Tuesday, May 27, 2025
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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Woda Cooper, Parallel Housing Deliver 56-Unit Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in Atlanta. The property is located at 1056 Hank Aaron Drive in the city’s Peoplestown neighborhood, which is situated near the Atlanta BeltLine’s Southside Trail. Stanton Park features 36 one-bedroom apartments and 20 two-bedroom units that are reserved for households earning 30 to 80 percent of the area median income (AMI). Ten units are reserved with project-based vouchers for residents who experienced homelessness. Financing included a $1 million loan from Invest Atlanta, the City of Atlanta’s economic development authority; a $6.5 million tax-exempt bond from the Urban Residential Finance Authority; capital investments from Atlanta BeltLine Inc.; LIHTC equity from Walker & Dunlop ($5.2 million) and Sugar Creek Capital ($3.5 million); a construction loan from Summit Community Bank; and a $400,000 grant from Partners for Home, an entity comprising Atlanta-based organizations that address homelessness in the city. Stanton Park’s amenities include a multipurpose room with kitchenette, central laundry, computer room, fitness facility, indoor bike storage and a picnic area with tables and grills. The project team includes architect Hooker DeJong, civil engineer Long Engineering, general contractor Woda Construction Inc. and property manager …

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AcquisitionsGeorgiaRetailSoutheast

Cushman & Wakefield Arranges Sale of Publix-Anchored Shopping Center in Covington, Georgia

by John Nelson

COVINGTON, GA. — Cushman & Wakefield has arranged the sale of Shops at Covington Town Center, a new Publix-anchored shopping center located at 12701 Town Center Drive in Covington, about 36 miles east of Atlanta. Margaret Jones, Lane Breedlove, Adam Feinstein, Mark Gilbert and Mitchell Halpern of Cushman & Wakefield represented the owner and developer, a joint venture between The Sembler Co. and Berkeley Development, in the transaction. The duo delivered the center in 2023. The buyer and sales price were not disclosed. Shops at Covington Town Center features a 48,387-square-foot Publix store and 14,400 square feet of inline shop space. The shopping center is part of Covington Town Center, a mixed-use master-planned development that features three hotels, 350 apartments and 267 townhomes.

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DevelopmentFloridaMultifamilySoutheast

Partnership Begins Preleasing 264-Unit Edera Apartments in Palm Springs, Florida

by John Nelson

PALM SPRINGS, FLA. — A partnership between Mast Capital, Rockpoint and The Spear Group have launched preleasing at Edera, a 264-unit apartment development underway in Palm Springs. Located at 2085 S. Congress Ave. near West Palm Beach, the garden-style community is slated to open for first residents in April. The property will feature a mix of one-, two- and three-bedroom apartments ranging from 715 to 1,212 square feet, with monthly rental rates ranging from $1,925 to $3,325. Designed by MSA Architects, Edera’s amenities will include a central clubhouse, indoor/outdoor yoga area and fitness lawn, lake with a walking path, dog park, playground, resort-style pool with cabanas, coworking spaces, game room and a clubhouse gym.

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DevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.

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DevelopmentLoansNorth CarolinaRetailSoutheast

BWE Arranges $24.3M Construction Loan for Retail Development in Southern Pines, North Carolina

by John Nelson

SOUTHERN PINES, N.C. — BWE has arranged a $24.3 million construction loan for Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJs Wholesale Club. Phase I of Morganton Park South includes tenants such as Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a fixed interest rate and an 80 percent loan-to-cost ratio.

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AcquisitionsGeorgiaMultifamilySoutheast

Marcus & Millichap Brokers $9.8M Sale of Shopping Center in Hampton, Georgia

by John Nelson

HAMPTON, GA. — Marcus & Millichap has brokered the $9.8 million sale of Centre at Lovejoy, a 46,700-square-foot shopping center located at 11337 Tara Blvd. in Hampton, about 28 miles south of Atlanta. Eric Abbott and Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, Mount Pleasant, S.C.-based WRS Inc., in the transaction. The buyer was AGW Partners, a private investment firm based in New York. Centre at Lovejoy is shadow-anchored by Walmart and was leased to 17 tenants at the time of sale, including Bank of America, GameStop and Dollar Tree. The property sold as part of a two-property portfolio sale that included a neighboring retail center.

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Leasing ActivityNorth CarolinaSoutheast

Cushman & Wakefield Arranges 69,271 SF Lease at 550 South Office Tower in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — Cushman & Wakefield has arranged a 69,271-square-foot lease at 550 South, a 394,000-square-foot office tower located in Uptown Charlotte. Truist Insurance Holdings, the fifth-largest insurance brokerage firm in the United States, will now occupy the 14th, 15th and 16th floors at the property. Cousin Properties is the landlord of 550 South. Keith Bell and Matt Bowen of Cushman & Wakefield represented Truist in the lease negotiations. Charlotte-based Truist Financial Corp. is the parent company of the tenant, but recently reached an agreement to sell its remaining stake in Truist Insurance Holdings.

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AcquisitionsCompany NewsDistrict of ColumbiaRetailSoutheast

FTC Sues to Block $24.6B Kroger-Albertsons Merger, Citing Anticompetitive Worries

by John Nelson

WASHINGTON, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of stores across 35 states under names including Haggen, Jewel-Osco, Pavilions, Safeway and Vons, in addition to the eponymous Alberstons shops. According to the FTC, the merger — which, if completed, would result in a portfolio of more than 5,000 stores and roughly 4,000 retail pharmacies — is “anticompetitive.” The commission alleges that executives for both supermarket chains have conceded that Kroger’s acquisition of Albertsons is anticompetitive, with one executive saying the merger is “basically creating a monopoly.” The FTC is also alleging that the deal would “lead to lower quality products and services” and threaten “the ability of employees to secure higher wagers, better benefits and improved working conditions,” according …

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DevelopmentFloridaSoutheastStudent Housing

Florida Polytechnic, Capstone Begin Construction on 430-Bed Residence Hall Project in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — A public-private partnership between Florida Polytechnic University and Capstone Development Partners has begun construction on a 430-bed residence hall project in Lakeland. A topping out ceremony for the project was held in mid-February. The 137,000-square-foot development will offer one-, two- and four-bedroom units, alongside shared amenities including lounge and study space, a large multi-purpose room, offices and an interior courtyard. Delivery of the five-story project is expected for fall 2024. The $42 million development is being financed through tax-exempt public bonds issued by the State of Florida on behalf of the State University System. Capstone Management Partners will provide operations and maintenance services for the residence hall. The project’s design-build team includes Design Collective and Clancy & Theys.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Tampa Housing Authority, Related Urban Break Ground on 188-Unit Affordable Housing Community

by John Nelson

TAMPA, FLA. — Tampa Housing Authority, in partnership with Related Urban Development Group — the affordable and workforce housing arm of Related Group — has broken ground on the second phase of Canopy at West River, a fully affordable housing community in West Tampa. Phase II will comprise one five-story building and one three-story building, located at 1103 W. Main St. and 1102 W. Chestnut St., respectively. Dubbed Tower 3 and Tower 4, the buildings will total 188 units. Tower 3 will offer 158 units in one-, two- and three-bedroom floor plans, and Tower 4 will feature 30 units in three- and four-bedroom layouts. Amenities at the properties will include a fitness center, business center, community rooms and a courtyard with social spaces. Development funding for the project totals $68.3 million. Sources include the Housing Finance Authority of Hillsborough County, Bank of America, Cedar Rapids Bank and Trust Co. and the Florida Housing Finance Corp.’s SAIL, ELI and NHTF funds. Phase I of Canopy at West River is scheduled to open in the second quarter of this year, with Phase II expected to be completed in November 2025.

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