Kentucky

Tempur Sealy to Rebrand as Somnigroup International Following $5B Acquisition of Mattress Firm

by John Nelson February 12, 2025

LEXINGTON, KY. AND HOUSTON — Tempur Sealy International Inc. has completed its previously announced $5 billion acquisition of Mattress Firm Group Inc., the largest mattress specialty retailer in the United States. The Lexington-based mattress manufacturer purchased the Houston-based retailer using approximately $2.7 billion in cash considerations and about $1.3 billion in stock. Tempur Sealy will change its name to Somnigroup International Inc., effective Feb. 18, and trade on the New York Stock Exchange under the ticker symbol “SGI.” Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International, with Mattress Firm and Dreams continuing to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, continuing to serve third-party retailers as well as Mattress Firm, Dreams and its own direct-to-consumer channel. Additionally, Tempur Sealy expects to complete the previously announced sale 73 Mattress Firm retail locations and the company’s Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers, to MW SO Holdings Co. LLC (Mattress Warehouse) in the second quarter.

February 12, 2025

Acquisitions Kentucky Loans Southeast Student Housing

Pearlmark Provides Mezzanine Loan for 534-Bed Student Housing Property Near Western Kentucky University

by John Nelson February 11, 2025

BOWLING GREEN, KY. — Pearlmark has provided a mezzanine loan for the acquisition of Midtown at WKU, a 534-bed student housing community located adjacent to Western Kentucky University in Bowling Green. Eagle Realty Group provided the senior loan on behalf of the borrower, ABCampus. Greg Young of Colliers Mortgage arranged the financing. Located on Center Street, Midtown at WKU features 189 units with bed-to-bath parity, as well as an amenity package that includes a fitness center, rooftop pool, study center, 24-hour maintenance staff, courtyard, clubhouse and private study rooms.

February 11, 2025

Acquisitions Kentucky Multifamily Southeast

Home Invest Acquires Pine Tree Path Apartments in Georgetown, Kentucky for $7.8M

by John Nelson January 29, 2025

GEORGETOWN, KY. — Home Invest has acquired Pine Tree Path, a 72-unit apartment community in Georgetown, about 70 miles east of Louisville, Ky. Longtime owner PAJ Properties Inc. sold the Class B property to Home Invest for approximately $7.8 million. Home Invest will be the property manager for Pine Tree Path, which was fully occupied at the time of sale. The firm will also replace roofs for seven buildings and make light renovations to unit interiors as the leases turn over.

January 29, 2025

Development Industrial Kentucky Loans Southeast

Northmarq Arranges $45M Loan for Bourbon Storage and Blending Development in Shelbyville, Kentucky

by John Nelson January 21, 2025

SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.

January 21, 2025

Acquisitions Hospitality Kentucky Mixed-Use Southeast

Cronheim Hotel Capital Arranges $18.2M Acquisition Loan for Aloft Hotel in Newport, Kentucky

by John Nelson January 15, 2025

NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is situated adjacent to the Newport on the Levee, a mixed-use development now owned by Atlanta-based Jamestown. The Aloft Newport is located directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.

January 15, 2025

Acquisitions Kentucky Multifamily Southeast

Morgan Properties Acquires Blankenbaker Crossings Apartments in Louisville for $39M

by John Nelson January 14, 2025

LOUISVILLE, KY. — Morgan Properties has purchased Blankenbaker Crossings, a 236-unit, garden-style apartment community in Louisville, for $39 million. The acquisition represents the Pennsylvania-based investor’s first purchase in Kentucky. Craig Collins of Cushman & Wakefield | Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield, brokered the transaction. The seller was not disclosed. Built between 2005 and 2006, Blankenbaker Crossings was 96 percent occupied at the time of sale. Morgan Properties plans to invest $2.1 million in upgrades at the community, including renovating unit interiors, installing smart appliances and adding new amenities, including a pickleball court, dog parks and Amazon package hubs.

January 14, 2025

Acquisitions Kentucky Multifamily Southeast

Kirkland Co. Brokers Sale of 88-Unit Flats at Hurstbourne Apartments in Louisville

by John Nelson December 18, 2024

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.

December 18, 2024

Affordable Housing Development Kentucky Multifamily Seniors Housing Southeast

Woda Cooper, Partners Break Ground on 76-Unit Affordable Seniors Housing Project in Louisville

by John Nelson December 16, 2024

LOUISVILLE, KY. — Co-developers Woda Cooper Cos., Wellspring Inc. and Smith Solutions have started construction on Bridlewood Crossing, a new, 76-unit affordable housing community in Louisville for residents age 55 and older. Apartments at the property will be reserved for residents at a mix of incomes up to 70 percent of area median income (AMI). The apartment complex, located at 7945 3rd Street Road, will offer a mix of one- and two-bedroom units, where 23 units will be prioritized for seniors who are disabled, homeless or at risk of homelessness. Several more units will offer features for residents with mobility, sight or hearing disabilities. Capital partners involved with this development include the Louisville Metro Government, Louisville Affordable Housing Trust Fund, Kentucky Housing Corp. (KHC), Ohio Capital Corp. for Housing, Stock Yards Bank & Trust and Cedar Rapids Bank & Trust. The project team consists of Blomquist Design Group (civil engineer), Grimm Architecture and Woda Construction (general contractor). Woda Management & Real Estate will lease and manage Bridlewood Crossing.

December 16, 2024

Development Industrial Kentucky Southeast Top Stories

Chick-fil-A to Develop $100M Distribution Facility Near Cincinnati

by Hayden Spiess December 12, 2024

ELSMERE, KY. — Chick-fil-A Supply, a wholly owned subsidiary of Chick-fil-A Inc. that handles the restaurant chain’s logistics and warehousing, has announced plans for a new, $100 million distribution facility in Elsmere, roughly 10 miles outside Cincinnati in Northern Kentucky. Upon completion, the 270,000-square-foot development will be situated on a 28-acre site within 10 miles of Cincinnati/Northern Kentucky International Airport. Construction of the facility is currently underway, with the distribution center expected to be operational in 2026. According to a press release issued by the office of Kentucky Gov. Andy Beshear, the facility is expected to create more than 178 new permanent, full-time jobs over the next five years. The new Chick-fil-A Supply facility will be located within the C5 Airport East Logistics Center, according to Link NKY. The newspaper also reported that Niagra Bottling will move into the same complex in 2026. Atlanta-based Core5 Industrial Partners is the owner of the industrial park, according to the company’s property page. Chick-fil-A Supply currently operates nine distribution centers located in Georgia, North Carolina, Tennessee, Missouri, Ohio, Kansas and Texas. The centers support Chick-fil-A restaurants logistically and deliver ingredients and supplies. The Elsmere facility will support roughly 150 restaurants within the region. Originally …

December 12, 2024

Acquisitions Industrial Kentucky Southeast

Schostak Brothers Acquire 125,000 SF Industrial Facility in Nicholasville, Kentucky

by John Nelson December 5, 2024

NICHOLASVILLE, KY. — Michigan-based Schostak Brothers Co. has acquired a 125,000-square-foot industrial facility located at 101 Etter Drive in Nicholasville, roughly 14 miles south of Lexington, Ky. The seller and sales price were not disclosed. The warehouse and manufacturing facility marks the second Kentucky acquisition for Schostak Brothers.

December 5, 2024

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