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AcquisitionsMixed-UseMultifamilyNorth CarolinaSoutheast

Cortland, Pamera Purchase and Rebrand 417-Unit Peace Apartments in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — Cortland and Pamera North America have purchased Peace Apartments, a 417-unit multifamily community located at 417 W. Peace St. in downtown Raleigh. The new ownership is rebranding the 12-story high-rise as Cortland Glenwood South. The property is part of Phase I of Smoky Hollow, a mixed-use development by locally based Kane Realty. The acquisition also includes a parking garage with direct elevator access to the Publix on the ground level and one retail bay within Smoky Hollow. The Publix grocery store was not included in the sale. Kane Realty sold the multifamily community to Cortland and Pamera for an undisclosed price. Cortland plans to renovate the interior corridors and amenity areas at Cortland Glenwood South, as well as enhance the package delivery process for tenants and add a new urgent care provider on the ground level. Cortland Glenwood South features studio, one-, two- and three-bedroom apartments, as well as a heated swimming pool, fire pit, sky lounge with TVs, a two-story fitness center and a dog grooming station.

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AcquisitionsFloridaRetailSoutheast

SRS Arranges $9.3M Sale of New Gas Station and Convenience Store Leased to 7-Eleven in Lecanto, Florida

by John Nelson

LECANTO, FLA. — SRS Real Estate Partners has arranged the $9.3 million sale of a newly built gas station and convenience store located on a 1.8-acre site at 3045 W. Norvell Bryant Highway in Lecanto, a city in west-central Florida. 7-Eleven occupies the 4,500-square-foot property, which was delivered in August 2024, on a 15-year, corporate-guaranteed lease. The property is an outparcel to Black Diamond, a 29-acre retail development anchored by Target. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based developer, in the transaction. The buyer was a private investor from Kentucky. Both parties requested anonymity.

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AcquisitionsAffordable HousingSeniors HousingSoutheastVirginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Berryville, Virginia

by John Nelson

BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.

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DevelopmentMarylandRestaurantSoutheast

Public-Private Partnership to Develop Food Hall in Downtown Frederick, Maryland

by John Nelson

FREDERICK, MD. — A public-private partnership between Downtown Frederick Partnership, McClintock Distilling and the City of Frederick plans to develop a food hall in downtown Frederick. The 6,000-square-foot space is located on the ground level of a historic commercial building owned by McClintock Distilling, which is situated near attractions including Carroll Creek Linear Park and a new hotel and conference center that is under construction. The food hall will feature four food stalls ranging from 200 to 350 square feet in size, a bar and a market stall. Renovation costs are expected to exceed $1 million, including expenses for architectural design, engineering and food hall consultation. The Maryland Department of Housing and Community Development provided the project team with a $300,000 grant to help fund the project. Construction is scheduled to begin in late summer, with the food hall expected to be operational within the next year. McClintock Distilling will operate the food hall upon completion and secure vendors during the design and construction phases.

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Affordable HousingDevelopmentMississippiMultifamilySeniors HousingSoutheast

Gulf Coast Housing, Midtown Partners to Open Affordable Housing Property in Jackson, Mississippi

by John Nelson

JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Biogen Unveils Plans for New Global Headquarters in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — Biogen Inc. (NASDAQ: BIIB) has unveiled plans for its new global headquarters in Cambridge, located across the Charles River from Boston. The biotechnology company has selected Kendall Common, located at 75 Broadway, as the site of its new hub as part of a multi-year consolidation plan in Massachusetts that encompasses Biogen’s existing facilities in the Kendall Square area of Boston. Specifically, Biogen has signed a 15-year lease to occupy 580,000 square feet of office and life sciences space at Kendall Common, which is being developed by a joint venture between Blackstone subsidiary BioMed Realty and the Massachusetts Institute of Technology (MIT) Investment Management Co. The space will feature upgraded workspaces and modern amenities, along with sustainable design elements such as advanced water conservation measures and energy-efficient systems. In addition, the building will house the Biogen CoLab, a classroom-style community laboratory and collaborative space. Occupancy is slated for 2028.

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MultifamilyNew YorkNortheast

Wells Fargo Provides $231M in Bond Financing for Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.

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The-Ballantine-Newark
DevelopmentMultifamilyNew JerseyNortheast

Shorewood, Bridge Begin Leasing 280-Unit Apartment Complex in Newark

by Taylor Williams

NEWARK, N.J. — A partnership between Shorewood Real Estate Group and Bridge Investment Group has begun leasing The Ballantine, a 280-unit apartment complex in Newark. The name stems from the location on the Ballantine Brewery site in the city’s Ironbound neighborhood. Designed by Minno & Wasko Architects and Planners, The Ballantine offers studio, one- and two-bedroom units. Amenities include a fitness center with a yoga studio, game room with a multi-sport simulator, coworking areas, resident lounge and pet spa. The building also houses 2,600 square feet of retail space. Rents start at about $1,800 per month for a studio apartment, according to the property website.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Simon Welcomes 10 New Retailers, Restaurants to Burlington Mall in Metro Boston

by Taylor Williams

BURLINGTON, MASS. — Simon Property Group has welcomed 10 new retailers and restaurants to Burlington Mall, a 1.3 million-square-foot shopping, dining and entertainment destination located north of Boston. Kendra Scott, PacSun and Ten One Tea House will open in late spring, while Rowan, Van Leeuwen Ice Cream, Tobu, Sergeant Burgers and J7 Adventureland will open this summer. Asian restaurant concept ChoCho Hot Pot is also set to debut later in the year. Lastly, Verizon Wireless has relocated its business to a new space at the center and is currently open for business.

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Pullman-Modern-Urban-Apts-Santa-Rosa-CA
CaliforniaLoansMultifamilyWestern

Phoenix Development Co. Receives $27.8M in Refinancing for Pullman Modern Urban Apartments in Santa Rosa, California

by Amy Works

SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments, a newly constructed multifamily community in Santa Rosa. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, secured the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on behalf of the borrower. Pullman Modern Urban Apartments offers 114 apartments spread across three residential buildings at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025.

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