CHARLOTTE AND RALEIGH, N.C. — PGIM Real Estate has provided a $100 million loan for the financing of a 12-property industrial portfolio located in the greater Charlotte and Raleigh markets. Trace Wilson of PGIM Real Estate led financing efforts for the transaction on behalf of the borrower, Beacon Partners. The portfolio comprises 11 fully occupied industrial properties totaling nearly 1.6 million square feet, as well as one industrial outdoor storage (IOS) property. Beacon will use the fixed-rate financing to reposition and expand the portfolio, according to Wilson.
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Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel
by John Nelson
CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). A year prior, RealPage reported that deliveries (135,652) outstripped absorption (103,826) in first-quarter 2024. Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It couldn’t be more different what it looked like a year ago trying to capitalize deals in tertiary markets,” said Block. “Last year we would call 50 lenders with the hope of one to get to do it at terms that we didn’t like with ridiculous deposit requirements. I probably get four or five cold calls a week from bankers now.” Block’s comments came during the development panel at InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 …
DURHAM, N.C. — Charlotte-based Crescent Communities has broken ground on NOVEL UHill, a 400-unit multifamily community located in the University Hill neighborhood of Durham. Situated on 6 acres, the five-story midrise building will offer studio to three-bedroom units, as well as 19 freestanding townhomes with two- and three-bedroom layouts. Amenities at the complex will include a 1,450-square-foot indoor-outdoor sky lounge, community clubroom, resort-style swimming pool with lounge chairs and a grilling station, fitness studio with private yoga rooms, table tennis area, coworking lounge, two outdoor courtyards, a fenced-in dog park and an onsite Land of a Thousand Hills coffee shop. In addition to UHill Walls, a 40,000-square-foot public art installation, NOVEL UHill will incorporate original artwork throughout the property. This project follows the debut of NOVEL Morrisville and NOVEL Cary earlier this spring, both of which are currently leasing. Crescent Communities Construction will serve as the development’s general contractor, with KTGY serving as the project’s architect. Kimley Horn & Associates will handle civil engineering and landscape architecture. Financial partners for the project include Kyuden Urban Development America LLC and NEC Capital Solutions America Inc. Santander Bank will provide debt financing for the project.
Nuveen Green Capital Closes First C-PACE Loan Ever in North Carolina for Trenton Mill Lofts in Gastonia
by John Nelson
GASTONIA, N.C. — Nuveen Green Capital has closed a $6.5 million C-PACE loan for Trenton Mill Lofts, a new multifamily development in downtown Gastonia, a suburb 20 miles west of Charlotte. The closing marks the first-ever C-PACE financed transaction in the state of North Carolina. Originally built in 1897, the property formerly operated as the Trenton Cotton Mill before being acquired by the borrower, Lansing Melbourne Group, in 2020. The developer renovated the historic mill in 2022 into an 85-unit loft apartment community with a fitness center, lounge, hammock park and a firepit area. Lansing Melbourne used the C-PACE loan to partially pay down its original construction loan and support the stabilization of the property. Hal Kempson of Avison Young arranged the financing. C-PACE, which stands for “Commercial Property Assessed Capital Expenditure,” is now available in 40 states and Washington, D.C.
Marcus & Millichap Brokers $6.8M Sale of Two-Property Retail Center Portfolio in North Carolina, Mississippi
by John Nelson
SPRING LAKE, N.C. AND JACKSON, MISS. — Marcus & Millichap has arranged the $6.8 million portfolio sale of two retail properties totaling 53,000 square feet in Spring Lake and Jackson. Walmart shadow-anchors both centers. Built in 2004, Spring Lake Town Center totals 29,841 square feet and was 85 percent leased at the time of sale to tenants including Dollar Tree, AT&T, GameStop, Cricket Wireless, Cato, Papa Murphy’s and OneMain Financial. The second property is a 24,069-square-foot retail center located at 4882-4898 Highway 18 W in Jackson. Tenants include Humana, It’s Fashion and Shoe Show. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a private real estate company, and procured the buyer, a private 1031 exchange investor, in the transaction. Both parties requested anonymity. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina, while Mickey Davis was the firm’s broker of record in Mississippi.
RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …
DURHAM, N.C. — Foundry Commercial has facilitated the acquisition and rezoning of a 95-acre tract in Durham for the development of Brickworks, a planned mixed-use development. The Durham City Council approved the rezoning ordinance in January, which will transform a former brick factory into a residential and commercial area. Charlotte-based SpaceCraft will serve as the master developer for the project. David Batten and Geoff Loftin of APG Advisors represented the seller in the transaction. Upon completion of the project, Brickworks will include 1,880 residential units and 49,500 square feet of commercial space. Construction of the multiphase project is expected to take place over a five-year period. One-third of the site is slated for Phase I of Brickworks, which will include a combination of apartments, townhomes and retail space. Homes will range from studio units to three-bedroom layouts, with 5 percent of the residences set aside for families earning 60 percent or less of the area median income (AMI). Public spaces like sports fields, biking and walking trails and preserved woodlands and wetlands will also be accessible at the development.
MMCC Arranges $3M Acquisition Financing for Wallace Crossings Shopping Center in North Carolina
by Abby Cox
WALLACE, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3 million in acquisition financing for Wallace Crossings, a 66,000-square-foot shopping center located in Wallace. The 10-year loan includes a 6.3 percent interest rate with a 30-year amortization period and a 73 percent loan-to-value. Built in 1991, the center is anchored by U-Haul and Ollie’s Bargain Outlet. Additional tenants include Hardee’s, KFC, GoGas and a CashPoints ATM, according to LoopNet Inc. Garrett Fierstein of MMCC secured financing with a local credit union on behalf of a private client.
InterFace Panel: Multifamily Operators Are Utilizing Fee Transparency, Concessions to Woo Renters
by John Nelson
CHARLOTTE, N.C. — The federal government has been cracking down on price gouging in recent months. Last month, the Federal Trade Commission (FTC) implemented a rule to ban “junk fees” from live event platforms like Ticketmaster, as well as hotels and other short-term lodging. This rule precludes the vendor or property owner/management firm from being able to charge hidden fees on the back end by requiring them to put the total cost upfront, inclusive of all mandatory fees and charges. And in January, the U.S. Justice Department (DOJ), along with 10 state attorneys general, followed up on its 2023 antitrust lawsuit with RealPage by adding six of the nation’s largest property managers to the lawsuit. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The amended complaint alleges that the companies — Greystar; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland) — used RealPage’s pricing algorithms via the company’s YieldStar platform to share sensitive data and coordinate pricing strategies, …
DURHAM, N.C. — Woods Partners has broken ground on Alta Bethpage, a 336-unit multifamily community in Durham. The development is slated for completion in the first quarter of 2027. Situated between Research Triangle Park and Brier Creek, the project will offer one-, two- and three-bedroom floorplans. Amenities at the property will include a swimming pool, clubhouse, pet spa, disc golf course, walking trails and two dog parks. Alta Bethpage will be Wood Partners’ fourth project to commence construction in Durham in recent years.