SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.
OVIEDO, FLA. — A partnership between LeCesse Development and Broad Oak Development plans to soon break ground on Broad Oak Oviedo, a 252-unit apartment development in the Central Florida city of Oviedo. The property will feature a mix of four-story, elevator-serviced buildings and carriage house buildings that also feature garages. Amenities will include a fitness center, game room, valet trash service, coworking space, golf simulator, infinity edge pool, dog park, recreational trail and an outdoor summer kitchen. The development will be situated near Oviedo Mall, Oviedo on the Park, the Cross Seminole Trail and FBC Mortgage Stadium, among other attractions. LeCesse and Broad Oak plan to deliver the community in summer 2026. The project team includes Slocum Platts Architects, Kimley-Horn, Dix.Hite+Partners, Beasley & Henley and Walker & Co. Synovus Bank is providing debt construction financing, and Marble Capital is investing preferred equity into the development.
MIAMI — Neology Development Group has received an $84.5 million loan for The Julia Residences, a 14-story apartment tower that recently delivered in Miami’s Allapattah neighborhood. Affiliates of Apollo provided the permanent loan. The borrower obtained its TCO for the development last May and stabilized the community at 97 percent occupancy by October. Named after historic Miami businesswoman Julia Tuttle, the $140 million Julia Residences features 323 apartments and 13,000 square feet of retail space on the ground level. The property is located at 1625 N.W. 20th St., within walking distance of Jackson Memorial Hospital and the Civic Center Metrorail Station.
NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.
CHARLESTON, S.C. — Center Park Group, along with development partners The Berry Co. and Batson-Cook Development Co., plans to soon begin construction on Berkshire on Clements Ferry, a 192-unit build-to-rent townhome community in Charleston. Situated with the Point Hope master-planned community, the project will be located on a 40-acre site at 1049 Point Hope Parkway, and the residential portion will be concentrated on 15.5 acres. Each residence will comprise a three-bedroom townhome with approximately 1,200 square feet of living space and a one-car garage. The property will span 36 three-story buildings configured in pods that each hold six townhomes. Amenities will include a resort-style pool and poolside cabana, community playground, hammock stations, a pavilion with grilling stations, dog park, private fenced puppy yards on select units and bike and walking trails throughout the property. Site work on Berkshire on Clements Ferry is underway, and the development team plans to begin vertical construction this quarter and deliver the first units by the end of the year.
LAKELAND, FLA. — Northmarq has arranged a $43.9 million construction loan for Gibsonia Gardens, a 276-unit apartment community underway at 6508 US Highway 98 N in Lakeland. Bob Hernandez of Northmarq arranged the three-year loan on behalf of the borrower, a repeat client, through a correspondent lender. The sponsor and direct lender were not disclosed. The apartment community is set for completion in 2026.
IRONDALE, ALA. — CBRE has secured a $15 million loan to refinance Cahaba Crossing, a 67,874-square-foot shopping center located in the Birmingham suburb of Irondale. A 48,837-square-foot Publix supermarket anchors the 9.8-acre property. Richard Henry, Mike Ryan, Brian Linnihan and JP Cordiero of CBRE secured the loan on behalf of the borrowers, Halvorsen Holdings and Ezon Inc. Carmel, Ind.-based 40|86 Advisors provided the five-year, fixed-rate, interest-only loan. Built in 2023, Cahaba Crossing was fully leased at the time of loan closing to 10 tenants, including The UPS Store, Starbucks Coffee and Heartland Dental. Additionally, the site features a 1.5-acre outparcel reserved for future development.
The Washington, D.C., office market is facing challenging times, marked by unprecedented vacancy rates, dwindling demand and a significant supply-demand imbalance. Within these constraints, the flight to quality trend is reshaping how investors and lenders view office assets and should lead to an inventory reclassification. The divide between high-quality assets and lesser properties widens almost daily, creating a bifurcated market with fierce competition for quality space. Meanwhile, older, less desirable properties languish, accumulating vacancies as they fail to meet current occupier expectations. Without intervention, the less desirable properties will continue to drag down the market’s perception, obscuring the success of top-tier spaces with a headline vacancy rate. To contribute to the stabilization of the market, office participants must acknowledge this divide and assess distressed assets not as liabilities, but as opportunities to reset and reclassify properties based on realistic usage and demand. Lenders are central to this process as they control a substantial portion of distressed office stock. After years of extending loans to stave off foreclosure during uncertain times, many are now realizing that relief is unlikely to materialize organically. As a result, foreclosures are already up 121 percent in 2024 year-to-date over 2023 in Washington, D.C. On average, …
ARLINGTON, VA. — ZOM Living has completed construction on Hazel & Azure at National Landing, a 491-unit luxury multifamily complex in Arlington. Balfour Beatty was the general contractor on the project, and bKL Architecture served as the project architect. Situated at 3030 & 3130 S. Potomac Ave., the development comprises two towers — the 15-story Hazel and11-story Azure — as well as 8,900 square feet of ground-floor retail space. Urban Boxing will occupy 4,709 square feet in the Hazel tower, Coffee Republic will occupy 2,006 square feet in Azure and a third tenant will comprise the remaining 2,201 square feet of retail space in the Azure tower. Monthly rental rates at Hazel range from $2,180 to $7,010, and Azure’s rents range from $2,294 to $8,805, according to Apartments.com. Units come in townhome, studio, one-, two- and three-bedroom floor plans that range in size from 516 to 1,852 square feet. Amenities include a rooftop pool, outdoor deck and grilling area, clubroom, fireplace, fitness and wellness spa, yoga room, coworking spaces, a self-serve resident market and a pet spa for dogs. The complex also offers concierge and white glove package delivery services and electric vehicle charging stations.
WASHINGTON, D.C. — Akridge and National Real Estate Development have begun welcoming residents to The Byron, a 384-unit apartment community in southwest Washington, D.C. The Byron is Phase I of The Stacks, a six-acre mixed-use campus. Upon completion, The Stacks will include 2 million square feet of space, including a hotel, offices, apartments, shops and restaurants. The development team for The Stacks includes Akridge, National Development, Bridge Investment Group, Blue Coastal Capital and institutional funds managed by National Real Estate Advisors. Amenities at The Byron include a 10,000-square-foot Flex gym that features a sauna, recovery room and outdoor workout space, a multi-sport simulator, two rooftop pools, pet spa, serenity garden, TV lounge with an adjoined terrace, chef’s catering kitchen and gathering spaces. Additional conveniences include Capital Bikeshare and bike maintenance stations and an onsite resident market that is scheduled to open this summer, as well as The Passage, a pedestrian-only cobblestone street. According to Apartments.com, the 14-story building offers studios, one-, two- and three-bedroom units ranging in size from 432 to 1,565 square feet. Monthly rents start at approximately $2,230.