NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged an $8.5 million bridge loan for the refinancing of a 40,000-square-foot industrial building on Staten Island. According to LoopNet Inc., the building at 501 Industry Road was completed in 1976 and features a clear height of 30 feet. The direct lender was a national bank, and the borrower was a local private investment group. Both parties requested anonymity. The building was fully leased at the time of the loan closing
BRANSON, MO. — Midas Hospitality and Bryan Properties have opened a 123-room Element Hotel by Westin in Branson. The asset is owned by Bryan Properties and managed by Midas Hospitality. Located at 511 Pat Nash Drive, the hotel is situated near Ballparks of America and the adjacent Branson Theater District. The 73,637-square-foot property offers a fitness center, outdoor saline pool, fire pits and complimentary breakfast.
DAVENPORT, IOWA — Woda Cooper Cos. Inc. and co-developer Parallel Housing Inc. have broken ground on Timber Ridge, a 52-unit affordable housing community for seniors age 62 and older in Davenport. Units are targeted for renters who earn up to 60 percent of the area median income. The three-story building will offer 32 one-bedroom units and 20 two-bedroom apartments. Projected rents are $565 to $975 per month, depending on unit size and income restriction. Amenities will include a multipurpose room, dog park and outdoor seating. Timber Ridge will be ENERGY STAR certified. The City of Davenport approved a HOME loan as part of the project’s financing. Primary financing was supported by the allocation of 9 percent housing tax credits by the Iowa Finance Authority. KeyBank Community Development Lending and Investment provided the construction loan and tax credit equity investment. Cedar Rapids Bank & Trust is providing a permanent mortgage. Timber Ridge marks Woda Cooper’s eighth affordable housing community in Iowa and its first in Davenport. Hooker DeJong Inc. is the architect, Woda Construction Inc. is the general contractor and IMEG Corp. is the civil engineer. Woda Management & Real Estate LLC will handle leasing and property management.
NEW YORK CITY — Five Iron Golf will open a 15,856-square-foot entertainment venue in Brooklyn. The space spans the ground floor and lower level of 25 Kent, a 500,000-square-foot office building, and will include 13 simulators, a 7,000-square-foot gym and a bar and kitchen. Anthony Dattoma of CBRE represented Five Iron Golf, which plans to open in the second quarter of 2026, in the lease negotiations. Ben Birnbaum, Neal Ohm, Andrew Taub and Caleb Petersen of Newmark represented the landlord, Global Holdings.
ALBERTVILLE, MINN. — Marcus & Millichap has brokered the $6.1 million sale of a net-leased childcare facility occupied by Everbrook Academy in Albertville, a northwest suburb of Minneapolis. Everbrook Academy has a new 15-year triple-net lease guaranteed by Learning Care Group. The tenant operates more than 1,150 schools nationwide. Built in 2025, the property totals 11,758 square feet. Spencer Berkley, Mark Ruble, Chris Lind and Zack House of Marcus & Millichap, in association with the firm’s Minnesota broker of record Jon Ruzicka, represented the seller, a Minnesota-based limited liability company. Buyer information was not released.
WHEATON, ILL. — eXp Commercial, a division of eXp World Holdings Inc., has arranged the $1.5 million sale of a multifamily redevelopment property at 100 W. Roosevelt Road in Wheaton. The property includes two 12,000-square-foot office buildings on 1.2 acres. The buyer, a local developer, plans to redevelop the site into 22 multifamily units following successful rezoning from office to residential use. Randolph Taylor of eXp represented the undisclosed seller.
NEW YORK CITY — Citymeals on Wheels has signed a 15,214-square-foot office lease in Midtown Manhattan. The nonprofit organization will occupy the entire ninth floor of 360 Lexington Avenue, a 24-story building. Steven Soutendijk of Cushman & Wakefield represented the tenant in the lease negotiations. Mitchell Konsker, Barbara Winter and Thomas Swartz of JLL, along with internal agent Samuel Salberg, represented the landlord, AMTrustRE.
MIAMI — J.P. Morgan (NYSE: JPM) and Sculptor Real Estate have provided $565 million in construction financing for The Residences at 1428 Brickell, a 70-story multifamily tower in downtown Miami’s Brickell Financial District. The borrower is Ytech, a locally based luxury residential development firm led by Yamal Yidios. A breakdown of the financing package was not disclosed, but J.P. Morgan is the senior lender on the project, and Sculptor Real Estate is the junior lender. Melissa Rose and Brian Gaswirth of JLL arranged the debt on behalf of Ytech. Already under construction, The Residences at 1428 Brickell will offer 195 luxury condos, with for-sale prices starting at $4.4 million. Residences will range in size from 1,800 to 4,000 square feet, with select units having two-story layouts. All residences will feature Italian-made Arclinea kitchens, Rimadesio glass partitions, carved-stone tubs and premium OptiGray® glass glazing. The development will offer penthouse units that will range in size from 4,000 to 7,000 square feet, with prices starting at $10 million . The tower will also offer two $60 million upper penthouses that feature 30-foot ceilings, seven bedrooms, nine bathrooms and two balconies facing Biscayne Bay to the east. Residents will have access to more …
Atlanta’s commercial office market is at a pivotal moment, caught between signs of stabilization and the lingering effects of a post-pandemic reset. Vacancy remains elevated, absorption is improving and tenant preferences continue to evolve — but fundamentals are beginning to shift as the market adjusts to the new workplace. Signs of a bottom? Hybrid work models, space optimization strategies and cautious expansions have elevated metro Atlanta’s office vacancy rates. Direct vacancy rates surpassed 24 percent for the first time and are hovering near all-time highs. Meanwhile, sublease availabilities have declined over 25 percent from their peak in 2023, and quality space remains difficult to find. The slowing pace of vacancy increases suggests the market may be nearing a turning point after recording negative annual absorption in four of the past five years. Net absorption, a key indicator for overall office sector health, totals negative 438,000 square feet, according to Colliers’ second-quarter 2025 report. While still in the red, this marks a significant improvement over previous years. Recent leasing activity suggests even more positive movement in the second half of the year, indicating that tenant departures are tapering and space givebacks are moderating. Leasing: quality vs. quantity Despite economic headwinds, leasing …
FRISCO, TEXAS — Hillwood, the Fort Worth-based company that owns AllianceTexas, has broken ground on Bonham & Baker, a 410-unit multifamily project that will be located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. Bonham & Baker will feature one- and two-bedroom apartments and two- and three-bedroom, two-story townhomes. Amenities will include two pools, resident lounge and coffee bar, wine lounge, coworking space with private offices and a conference room, two fitness centers, a dog park, game room, wine bar, sports lounges and outdoor grilling and dining areas. Good Fulton & Farrell is serving as the project architect, and Rampart Multifamily is the general contractor. J.P. Morgan is financing construction. Preleasing is expected to begin in the spring of 2027, with the first units set to be available for occupancy in summer 2027. Full completion is slated for spring 2028.