CASCADE TOWNSHIP, MICH. — Old National Bank has purchased a development site at 2851 Charlevoix Drive SE in Cascade Township near Grand Rapids. The 1.2-acre parcel is situated directly across from a Walmart Supercenter and offers convenient access to I-96. Old National Bank plans to build a 3,470-square-foot retail branch, which is slated to open later this year. Bob Lotzar of NAI Wisinski of West Michigan represented the buyer in the transaction.
SPARKS, NEV. — Vantage Data Centers is entering the Nevada market with a new $3 billion campus in Sparks, located outside of Reno in Storey County. The campus, dubbed NV1, will sit on 137 acres and offer a total 224 megawatts (MW) of critical IT load. Upon completion, the NV1 campus will house four multi-story data centers totaling 1.1 million square feet. The property will be designed with densities ranging from 360 watts to 720 watts per square foot in order to accommodate the “unique needs of AI deployments,” according to Vantage. Vantage will utilize a closed-loop chiller system to reduce water usage, with the ability to employ both traditional air-cooled compute loads and liquid cooling to support next-generation GPU (graphics processing unit) loads. Vantage is aiming to achieve LEED certification for the development. Vantage expects to employ more than 1,200 individuals across the construction and ongoing operations of the campus. The first two data centers to come on line at NV1 are fully preleased to undisclosed tenants. The first facility is scheduled to open in the second quarter of 2026. NV1 will be situated within Tahoe-Reno Industrial Center, which also houses Tesla Gigafactory 1 and operations for tech companies …
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Why Fannie Mae, Freddie Mac Believe the Wind Is at Their Back
Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 billion in the first quarter of 2025, compared with $10.1 billion in the first quarter of 2024. Meanwhile, Freddie Mac produced approximately $15 billion in multifamily loans in the first quarter, financing around 144,000 rental units, well above the approximately $10 billion produced in first-quarter 2024. “The first quarter of 2025 has been dynamic, with real-time adjustments to meet market needs while maintaining a focus on soundness,” says a spokesperson at Freddie Mac Multifamily. Other sources attest that the GSEs are focusing on their sponsors more so than in previous years. T.J. Edwards, chief production officer for the multifamily finance division at Walker & Dunlop, says the agencies are proactively vetting first-time borrowers …
DALLAS — San Francisco-based investment firm Shorenstein Investment Advisers has acquired Sterling Plaza, a 19-story, 320,000-square-foot office building located in the Preston Center submarket of North Dallas. The freshly renovated property was 89 percent leased at the time of sale and offers amenities such as a conference center, fitness facility and a tenant lounge. Shorenstein plans to implement additional capital improvements to the lobby, entryway, café and outdoor communal areas. The seller was California-based investment firm KBS. Robert Hill, Chris Murphy, Gary Carr and Austin Sheahan of Newmark brokered the deal. Chris Moritz, Andrew Porteous, Chris McColpin and Josh Francis, also with Newmark, are arranging the acquisition financing on behalf of Shorenstein.
ORLANDO, FLA. — American Campus Communities (ACC) is set to break ground on an 898-bed student housing development located near the University of Central Florida (UCF) campus in Orlando. The development site is located adjacent to ACC’s existing Plaza on University community. Scheduled for completion in 2027, the development will offer studio, four- and five-bedroom floorplans. Amenities at the property — which is pursuing Fitwel certification — will include recreational and study spaces, a resort-style swimming pool and spa, outdoor kitchens, fire pits, lounge areas and modern fitness and wellness facilities. Niles Bolton Associates designed the project, while Clancy & Theys Construction will serve as the general contractor.
FORT MEYERS, FLA. — Global City Development and Gilu Development have begun welcoming residents to Reva, a 255-unit luxury apartment community located in Fort Meyers. Situated on Crystal Drive and Six Mile Cypress Parkway, the complex features a mix of one-, two- and three-bedroom floorplans ranging in size from 786 square feet to 1,690 square feet. Reva also offers three-bedroom villas with two-car garages and a private driveway. Rental rates begin at $1,700 for a one-bedroom unit. The community is anchored by a two-story, 6,200-square-foot clubhouse overlooking a private lake, with additional amenities including a swimming pool, fitness center with open-air workout spaces, meditation area, coworking areas with Zoom studios, event room, package lockers, onsite management and a convenience store located inside the clubhouse. Additionally, the community is offering a $1,000 bonus to “hometown heroes,” such as medical professionals, policemen and firefighters.
ANTIOCH, TENN. — HKS Real Estate Advisors has arranged $25 million in financing for the development of a dual-branded hotel located within the master-planned community of Century Farms in Antioch, approximately 12 miles southeast of downtown Nashville. The building will offer 189 rooms under the Hampton Inn brand and the Home2 Suites by Hilton brand. Mountain Commerce Bank provided $15.6 million in senior debt notes, while Nuveen provided $9.9 million in C-PACE financing for the borrower, Nish Jobalia and Nick Patel of Milap Hotels LLC.
CALHOUN, GA. — Triten Real Estate Partners has acquired a 151,200-square-foot industrial facility located at 103 Enterprise Drive SW in Calhoun. Positioned near I-75, the property offers transportation infrastructure, with proximity to the Georgia Ports Authority’s Appalachian Regional Port. This deal marks Triten’s first traditional industrial acquisition outside of Texas and in Atlanta, according to company representatives. The facility is fully leased through the end of the year. Austin Kriz of JLL represented Triten Real Estate in the transaction. The seller and sales price were not disclosed.
HOUSTON — National investment firm Outrigger Industrial has received $96.9 million in financing for Generation Park Distribution Center, a 1.3 million-square-foot industrial property in northeast Houston. According to a property flyer from CBRE, Generation Park Distribution Center comprises an approximately 1 million-square-foot, cross-dock facility and a 255,871-square-foot, rear-load warehouse on an 87.5-acre site. Building features include 32- to 40-foot clear heights, 185-foot truck court depths and excess trailer parking. Barings provided the debt, which Outrigger secured on behalf of Centris Industrial, the private REIT that Outrigger sponsors and manages.
KATY, TEXAS — Chicago-based RSK Real Estate Partners will develop a 156-unit build-to-rent residential community in the western Houston suburb of Katy. The site spans nine acres along Galileo Way, and the development will feature 103 three-bedroom homes and 53 two-bedroom homes with an average size of 1,600 square feet. Preliminary sitework is underway, and the first homes should be available for occupancy in mid-2026. Rick Ragan and Glenn Dickerson of NewQuest represented RSK in its site selection and land acquisition. Matthew Davis and Kristen McDade of Cushman & Wakefield represented the land seller, Morton Ranch Development LLC.