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Sky Three Residences Club
DevelopmentMultifamilyNew YorkNortheastRetailTop Stories

Cammeby’s, Rybak Development Deliver 1 MSF Luxury Apartment Community in Brooklyn’s Coney Island

by Abby Cox

NEW YORK CITY — Cammeby’s International Group, in partnership with Rybak Development, has unveiled Sky Three Residences Club, a 1 million-square-foot luxury apartment community located in Brooklyn’s Coney Island neighborhood. Leasing has begun for the development, with move-ins expected to begin on Saturday, Nov. 1. The three-tower community was constructed as part of the two-phase Neptune/Sixth development plan, which joins a new retail strip that was built during Phase I. Sky Three Residences Club now anchors South Brooklyn’s West Brighton district. “Cammeby’s and its partners have consistently maintained and reinvigorated the retail offerings to ensure a walkable and vibrant neighborhood,” says a company spokesperson for Cammeby’s International. “With leasing at Sky Three underway, we’re proud to welcome residents to a reimagined West Brighton and to a community setting exceptional standards.” Sky Three features 499 apartment units in studio, one-, two- and three-bedroom floorplans, ranging in size from 500 to 1,000 square feet, according to Apartments.com. Monthly rental rates begin at $3,100. The project team included Zproekt Architecture and interior designer Durukan Design, as well as Tier 2 Landscape Architecture for the project’s exterior landscaping. The development offers more than 100,000 square feet of indoor and outdoor amenities, including an Olympic-size swimming …

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Central-9
DevelopmentIndustrialLoansNew JerseyTop Stories

Madison Realty Capital Provides $654M Financing for Industrial Project Underway in Central New Jersey

by Hayden Spiess

OLD BRIDGE, N.J. — Madison Realty Capital has originated a $654 million mortgage and mezzanine loan for Central 9 Logistics Park, an industrial project currently underway in Old Bridge, roughly 35 miles southwest of New York City. New Jersey-based development firm 2020 Acquisitions is the borrower.  Upon completion, the development will comprise 4.1 million square feet across nine buildings. The property is situated in close proximity to Garden State Parkway, New Jersey Turnpike and I-287, with access to the Port of New York and New Jersey’s Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport.  The borrower will use the funds to refinance five buildings in Phase I of Central 9 Logistics Park and to cover construction and leasing costs for two buildings in Phase II. The finished buildings at the campus range from 192,000 to 818,000 square feet in size. The buildings planned for Phase II will total 139,000 and 809,000 square feet, respectively.   2020 Acquisitions is also planning Phase III at Central 9 Logistics Park, which will comprise two final buildings. “With three leases signed over the past 45 days totaling approximately 900,000 square feet, we are accelerating the construction of Phase II and will begin construction immediately,” says Efrem …

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CaliforniaFloridaGeorgiaIndustrialLoansNorth CarolinaSoutheastTexasTop StoriesWestern

JLL Arranges $820M Refinancing for 6.1 MSF Industrial Portfolio Across Six Markets

by Kristin Harlow

IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets. JLL arranged the CMBS financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan. The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants. The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses. CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth. JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led …

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ArizonaDevelopmentMixed-UseRestaurantRetailStudent HousingTop StoriesWestern

Core Spaces, Wexford Break Ground on 30-Story Student Housing Tower Near Arizona State University

by John Nelson

TEMPE, ARIZ. — A joint venture between Core Spaces and Wexford Developments has broken ground on Hub on Campus Tempe, a 30-story student housing tower located near the Arizona State University campus in downtown Tempe. The development, which will feature 1,957 student housing beds, a rooftop amenity deck and ground-level retail space, is scheduled for completion in summer 2028. Kennedy Wilson provided construction financing for the project, and TSB Capital Advisors consulted on the transaction. The development team includes general contractor Findorff and RSP Architects. Core Spaces will manage Hub on Campus Tempe upon completion and the firm’s in-house design team will design the interiors. The project site was formerly home to the historic Harry Walker House, also known as the House of Tricks restaurant, which was recently relocated next to Tempe City Hall on Fifth Street for future preservation and restoration. The development team is working to preserve the nearby First Congregational Church, which will be transferred to city ownership to ensure its continued protection. “This development will provide much-needed housing while also keeping the city’s historic landmarks part of the evolving landscaping,” says Doug Tichenor, senior director of entitlements at Core Spaces. “We see this project as a …

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Forma-Miami
LoansMultifamilySoutheastTop Stories

Walker & Dunlop Provides $238.4M Agency Refinancing of Mixed-Use Apartment Building in Miami

by Taylor Williams

MIAMI — Walker & Dunlop has provided a $238.4 million Freddie Mac loan for the refinancing of Forma Miami, a 588-unit mixed-use apartment building in the city’s Edgewater neighborhood. The Walker & Dunlop team that originated the financing included Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Michael Stepniewski and Michael Ianno. The borrower is local developer Crescent Heights. Specific loan terms were not disclosed. Rockwell Group and Arquitectonica designed Forma Miami to have condo-style interior finishes, along with 85,000 square feet of indoor and outdoor amenity space that includes a 10,000-square-foot fitness pavilion, both lounging and lap pools, a dog lounge, pickleball court, meditation room, sports bar/beer garden, game room and a rooftop terrace with a private bar/lounge. Forma Miami also has an entire floor that functions as a dedicated coworking lounge. Residences at Forma Miami come in studio, one-, two- and three-bedroom and range in size from 485 to 1,980 square feet. Units feature various pieces of smart-home technology, private terraces, floor-to-ceiling windows, quartz countertops, white oak cabinetry and individual washers and dryers. Amenities include a 10,000-square-foot fitness pavilion, both lounging and lap pools, a dog Lounge, pickleball court, meditation room, sports bar/beer garden, game room and a rooftop terrace with a private …

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Aligned-DFW-03-Mansfield
AcquisitionsData CentersIndustrialSoutheastTop Stories

BlackRock-Led Consortium Agrees to Acquire Aligned Data Centers for $40B

by Abby Cox

DALLAS — A consortium led by BlackRock’s Global Infrastructure Partners, Abu Dhabi’s MGX and the Artificial Intelligence Infrastructure Partnership has entered into an agreement to acquire Dallas-based Aligned Data Centers for approximately $40 billion. The sellers are Macquarie Asset Management and its co-investment partners. Subject to regulatory approvals, the transaction is expected to close in the first half of 2026. This deal marks Macquarie Asset Management’s second major data center transaction in the last year, following the 2024 sale of AirTrunk to a consortium of investors that valued the company at $16 billion. Aligned Data Centers has rapidly scaled across North and South America, serving hyperscale, AI and enterprise customers. In recent years, Aligned has expanded its footprint from two operational facilities in Dallas and Phoenix to more than 50 campuses across the United States, Mexico, Brazil, Chile and Colombia, representing over 5 gigawatts (GW) of operational and planned capacity, including assets under development.   Aligned also obtained the first-ever green data center securitization, and first-ever sustainability-linked financing for a data center platform, according to company representatives. “This transaction underscores Macquarie Asset Management’s ability to consistently identify key thematics early and find opportunities that create value for our clients and partners,” says Ben …

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Midtown-Park_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

City of Miami Approves $2B Midtown Park Mixed-Use Development

by Hayden Spiess

MIAMI — The City of Miami’s Urban Development Review Board has officially approved the master plan for Midtown Park, a $2 billion mixed-use development. A joint venture between Rosso Development, Midtown Development and Proper Hospitality is developing the project, a construction timeline for which has not yet been announced.  Plans for the two-phase, 1.2 million-square-foot project currently call for 924 residential units, 60,000 square feet of office space and more than 120,000 square feet of retail and restaurant space. Additionally, the development will feature two public plazas, a network of pedestrian-oriented streetscapes and an eight-court racquet and padel club operated by ULTRA Padel.  The first component of the project to be developed will be Midtown Park Residences by Proper, situated at 3055 N. Miami Avenue. Arquitectonic has designed the 28-story tower, which will deliver 288 branded residences in studio to three-bedroom layouts, plus penthouses with private rooftop gardens and pools. Meyer Davis Studio served as the interior designer for the tower.  Amenities at Midtown Park Residences by Proper will include a pool deck with a restaurant and bar, private pickleball court, fitness center, yoga and meditation garden, spa pool, coworking spaces, a kids club and a communal vegetable garden. Completion of …

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DevelopmentIllinoisIndianaIndustrialMichiganMidwestOhioTop Stories

Stellantis to Invest $13B Over Next Four Years at Midwest Automobile Factories

by Kristin Harlow

AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …

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Annapolis-Town-Center
AcquisitionsMarylandRetailTop Stories

Federal Realty Acquires 480,000 SF Retail Center in Annapolis, Maryland for $187M

by Hayden Spiess

ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C.  Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller. Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center. Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at  $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments.  The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price.  This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year.  Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately …

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Nobu-Hotel-Nashville
DevelopmentHospitalitySoutheastTennesseeTop Stories

Oracle Partners With Nobu Hospitality on $1.2B Nashville Headquarters Campus

by Taylor Williams

NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL) has partnered with Nobu Hospitality, a Miami Beach, Fla.-based operator whose concept is rooted in Japanese culture, for a new hotel and restaurant on its new corporate headquarters campus in Nashville. According to local media outlet The Tennessean, Oracle’s Nashville project is valued at roughly $1.2 billion. Designed in collaboration with architecture firm Foster + Partners, the new hotel will feature 120 rooms and suites. Guests will have access to a Nobu restaurant on the lobby level, as well as flexible meeting and event spaces for both intimate gatherings and larger occasions. The hotel will also offer a lobby café, fitness center and spa facilities and a rooftop infinity rooftop pool with curated food-and-beverage service. “We’re excited to bring the Nobu lifestyle to Nashville’s East Bank, a vibrant district ready for growth,” says Trevor Horwell, CEO of Nobu Hospitality. “After much anticipation and requests from our loyal Nobu customers, partnering with Oracle is a perfect match. Nashville’s rich culture and culinary scene make it an ideal home for Nobu, and we can’t wait to create a destination that embodies the city’s spirit and our unique experience.” Oracle, an IT company known for its …

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