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DevelopmentGeorgiaMixed-UseMultifamilyRestaurantRetailSoutheast

High Street, Third & Urban Plan Mixed-Use Development in Sandy Springs, Georgia

by John Nelson

SANDY SPRINGS, GA. — A partnership between High Street Residential (HSR), the residential subsidiary of Trammell Crow Co. (TCC), and Third & Urban have announced plans for the development of Hillcrest, an 8.1-acre mixed-use development located in the Atlanta suburb of Sandy Springs. Scheduled to break ground this month, the project will feature 362 apartment units, 30 for-rent townhomes and more than 18,000 square feet of retail space. In collaboration with the seller, Sandy Springs United Methodist Church, proceeds from the sale will fund capital improvements to the church’s primary campus. Improvements will also be made to the surrounding street infrastructure, adding on-street parking and connected walkability to the area. The project team will include Cooper Carry (architect), Square Feet Design (retail consultant and interior designer), New South Construction (general contractor), Citizens Bank (lender) and Wesley Community Development (church advisor). Amy Fingerhut of CBRE is handling leasing negotiations. The townhomes will offer two- and three-bedroom floorplans with two-car garages and rooftop patios, while the apartment building will measure up to five stories tall and feature a parking garage with more than 100 public parking spaces. Amenities at the apartment will include a rooftop swimming pool and clubroom, golf simulator lounge, …

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DevelopmentDistrict of ColumbiaLoansMixed-UseMultifamilySoutheast

Pearlmark Provides $58M Mezzanine Loan for Multifamily Development in D.C.

by John Nelson

WASHINGTON, D.C. — Pearlmark has provided a $58 million mezzanine loan for the development of Portals IV, a 356-unit multifamily project underway in the Southwest Waterfront neighborhood of Washington, D.C. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP.  David Webb and John Rehberger of CBRE arranged financing for the development, along with Mark Witt of Pearlmark.  Kennedy Wilson provided the senior loan. The borrower and developer is Republic Properties, a subsidiary of the Republic Family of Cos. Portals IV is situated within walking distance of two Metro stations and will be the final addition to the Portals complex, a 3 million-square-foot mixed-use development that comprises three office buildings, one luxury apartment building and a hotel. Amenities at Portals IV will include a rooftop swimming pool and walkway, resident package locker room with dry cleaning pickup, fireplace lounge, fitness center and spin room, library, golf simulator, game room, coworking spaces, concierge services and a rooftop amenity lounge on the 13th floor. Outdoor grilling stations, private dining rooms, commercial laundry facilities and a coffee bar will also be available for resident use.

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AcquisitionsFloridaIndustrialSoutheast

JLL Arranges Sale of 371,976 SF Industrial Portfolio Near Miami Airport

by John Nelson

MIAMI — JLL Capital Markets has arranged the sale of Airport Trade Center, a 371,976-square-foot light-industrial portfolio in Miami. Situated adjacent to the Miami International Airport, the site features three cross-dock buildings that sit on 13.8 acres. Luis Castillo, Cody Brais and Taylor Osborne of JLL’s Investment Sales and Advisory team represented the undisclosed seller in the transaction. Melissa Rose and Jovi Rodriguez of the firm’s Debt Advisory team secured acquisition financing on behalf of the buyer, East Capital Partners.

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District of ColumbiaSoutheast

U.S. Economy Adds 139,000 Jobs in May, Federal Government Continues to Cut Staff

by John Nelson

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 139,000 jobs in May, slightly ahead of the 125,000 jobs that Dow Jones economists predicted, according to CNBC. The figure is also in line with the average monthly gain of 149,000 over the previous 12 months. The U.S. unemployment rate remained unchanged from April at 4.2 percent. The federal government lost 22,000 jobs in May, according to the BLS. Employment for the U.S. government has dwindled by 59,000 since January. The Trump administration, aided by its newly established Department of Government Efficiency (DOGE), has cut federal government jobs in an effort to improve efficiency and reduce government spending. The healthcare sector led all categories at 62,000 jobs added in May, with jobs gains occurring in in hospitals (+30,000), ambulatory health care services (+29,000) and skilled nursing care facilities (+6,000). The average monthly job gain in the healthcare sector over the previous 12 months is 44,000. Other sectors that saw job growth in May include leisure and hospitality (+48,000), local government (+21,000) and social assistance (+16,000). Employment showed little change in industries including mining, quarrying, and oil-and-gas extraction; construction; manufacturing; wholesale trade; retail trade; …

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LoansMultifamilySoutheastVirginia

Wells Fargo Provides $150M Agency Refinancing for Skyline Towers in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Wells Fargo has provided a $150 million Freddie Mac loan for Skyline Towers, a Class B multifamily property located at 5599 Seminary Road in Falls Church, roughly 10 miles west of Washington, D.C. The property features two 26-story apartment towers comprising 940 apartments. The undisclosed borrower will use the loan to refinance an existing Wells Fargo balance sheet loan. According to the property website, Skyline Towers offers studio, one-, two- and three-bedroom apartments, as well as a social lounge, fitness center, swimming pool with a pool deck, outdoor grilling area with lounge seating, concierge services and weekday shuttle service. The property also includes an onsite market and dental office.

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Affordable HousingDevelopmentMultifamilySoutheastTennessee

Trent Development Group Opens 228-Unit Affordable Housing Community in Madison, Tennessee

by John Nelson

MADISON, TENN. — Trent Development Group has opened Birchstone Village, a 228-unit affordable housing community located at 616 N. DuPont Ave. in Madison, about 12 miles northeast of downtown Nashville. The community is a redevelopment of the former Berkshire Place Apartments. Key financial and civic partners in the project include Pathway Lending, Amazon Housing Equity Fund, Regions Bank, Metro Nashville’s Barnes Housing Trust Fund, JPMorgan Chase, the Metropolitan Development and Housing Agency and the Tennessee Housing Development Agency. Trent Development and Pathway Lending hosted a ribbon-cutting ceremony for the property last week. Birchstone Village offers one-, two- and three-bedroom floorplans, along with a community lounge, learning center, sports court and a fitness center, according to the property website. Additionally, Family Affairs Ministries offers residents with resources including job placement coaching, financial literacy classes, tutoring and community meals.

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AcquisitionsLoansMultifamilySouth CarolinaSoutheastWalker & Dunlop

Walker & Dunlop Arranges $40M Acquisition Financing for Apartment Community in Spartanburg, South Carolina

by John Nelson

SPARTANBURG, S.C. — Walker & Dunlop has arranged $40 million in acquisition financing for The Lively at Drayton Mills, a 297-unit apartment community located at 225 Milliken St. in Spartanburg. The borrower is BridgeGaps Real Estate, a New York City-based multifamily investment and management firm. Jared Sobel led the Walker & Dunlop team that arranged the financing, which comprised a $31 million Freddie Mac loan and a $9 million preferred equity investment from W&D Investment Partners, an alternative investment manager backed by Walker & Dunlop. Orange Capital Advisors sold the property to BridgeGaps for $53 million. David Lansbury, Jim Sewell and Erika Maston of Berkadia represented the seller in the transaction. Built in 2023, The Lively at Drayton Mills features studio, one-, two- and three-bedroom apartments, as well as a walking/biking trail, dog park, bocce ball court, fitness center and a swimming pool.

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GeorgiaHospitalityLoansMixed-UseSoutheast

Patterson Secures Refinancing for 161-Room Bellyard Hotel in West Midtown Atlanta

by John Nelson

ATLANTA — Patterson Real Estate Advisory Group has secured the refinancing for Bellyard, a 161-room Marriott Tribute Portfolio hotel located in Atlanta’s West Midtown district. Delivered in 2021, the hotel serves as an anchor for The Interlock, a $450 million mixed-use-development by SJC Ventures that was sold to Armada Hoffler in 2023. Patterson arranged the loan through Connecticut-based LoanCore Capital on behalf of the borrower, Bellyard Partners LLC, the hotel’s ownership entity comprising West 14th Hospitality LLC and Atlantic American Partners.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Coinbase Leases 58,600 SF at 110 East Office Tower in Charlotte’s South End

by John Nelson

CHARLOTTE, N.C. — Coinbase, a digital currency wallet and platform for merchants and consumers, has leased 58,600 square feet of space at 110 East, a 23-story, Class A office building located in Charlotte’s South End district. Coinbase will occupy the 18th and 19th floors at 110 East to serve as the cryptocurrency exchange’s “Center of Excellence,” which will house 130 employees. Conor Brennan of JLL represented Coinbase in the lease transaction. Jennifer Kurz, John Hannon and Rhea Greene with Trinity Partners represented the landlord, Shorenstein. Other tenants at 110 East include SouthState Bank, Humana and Iberian Pig, a Spanish tapas restaurant.

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InterFace I-85 Industrial Corridor panelists
Conference CoverageFeaturesIndustrialNorth CarolinaSoutheastSoutheast Feature Archive

Competition for Labor, Land Is Reshaping the I-85 Industrial Corridor, According to InterFace Panelists

by Abby Cox

CHARLOTTE, N.C. — Stretching from Alabama to Atlanta, through the Carolinas and into Virginia, the I-85 corridor has long been a backbone of industrial growth in the Southeastern United States. Once celebrated as a magnet for logistic hubs, manufacturing plants and warehouse developments, this valuable category of real estate is now showing signs of strain. 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. During the COVID-19 pandemic, industrial real estate, especially warehouses and distribution centers, saw a dramatic surge in demand due to a rise in e-commerce, inventory stockpiling due to supply chain issues and lower interest rates. Fast forward five years later, the industrial market is now experiencing a slowdown due to new pressures that are reversing or slowing down many of those trends. “People are concerned about making a decision today without knowing what’s going to happen tomorrow,” said John Coleman, senior vice president of Graham &. Co. Coleman specializes in representing both tenants and landlords across the Birmingham and Montgomery industrial markets in Alabama. Coleman’s comments came while on stage during the closing panel at InterFace …

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