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DevelopmentFloridaMultifamilySoutheast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

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AcquisitionsKentuckyMultifamilySoutheast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

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DevelopmentMultifamilySouth CarolinaSoutheast

Arnold Cos. Breaks Ground on Apartment Complex in Downtown Columbia

by Alex Tostado

COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.

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DevelopmentHospitalitySouth CarolinaSoutheast

Frampton Construction Completes 126-Room Cambria Hotel in Greenville

by Alex Tostado

GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.

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AcquisitionsMarylandRetailSoutheast

Neuman Commercial Group Negotiates $4.3M Sale of Retail Property in Metro Baltimore

by Alex Tostado

OWINGS MILLS, MD. — Neuman Commercial Group LLC has negotiated the $4.3 million sale of Metro Square, a 71,896-square-foot retail property in Owings Mills. Target shadow anchors the property, which includes the former 58,668-square-foot site of a Shoppers grocery store and one outparcel. The asset is located at 11120 Reisterstown Road, 21 miles northwest of downtown Baltimore. Gil Neuman of Neuman Commercial Group represented the seller, an undisclosed publicly traded REIT, and procured the buyer, an undisclosed private investor.

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IndustrialLeasing ActivityNew JerseyNortheast

Terreno Realty Signs E-Commerce Tenant to 211,000 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams

KEARNY, N.J. — Terreno Realty, a California-based REIT, has signed an undisclosed e-commerce user to a 211,000-square-foot industrial lease at one of its facilities in Kearny, approximately 12 miles west of New York City. The lease term is 10 years. A wholesale drug distributor previously occupied the property. Additional terms of the deal were not disclosed.

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LoansMultifamilyNew YorkNortheast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

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LoansMultifamilyNew YorkNortheast

Pembrook Capital Provides $12.4M Acquisition Loan for Multifamily Assets on Staten Island

by Taylor Williams

NEW YORK CITY — Pembrook Capital Management has provided a $12.4 million acquisition loan for 100 Belmont Place and 101 Daniel Low Terrace, two multifamily assets totaling 112 units on Staten Island. Both properties were built in 1966. The undisclosed borrower will use a portion of the proceeds to fund capital improvements to the unit interiors and property exteriors.

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AcquisitionsMultifamilyNew JerseyNortheast

Marcus & Millichap Arranges $7.9M Sale of Residential Property in Paterson, New Jersey

by Taylor Williams

PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.

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AcquisitionsMultifamilyNew YorkNortheast

Westbridge Realty Brokers $1.4M Sale of Multifamily Building in The Bronx

by Taylor Williams

NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.

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