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Affordable HousingDevelopmentFloridaMultifamilySoutheast

McDowell Housing Partners to Develop 144-Unit Affordable Housing Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — McDowell Housing Partners, an affordable housing developer and investor with offices in Miami and Dallas, plans to develop Ekos on Evans, a 144-unit community in Fort Myers. The firm recently closed on the acquisition of the 9.3-acre site at 3501 Evans Ave., which is situated less than two miles from downtown Fort Myers. Set for completion in fourth-quarter 2026, Ekos on Evans will feature five garden-style apartment buildings housing one-, two- and three-bedroom units ranging in size from 644 to 1,161 square feet. The units will be income-restricted for households earning 30, 60 and 70 percent of the area median income (AMI). Amenities will include a clubhouse, computer room, fitness room, terrace, grills, swimming pool, playground/tot lot and a dog park. McDowell Housing is receiving $17 million in support through Lee County’s Community Development Block Grant-Disaster Recovery funding, which is designated for areas impacted by Hurricane Ian. The developer is also using 4 percent low-income housing tax credits (LIHTC) to fund the development.

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FloridaLoansMultifamilySoutheast

CBRE Arranges $47M Refinancing for Apartment Community in Navarre, Florida

by John Nelson

NAVARRE, FLA. — CBRE has arranged a $47 million loan for the refinancing of Elevate Navarre, a 332-unit apartment community located at 1900 Elevate Ave. in Navarre, a beach city situated near Pensacola, Fla. Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the three-year, fixed-rate, interest-only loan on behalf of the sponsor and developer, Branch Properties. Voya Investment Management provided the loan, which the Atlanta-based sponsor will use to refinance its existing construction loan. Built in 2022 adjacent to a Publix-anchored shopping center, Elevate Navarre features 11 three-story residential buildings and a clubhouse/leasing center. The property offers one-, two- and three-bedroom apartments with five different floor plans averaging 893 square feet in size. Amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa and 565 surface-level parking spaces.

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DevelopmentFloridaLoansMultifamilySoutheastTop Stories

13th Floor, Barings Receive $125M Construction Loan for Phase II of Miami Transit-Oriented Multifamily Development

by Kristin Harlow

MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …

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DevelopmentFloridaMultifamilySoutheast

Mesa Capital Breaks Ground on Apartment Community Near Tallahassee

by John Nelson

BRADFORDVILLE, FLA. — Mesa Capital Partners has broken ground on The Bradbury at Bannerman Village, an apartment community located on a 14-acre site in Bradfordville, a city located north of downtown Tallahassee. The property will be located at Bannerman and Bull Headley roads within the Bannerman Village master-planned community. Situated near a Publix and the Landon Hill for-sale homes, The Bradbury will comprise two-story carriage homes and three-story walk-up buildings. Amenities will include a clubhouse, fitness center, sundry market, resort-style pool with grilling stations, dog park, EV charging stations and garage parking. Cadence Bank and SouthState Bank provided an undisclosed amount of construction financing to Mesa Capital Partners for the project, which will begin leasing in mid-2026 and be fully delivered in early 2027. The design-build team includes general contractor The Crown Group and architect The Coursey Group.

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DevelopmentFloridaSelf-StorageSoutheast

Spartan Investment Group Opens 660-Unit Self-Storage Facility in Central Florida

by John Nelson

GRAND ISLAND, FLA. — Spartan Investment Group has opened FreeUp Storage Eustis, a 660-unit self-storage facility located at 36536 S. Fish Camp Road near Lake Eustis in Grand Island, about 47 miles northwest of Orlando. Spartan Construction Management, a general contractor affiliate of the Colorado-based developer, broke ground on the facility in June 2024. FreeUp Storage Eustis features 340 climate-controlled units and 266 non-climate-controlled units across nearly 67,000 rentable square feet.

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AcquisitionsFloridaMultifamilySoutheast

Marcus & Millichap Brokers $6.2M Sale of Multifamily Community in Royal Palm Beach, Florida

by John Nelson

ROYAL PALM BEACH, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Timbercreek Townhomes and Villas, a 20-unit multifamily community located at 100 Sparrow Drive in Royal Palm Beach, about 12 miles west of West Palm Beach. Evan Kristol and Brandon Rex of Marcus & Millichap represented the seller, a private syndicator, and procured the buyer, a California-based investment group, in the transaction. The buyer purchased the community as part of a 1031 exchange. Both parties requested anonymity. Built in 1980, Timbercreek Townhomes and Villas features a gated swimming pool, gazebo and landscaped grounds.

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AcquisitionsAlabamaRestaurantRetailSoutheast

RealSource Facilitates $3M Sale of New Restaurant in Gadsden, Alabama Leased to Starbucks

by John Nelson

GADSDEN, ALA. — RealSource Group has facilitated the $3 million sale of a newly built restaurant located at 720 Gilbert Ferry Road SE in Gadsden, about 60 miles northeast of Birmingham. Starbucks Coffee occupies the 2,500-square-foot building, which features a drive-thru and outdoor patio seating, on a 10-year initial lease with 10 percent rent increases every five years. The restaurant was built last year on a 1.2-acre site near I-59 and I-759. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented both the Ohio-based private investor and the Tampa-based private developer in the transaction. Both parties requested anonymity.

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Leasing ActivityMarylandMixed-UseOfficeSoutheast

PricewaterhouseCoopers to Move Baltimore Office Headquarters to Baltimore Peninsula

by John Nelson

BALTIMORE — PricewaterhouseCoopers LLP (PwC), one of the “big four” global accounting firms, has leased space for its new Baltimore regional headquarters. The company has leased 23,000 square feet of office space at the Rye Street Market building within Baltimore Peninsula, a $5.5 billion master-planned development in south Baltimore. PwC is moving from 100 E. Pratt St. and will take occupancy at Baltimore Peninsula in late 2026, according to the Baltimore Business Journal. MAG Partners and MacFarlane Partners lead the development team for Baltimore Peninsula, which includes Under Armour founder Kevin Plank’s Sagamore Ventures and Goldman Sachs Asset Management’s Urban Investment Group. Other office tenants at the Rye Street Market building include the Baltimore Ravens NFL team, Longeviti Neuro Solutions, OBM, Chambers and MAG Partners, according to local media outlets.

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DevelopmentFloridaMixed-UseSoutheastTop Stories

CIM Group, Partners Open $6B Miami Worldcenter Development

by John Nelson

MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami. “Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly …

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Affordable HousingConference CoverageFeaturesGeorgiaSoutheastSoutheast Feature Archive

Affordable Housing Developers Aim to Control What They Can Control, Say InterFace Panelists

by John Nelson

ATLANTA — Interest rates. Tariffs. Natural disasters. These three factors alone frighten any developer, let alone those who are tasked with delivering our nation’s affordable housing supply. Just to get to the ribbon-cutting ceremony, developers have an uphill climb. They have to obtain the land outright or in a ground lease agreement, navigate the permitting and entitlement processes, overcome any neighborhood pushback, raise equity and borrow the necessary capital and then build these communities on time and on budget. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “We try to stay in control of what we’re in control of,” said Christopher Byrd, Southeast region development director of LDG Development, an affordable housing developer based in Louisville, Ky. “As long as we are in the right markets with the right growth and the right partners, we are safe and insulated.” Byrd’s comments came while on stage during the development panel at InterFace Affordable Housing Southeast, a networking and information conference held at the Cobb Galleria Centre in Atlanta on Tuesday, May 7. Kelly Williams, vice president of …

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