Southeast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson June 17, 2024

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

June 17, 2024

Development Leasing Activity North Carolina Restaurant Retail Southeast

CBL Properties Adds New Tenants, Expands Existing Retailers at Mayfaire Town Center in Wilmington, North Carolina

by John Nelson June 17, 2024

WILMINGTON, N.C. — CBL Properties has signed female apparel retailers Free People and FP Movement to open new stores at Mayfaire Town Center, a 610,000-square-foot open-air shopping mall in Wilmington. The affiliated brands will open their stores on Main Street totaling 5,500 square feet this fall. Additionally, CBL is set to open a new Claire’s store this month and reopen Chick-fil-A later this summer. Vochos Urban Mexican Kitchen and Potbelly Sandwich Shop are also set to debut their restaurants at Mayfaire soon. CBL is also expanding Reeds Jewelers, which has been a tenant at Mayfaire since the mall opened 20 years ago. The retailer will operate a newly expanded store on Inspiration Drive spanning 9,000 square feet. Set to open in July, the flagship store will carry Rolex and David Yurman brands and feature a bar and lounge. CBL also agreed to relocate and expand lululemon, which has been a tenant since 2021, to a new 5,200-square-foot store on Main Street. Rack Room Shoes also recently relocated to a new 4,000-square-foot store.

June 17, 2024

Development Hospitality Kentucky Southeast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson June 17, 2024

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

June 17, 2024

Development Loans Multifamily Southeast Tennessee

Knighthead Funding Originates $22M Refinancing for Luna Apartments in Nashville

by John Nelson June 17, 2024

NASHVILLE, TENN. — Knighthead Funding has originated a $22 million loan for the refinancing of The Luna, a newly built apartment community located at 1009 8th Ave. S in Nashville’s Edgehill neighborhood, roughly two miles south of downtown. The two-year, fixed-rate loan will feature interest-only payments and be used to take out a maturing construction loan. The borrower is a joint venture led by developer CA South. Built in 2023, The Luna features 108 apartments with monthly rental rates ranging from $1,650 to $4,300, according to Apartments.com. Floor plans include studio, one-, two- and three-bedroom layouts ranging in size from 520 to 1,350 square feet. Amenities include a pool, fitness center, clubhouse, pet play area, pet washing station and a business center.

June 17, 2024

Development Florida Hospitality Loans Multifamily Southeast Top Stories

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

by Taylor Williams June 17, 2024

MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands. Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022. At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion. Hotel guests and residents will have access to a shared suite of amenities. These will include: Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a …

June 17, 2024

Development Southeast Student Housing Tennessee

Juneau Construction Tops Out 1,600-Bed Student Housing Project Near University of Tennessee

by John Nelson June 14, 2024

KNOXVILLE, TENN. — Juneau Construction has topped out Hub Knoxville, a student housing development near University of Tennessee that will comprise two 10-story towers and a seven-story building. The co-developers, Core Spaces and Schenk Realty Group, broke ground on the project in February 2023 and secured $233 million in construction financing last summer. Upon completion, the 1,600-bed community will feature 30,000 square feet of retail space, 23,000 square feet of indoor amenities and a 19,000-square-foot rooftop terrace that features a pool, basketball court and hot tub. The design-build team includes Dwell Design Studio, Antunovich Associates and DCI Engineers. Core Spaces and Schenk Realty Group plan to deliver Hub Knoxville in time for fall semester in 2025.

June 14, 2024

Development Florida Multifamily Southeast

Kushner, PTM Partners Launch Preleasing at 36-Story Apartment Tower in Miami

by John Nelson June 14, 2024

MIAMI — Kushner and PTM Partners have launched preleasing at 2000 Biscayne Boulevard, a 36-story apartment tower underway in Miami’s Edgewater district. The property will feature 420 studio, one-, two- and three-bedroom luxury apartments ranging in size from 500 to 1,500 square feet. Kushner and PTM have appointed SERHANT. New Development as the marketing and leasing agency of record for the building. Designed by Kobi Karp Architecture and Restoration Hardware for interiors, each unit will feature modern flooring, stainless steel appliances, Italian kitchen cabinetry and bathroom vanities, floor-to-ceiling windows and private terraces in select units. Amenities will include a fitness center with a sauna and massage treatment rooms, gaming club room, children’s play area, pet spa, resort-style pool with cabanas and an outdoor gym and yoga area overlooking Biscayne Bay.

June 14, 2024

Florida Loans Mixed-Use Multifamily Southeast

Northmarq Arranges $88M Refinancing for New Apartment Community at Dania Pointe in South Florida

by John Nelson June 14, 2024

DANIA BEACH, FLA. — Northmarq has arranged $88 million for the refinancing of Avery Dania East, a 336-unit apartment community located at 120 N. Compass Way in Dania Beach, about five miles south of Fort Lauderdale. Built in 2023, the property is a multifamily component within Dania Pointe, a mixed-use development by Kimco that features six hotels, 1 million square feet of retail and restaurants and more than 500,000 square feet of office space, including the new headquarters for Spirit Airlines. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq arranged the financing through BlackRock and SteepRock on behalf of the borrower, Meyers Accesso, a new partnership between The Meyers Group and Accesso. The refinancing was underwritten with a three-year term with interest-only payments for the full term. The developer received a certificate of occupancy in December 2023 for Avery Dania East, which was 45 percent occupied at the time of financing.

June 14, 2024

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Brokers $18.5M Sale of Apartment Community in Valdosta, Georgia

by John Nelson June 14, 2024

VALDOSTA, GA. — Marcus & Millichap has brokered the $18.5 million sale of Staten Crossing Apartments, a 196-unit community located at 3925 N. Oak St. Extension in Valdosta, a city in South Georgia near the Florida border. John Brigel of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, THC Management LLC, in the transaction. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction. Built in 1998, Staten Crossing features one- and two-bedroom apartments, as well as a swimming pool, sundeck, fitness center and tennis courts.

June 14, 2024

Acquisitions Florida Retail Southeast

SRS Negotiates $6.1M Sale of Retail Strip Center in Ocala, Florida

by John Nelson June 14, 2024

OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.

June 14, 2024

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