Property Type

Kane Realty Breaks Ground on 20-Story Multifamily High-Rise in Raleigh’s North Hills District

by John Nelson May 6, 2025

RALEIGH, N.C. — Kane Realty Corp. has broken ground on The Strand, a new 20-story apartment high-rise in Midtown Raleigh’s North Hills district. The multifamily tower, which will feature 362 apartments and 9,000 square feet of retail space, will be situated adjacent to the recently sold Advance Auto Parts Tower. The Strand will comprise studio, one-, two- and three-bedroom apartments, as well as top-floor penthouses. The community will also feature an amenity deck on the sixth floor that will include a resort-style pool, grilling area, activity lawn, fitness center and club room, as well as a clubroom on the 18th floor and a speakeasy on the top level that is exclusive for penthouse residents. The project team includes development partner Mitsui Fudosan America, architect Rule Joy Trammell + Rubio, general contractor Balfour Beatty and civil engineer McAdams. Kane Realty plans to welcome first residents at The Strand in summer 2027. The locally based development and management firm is also underway on planning for Phase II of the site.

May 6, 2025

Florida Loans Louisiana South Carolina Southeast Student Housing

JLL Secures Refinancings for Three Southeast Student Housing Communities Totaling $134.9M

by John Nelson May 6, 2025

TAMPA, FLA. — JLL Capital Markets has secured refinancings totaling a combined $134.9 million for three student housing communities across the Southeast. Lee Weaver, Melissa Marcolini Quinn, Rob Rothaug and Jade Starkey of JLL worked on behalf of Commercial Street Partners to secure a $97.5 million refinancing for Apella on Newport in Tampa. The three-year, floating-rate loan was placed through MF1/Limekiln Real Estate Investment Management. The newly constructed community spans 195,076 square feet at 311 North Newport Ave. near the University of Tampa campus. The property offers 576 beds across 150 fully furnished units in two-, three-, four- and six-bedroom configurations. Shared amenities include a rooftop pool, fitness center, study lounges and secured garage parking. Weaver and Quinn, along with Kenny Cutler, Rob Rothaug and Cristian Sieman of JLL, also secured a $22 million refinancing for Preserve at Tech near Louisiana Tech University in Ruston, La. Prime Finance provided the two-year, floating-rate loan to borrower RISE: A Real Estate Co. Completed in 2021 at 1913 West Alabama Ave., the community offers 588 beds across 168 units in three- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour clubhouse, computer lab, fitness center and a gaming lounge. JLL also worked on …

May 6, 2025

Acquisitions Development Multifamily North Carolina Southeast

Cushman & Wakefield Brokers Sale of Multifamily Development Site in Asheville, North Carolina

by John Nelson May 6, 2025

ASHEVILLE, N.C. — Cushman & Wakefield has brokered the sale of an eight-acre multifamily development site in Asheville. Atlanta-based Shelton McNally Real Estate Partners purchased the shovel-ready site from Golden Hour Collective with plans to develop a new 210-unit apartment community. Alex Phillips, Battle Smith, Alex McDermott and Sparling Davis of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented Golden Hour in the land deal. Specific plans and construction timelines for the development were not released. The site is located within Overlook at Ashville, a 98.8-acre master-planned community that is approved for the 210 apartments, as well as 130 build-to-rent townhomes and up to 176 duplex units. The development is situated on a sloping mountainside within a few miles of downtown Asheville.

May 6, 2025

Georgia Loans Mixed-Use Office Restaurant Retail Southeast

Patterson Arranges Refinancing for Adaptive Reuse of Old Highland Bakery in Atlanta

by John Nelson May 6, 2025

ATLANTA — Patterson Real Estate Advisory Group has arranged the refinancing for Old Highland Bakery, a two-building adaptive reuse project in Atlanta’s Old Fourth Ward district. Ameris Bank provided an undisclosed amount of financing to the borrowers, Vantage Realty Partners and Braden Fellman Group. Originally constructed in 1930, the all-brick structure was recently renovated to prepare the space for incoming tenants. The 51,000-square-foot property includes redeveloped office and retail space that houses 14 tenants, including Communidad Taqueria and BodyRok. Vantage and Braden Fellman preserved historical features at Old Highland Bakery, including the property’s original wood, metal beams and skylight windows.

May 6, 2025

Acquisitions Retail South Carolina Southeast

Joint Venture Acquires 59,020 SF Shopping Center in Rock Hill, South Carolina

by John Nelson May 6, 2025

ROCK HILL, S.C. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired Riverview Commons, a 59,020-square-foot shopping center located in Rock Hill, roughly 15 miles south of Charlotte. Food Lion and Dollar General anchor the property, which was 96 percent leased at the time of sale. Additional retailers at the center include Computer CPR, Exquisite Nails & Spa, Hair Savvy Salon, Big Wok II, Rock Hill Bagels & Deli, Ivy Rehab and ISI Elite Training. The joint venture now owns 21 retail centers. Riverview Commons marks ShopOne’s first acquisition in the Charlotte metro area.

May 6, 2025

New York Northeast Office

Ocean West Capital Arranges Foreclosure of 511,000 SF Office Building in Midtown Manhattan

by Taylor Williams May 6, 2025

NEW YORK CITY — Ocean West Capital Partners has arranged the foreclosure of 285 Madison Avenue, a 511,000-square-foot office building in Midtown Manhattan. Ocean West represented the mezzanine lender, which was comprised of a consortium of insurance companies based in South Korea. The property owner was not disclosed, but multiple sources, including The New York Business Journal, report that that entity is RFR. The property’s loan fell into maturity default in late 2022 and was subsequently extended to provide time for recovery, but the debt came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the mezzanine lenders and evaluate various debt recovery strategies. DLA Piper LLP provided legal representation to the mezzanine lender(s) throughout the process. Newmark managed the Uniform Commercial Code (UCC) auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.

May 6, 2025

California Development Multifamily Western

Raintree Partners Invests $225M in Development of Three Multifamily Properties in San Diego Market

by Amy Works May 6, 2025

SAN DIEGO AND ENCINITAS, CALIF. — Raintree Partners is investing more than $225 million in the San Diego housing market with the development of three Class A multifamily communities. Totaling 498 units, the properties include Treehouse and Flora + Fauna in San Diego’s Bankers Hill neighborhood and Dos Lunas in Encinitas. Currently under construction, the eight-story, 115,453-square-foot Treehouse is located at 2525 1st Ave. in San Diego’s Bankers Hill district. The 107-unit community will feature studio, one- and two-bedroom floor plans, a fitness center and sauna, a Zen spa deck and a roof deck with outdoor dining and lounge space with ocean and bay views and an herb garden adjacent to an outdoor kitchen/garden zone. The asset is slated for completion in November. BDE is serving as architect and ECON Construction is serving as contractor. Flora + Fauna, located at 411 Ivy St. in San Diego’s Bankers Hill, will encompass 115,453 square feet spread across two buildings featuring six levels. The property will offer a sauna, spa and cold plunge, a coworking lounge and a roof deck with ocean and city views. Slated for completion in mid-2026, the community will offer 189 studio, one-, and two-bedroom floor plans, as well as …

May 6, 2025

Colorado Development Industrial Western

Opus Breaks Ground on 188,054 SF Spec Industrial Facility in Centennial, Colorado

by Amy Works May 6, 2025

CENTENNIAL, COLO. — Opus has broken ground on Catalyst Industrial, a Class A speculative industrial development in Centennial. Situated on 14.3 acres at 15030 E. Fremont Drive, Catalyst Industrial will offer 188,054 square feet of space. Designed to accommodate up to six tenants, the building can be divided into units as small as 21,000 square feet. The asset will feature a clear height of 32 feet, 28 truck doors, six drive-in dock doors and parking for 268 vehicles. Opus is the developer, design-builder, architect and structural engineer of record on the project, which is slated for completion in early first-quarter 2026. Todd Witty and Daniel Close of CBRE will market the facility for lease.

May 6, 2025

California Loans Restaurant Retail Western

JLL Arranges $21.5M in Refinancing for Juanita Tate Marketplace in Los Angeles

by Amy Works May 6, 2025

LOS ANGELES — JLL Capital Markets has arranged $21.5 million in refinancing for Juanita Tate Marketplace, a grocery-anchored retail center in Los Angeles. Optimus Properties received the five-year loan through institutional investors advised by J.P. Morgan Asset Management. Alex Olson and Daniel Skerrett of JLL Capital Market’s Debt Advisory represented the borrower in financing. Located at the corner of East Slaunson and East Central avenues, Juanita Tate Marketplace offers 77,096 square feet of retail space, 55 percent of which is occupied by Northgate Market. CVS, Panda Express, Starbucks Coffee and Chase Bank are tenants at the fully occupied retail center, which was built in 2014.

May 6, 2025

Acquisitions Industrial Loans Utah Western

Gantry Secures $13.5M Acquisition Loan for Industrial Building in Salt Lake City

by Amy Works May 6, 2025

SALT LAKE CITY — Gantry has secured a $13.5 million permanent loan for the purchase of an industrial property located at 485 N. Jimmy Doolittle Road in Salt Lake City. Situated on 9.4 acres, the asset offers 148,263 square feet of Class A industrial space, a clear height of 32 feet, four drive-in bays, 29 exterior dock doors, 198 parking spaces and ample trailer storage space. The property is fully leased to two tenants. Mike Wood, Ben Johnson and Tim Brown of Gantry’s Seattle production office represented the borrower, a private real estate investor. The six-year, fixed-rate loan was provided by one of Gantry’s insurance company correspondent lenders and features full-term interest-only payments with prepayment flexibility.

May 6, 2025

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