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Henley Tampa Palms in Tampa, Florida
FloridaInvestment SalesNewsSoutheast

Continental Realty Corp. Acquires Henley Tampa Palms in Tampa, Florida, for $82 Million

by Channing Hamilton

TAMPA, FLA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Henley Tampa Palms, a 315-unit community located at 15350 Amberly Drive in Tampa. 29th Street Capital sold the property to CRC for $82 million. Berkadia represented the seller in the deal. CRC purchased Henley Tampa Palms on behalf of one of its sponsored private equity funds called Value-Add Multifamily I LP. Built in 1997, Henley Tampa Palms offers a mix of one-, two- and three-bedroom apartments averaging 1,375 square feet in size. Amenities include a clubhouse, fitness center with indoor …

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Solesta SeaSide in Dania Beach, Florida
FinanceFloridaNewsSoutheast

Affinius Capital Provides $75 Million Refinancing for Solesta SeaSide in Dania Beach, Florida

by Channing Hamilton

DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit property located at 4 N. Federal Highway in Dania Beach, about five miles south of Fort Lauderdale, Florida. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. Soleste SeaSide rises eight stories and offers a mix of studio, one-, two- and three-bedroom apartments. The property also features parking, a health club with a yoga/spin room, 12,800 square …

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Lakeshore Mall redevelopment in Gainesville, Georgia
DevelopmentGeorgiaNewsSoutheast

Branch Properties Plans Mixed-Use Redevelopment of Lakeshore Mall in Gainesville, Georgia

by Channing Hamilton

GAINESVILLE, GA. — Branch Properties has planned a redevelopment of Lakeshore Mall, a 492,798-square-foot retail property in Gainesville, about 55 miles northeast of Atlanta. Plans for the redevelopment include 652 apartments, as well as 305,444 square feet of retail space and 38,200 square feet of community green spaces. The mixed-use property will also have the capacity for the future development of a hotel and townhomes. Branch Properties, which acquired the property in 2022, will initiate the development of the regional impact process with the Georgia Department of Community Affairs imminently. Gainesville …

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FinanceInvestment SalesNewsSoutheastVirginia

Berkadia Provides $37 Million Acquisition Loan for Commonwealth Apartments in Richmond Suburb

by Channing Hamilton

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit community located at 5401 Commonwealth Centre Parkway in Midlothian, 15 miles west of Richmond, Virginia. The property was built in 2022 and features a gaming lounge and fitness center, among other amenities. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the agency loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns …

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FinanceNewsSouth CarolinaSoutheast

Greystone Provides $26 Million Refinancing for Reserve at Ridgewood in Myrtle Beach, South Carolina

by Channing Hamilton

MYRTLE BEACH, S.C. — Greystone has provided a $26 million Freddie Mac loan to Eskay Management for the refinancing of Reserve at Ridgewood, a 180-unit asset in Myrtle Beach. The non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term. Avi Kozlowski of Greystone originated the financing on behalf of the borrower. Reserve at Ridgewood was originally constructed in 1998. The garden-style community consists of 15 residential buildings. Units come in two- and three-bedroom layouts. Tenants have access to …

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Affordable HousingCompany NewsDevelopmentGeorgiaNewsSoutheast

Lockwood Cos. Opens New Office in Brunswick, Georgia

by Channing Hamilton

BRUNSWICK, GA. — Lockwood Cos., an affordable housing developer based in Southfield, Michigan, has opened a new office in Brunswick, about 80 miles south of Savannah, Georgia. According to Lockwood, the office will support the company’s development initiatives to create more affordable housing for families and seniors in the region. Lockwood’s first local project will be a 40-unit affordable housing community for seniors in Albany, a city in southwest Georgia. The company plans to break ground on the project in early 2025.

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Villas at Princeton Lakes in Atlanta
GeorgiaInvestment SalesNewsSoutheast

FCP Sells Villas at Princeton Lakes in Atlanta for $36.8 Million

by Channing Hamilton

ATLANTA — FCP has sold Villas at Princeton Lakes, a 210-unit community located at 751 Fairburn Road SW in Atlanta. A partnership between Monday Properties and RSN Property Group purchased the asset for $36.8 million. Travis Presnell and James Wilber of Cushman & Wakefield represented FCP in the transaction. Villas at Princeton Lakes was constructed in 2004. The garden-style community offers one-, two- and three-bedroom floor plans. FCP originally acquired the property in late 2020 for $30 million, including the assumption of an existing mortgage, and implemented upgrades to the property’s …

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Excel Miami in Miami, Florida
DevelopmentFinanceFloridaNewsSoutheast

Clearline Real Estate Receives $94.5 Million in Construction Financing for 24-Story Tower in Miami

by Channing Hamilton

MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …

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DevelopmentNewsNorth CarolinaSoutheast

The Fallon Co. Breaks Ground on 234-Unit The Colwick in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Boston-based The Fallon Co. has begun development on The Colwick, a 234-unit community in The Cotswold neighborhood of Charlotte. Units will come in one-, two- and three-bedroom layouts. Amenities will include a pool, coworking space, pet spa and dog park, fitness center and yoga studio, courtyard with activity lawn and fireside lounge, social lounge with game room, bike storage and golf simulator. Santander Bank provided an undisclosed amount of construction financing for The Colwick. Locally based EDIFICE Construction is building the project, which is slated to deliver …

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Joe Stampone
FinanceIndustry VoicesInvestment SalesSoutheast

Why Deal Flow Will Pick Up in the Southeast in 2025

by Channing Hamilton

All the talk in multifamily circles in 2023 and throughout 2024 has been about the impending “maturity wall” of loans set to expire. This wall, many have said, would stir up a wave of distress that would create “generational buying opportunities” from the fallout of the overleveraged, floating-rate acquisitions and new developments delivered at the top of the market.  How has that played out? Buying opportunities haven’t yet materialized, and the multifamily investment sales market remains flatlined.  How can that be given the record number of trades at the top …

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