to several media outlets. David Byerley and Sam Lingo of ARRT Global led TEB LLC in the transaction, while Bryan Fort, Frank Thomasson and Ryan Coulter of CBRE represented the seller, Icahn Enterprises. The scrapyard site fronts the Cumberland River and ranks among one of the largest land purchases in Nashville history, falling slightly below Oracle Corp.’s $253.7 million purchase in 2021 for more than 65 acres of East Bank land for its future campus, as reported by the Nashville Business Journal.  SA Recycling has managed the site since its acquisition of PSC Metals in 2021. The scrapyard has primarily been used for metal recycling since the early 1960s. Plans for the redevelopment have not been disclosed.

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Towne Center at Cedar Lodge
AcquisitionsLouisianaRetailSoutheast

DLC, DRA Advisors Acquire Whole Foods-Anchored Shopping Center in Baton Rouge for $81M

by Abby Cox

BATON ROUGE, LA. — A partnership between New York-based companies DLC and DRA Advisors has acquired Towne Center at Cedar Lodge, a 316,031-square-foot shopping center located near the Louisiana State University (LSU) campus in Baton Rouge. The purchase price was $81 million, according to the Baton Rouge Advocate. The seller was undisclosed. Whole Foods Market anchors the property, which was 93 percent leased at the time of sale. Other tenants include Barnes & Noble, Nike, Gap and Ulta Beauty.

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2000 Wynwood
DevelopmentFloridaMultifamilySoutheast

American Landmark, Clearline Break Ground on 310-Unit Apartment Complex in Miami’s Wynwood Arts District

by Abby Cox

MIAMI — A partnership between Tampa- based American Landmark Apartments and New York-based Clearline Real Estate has broken ground on 2000 Wynwood, a 310-unit apartment complex located in Miami’s Wynwood Arts District. Leo A Daly designed the project, which will feature luxury studios, one- and two-bedroom apartments, as well as 12,000 square feet of ground-floor retail space. Amenities will include a resort-style rooftop swimming pool, fitness center, resident lounge, coworking areas and 308 private parking spaces. A timeline for completion was not disclosed.

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730 4th St. N.
AcquisitionsFloridaRetailSoutheast

SRS Real Estate Arranges $7.3M Sale of a Multi-Tenant Retail Property in St. Petersburg, Florida

by Abby Cox

ST. PETERSBURG, FLA. — SRS Real Estate Partners has arranged the $7.3 million sale of a two-parcel, multi-tenant retail strip center located at 730 4th St. N in St. Petersburg. Built in 2009, the property totals 10,802 square feet and was fully leased to a mix of tenants including Foxtail Coffee, The UPS Store, Jimmy John’s, Chipotle Mexican Grill and Verizon Wireless at the time of sale. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, a Tampa-based investment group, in the transaction. The buyer was a national fund that targets multi-tenant retail properties. Both parties requested anonymity.

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Leasing ActivityNew YorkNortheastOffice

Rabin & Partners Signs 10,881 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Rabin & Partners LLP has signed a 10,881-square-foot office lease renewal in Midtown Manhattan. The family law firm will remain a tenant at 11 Times Square, a 40-story, 1.1 million-square-foot building located at the corner of Eighth Avenue and 42nd Steet. Sam Seiler of CBRE represented the tenant in the lease negotiations. SJP Properties owns 11 Times Square.

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110 East
Leasing ActivityNorth CarolinaOfficeSoutheast

First Horizon Signs Lease to Occupy Three Floors at 110 East Office Building in Charlotte’s South End

by Abby Cox

CHARLOTTE, N.C. — Regional financial services company First Horizon Corp. has signed a lease at 110 East, a 370,000-square-foot office tower located in the South End neighborhood of Charlotte. Rhea Greene, Jennifer Kurz and John Hannon of Trinity Partners represented the landlord, a joint venture between Shorenstein and Stiles, in the lease negotiations. Bradley Rice of Fischer CRE represented the tenant along with internal representatives Tina Fullard and Joanna Britt of First Horizon. In the first half of 2026, First Horizon will relocate to 110 East, consolidating two of its current regional offices. As the anchor tenant, the firm will occupy 88,167 square feet across the top three floors of the building, bringing the tower to 70 percent occupancy. Other tenants include Coinbase, SPAR Media and SouthState Bank. 110 East was delivered in March 2024 and marks the tower’s first phase of a broader redevelopment plan to transform Charlotte’s South and East Boulevard into a walkable destination for office, retail and dining.

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The-Becker-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Wakeland Housing, MVE + Partners Break Ground on $140M Affordable Housing Complex in San Diego

by Amy Works

SAN DIEGO — Wakeland Housing and MVE + Partners have broken ground on The Becker, a $140 million affordable housing complex in San Diego’s Mission Valley neighborhood. The property is part of the $4 billion Riverwalk development in San Diego — a mixed-use and recreational project master-planned by MVE + Partners that will convert a former golf course into a 195-acre mixed-use, transit-oriented development. The Becker is the first phase of Riverwalk’s affordable component and will be the first housing project to open within the development. Designed by MVE + Partners, The Becker comprises 227,000 square feet spanning three buildings offering a total of 190 units. The four- and five-story buildings are dedicated to tenants making between 30 to 60 percent of the area median income. The property will feature 46 one-bedroom, 89 two-bedroom and 55 three-bedroom units. The property will also include a second-floor courtyard and play area, a community room with a kitchen and computer stations, a central laundry room and onsite leasing office alongside 95 bike spaces and 100 parking spaces, including EV chargers. Slated for completion in 2027, The Becker is located at 6364 Village Drive. Level 10 Construction is serving as general contractor for the project.

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