Saturday, July 5, 2025
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AcquisitionsOfficeSoutheastVirginia

The Meridian Group Acquires 388,206 SF Office Tower in Metro DC, Plans Capital Improvements

by John Nelson

TYSONS, VA. — The Meridian Group (TMG) has acquired Boro Central, a 388,206-square-foot trophy office tower located in Tysons, roughly 11 miles west of Washington, D.C. near the Greensboro Metro station. The seller and sales price were not disclosed, but many outlets report the seller was Foulger-Pratt. Formerly known as Tysons Central, Boro Central is situated within The Boro, a larger mixed-use district that will total 5 million square feet upon full build-out. The 24-story office building offers floor-to-ceiling windows, 30- by 40-foot column spacing, ample ceiling heights and a standout 8th floor that features 14-foot ceilings and a private terrace. Capital improvements for the property will include a new conference center, spec suites and curated amenity programming for tenants. Josh Masi, Scott Goldberg and Paige Barger of Cushman & Wakefield will continue to lead leasing efforts for the property, which media outlets report was vacant at the time of sale. The Boro’s first phase will encompass 1.7 million square feet of mixed-use development, featuring approximately 700 residential units, 500,000 square feet of office space and 250,000 square feet of retail space, anchored by a Whole Foods Market and a ShowPlace ICON Theatre.

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FloridaIndustrialLoansSoutheast

Bridge Industrial Receives $77.6M in Financing for Industrial Park in Miami

by John Nelson

MIAMI — Bridge Industrial has received $77.6 million in permanent financing for Bridge Point AVE, a nearly 600,000-square-foot industrial park located within the master-planned development of AVE Aviation and Commerce Center in Miami. Steve Roth and Bill Jurjovec of CBRE’s Debt & Structured Finance group arranged the loan. According to public records, State Farm Life Insurance Co. is the lender. Bridge Point AVE features three buildings that span 199,800 square feet, 110,588 square feet and 279,499 square feet. Each building includes 24- to 36-foot clear heights, ESFR sprinkler systems and a mix of rear-load and cross-dock configurations to support tenant flexibility. The property was 95 percent occupied at the time of financing, with roughly 30,286 square feet available for lease. The AVE Aviation and Commerce Center spans 180 acres and features more than 2 million square feet of industrial warehouse and retail amenities.

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DevelopmentGeorgiaLoansMultifamilySoutheast

Berkadia Arranges $60.8M in Construction Financing for Mosaic Pooler Apartments Near Savannah

by John Nelson

POOLER, GA. — Berkadia has arranged $60.8 million in construction financing for Mosaic Pooler, a 333-unit multifamily community located within the Mosaic Town Center mixed-use development in Pooler, a western suburb of Savannah. The borrower, an affiliate of Bayline Group, acquired the 12-acre site at 800 High Ave. in 2023. Bank OZK provided a $47.5 million, three-year, floating-rate loan to Bayline Group. Berkadia also lined up $13.3 million in preferred equity through FCP. Mitch Sinberg, Scott Wadler, Bryan Brown, Robert Falese and Jake Adoni of Berkadia arranged the financing on behalf of Bayline Group. Upon completion, which is slated for May 2026, Mosaic Pooler  will offer a mix of one-, two- and three-bedroom units, as well as three-story carriage houses with garages. Amenities at the property include a fitness center with a yoga room, game room and resident lounge, coworking spaces, a dog park and pet spa, package locker system, electric vehicle charging stations and a resort-style pool with a large outdoor patio, cabanas and grilling stations.

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DevelopmentFloridaMultifamilySoutheast

Curran Young Completes Construction of 412-Unit Multifamily Community in Cape Coral, Florida

by John Nelson

CAPE CORAL, FLA. —  Curran Young Construction has completed Siesta Lakes, a 412-unit multifamily community located in Cape Coral, about nine miles west of Fort Myers, Fla. Construction for the project began in 2023 after the developer, a partnership between Shoreham Capital, Bridge Investment Group and Wynkoop Financial, received a $66 million construction loan. Siesta Lakes offers a mix of one-, two-, and three-bedroom floorplans with open-concept interiors, private balconies and direct views of a private central lagoon. Unit sizes range in size from 676 square feet to 1,195 square feet, according to Apartments.com. Monthly rental rates at the complex begin at $1,500. Leasing at the community began in early 2025 after the delivery of the first building and clubhouse. Onsite amenities include a resort-style pool, fitness center, electric vehicle charging stations, business center, multipurpose room, dog park, outdoor grilling areas and walking trails. Additionally, Siesta Lakes is situated within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. 

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AcquisitionsMarylandOfficeSoutheast

Trout Daniels & Associates Brokers $4.9M Sale of Bedford Square Office Portfolio in Metro Baltimore

by John Nelson

PIKESVILLE, MD. — Trout Daniels & Associates (TD&A) has brokered the $4.9 million sale of Bedford Square I and II, a 40,773-square-foot, two-building office portfolio located in Pikesville, roughly 15 miles northwest of Baltimore. Situated at the intersection of Bedford Avenue and McHenry Road, the complex was 93 percent leased to 20 tenants at the time of sale. Gilbert Trout of TD&A represented the seller, Bedford Square Equities, and procured the buyer, Tide Realty Capital, in the transaction.

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Alta-Flatirons-Apts-Superior-CO.
ColoradoDevelopmentMultifamilyWestern

Wood Partners Breaks Ground on 251-Unit Alta Flatirons Apartment Project Near Denver

by Amy Works

SUPERIOR, COLO. — Wood Partners has broken ground on Alta Flatirons in Superior, 22 miles northwest of Denver. The 251-unit building will include a mix of studio, one- and two-bedroom layouts. Amenities feature a lobby area with a coffee bar, clubroom with kitchen and wine storage, library with coworking space, billiards room, conference and game rooms, fitness center, pool and a courtyard with a grilling area and dog park. Wood Partners will complete the project by approximately April 2027. Alta Flatirons is being developed on the last multifamily parcel in the Downtown Superior Masterplan, a 156-acre mixed-use project that is home to residential, office, retail, dining and hotel spaces. The masterplan was approved by the City of Superior in 2013.

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2155-E-GoDaddy-Way-Tempe-AZ
AcquisitionsArizonaOfficeWestern

Avnet Purchases 150,000 SF Office Building in Tempe, Arizona as New Corporate Headquarters

by Amy Works

TEMPE, ARIZ. — Avnet, a global technology distributor and solutions provider, has acquired 2155 East GoDaddy Way in Tempe from ElmTree Funds LLC for an undisclosed price. Avnet will use the 150,000-square-foot Class A office building as its new global headquarters. Currently headquartered at 2211 S. 47th Street in Phoenix, Avnet plans to move into the building in mid-2026. Built in 2014, 2155 S. Science Drive recently served as GoDaddy’s corporate headquarters and its address was changed to 2155 E. GoDaddy Way. The building features a variety of onsite and nearby amenities, including pickleball courts, a skate park, basketball and volleyball courts, soccer field, full-service kitchen, conference and training rooms, huddle rooms, fitness center, locker rooms and shower facilities, yoga room and a game center. Jim Fijan, Jack Fijan and Scott Baumgarten of Transwestern Real Estate Services represented ElmTree Funds in the deal.

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IllinoisLoansMidwestMultifamily

Greystone Provides $58.6M Loan for Refinancing of Apartment Community in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Greystone has provided a $58.6 million Freddie Mac Workforce Preservation loan to refinance Terraces of Elk Grove, a 427-unit multifamily property in the Chicago suburb of Elk Grove Village. Built in 1968, the garden-style community consists of nine buildings, including a clubhouse. Eric Rosenstock and Dan Sacks of Greystone originated the financing on behalf of the borrower, Bayshore Properties. The nonrecourse, fixed-rate loan, which refinances an existing Greystone bridge loan on the property, features a 10-year term, 35-year amortization and five years of interest-only payments. In accordance with Freddie Mac’s Workforce Preservation program, 30 percent of the units at the property are designated for households earning less than 80 percent of the area median income.

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Affordable HousingLoansMichiganMidwestMultifamily

KeyBank Originates $51M in Financing for Detroit Affordable Housing Building

by Kristin Harlow

DETROIT — KeyBank Community Development Lending and Investment (CDLI) has provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit. The 15-story, Art Deco historical landmark will be transformed into housing for seniors and families. The property will include 182 units, of which 117 units will be restricted to individuals 55 years or older and 65 units available to families. All tenants are required to earn at or below 60 percent of the area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank’s financing covers the first two phases — floors 2-5 and floors 6-10. The project received additional funding through historic tax credit equity totaling $46.7 million as well as low-income housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency also contributed to the project. The borrowers and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms. Kory Clark and Kyle Kolesar of KeyBank CDLI structured the financing.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 234-Unit Multifamily Property in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — CBRE has brokered the sale of River Pointe, a 234-unit multifamily property in Mishawka near South Bend. The sales price was undisclosed. Located at 350 Bercado Circle along the St. Joseph River, the community features a range of one-, two- and three-bedroom floor plans averaging 1,054 square feet. The property was built in 1974 and features amenities such as a pool, dog park, fitness center, newly renovated clubhouse, courtyard and riverfront deck. George Tikijian, Hannah Ott, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, LV Property Management. Monarch Investment and Management was the buyer.

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