Tuesday, August 4, 2026
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The Textile Building in Manhattan.
LoansNew YorkNortheastOfficeTop Stories

Walker & Dunlop Arranges $228.9M Loan for Refinancing of The Textile Building in Midtown Manhattan

by Matthew Auchincloss

NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking.  The Textile Building reopened in 2023 and has since …

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Eglin-Pull-Quote
Company NewsIndustrialNew YorkNortheastTop Stories

Brookfield, CPP Investments Agree to Acquire LXP Industrial for $5.2B

by Taylor Williams

NEW YORK CITY AND TORONTO — A partnership between Brookfield Asset Management (NYSE: BAM) and the Canadian Pension Plan (CPP) Investment Board has agreed to acquire LXP Industrial Trust (NYSE: LXP) in an all-cash transaction valued at $5.2 billion. The deal is expected to close in the fourth quarter. The price tag includes LXP’s net debt and preferred equity. In addition, the terms of the deal call for LXP shareholders to receive $61.20 per share in cash, which represents a premium of 12.3 percent over the REIT’s 30-day volume weighted average share price (VWAP) and a 19.8 percent premium over the company’s 90-day VWAP. Both figures are based on time frames that ended Friday, July 17. LXP has agreed to suspend payment of common share dividends until the earlier of the closing of the transaction or the termination of the definitive agreement. The agreement also includes a 40-day “go-shop” period that expires on August 28 at 11:59 p.m. EST, during which time LXP and its advisors may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. “LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets,” said Lowell Baron, CEO of …

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410-North-Elizabeth-Chicago
DevelopmentIllinoisLoansMidwestMultifamilyTop Stories

Partnership to Develop Chicago’s First Geothermal-Powered Multifamily Community

by Abby Cox

CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S. …

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Frederick-Brickworks
DevelopmentMarylandMixed-UseTop Stories

Greenberg Gibbons Breaks Ground on $450M Mixed-Use Project in Frederick, Maryland

by Hayden Spiess

FREDERICK, MD. — Greenberg Gibbons has broken ground on Frederick Brickworks, a new mixed-use project located in Frederick, roughly 50 miles northwest of Baltimore. Upon completion, the development will span 65 acres. Project costs are expected to total $450 million.  According to the City of Frederick, the project proposal calls for 1,260 residential units and 130,000 square feet of commercial space. The planning commission approved the master plan in October 2023, and Greenberg Gibbons closed on the land acquisition last month. The site formerly housed the historic Frederick Brick Works factory, which opened in 1891. Brick manufacturing ended at the factory in 1946, and the company continued a construction materials business at the property until relocating in 2007.  Whole Foods Market will anchor Frederick Brickworks. Other confirmed retail and restaurant tenants include honeygrow, First Watch, Shake Shack, Dave’s Hot Chicken and Inspire Nail Bar. The first phase of the development will also feature 332 rental apartments and 320 for-sale townhomes built by Wormald and NVR Inc. Completion of the first phase is scheduled for 2028. The project is anticipated to support approximately 5,600 jobs — including 1,300 permanent positions and 4,300 construction jobs — and generate an estimated $181 million …

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AcquisitionsMultifamilyNorth CarolinaOfficeSoutheastTop Stories

Lincoln Acquires Spectrum, Doubling Down on Carolinas Region

by Kristin Harlow

DALLAS AND CHARLOTTE, N.C. — Global real estate company Lincoln Property Co. has acquired The Spectrum Cos., a full-service real estate firm based in Charlotte. The acquisition enhances Lincoln’s platform in the Carolinas region. Johno Harris, senior executive vice president at Lincoln, and Stephen McClure, CEO of Spectrum, will be leading Lincoln’s Carolinas platform, which will now also include Spectrum’s Northern and Central Florida’s multifamily business. Since its inception in 1982, Spectrum has developed nearly 7,000 multifamily units and currently leases and manages a total of 4.4 million square feet of assets. With this new partnership and investment in the platform, the combined firm is poised to ramp up its development and acquisition pipeline across both multifamily and commercial real estate. “Our shared values are the foundation for seamless integration, and Lincoln’s full-service platform and national resources will only strengthen what we’ve already built,” says McClure. Darryl Dewberry, Spectrum’s executive chairman, will continue in his role to ensure continuity for the development and investment partnerships he has helped cultivate across the Carolinas. Lincoln says the acquisition broadens its product offerings in the region and deepens its capacity to serve clients, pursue opportunities and compete more effectively. Dallas-based Lincoln is one …

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AcquisitionsCaliforniaCompany NewsIndianaMidwestMultifamilyTop StoriesWestern

Milhaus Completes Merger With SRG Residential, Agrees to Acquire Broadshore Capital

by John Nelson

INDIANAPOLIS AND LOS ANGELES — Milhaus, a multifamily developer and operator based in Indianapolis, has completed its merger with SRG Residential, a subsidiary of Sares Regis Group based in Newport Beach. The combined company totals 1,400 employees and includes 50,000 apartments under management — 46,000 of which come from 190 properties managed by SRG Residential — as well as a development pipeline exceeding $2.5 billion. The combined company, which will be operated under the Milhaus platform, plans to start eight development projects this year totaling more than 2,000 new units in Southern California, Denver and Phoenix, giving Milhaus a presence in more than 20 markets across the country. Chris Payne, former CEO of SRG Residential, joins Milhaus as both the chief development officer and a shareholder. Jeff Bailey, president of property management at SRG Residential and a shareholder, now leads the property management group at Milhaus. “This partnership is a natural fit,” says Tadd Miller, CEO of Milhaus. “SRG Residential brings a best-in-class, high-touch approach to property management and operations along with a quality development pipeline and seasoned leadership, while Milhaus contributes a high-quality owned portfolio and disciplined development and capital markets infrastructure.” “We are unlocking powerful synergies and long-term opportunities …

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Alterra-IOS
IndustrialLoansTop Stories

Alterra IOS Receives Two Loans Totaling $400M for Refinancing of National Portfolio

by Taylor Williams

PHILADELPHIA — Alterra IOS, a Philadelphia-based owner-operator of industrial outdoor storage (IOS) properties, has received two loans totaling $400 million for the refinancing of a national portfolio of 99 such properties. Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY) provided the debt with commitments of $225 million and $175 million, respectively. Collectively, the portfolio totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse facilities. Each site is located in a “major” U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas. Specific breakdowns of locations across these states were not disclosed. The financing was executed utilizing an equity pledge framework as opposed to traditional asset-level mortgages. According to Alterra, this structure enables more streamlined, efficient execution and portfolio-level underwriting by allowing the borrower to “reduce legal and administrative burden(s) by eliminating property-level title work across a multi-state portfolio.” “Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” says Kate Mooney, senior associate, capital markets at Alterra. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect …

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201-Hudson-By-Urby
DevelopmentMultifamilyNew JerseyNortheastTop Stories

Rockpoint, Urby to Develop 69-Story Apartment Tower Along Hudson River in Jersey City

by Abby Cox

JERSEY CITY, N.J. — Rockpoint, a Boston-based real estate private equity firm, and Urby, a hospitality-driven multifamily developer, have formed a joint venture to develop a multifamily residential tower located along the Hudson River in Jersey City. The 69-story building, which will be known as 201 Hudson – by Urby, is expected to be delivered around mid-2029, according to various media outlets. 201 Hudson is the second phase of a larger three-tower multifamily development. The project follows Jersey City Urby, a 762-unit apartment tower delivered in 2017. The property was rebranded as Sable in 2025 after Veris Residential acquired full ownership of the building. Earlier this year, ownership transferred again to Affinius Capital following its acquisition of Veris. Urby will co-manage construction and development of 201 Hudson and will also oversee property management and leasing alongside Rockhill, Rockpoint’s property services affiliate. The project team will include New York-based architects HLW; Concrete Amsterdam; interior designer Shawn Hausman; and landscape architect Bas Smets, whose practice is responsible for the reimagined grounds of Notre-Dame Cathedral in Paris and the Mandrake Hotel in London. “The Jersey City Waterfront continues to distinguish itself as one of the most compelling multifamily submarkets in the New York …

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Alexan-Lower-Greenville_Dallas
ColoradoDevelopmentMultifamilyTexasTop StoriesVirginia

Crow Holdings Receives $380.2M Refinancing for Multifamily Portfolio

by Hayden Spiess

DALLAS — Crow Holdings, a privately owned real estate investment and development firm based in Dallas, has received $380.2 million for the refinancing of a multifamily portfolio. Totaling 1,549 units, the portfolio is located in Texas, Colorado and Virginia. The properties include Alexan Lower Greenville in Dallas; Alexan Braker Pointe and Alexan Waterloo in Austin, Texas; Alexan Julian in Denver; and Alexan Florence in Alexandria, Va.  AllianceBernstein provided the financing. Andy Scott, Michael Cosby, Kris Lowe, Tom Burns and Bo Beidleman of CBRE secured the refinancing on behalf of the borrower.  Trammell Crow Residential (TCR) developed each of the communities in partnership with Crow Holdings.  Alexan Lower Greenville totals 475 units and was built in 2019. Built in 2023, Alexan Braker Pointe comprises 314 units across six stories. Alexan Waterloo was built in 2021 and features 272 units. Alexan Julian was built in 2020, and Alexan Florence was delivered a year later, in 2021, with 286 units.  Based in Dallas, TCR is a real estate development company of Crow Holdings. Since its inception 45 years ago, the firm has built more than 291,000 multifamily units, with a local presence in 15 U.S. markets.  — Hayden Spiess

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DevelopmentIndustrialTexasTop Stories

Toyota Plans $3.6B Expansion at San Antonio Manufacturing Campus

by Kristin Harlow

SAN ANTONIO — Toyota Motor North America (TMNA) has unveiled plans to invest $3.6 billion to expand the Toyota Texas manufacturing campus in San Antonio with a second vehicle assembly line to support production of the Tacoma truck. The expansion will create 2,000 new jobs and add 2.5 million square feet to Toyota Texas, doubling its size by 2030. TMNA will transition Tacoma production from Toyota Motor Manufacturing Baja California, located in Mexico, to the expanded Toyota Texas plant over an approximate four-year period. Toyota Texas currently includes a vehicle assembly line and new rear axle plant that is nearing startup. “The 2,000 acres of South Texas ranchland our plant stands on today was purposefully selected for its ability to scale with vehicle demand, and today marks the first step toward realizing that potential,” says Frank Voss, TMNA group vice president of truck manufacturing and president of Toyota Texas. This expansion brings Toyota’s total investment in San Antonio to $8.3 billion since breaking ground in 2003. Toyota’s local workforce will climb to approximately 6,000 team members, supported by 23 onsite suppliers and their employees.  For nearly 20 years, Toyota Texas has rolled out trucks and SUVs, assembling more than 197,000 …

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