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Ackerman & Co. Secures $117M Acquisition Financing for Lincoln Road Retail Redevelopment Project in Miami Beach

by Abby Cox November 21, 2025

MIAMI BEACH, FLA. — Ackerman & Co. has secured $117 million in financing on behalf of locally based Comras Co. for the acquisition of five buildings to complement the north end of Lincoln Road, the retail high street of Miami Beach. Dubbed NoLi (North Lincoln Road), the redevelopment will include 150,000 square feet of boutique retail, dining, wellness and lifestyle concepts, as well as 1,700 square feet of street frontage. Completion of the project is anticipated for the first quarter of 2027. Jonathan Rice of Atlanta-based Ackerman & Co. arranged the financing through ACORE Capital. The sellers of the five properties were affiliates of Morgan Stanley and Terranova Corp. “NoLi promises to be another transformative development by Comras in Miami Beach, alongside recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami Worldcenter,” says Jonathan Rice, executive vice president of capital markets at Ackerman & Co. Situated along Lincoln Road and North Lincoln Lane, NoLi will be converted into a new micro-district that will comprise more than 40 inline retail spaces. NoLi will reuse the existing buildings and repurpose the outdated floorplans to create boutique-sized spaces, with layouts ranging in size from 400 square feet …

November 21, 2025

Development Industrial North Carolina Southeast Top Stories

Novartis Announces $771M Pharmaceutical Manufacturing Expansion in North Carolina’s Research Triangle

by Hayden Spiess November 20, 2025

DURHAM AND MORRISVILLE, N.C. — Pharmaceutical developer and manufacturer Novartis (NYSE: NVS) has announced a $771 million expansion of its footprint in North Carolina’s Research Triangle. According to the company, the expansion will create 700 new jobs in Durham and Wake counties and more than 3,000 indirect jobs by the end of 2030. The North Carolina expansion is part of the Swiss company’s pledge to invest $23 billion in U.S. infrastructure over the next five years. Doubling the company’s operational presence to more than 700,000 square feet, the expansion will significantly increase manufacturing capacity. The expansion will comprise new construction as well as the renovation of existing facilities across three sites in Durham and Morrisville. The new hub will include a new site in Durham housing two new facilities for manufacturing biologics and sterile packaging and a new site in Morrisville for the production of solid dosage tablets and capsules, as well as an expansion of an existing Durham facility to support sterile filling of biologics into syringes and vials. One of the new facilities will be located at Pathway Triangle, occupying 202,000 square feet at the 1 million-square-foot campus in Morrisville. CBRE represented both Novartis and the landlord, King …

November 20, 2025

California Development Loans Multifamily Top Stories Western

JPI Receives Construction Financing for $150M Apartment Project in Downtown Long Beach

by Amy Works November 19, 2025

LONG BEACH, CALIF. — Multifamily developer JPI has received construction financing from Tokyo Tatemono US Ltd. and BMO Bank for Portico, a $150 million apartment project in Long Beach, a coastal city situated about 25 miles south of Los Angeles. Located at 450 The Promenade N, Portico marks the first phase of the Mosaic redevelopment project, formerly known as City Place Long Beach. Slated for delivery in 2028, Portico will feature 272 multifamily units, including studio, one-, two- and three-bedroom apartments — 16 of which will be designated as affordable housing. The development will also include 18,841 square feet of ground-floor retail space, offering direct access to the pedestrian promenade. Community amenities will include a speakeasy, rooftop deck, sports simulator, sauna and pool deck overlooking the Mosaic shopping center. Public art murals will adorn the building’s brick façade. “This project represents a key step forward in reimagining downtown Long Beach,” says Mollie Fadule, chief financial and investment officer at JPI. “With the support of Tokyo Tatemono US Ltd. and BMO Bank, we are not just building homes; we are creating a destination that blends housing, retail and culture into a thriving urban experience.” The broader 14-acre Mosaic redevelopment, led by Turnbridge …

November 19, 2025

Acquisitions Company News Student Housing Texas Top Stories

Lincoln Property Co. Acquires Student Housing Developer Capstone

by John Nelson November 18, 2025

DALLAS — Lincoln Property Co., a Dallas-based global real estate services firm, has acquired Capstone Development Partners, a student housing developer with offices in Birmingham, Ala., and Denver. Lincoln’s acquisition includes Capstone’s management affiliate, Capstone Management Partners. Financial terms of the acquisition were not disclosed. Capstone will continue to operate as Capstone Development Partners, powered by Lincoln. The developer came in at No. 15 in the Top Developers ranking by Student Housing Business. Capstone disclosed in the first quarter that it had seven projects planned through 2028 totaling 5,900 beds. The acquisition expands Lincoln’s higher education infrastructure and enhances its development, financing and operation of on-campus and university-affiliated housing. “Capstone has long been a recognized leader in student housing and campus facilities development,” says Alison Daubert, chief strategy officer at Lincoln. “Their specialized expertise complements Lincoln’s national platform with robust resources, allowing us to better support higher education institutions with even greater experience and expertise.” Capstone says that the move gives the company access to Lincoln’s national resources and operational expertise. “With Lincoln’s support and comprehensive real estate capabilities, we are more capable than ever to assist universities in creating innovative, customized development and operational solutions that align seamlessly with their …

November 18, 2025

Loans Multifamily Top Stories

Walker & Dunlop Provides $192M Agency Refinancing to Cortland for National Multifamily Portfolio

by Taylor Williams November 17, 2025

ATLANTA — Walker & Dunlop (NYSE: WD) has provided a $192 million Freddie Mac loan for the refinancing of a national portfolio of four multifamily properties totaling 1,137 units. The borrower was Atlanta-based owner-operator Cortland. The portfolio consists of Cortland at the Hammocks I & II in Miami, which total 720 units, as well as the 224-unit Huntington Glen Apartments in Dallas and the 193-unit Cortland Congress Park in Denver. According to Apartments.com, Cortland at the Hammocks offers one-, two- and three-bedroom units that range in size from 552 to 1,488 square feet. Cortland Congress Park features similar floor plans as well as studio options. Huntington Glen has one- and two-bedroom units that range in size from 516 to 937 square feet. Stephen Farnsworth led the Walker & Dunlop team that originated the financing on behalf of Cortland, which previously executed capital improvement programs to unit interiors, building exteriors and amenity spaces at all three properties. “Since acquisition, Cortland has invested meaningfully in these communities, successfully executing its value-add strategy and repositioning the assets within their respective markets,” says Farnsworth. “Our continued partnership reflects a shared commitment to supporting mission-driven communities and delivering lasting value for residents and investors alike.” …

November 17, 2025

Development Industrial North Carolina Office Southeast Top Stories

Scout Motors Selects Charlotte for New U.S. Corporate Headquarters, Plans $206M Investment

by Taylor Williams November 14, 2025

CHARLOTTE, N.C. — Scout Motors has selected Charlotte as its new U.S. corporate headquarters. The car manufacturer and subsidiary of German automaker Volkswagen plans to invest about $206 million within the local economy and to bring about 1,200 new jobs to the trade area. Scout Motors plans to fill these jobs over the next five years and will pay average annual wages of $172,000, which the company says is nearly double the average annual wage in Mecklenburg County. Scout Motors will locate its headquarters within Commonwealth, a mixed-use development in Charlotte’s Plaza Midwood neighborhood that is co-developed by Crosland Southeast and Nuveen Real Estate. The announcement builds on previous U.S. real estate activity by Scout Motors. The company is currently under construction on a 1,100-acre car manufacturing facility roughly 75 miles south of Charlotte in Blythewood, S.C., a project that is expected to be operational by 2027. The company also operates an “innovation center” in Novi, Mich. According to The Center Square, a watchdog publication that covers activities of state and local governments, Scout Motors received roughly $72 million in economic incentives for the deal. These included about $51.3 million from the State of North Carolina, $12.8 million from Mecklenburg …

November 14, 2025

Industrial North Carolina Southeast Top Stories

Toyota Begins Production at $13.9B Battery Plant in North Carolina, Pledges Additional $10B Investment Over Next Five Years

by Abby Cox November 13, 2025

LIBERTY, N.C. — Toyota (NYSE: TM) has begun production at its new $13.9 billion battery plant in Liberty, approximately 20 miles southeast of Greensboro, N.C. The 7 million-square-foot facility, which broke ground in 2021, is Toyota’s first and only battery plant outside of Japan and the company’s 11th U.S. plant. Toyota will also make an additional investment of up to $10 billion over the next five years to “support future mobility efforts,” according to company representatives. Toyota has invested nearly $60 billion since the company began its U.S. operations nearly 70 years ago. “Toyota is a pioneer in electrified vehicles, and the company’s significant manufacturing investment in the United States and North Carolina further solidifies our commitment to team members, customers, dealers, communities and suppliers,” says Ted Ogawa, president and CEO of Toyota Motor North America (TMNA). Toyota North Carolina is expected to create as many as 5,100 jobs. “This new facility will bring new opportunities and long-term growth to our state. It’s another sign that North Carolina continues to lead the way in manufacturing and innovation,” adds U.S. Representative Richard Hudson of North Carolina. The 1,850-acre site can produce 30 gigawatt-hours (GWh) annually at full capacity and will serve …

November 13, 2025

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Morgan Stanley, GSA Acquire Eight-Property Student Housing Portfolio Valued at $1B

by Kristin Harlow November 12, 2025

NEW YORK CITY — Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have acquired a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Landmark Properties. The transaction is valued at more than $1 billion. The properties are located across seven states and offer a mix of cottage-style, high-rise and mid-rise formats. The 6,200-bed portfolio is nearly fully leased. Global student housing operator Yugo will manage and rebrand the newly acquired assets. The assets in the sold portfolio include: The acquisition marks the partnership’s entrance into new markets in Virginia, Georgia and Pennsylvania, while expanding its presence in Texas, Florida, Oregon and North Carolina. Through its partnership, MSREI and GSA now own nearly 24,000 student housing beds across 50 properties in 23 states. “This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare, and demonstrates our experience and expertise in the student housing market,” says Nicholas Porter, CEO at …

November 12, 2025

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Rudin Extends $425M CMBS Loan for Tribeca Office Tower, Plans $100M Capital Improvement Program

by John Nelson November 11, 2025

NEW YORK CITY — Rudin has extended an existing $425 million CMBS loan backed by 32 Avenue of the Americas, a 27-story office tower in Manhattan’s Tribeca neighborhood. The New York City-based owner-operator has also announced plans for a $100 million capital improvement program at the 1.2 million-square-foot Art Deco property, which also features a prominent data center/carrier hotel component. Rudin will introduce a prebuilt program of new work environments at 32 Avenue of the Americas that will range in size from 5,000 to 10,000 square feet. The company will also upgrade the building’s lobby and renovate its street-level retail space. Lastly, Rudin will create a new leasing/marketing center spanning the entire 25th floor, which also features two outdoor terraces that offer views of the Manhattan skyline. The tower’s mortgage will now mature in November 2029 should Rudin exercise both of its one-year renewal options in 2027 and 2028. Iron Hound Management Co. advised Rudin, which acquired the property in 1999 from AT&T, on the loan modification. The direct lender was not named. Rudin requested that its loan be transferred to an unnamed special servicer two months ahead of its November maturity in order to begin discussions on the loan modification. …

November 11, 2025

Development Georgia Mixed-Use Southeast Top Stories

Rockefeller Group Tops Out 60-Story Mixed-Use Building in Midtown Atlanta

by Taylor Williams November 10, 2025

ATLANTA — New York City-based developer Rockefeller Group has topped out 1072 West Peachtree, a 60-story mixed-use building in Midtown Atlanta. According to the development team, upon completion, which is set for next spring, 1072 West Peachtree will be the tallest building constructed in Atlanta in the past three decades. Plans for the building currently call for 224,000 square feet of office space across eight floors, 357 multifamily units and 6,300 square feet of ground-floor retail and restaurant space. In addition to its office and residential components, the building will offer roughly 43,000 square feet of indoor and outdoor amenities. Specific amenities will include a resort-style athletic club with strength and cardio training areas and full-service locker rooms, as well as wellness-focused offerings such as private spa treatment rooms, sauna rooms, frost lockers and recovery spaces. In addition, the club will also include an indoor Pilates studio, a private training studio and a pickleball court. Lastly, 1072 West Peachtree will feature the Sky Garden. According to the developer, The Sky Garden will be Midtown Atlanta’s largest outdoor deck, designed with seating areas for collaboration or relaxation, as well as a lawn FOR gathering, gaming and hosting events. Turner Construction is …

November 10, 2025

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