PHILADELPHIA — Red Oak Capital Holdings has provided a $9.2 million bridge loan for Ridge Avenue Apartments, a 32-unit multifamily project in Philadelphia. The five-story building includes 8,000 square feet of ground-floor retail space and offers amenities such as a fitness center and a rooftop terrace, as well as off-street parking. The borrower, an affiliate of local development and management firm Vich Properties LLC, will use the proceeds from the two-year, interest-only loan to retire existing debt and complete construction of the project.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $7.5 million in financing for a 55,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1260 Silas Deane Highway was completed in 1960 and renovated in 1999 and is leased to affiliates of Starling Physicians and Hartford HealthCare Medical Group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan through an undisclosed local lender. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
NEW YORK CITY — Rose & Rose has signed a 14,067-square-foot office lease at 250 Broadway in Lower Manhattan. The real estate law firm will occupy the entire 30th and 31st floors of the 648,000-square-foot building, which has undergone a host of capital improvements in recent years. Jacob Wolkenfeld of Norman Bobrow & Co. represented the tenant in the lease negotiations. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, AmTrust RE.
NEW YORK CITY — Universal Music Group (UMG) has leased 88,000 square feet at Penn 2, a recently completed office tower in the Penn District campus within Midtown Manhattan. Vornado Realty Trust (NYSE: VNO) owns the property. The building will serve as the headquarters of iconic labels Def Jam Recordings, Island Records, Mercury Records and Republic Records, as well as Bravado, UMG’s merchandise company, and Verve Label Group. The property will also serve as the East Coast offices for Universal Music Publishing Group and several UMG corporate functions. UMG’s New York offices have been located at 1755 Broadway since the early 2000s, according to Variety. The global company’s corporate headquarters are in Hilversum, Netherlands. As part of a 22-year lease, UMG will occupy the entire fourth through seventh floors of Penn 2. UMG is also taking a ground-floor space along Seventh Avenue with future plans to debut a retail experience for music fans, as well as a private lobby on 33rd Street that will feature a visitor center and direct elevator access to its floors. UMG will be able to showcase its artists on large-scale LED signage within the Penn District. The new headquarters will be located within The Bustle, …
SAVANNAH, GA. — McCraney Property Co. has obtained $84 million in senior financing for Phase I of Logistics 16 at Ottawa Farms, a 1 million-square-foot industrial development in Savannah. The three-building property is situated approximately 16 miles from the Port of Savannah. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL arranged the financing package, which includes a three-year, floating-rate loan through Truist. McCraney delivered the three rear-load distribution buildings in 2024. The facilities, which were nearly 85 percent leased at the time of financing, feature 32- to 36-foot clear heights, dock doors and ESFR sprinklers. Logistics 16 at Ottawa Farms is expected to span 4.4 million square feet across nine buildings at full build-out.
PORT ST. LUCIE, FLA. — A joint venture between PEBB Enterprises and Banyan Development has sold The Shoppes at the Heart of Tradition, a 71,000-square-foot shopping center located within the master-planned community of Tradition in Port St. Lucie, for $32 million. One Investment Group represented the buyer, an entity doing business as 4Y Plaza LLC, in the transaction. The center — which was completed in 2024 — is anchored by Aldi. Additional tenants include Papa John’s Pizza, Carmela Coffee, Kyle G’s Amore Italian Chophouse, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso Nails & Spa, Rita’s Italian Ice & Frozen Custard and Swift Mediterranean Grill. Tradition, which opened in 2003, spans approximately 8,300 acres and features a variety of residential, retail and commercial spaces. PEBB Enterprises and Banyan Development are also developing Shoppes at Southern Grove within Tradition, which will include a 14.2-acre retail development with additional outparcels available for ground lease.
INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.
By Taylor Williams Sometimes you just have to keep it real. In the world of mixed-use retail, featuring a blend of shops, restaurants and entertainment venues that is both unique in its totality and true to its surrounding market on individual levels is crucial to placemaking. As a concept, placemaking is somewhat difficult to define on paper but fairly easy to identify in the moment — the undeniable sense that the combination of what you are buying, eating, drinking and experiencing is simply not replicable anywhere else. Placemaking is, ironically, an idea that is very difficult to quantify, yet is intrinsically worth every dollar spent on design, construction and marketing — and then some. A longtime developer of mixed-use properties in Dallas once told this writer that the idea of bringing together a critical mass of residential, office and hospitality uses within one site — threaded and connected by retail, restaurants, green spaces and walkable infrastructure — is only novel to American consumers. Europeans have lived, worked and played that way for decades. And thanks to rolling swaths of land, surging population growth, rapidly evolving public infrastructure and the good-ole pro-business mindset, Texas has positioned itself as a leader in …
BATESVILLE, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.3 million loan for the refinancing of Progressive Health of Batesville, a rural emergency hospital located at 303 Medical Center Drive in Batesville, a city in northern Mississippi. The full-service hospital offers emergency medicine, surgery, women’s health, children’s health, intensive outpatient care, outpatient radiology, rehabilitation and wound care services. Steven Rock of MMCC’s Westchester, N.Y., office secured the financing with a national credit union service organization on behalf of the borrower, a national investment company that invests in credit tenant, double-net and triple-net lease properties. The five-year loan includes an 8.5 percent interest rate with a 30-year amortization period and a 75 percent loan-to-value ratio.
CHARLOTTE, N.C. — Florida-based SouthState Bank has signed a 40,000-square-foot office lease at 110 East, a 23-story office tower located at the intersection of East and South boulevards in Charlotte’s South End district. Chris Schaaf and Jim Thorpe of JLL represented SouthState in the lease transaction. Rhea Greene, Jennifer Kurz and John Hannon of Trinity Partners represented the landlord, a partnership between Stiles and Shorenstein Properties. Other committed tenants at the 370,000-square-foot office tower include Humana, Patterson Pope and Iberian Pig, a Spanish tapas dining concept by Castellucci Hospitality that will occupy a 4,600-square-foot restaurant on the ground level. SouthState Bank plans to take occupancy at 110 East in second-quarter 2026 and staff around 100 employees for its regional office hub. Hastings Architecture designed the office tower, which opened last year.