Property Type

Northmarq Secures $141.7M in Financing for Two High-Rise Apartment Towers in Metro D.C.

by John Nelson June 25, 2025

BETHESDA AND SILVER SPRING, MD. — Northmarq has secured $141.7 million in financing for a two-property apartment tower portfolio in Washington, D.C.’s suburban Maryland region. The portfolio includes Solaire 7607 Old Georgetown, a new 22-story, 198-unit tower in Bethesda, and Solaire 1150 Ripley, a 16-story, 295-unit property in downtown Silver Spring that was built in 2012. Jason Smith and Kenneth Gentzel of Northmarq’s D.C. office arranged the financing on behalf of the borrower, Washington Property Co. The direct lender was not disclosed.

June 25, 2025

Development Leasing Activity Louisiana Retail Southeast

Feil Organization to Deliver First Trader Joe’s Grocery Store in New Orleans

by John Nelson June 25, 2025

NEW ORLEANS — The Feil Organization plans to deliver a new Trader Joe’s grocery store at 2501 Tulane Ave. in New Orleans. The new 13,368-square-foot store will be the first location in New Orleans for the Monrovia, Calif.-based specialty grocer. Feil began assembling sites along Tulane Avenue in 2016 and executed the lease with Trader Joe’s in 2023. Colette Wharton and Katina Spera represented Feil internally in the lease negotiations, and Rich Lobkowicz of District Real Estate Advisors and Chris Ross of NAI Latter & Blum (now NAI Rampart) represented Trader Joe’s. The design-build team includes Sherman Strategies, SCNZ Architects and Landis Construction. Metairie Bank provided an undisclosed amount of construction financing for the project. The new Trader Joe’s is set to this summer, according to NOLA.com.

June 25, 2025

Acquisitions Georgia Multifamily Southeast

Blackfin Purchases Sage Creek Apartments in Augusta, Georgia for $17.3M

by John Nelson June 25, 2025

AUGUSTA, GA. — Blackfin Real Estate Investors LLC, a multifamily investment firm based in Arlington, Va., has purchased Sage Creek Apartments, a 120-unit garden-style community located at 1315 Marks Church Road in Augusta. The seller, an investment group led by JJM Realty Partners LLC, sold the property for $17.3 million. Mike Riley and Ian Shaw of Berkadia represented the seller in the transaction. Patrick McGlohn, Brian Gould, Ted Hermes, Miles Drinkwalter and Natalie Hershey of Berkadia arranged an undisclosed amount of acquisition financing for Blackfin. Built in 2016, Sage Creek represents Blackfin’s first acquisition in Georgia. The property offers one- and two-bedroom apartments ranging in size from 812 to 1,076 square feet, according to Apartments.com. Amenities include a pool, fitness center, laundry facilities, onsite maintenance, bike storage, pet play area and a dog park.

June 25, 2025

Development Multifamily New Jersey Northeast

Malas Development to Build 248-Unit Apartment Complex in Teaneck, New Jersey

by Taylor Williams June 25, 2025

TEANECK, N.J. — Locally based firm Malas Development will build a 248-unit apartment complex in the Northern New Jersey community of Teaneck. The project represents Phase II of The Marq, the first phase of which comprised 256 units that are now 80 percent occupied. Designed by CPA Architecture, the second phase will offer studio, one-, two- and three-bedroom apartments and amenities such as a sauna and massage rooms, coworking areas, a sport simulator, landscaped courtyard with a pool and a rooftop terrace. Completion is slated for the fourth quarter of 2026.

June 25, 2025

Acquisitions Alabama Hospitality Loans Southeast

Cronheim Hotel Capital Arranges $13.3M Acquisition Loan for Hampton Inn Hotel in Prattville, Alabama

by John Nelson June 25, 2025

PRATTVILLE, ALA. — Cronheim Hotel Capital has arranged a $13.3 million acquisition loan for Hampton Inn & Suites, a hotel located at 2590 Cobbs Ford Road in Prattville, a northern suburb of Montgomery, Ala. The new owner plans to fully renovate the hotel. Cronheim arranged the financing on behalf of the undisclosed borrower through a regional bank. The five-year loan features 18 months of interest-only payments and no prepayment penalty for the full term. The Hampton Inn & Suites Prattville has 101 rooms and suites, as well as an outdoor pool, fitness center, meeting rooms and complimentary breakfast, according to the property website.

June 25, 2025

Acquisitions New Jersey Northeast Retail

CBRE Negotiates $37.5M Sale of Newark Shopping Center

by Taylor Williams June 25, 2025

NEWARK, N.J. — CBRE has negotiated the $37.5 million sale of Springfield Avenue Marketplace, a 110,551-square-foot shopping center in Newark. A 71,000-square-foot Shoprite grocery store anchors the property, which was completed in 2016 and was 97 percent leased at the time of sale. Additional tenants include McDonald’s, Taco Bell, Popeyes and T-Mobile. Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer of CBRE represented the seller, Goldman Sachs Alternatives, in the transaction. The team also procured the buyer, Medipower, a publicly traded Israeli investment firm. Jim Cadranell, Jon Mikula and Christian Badalamenti of JLL arranged $24.4 million in fixed-rate acquisition financing for the deal through Protective Life Corp.

June 25, 2025

Loans Massachusetts Multifamily Northeast

MMCC Arranges $18.7M in Financing for Three Boston-Area Multifamily Properties

by Taylor Williams June 25, 2025

BOSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.7 million in financing across three loans for a trio of multifamily properties in Boston. The properties include the 31-unit Heywood Apartments in Worcester, the 36-unit Eames Apartments in Framingham, a western suburb of Boston, and the 29-unit Summer Street Apartments in Waltham, also located west of the state capital. All three loans carried 6.5 percent interest rates. Robert Damigella of MMCC arranged the loans. The direct lenders and borrowers were not disclosed.

June 25, 2025

Civic Development Massachusetts Northeast

Gilbane Completes 110,000 SF Academic Project in Groton, Massachusetts

by Taylor Williams June 25, 2025

GROTON, MASS. — Gilbane Building Co. has completed the Florence Roche Elementary School in Groton, located northwest of Boston. The 110,000-square-foot academic facility serves 645 students in grades kindergarten through fourth and features a dedicated project area that offers opportunities for breakout spaces and a zone for non-classroom-based activities. In addition, the school features a media center, STEM lab with an outdoor patio, spaces for music and art and a theater area, as well as advanced security and energy-efficient utility systems.

June 25, 2025

Leasing Activity New York Northeast Office

Southern Land Co. Signs 13,000 SF Office Lease at 99 Park Avenue in Midtown Manhattan

by Taylor Williams June 25, 2025

NEW YORK CITY — Southern Land Co. has signed a 13,000-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The Nashville-based developer plans to relocate its New York City office from 75 Rockefeller Center to the fourth floor of the 600,000-square-foot building, which is in the midst of a $30 million capital improvement program. Ben Bass and Seth Godnick of JLL represented Southern Land in the lease negotiations. Paul Glickman, Diana Biasotti, Harrison Potter and Kristen Morgan, also with JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.

June 25, 2025

Acquisitions California Multifamily Western

MG Properties Acquires Citron Apartments in Anaheim, California for $144M

by Amy Works June 25, 2025

ANAHEIM, CALIF. — MG Properties has purchased Citron Apartments, a multifamily community located at 901 E. South St. in Anaheim, for $144 million. Built in 2023, the four-story Citron features 314 apartments with modern finishes and upscale amenities. Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach of Berkadia arranged financing for the transaction through Freddie Mac. With this acquisition, MG has added 17 properties to its portfolio over the past 12 months, totaling more than $2.1 billion.

June 25, 2025

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