FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.
CHARLOTTE, N.C — JLL has arranged a total of $132.9 million in construction financing for a 389-unit project located at 2125 N Davidson in Charlotte’s Mill District. Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL brokered a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. 2125 N Davidson will offer studio, one-, two- and three-bedroom units with an average size of 762 square feet. …
TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a residential tower, this summer. The 28-story building will be called DoMo at Cass Square. DoMo at Cass Square will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square …
Miami is bolstered by a strong tourism sector and population growth, but how has the market fared through the economic tumult of 2023? Multifamily & Affordable Housing Business (MAHB) recently interviewed Robert Kaplan, executive managing director at Cushman & Wakefield, about the state of the market. Kaplan and his team are the newest members of Cushman & Wakefield’s Equity, Debt & Structured Finance group, which provides a full-spectrum financial services platform to both domestic and international clients. MAHB: Can you contrast the differences in multifamily transactions in Miami between 2023 and 2022? Kaplan: …
ATLANTA — BWE has originated a $14.2 million Freddie Mac Forward tax-exempt loan for Villages at Carver, a 220-unit mixed-income community in Atlanta. The borrower was not disclosed. The loan will be used to fund renovations and permanent financing for the garden-style community. The loan features an 18-year fixed rate with two years of interest-only payments and has a 40-year amortization. As part of the recapitalization of the property, the Georgia Department of Housing and Community Affairs also allocated new four percent Low-Income Housing Tax Credits. Villages at Carver is …
SMYRNA, GA. — Cushman & Wakefield has negotiated the sale of Harlow, a recently-completed community in the Atlanta suburb of Smyrna. RA Capital Partners purchased the asset from South City Partners for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay, and Sim Patrick of Cushman & Wakefield represented the seller in the deal. Harlow offers 303 units, as well as more than 6,000 square feet of amenity space. The property is situated nearby The Battery, a mixed-use entertainment district and home of the Atlanta Braves.
CHARLOTTE, N.C. — NewPoint Real Estate Capital has provided a $45 million lease-up bridge loan to refinance a recently completed 300-unit community in Charlotte. Mike Ortlip of NewPoint originated the floating-rate, interest-only bridge loan, which features a two-year initial term. The borrower is an undisclosed North Carolina-based development firm. The property offers a mix of one-, two- and three-bedroom apartments. Amenities include a pool, grilling pavilion, fitness center with a yoga and spinning room, a billiards room and a dog park.
MIAMI — Terra and Grass River Property have completed the construction of Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood. The project is a public-private partnership between the two Miami-based developers and Miami-Dade County, which owns the land. The project’s design team includes Miami-based Touzet Studio, RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Grove Central comprises a 23-story residential tower, as well as a 1,250-space public parking garage and 170,000 square feet of retail space. The residential tower offers 402 units in layouts …
— By Adam Wolfson and Darryl Kasper of Wolfson Development Co. — Against a backdrop of recently proposed (though unlikely to pass) legislation aimed at forcing large build-to-rent (BTR) and single-family-rental investors to shed units and convert them to for-sale housing, BTR fundamentals — and the investment case for the sector — remain strong as ever. While debatably well-intentioned, the legislation mistakes correlation for causation. The BTR sector is indeed benefitting from problems in the housing market. However, these problems pre-dated the industry and are more likely caused by factors …
STUART, FLA. — JLL Capital Markets has negotiated the $10.6 million refinancing of Azul Luxury Residences, a 49-unit community in Stuart, on Florida’s Atlantic Coast. JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital. Bryan Clark, Kenny Cutler, Brad Vansant and Emily Pohlman led the JLL Capital Markets Debt Advisory team. Built in 2019, Azul Luxury Residences features one-, two- and three- bedroom units across three stories. Amenities include a pool, spa, clubhouse and fitness center.
