Monday, October 13, 2025
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DevelopmentFloridaLoansMultifamilySingle-Family RentalSoutheast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

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Miller Roy
Affordable HousingLoansLouisianaMultifamilySoutheast

Hunt Capital Invests $8.8M in LIHTC, Historic Tax Credit Equity for Affordable Housing Project in Monroe, Louisiana

by Julia Sanders

MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

A City on the Rise: Charlotte Office Market Poised for Growth and Recovery

by John Nelson

Last year posed many challenges for Charlotte’s office market, as companies continued to delay making decisions about their office space needs. In the fourth quarter, leasing velocity had slowed, with limited deal activity driven largely by lease expirations. But the city still scored several corporate relocations and expansions, faring well compared to other major cities throughout the country. Fast-forward to June 2021, and the light at the end of the tunnel is getting brighter as more occupants set re-entry plans for this fall. This is a transformative year for Charlotte. Commercial Café ranked the Queen City as No. 5 in the United States for the most anticipated office deliveries in 2021 with more than 4.1 million square feet delivering in the metro area this year. Uptown added to its skyline with the addition of 366,000 square feet at Legacy Union Two, the completion of the 742,000-square-foot Ally Charlotte Center, Honeywell’s 330,000-square-foot corporate headquarters delivering later this fall and the 156,415-square-foot FNB Tower delivering this summer. At the end of the first quarter, new construction in Uptown was more than 82 percent preleased. And as more tenants seek out highly amenitized and efficient space, new construction is expected to be the …

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Skyline Tower
LoansMultifamilySoutheastVirginia

Pacific Western Bank Provides $127.5M Construction Loan for Apartment Project in Falls Church, Virginia

by Julia Sanders

FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $40M Sale of Multifamily Property in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Berkadia has arranged the $40 million sale of Coquina Bay, a 200-unit multifamily property located in Jacksonville. Greg Rainey, Matt Wilcox, Brett Moss, Cole Whitaker and Jason Stanton of Berkadia completed the sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor. Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood-burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, yoga studio, business center, clubhouse, tennis court and a dog park.

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Legacy Park
DevelopmentFloridaIndustrialSoutheast

Sansone Breaks Ground on 425-Acre Industrial Development in Port St. Lucie, Florida

by Julia Sanders

PORT ST. LUCIE, FLA. — Sansone Group has broken ground on the second phase of a multi-building industrial park in Port St. Lucie named Legacy Park at Tradition Center. The 425-acre industrial development is situated along Interstate 95 and Becker Road. Sansone is working with NorthBridge Partners on the project. The project’s second phase includes a speculative industrial development on 40.9 acres. The two Class A facilities, a 520,000-square-foot cross-dock building and a 168,000-square-foot rear-load building, will be developed and slated for completion by spring 2022. The two buildings will accompany Sansone’s nearly completed, 245,000-square-foot FedEx sorting center at Legacy Park. Once completed, Legacy Park will include a total of approximately 5.5 million square feet of single- and multi-tenant light industrial and distribution facilities. Peter Crane of Sansone Group was one the brokers involved in the land transaction. Robert Smith and Kirk Nelson of CBRE are the listing brokers.

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St. Thomas Shopping Center
Leasing ActivityMarylandRetailSoutheast

Greenberg Gibbons Adds Four Retailers at St. Thomas Shopping Center in Owings Mills, Maryland

by Julia Sanders

OWINGS MILLS, MD. — Greenberg Gibbons has signed leases with four new retailers that are joining the St. Thomas Shopping Center in Owings Mills. The new tenants, Next Door Pharmacy, uBreakiFix and Boston Market will open this fall, and Michaels will open in fall 2022. Michaels, an arts and crafts retailer, will take up a 23,045-square-foot space near Baltimore Sports & Novelty. Next Door Pharmacy is a customer-centered pharmacy that offers free delivery, pet medications, compounding, vaccinations and price matching. The company’s 1,600-square-foot location will also be next to Baltimore Sports & Novelty. An electronics repair shop, uBreakiFix, will be in a 1,600-square-foot store between H&R Block and Next Door Pharmacy. Boston Market, a fast-casual restaurant, will be in a 2,000-square-foot space located next to 1st Financial and adjacent to M&T Bank. St. Thomas Shopping Center is located on Reisterstown Road, adjacent to Foundry Row, the mixed-use destination also owned and managed by Greenberg Gibbons. In the 100,000-square-foot commercial complex, St. Thomas Shopping Center also features retailers such as Wells Fargo and Starbucks.

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Jobs report graph
District of ColumbiaSoutheast

US Economy Beats Expectations in July with 943,000 New Jobs, 5.4 Percent Unemployment Rate

by Julia Sanders

WASHINGTON, D.C. — The U.S. economy added 943,000 jobs in July and the unemployment rate dropped to 5.4 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had predicted there to be an increase of 845,000 jobs and an unemployment rate of 5.7 percent. It’s the biggest monthly jobs gain since August 2020 when about 1.6 million jobs were added. The upcoming end of federal unemployment benefits, which ends on Sept. 5, may be a factor for why more people are seeking and finding jobs now. In June, the jobs added to the economy were revised up from 850,000 to 938,000. These numbers are much higher than the number of jobs added in May 2021, which was revised to 583,000 jobs. Nonfarm payroll employment has increased by 16.7 million since April 2020. Compared to before the pandemic in February 2020, the total employment numbers remain down by 5.7 million jobs. This summer, more people have felt comfortable eating out and traveling, which explains why the highest job gains were in the leisure and hospitality sector. Jobs in the leisure and hospitality industry rose by 380,000. In food services and drinking places, there was a gain …

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Raleigh
DevelopmentIndustrialMassachusettsMinnesotaNorth CarolinaTop Stories

JLL Arranges $157.3M Equity Partnership for Industrial Developments in Minnesota, North Carolina

by Julia Sanders

MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …

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AlabamaLoansMultifamilySingle-Family RentalSoutheast

Cushman & Wakefield Arranges $30.2M Construction Loan for Single-Family Rental Community in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged $30.2 million in construction financing for The Hamlet at MidCity, a single-family rental community in Huntsville. Mike Ryan, Brian Linnihan, Richard Henry and J.P. Cordeiro of Cushman & Wakefield secured the three-year, floating-rate loan through Regions Bank on behalf of the developer, Middleburg Communities. The Hamlet at MidCity will include 120 standalone cottages and 55 separate duplex buildings totaling 230 units. Floor plans will range from one- to three-bedrooms, with an average unit size of 1,259 square feet. Community amenities will include a saltwater pool, outdoor grilling common areas, fitness center, dog park, pet spa and fire pits. Located on Old Monrovia Road off Highway 72, the property is a half-mile north of MidCity District, an $850 million mixed-use development that when complete will contain 400,000 square feet of office space and 350,000 square feet of retail space.

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