Friday, April 18, 2025
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Miami Marlins, Cordish Partner to Develop Miami Live! Entertainment Destination at loanDepot Park

by Kristin Harlow

MIAMI — Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations. The official opening of Miami Live! is anticipated for early 2026. LoanDepot Park opened in 2012 and hosts events such as the World Baseball Classic, Caribbean Series and Choque de Gigantes in addition to Marlins home games. “This project represents our commitment to our community, as we develop our ballpark’s campus to feature dining, entertainment and gathering options for everyone to enjoy,” says Bruce Sherman, Miami Marlins chairman and principal owner. The Marlins organization has prioritized sustainability and inclusivity in its design, including features such as energy-efficient lighting, accessible pathways and community art installations. Miami-Dade County Mayor Daniella Levine Cava emphasizes that the privately financed project comes at zero cost to taxpayers. The project is being developed and designed in partnership with Cordish, which is known for its sports-anchored mixed-use developments. Cordish has partnered with many of the country’s professional sports franchises, including the St. Louis …

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DevelopmentFloridaHospitalityLoansSoutheast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

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AcquisitionsFloridaSeniors HousingSoutheast

Titan Development Sells Three Seniors Housing Communities in Central Florida

by John Nelson

THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida.  The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.

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DevelopmentIndustrialSouth CarolinaSoutheast

Glenstar Completes First Building at 290-Acre CCC-85 Industrial Park in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — Glenstar has completed the first building within Cherokee Commerce Center 85 (CCC-85), a 290-acre industrial park located along I-85 in Gaffney. The new 550,520-square-foot cross-dock facility is the first of five buildings within the park and is expandable up to 1.3 million square feet. The speculative building features 40-foot clear heights, 56- by 50-foot column spacing, 60-foot speed bays, up to 232 dock doors, four drive-in doors, up to 200 megawatts of power within three years of operation and flexible parking. The project team includes capital partners Creek Lane Capital and CrossHarbor Capital Partners, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers’ Spartanburg, S.C., office are marketing the building on behalf of Glenstar. At full build-out, CCC-85 is slated to comprise 3.6 million square feet of logistics space.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Flournoy Delivers 315-Unit Ellison at The Preserve Apartments in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Flournoy Development Group has delivered Ellison at The Preserve, a 315-unit apartment community located at 375 Spring Bluff Lane in Asheville. Units come in one-, two- and three-bedroom floor plans, along with quartz countertops, stainless steel GE appliances, wood-style flooring and balconies with views of the Blue Ridge Mountains in select apartments. Monthly rental rates at the community range from  $1,609 to $3,472, according to Apartments.com. Amenities include a heated pool, fitness center, coworking lounge, outdoor entertainment spaces, grab-and-go market, pet spa, private garages, mail lounge and a private package room. Flournoy Properties Group is operating Ellison at The Preserve on behalf of ownership.

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AcquisitionsKentuckyMultifamilySoutheast

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

by John Nelson

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.

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DevelopmentGeorgiaMixed-UseSoutheast

Toro Development Breaks Ground on $560M Medley Mixed-Use Campus in Johns Creek, Georgia

by John Nelson

JOHNS CREEK, GA. — Toro Development has officially broken ground on Medley, a $560 million mixed-use development spanning 43 acres in Johns Creek, an affluent northern suburb of Atlanta. Toro plans to hold a grand opening for the development on Oct. 29, 2026. The project is situated at the corner of McGinnis Ferry Road and Johns Creek Parkway, which formerly housed offices for State Farm Insurance. Plans for Medley call for 150,000 square feet of retail, restaurant and entertainment space; a 175-room hotel; 110,000 square feet of offices; 750 apartments; 133 townhomes built by Empire Communities; and a 25,000-square-foot plaza. Toro obtained construction financing for the project in November and announced a new round of retail leasing at the development in December. Medley represents an important component of the city of Johns Creek’s 192-acre town center vision, according to Toro.

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LoansSoutheastStudent HousingTennessee

BWE Secures $47M Refinancing for Student Housing Property Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — BWE has secured a $47 million loan for the refinancing of Lakemoor Station, a 240-unit student housing community located near the University of Tennessee campus in Knoxville. Jim Collins of BWE worked on behalf of the borrower, Dominion Group, to secure the 10-year, fixed-term financing through Nationwide Insurance. The loan features a 30-year amortization schedule. The University of Tennessee has master leased the property for five years with a three-year renewal option. The garden-style community offers fully furnished units alongside shared amenities including an outdoor pool, lounge area, fitness center and clubhouse.

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DevelopmentIndustrialOfficeSoutheastTennessee

FlexEtc Completes 91,380 SF Build-Out for New Co-Warehousing, Coworking Space in Nashville

by John Nelson

NASHVILLE, TENN. — FlexEtc, a hybrid office and industrial co-warehousing concept with a few locations out West and in Texas, has completed its build-out at 1133 Polk Ave. in Nashville. Architectural firm Ware Malcomb recently completed the design for the 91,380-square-foot tenant improvement project. DWC Construction was the general contractor, and Colliers served as the client manager. Situated outside of the downtown area, FlexEtc Nashville features contemporary warehouse spaces, with modular units ranging from 3,000 to 2,300 square feet that are suitable for uses ranging from logistics to content creation studios. The location also offers coworking features including private and shared offices, a front reception area, conference room, lounge, break room, kitchen, coffee bar and studio space for photographers and podcasters.

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AcquisitionsMarylandRetailSoutheast

SRS Brokers $6.3M Sale of Strip Retail Center in Waldorf, Maryland

by John Nelson

WALDORF, MD. — SRS Real Estate Partners has brokered the $6.3 million sale of The Shoppes at Waldorf Park, a retail strip center situated within the larger Waldorf Park shopping center in Waldorf. Starbucks Coffee anchors the 8,484-square-foot property, which was built in 2022. Other tenants include Crumbl Cookies, Jersey Mike’s Subs and Aspen Dental. Andrew Fallon, Rick Fernandez, Ed Laycox and Philip Wellde Jr. of SRS represented the seller, Republic Land Development, in the transaction. TD Bank provided acquisition financing on behalf of the Maryland-based buyer.

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