Friday, June 20, 2025
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AcquisitionsDistrict of ColumbiaHospitalityLoansSoutheast

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

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AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilyRetailSoutheast

City of Refuge Breaks Ground on $15.2M Mixed-Use Center in West Atlanta

by John Nelson

ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …

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DevelopmentFloridaRetailSoutheast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

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DevelopmentSoutheastStudent HousingTennessee

Core Spaces, Schenk Realty Plan 800-Bed Student Housing Development Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.

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GeorgiaLoansMultifamilySoutheast

Greystone Provides $15.5M Agency Refinancing for Apartment Community in Albany, Georgia

by John Nelson

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

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Montgomery Mill Apartments in Windsor Locks, Conn.
Affordable HousingBohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Cracking the Code: Winning Strategies for Affordable Housing in Any Market

by Sarah Daniels

Frustrated by high costs and a lending crunch for market-rate multifamily projects, savvy mainstream developers are seeking opportunities to build affordable housing. But what constitutes opportunity in a sector reliant on agency lending, community stakeholders and controlled rents? Definitions of “opportunity” in affordable housing vary widely, and favorable elements often involve additional and unique challenges. Not only must developers identify opportune site conditions, but they must also evaluate prospects to compete for funding, secure municipal approvals and win community support. And they need to complete the project within required timeframes in order for the asset to qualify as a good opportunity. REBusiness asked experts from two firms at the forefront of affordable housing development about what affordable housing “opportunity” looks like — and about the strategies they use to transform promising sites into viable projects. Beacon Communities is an established developer of affordable, market-rate and mixed-income housing, while Bohler’s land development consulting and site design services have helped clients identify and act on commercial real estate opportunities for more than 35 years. “We look at any development opportunity through three lenses,” says LeAnn Hanfield Curtin, vice president of development at Beacon. “Those are the availability of sites, ability to get …

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Centennial-Yards-x-Cosm
DevelopmentGeorgiaLeasing ActivityRetailSoutheastTop Stories

Cosm to Open Entertainment Venue at $5B Centennial Yards Development in Atlanta

by Hayden Spiess

ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta.  Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility.  Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC.  Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams.  Upon full build-out, …

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