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James-Hotel-&-Residences-Downtown-Miami
DevelopmentFloridaHospitalityMultifamilySoutheastTop Stories

Partnership Unveils Plans for $850M Hotel, Residential Skyscraper in Downtown Miami

by Taylor Williams

MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …

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Ameriprise Financial Center in Minneapolis
AcquisitionsMidwestMinnesotaOfficeTop Stories

Onward Investors Purchases Downtown Minneapolis Office Tower at Massive Discount, Mulls Repositioning

by Channing Hamilton

MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …

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Nikhil-Chaudhri
AcquisitionsCompany NewsMultifamilySeniors HousingTop Stories

Welltower Agrees to Acquire NorthStar Healthcare Income for $900M

by Hayden Spiess

TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million.  Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties.  “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.”  NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024.  Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement.  The all-cash transaction is scheduled to close within the first half …

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DevelopmentRetailSoutheastTennesseeTop Stories

Simon Plans to Develop 325,000 SF Premium Outlets in Metro Nashville

by Kristin Harlow

THOMPSON’S STATION, TENN. — Mall owner Simon Property Group (NYSE: SPG) has entered into an agreement to purchase a development site in metro Nashville with plans to build a luxury shopping and lifestyle destination known as Nashville Premium Outlets. The 325,000-square-foot project will be situated at the intersection of I-65 and I-840 in the southern suburb of Thompson’s Station. “This project represents a significant investment in our town and has the potential to enhance local amenities, create jobs and strengthen our economy,” says Thompson’s Station Mayor Brian Stover. Simon is collaborating with Nashville-based Adventurous Journeys Capital Partners (AJ Capital), a company known for its work in hospitality and real estate development. Construction is expected to begin in 2026, but a timeline for completion was not provided. Preliminary plans call for 75 retailers, restaurants and a hotel, with the potential to add residential options and big box retailers. “We are excited to bring another premier shopping and lifestyle destination to Nashville, one of our country’s most dynamic and fastest growing markets,” says Gary Duncan, Simon’s president of Premium Outlets and The Mills brands. Nashville Premium Outlets will join Simon’s existing properties in the metro area, including Opry Mills and The Mall …

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DevelopmentFloridaLeasing ActivityMixed-UseOfficeSoutheastTop Stories

Amazon to Anchor 1 MSF Wynwood Plaza Mixed-Use Development in Miami

by John Nelson

MIAMI — Amazon (NASDAQ: AMZN) has signed on to anchor Wynwood Plaza, a 1 million-square-foot mixed-use campus nearing completion in Miami’s Wynwood Arts District. The Seattle-based e-commerce giant will occupy 50,333 square feet within the development’s 12-story office tower that is set to deliver in the coming months. The landlords in the lease transaction are New York City-based L&L Holding Co. and Oak Row Equities, which has offices in New York City and Miami. The partners are co-developing Wynwood Plaza with Shorenstein Investment Advisors and investment partner Claure Group, which will also be a tenant in the building. The office tower will span 266,000 square feet and include an array of indoor and outdoor amenities, including an amenity hub on the second floor that will feature a fitness club with high-end equipment, showers and lockers, as well as a golf simulator and conference rooms. Other features of the tower include floor-to-ceiling windows, private tenant terraces and an expansive lobby. Office tenants will have direct access to Wynwood Plaza’s onsite parking garage and ground-level restaurants and shops, as well as a landscaped courtyard and a shaded rooftop area with flexible seating arrangements. Amazon will join other committed office tenants including Claure …

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AT&T-Kalamazoo-Michigan
Company NewsOfficeTop Stories

AT&T Completes 13 MSF National Office Sale-Leaseback Deal With Reign Capital, Nets $850M in Proceeds

by Taylor Williams

DALLAS — AT&T Inc. (NYSE: T) has completed a sale-leaseback transaction with New York City-based development and investment firm Reign Capital that encompasses approximately 13 million square feet of office space across 74 U.S. properties. The deal, which closed earlier this month, nets the Dallas-based telecommunications giant about $850 million in upfront cash proceeds. The names and locations of the AT&T-owned buildings in which the spaces are located were not disclosed. According to AT&T, the majority of the space that was sold was originally designed and developed “to house and connect large, bulky and energy-intensive equipment for outdated copper networks.” AT&T further explained that “as customers move[d] from copper to fiber and wireless, a smaller, more efficient equipment footprint is managing the network. This technology evolution not only reduces power consumption, benefitting the environment, but also lowers operating costs and frees up valuable real estate for other uses.” AT&T plans to exit the large majority of its legacy copper network operations by the end of 2029. Under the terms of the deal, AT&T will make lease payments to Reign Capital for the duration of the lease term and maintain exclusive operational control of space required for access to communications infrastructure in …

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The Emmet Building in New York City
DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastOfficeRetailTop Stories

NuVerse Advisors Receives $99M Construction Loan for Office-to-Residential Conversion Project in New York City

by Channing Hamilton

NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space. The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed. The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor. BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing. “BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing …

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Citi-Campus
FloridaOfficeSoutheastTop Stories

Wideman Co. Acquires 73-Acre Citigroup Office Campus in Jacksonville

by Katie Sloan

JACKSONVILLE, FLA. — The Wideman Co. has acquired Citi Campus Jacksonville, a 73-acre office park located at 14000 Citicards Way in the Baymeadows neighborhood of Jacksonville.  Developed in 2005, the campus spans 530,000 square feet and includes three office buildings, an amenity center with a made-to-order food hall, outdoor dining space, a large conferencing facility and 2,652 parking spaces.  The campus was acquired from Citigroup, which will continue to lease 230,000 square feet at the property, for an undisclosed price. Chuck Diebel of Colliers has been tapped to lease the remaining 260,000 square feet of office space.  The property recently underwent $12.9 million in renovations, which included waterproofing of the buildings, revolving door replacements and breakroom refurbishment. Jay Miller, AJ Felberbaum, Spencer Miller, Noah Rothman and Jonah Gentleman with BayBridge Real Estate Capital arranged acquisition financing on behalf of the buyer. The loan amount was not disclosed. Jacksonville is the fastest growing metropolitan market in the state of Florida and a top five destination for millennials relocating, according to JLL, which brokered the transaction.  Orlando-based Wideman Co. is a real estate investment firm focused on Class A, single-tenant office and industrial assets. The firm oversees $1.6 billion in commercial real estate …

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Mat Wambua, Merchants Capital
Affordable HousingLoansMultifamilyNew YorkNortheastTop Stories

Merchants Capital Provides $129.1M Financing for Affordable Housing Renovations in New York City

by Hayden Spiess

NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the renovation of three affordable housing developments located on the east side of The Bronx borough in New York City. The renovations will total $419.6 million, according to Merchants Capital. Comprising 952 units across six residential buildings, the properties include Boston Road Plaza, Boston Secor and Middletown Plaza. The New York City Housing Authority (NYCHA), the largest public housing authority in North America, owns and manages the trio of affordable housing communities. Merchants Capital provided a New York Housing Development Corp. (NYHDC) Freddie Mac Risk Share loan under the Permanent Affordability Commitment Together (PACT) program. The properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion platform.   The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading renovations at the properties in partnership with NYCHA. Renovations will include upgrades to interiors, exteriors and shared spaces; bathroom and kitchen improvements; new doors, flooring and paint; new roofs; modernized elevators; complimentary Wi-Fi; and upgrades to the HVAC and plumbing systems. Repairs are currently underway …

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The Perigon Miami Beach in Miami, Florida
DevelopmentFloridaLoansMultifamilyProperty TypeSoutheastTop Stories

Mast Capital, Starwood Receive $390M Construction Loan for Residential Project in Miami Beach

by Channing Hamilton

MIAMI BEACH, FLA. — A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan. “We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach,” said Matthew Rosenfeld, a managing director at Eldridge Real Estate Credit. “This is a project that represents the exceptional, visionary real estate we seek to finance, and further underscores the continued growth and momentum of our business.” Located in the popular Mid-Beach neighborhood, The Perigon Miami Beach will offer two-, three- and four-bedroom residences ranging from 2,100 to 6,700 square feet, each featuring 10- to 12-foot wraparound balconies. The property will also offer eight private guest suites. Roughly 75 percent of the condos have been sold. The building will offer approximately 40,000 square feet of indoor and outdoor amenities. Planned community amenities include a pool with cabanas, spa with sauna, salon, fitness center, children’s playroom, screening room, wine room and a lobby lounge. Residents will also …

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