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DevelopmentFloridaLoansOfficeSoutheast

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

by John Nelson

MIAMI — Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided in 2019. Beatriz Azcuy of Sidley Austin LLP assisted the developers in the loan arrangement. Set to open this fall, 830 Brickell is fully leased to several high-profile tenants, including Microsoft, Citadel, Kirkland & Ellis, Marsh Insurance, Sidley Austin, CI Financial (Corient), Thoma Bravo, Santander Bank and A-CAP. OKO Group and Cain International are receiving temporary certificates of occupancy (TCOs) in phases for tenants, many of which are already building out their interior spaces within 830 Brickell ahead of its completion. Designed by Adrian Smith + Gordon Gill with interiors by Iosa Ghini Associati, the office tower will feature a restaurant and bar/private club on the top floor, upscale health and wellness center, conference facilities, outdoor terrace, cafés and street-level retail space.

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FloridaLoansMultifamilySoutheast

BWE Arranges $76.8M Refinancing for The Mav Channelside Apartments in Tampa

by John Nelson

TAMPA, FLA. — BWE has arranged a $76.8 million loan for the refinancing of The Mav Channelside, a 324-unit midrise apartment community located at 601 N. 12th St. in Tampa’s Channelside District. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE secured the five-year, fixed-rate loan using Fannie Mae’s Near-Stabilization Execution on behalf of the borrower, a joint venture led by Birmingham, Ala.-based Daniel Corp. Built in 2022, The Mav Channelside features a mix of 108 studio, 163 one-bedroom and 53 two-bedroom apartments that were 90 percent occupied at the time of sale. Amenities include a fitness studio, indoor/outdoor coworking space with private conference rooms, a pool deck with a resort-style pool and a sky deck with views of downtown Tampa and Tampa Bay.

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DevelopmentGeorgiaRetailSoutheast

Sembler Delivers Publix-Anchored Shopping Center in Milledgeville, Georgia

by John Nelson

MILLEDGEVILLE, GA. — The Sembler Co. has delivered Lakeside Commons, a Publix-anchored shopping center located at the southeast corner of US Highway 441 (Columbia Street) and Log Cabin Road in Milledgeville, a city in Central Georgia that is home to Georgia College & State University. Situated on 9 acres, the 60,500-square-foot shopping center houses a freestanding Publix store spanning 48,387 square feet, as well as 12,000 square feet of small shop space. Committed tenants include T-Mobile (2,400 square feet) and Sugar Polish Nail Spa (3,600 square feet). Lakeside Commons will also feature two outparcels that are available for sale, ground lease or build-to-suit opportunities. Sembler broke ground on Lakeside Commons in early 2023, and the Publix opened its doors in late June.

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AcquisitionsKentuckySoutheastStudent Housing

Vesper Holdings Acquires 649-Bed Student Housing Community Near University of Kentucky

by John Nelson

LEXINGTON, KY. — Vesper Holdings has acquired The Lex, a 649-bed student housing community located near the University of Kentucky campus in Lexington. Built in 2008, the four-story property offers a mix of one-, two- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, resort-style swimming pool, yoga studio, study spaces, outdoor hammock garden and a newly renovated clubhouse and gaming lounge. Vesper partnered with an undisclosed institutional investor on the off-market acquisition, financing for which was placed by Gregg Wallace at AMA Financial. The new ownership plans to begin a capital improvement plan imminently that will include the addition of updated technology and upgrades to units and shared amenity spaces. Campus Life & Style, Vesper’s in-house property management platform, will operate The Lex.

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AcquisitionsMultifamilySoutheastTennessee

IPA Brokers Sale of 216-Unit Solis Apartments in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Solis, a 216-unit apartment community located in Clarksville, roughly 40 miles from Nashville. A private buyer based in California purchased the property from Gwaltney Communities for an undisclosed price. David Stollenwerk, Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer in the transaction. Marcus & Millichap’s broker of record in Tennessee for the deal was Jody McKibben. Built in 2020, Solis features garden-style apartments averaging 1,089 square feet in size, as well as a saltwater swimming pool, 24-hour fitness center and a theater room.

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AcquisitionsGeorgiaOfficeSoutheast

Shorenstein Acquires 324,000 SF 14th & Spring Office Tower in Midtown Atlanta

by John Nelson

ATLANTA — Shorenstein Investment Advisers, a privately owned office and multifamily owner and operator based in San Francisco, has purchased 14th & Spring, a 12-story office tower in Midtown Atlanta. The 324,000-square-foot building was delivered in late 2022 and has been without a tenant since its delivery, according to the Atlanta Business Chronicle. The seller and sales price were not disclosed, but the publication reported that locally based Greenstone Properties and an affiliate of Goldman Sachs put the tower up for sale earlier this year and the price would likely fall in the $200s per square foot, giving the sales price a range of $65 million to $97 million. Shorenstein has tapped ASD|SKY to help redesign and reposition 14th & Spring’s common areas, amenities and façade. The company has also hired Murphy Meyers to design a full floor of speculative office suites in various sizes. Additionally, Shorenstein has selected Jeff Keppen, Nicole Goldsmith, Kyle Kenyon and Maddie Nagley of CBRE to lease the office tower.

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DevelopmentFloridaMultifamilySoutheast

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

by John Nelson

MIAMI — Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897, according to Apartments.com. Designed by Corwil Architects, Remi on the River’s amenities include a resort-style swimming pool, aqua lounge, fitness center, clubroom, private parking and a resident lounge with coworking spaces. Remi on the River is Phase II of a multifamily development by Mast Capital. Phase I of the project was MAST on Waterline Miami, a 346-unit apartment community formerly known as Waterline Miami.

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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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