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The Most Relevant Real Estate Deals and News in the Palm of Your Hands.

02/01/2024

Address: Undetermined
Market: Telluride, Colorado
Asset Type: Mixed-Use (Residence & Hotel)

Developer: Fort Partners (Nadim Ashi, Founder & CEO) and Merrimac Ventures (Dev Motwani, Managing Partner)

Deal Type: Mixed-Use Development

Notes: Fort Partners and Merrimac Ventures are embarking on a significant venture, an almost $1B project that includes the development of a Four Seasons hotel and residential complex in Telluride, Colorado. The project is slated to commence construction late next year and will feature 52 guest rooms with an expected nightly rate surpassing $1,000. Although pricing details for the 68 residences are still being determined, one-bedroom units are projected to commence at a minimum of $2MM. The developers aspire to unveil the completed property two to three years after the construction commencement.
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Sources: The Real Deal, Fort Partners, Merrimac Ventures, The Wall Street Journal, Google Earth.

28/12/2023

Address: 1380 S Ocean Blvd, Pompano Beach, FL 33062
Market: Pompano Beach
Asset Type: Condominium

Sponsor: Fortune International Group (Edgardo Defortuna, CEO) and Oak Capital (Ricardo Dunin, Founder & CEO)
Lender: Bank OZK (George Gleason, CEO)

Deal Type: Condominium Construction Loan

Notes: Fortune International Group and Oak Capital have secured a $259MM construction loan for The Ritz-Carlton Residences in Pompano Beach. Bank OZK is the financing provider for this 205-unit condominium project, situated between the Atlantic Ocean and the Intracoastal Waterway on a 4.6-acre site at 1380 South Ocean Boulevard. Commencing construction this year, the project is anticipated to reach completion in 2026.The Ritz-Carlton Residences will comprise two buildings: the 32-story, 117-unit Beach Tower overlooking the ocean, and the 14-story, 88-unit Marina Tower along the Intracoastal Waterway. Offering over 35,000 square feet of amenities, including a residents' marina and restaurants, the development has already pre-sold over 90 percent of its units as of 2021. Asking prices for the Marina Tower start at $1MM, while the Beach Tower begins at approximately $3.5MM.
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Sources: The Real Deal, Fortune International Development, Oak Capital, Bank OZK, Fortune International Realty, Miami Residence, Google Earth.

21/12/2023

Address: 1252-1270 Boylston Street
Market: Fenway
Asset Type: Mixed-Use (Residential & Commercial Space)

Sponsor: Scape North America
Lender: Madison Realty Capital (Josh Zegan, and Brian Shatz, Managing Principal & Co-Founder)

Deal Type: Mixed-Use Finance Loan

Notes: Developer Scape North America secured a $177.5MM refinance for a mixed-use multifamily property near Fenway Park in Boston. Madison Realty Capital provided the loan for Scape's 415-unit development located at 1252-1270 Boylston Street. This new financing replaces a previous $165 million construction loan from Madison Realty Capital in 2020 and serves to cover interest and carrying costs during the property's stabilization period. Scape's Fenway project commenced leasing in December 2022 and currently boasts a 95 percent occupancy rate for the apartments and an 80 percent occupancy rate for the retail space. The property offers various amenities, including a fitness center, yoga room, co-working space, and a lounge library. Ground-floor retail tenants include Immersive Gamebox, Carbon Health, Dave's Hot Chicken, and Halal Guys.
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Sources: Connectre, Commercial Observer, BLDUP, Madison Realty Capital, Google Maps.

08/11/2023

Address: Undetermined
Market: Douglasville, Georgia
Asset Type: Data Center

Developer: DC BLOX (Jeff Uphues, CEO)

Deal Type: Data Center Development

Notes: DC BLOX, a data center developer, has initiated the construction of a data center complex in Douglasville, Georgia. This venture involves a substantial capital investment exceeding $1.2B, further bolstered by advantageous tax incentives provided by the town of Douglasville. Moreover, this facility will be integrated with DC BLOX's extensive 500-mile dark fiber network, which represents the primary high-capacity East-to-West fiber route connecting major communication hubs from Atlanta, through Augusta, all the way to the DC BLOX Cable Landing Station in Myrtle Beach, South Carolina. The dark fiber route is anticipated to be finalized by the fourth quarter of 2023. Designed to fulfill the stringent requirements of hyperscale data operations, the two-story data center campus will encompass twelve data halls, resulting in a total of 750,000 square feet of space across 55 acres. A power capacity of 180 MW has been designated for the campus, and the initial move-in of customers is projected for the third quarter of 2025. DC BLOX has formed partnerships with Evans General Contractors as the design-builder, along with DLB Associates, Corgan, Thomas & Hutton, and Bennett & Pless as other key collaborators.
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Sources: Connectcre, DC BLOX, Google Maps.

03/11/2023

Address: 2 Properties
Market: Massachusetts
Asset Type: Shopping Center

Buyer: Urban Edge Properties (Jeffrey S. Olson, CEO & Chairman)
Seller: Site Centers (David R. Lukes, CEO & President)

Deal Type: Shopping Center Acquisition

Notes: Urban Edge Properties has successfully completed the purchase of two shopping centers in the Boston area, Gateway Center in Everett and Shoppers World in Framingham, for a total acquisition cost of $309MM from Site Centers. The Gateway Center, situated at 1 Mystic View Road, Everett, MA 02149, spans 639,000 square feet and boasts major tenants like Target, Costco, and Home Depot. On the other hand, Shoppers World, located at 1 Worcester Rd, Framingham, MA 01701, covers a total area of 758,000 square feet and is anchored by Best Buy, Nordstrom Rack, and various TJX Companies brands, including T.J. Maxx, Marshalls, HomeSense, and Sierra Trading. To finance this acquisition, Urban Edge Properties used funds obtained from a 1031 exchange, where they sold their East Hanover, NJ industrial portfolio comprising 1.2 million square feet for $217.5 million.
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Sources: Connectre,Urban Edge Properties, Site Centers, My ELisiting, TJ Maxx, Marshalls, Home Depot, Target, Home Depot, Google Maps.

01/11/2023

Address: Undermined
Market: Tucson
Asset Type: Factory

Developer: American Battery Factory (Zhenfang “Jim” Ge, Chairman & CEO)

Deal Type: Factory Development

Notes: The American Battery Factory is constructing a massive 2 million-square-foot gigafactory in Tucson, expected to generate 1,000 jobs, bring in $1.2B in investments, and have a $3.1B economic impact on Arizona. The company plans to use the region's robust transportation infrastructure for nationwide and global battery cell distribution. Located on 267 acres within Pima County's Aerospace Research Campus, the company aims to have the headquarters, R&D center, and initial factory module completed by 2025, utilizing rapid modular construction methods by Sprung Instant Structures. American Battery is at the forefront of lithium iron phosphate (LFP) battery cell gigafactory development in the U.S. With the global lithium battery market projected to reach $105B by 2025 and demand expected to surge tenfold over the next decade, ABF's LFP battery cells are known for their safety, durability, reliability, and environmental friendliness.
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Sources: Connectre, Public Domain, American Battery Factory, Energy-Storage.News, Arizona Daily Star.

01/11/2023

Address: Undetermined
Market: East Austin
Asset Type: Mixed-Use (Condominium, Commercial, Park)

Developer: Catellus Development (Ted Antenucci, President & CEO)

Deal Type: Mixed-Use Development

Notes: Catellus Development is making significant progress on their $257MM mixed-use project in far East Austin's 208-acre Colony Park development, featuring 2,000-3,000 residential units, 230,000 sq ft of commercial space, and 41 acres of parkland. Notably, 20% of the housing units will be affordable, open to renters earning 60% or less of the area's median family income or buyers with 80% of the Area Median Income. This development is conveniently located near Decker and Loyola lanes, less than 10 miles north of Tesla's gigafactory. The City Council will review a proposal to increase density on November 30, supported by the city's Tax Increment Reinvestment Zone (TIRZ) established a year ago to reinvest property tax revenues from the area into the project. Also $102MM could be coming from public funding.
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Sources: The Real Deal, Catellus Development, KXAN, Revitalization, Public Domain.

20/10/2023

Address: 9011 Collins Ave, Surfside, FL 33154 and 2800 S Ocean Blvd, Palm Beach, FL 33480
Market: Surfside and Palm Beach
Asset Type: Hotel

Sponsor: Fort Partners ( Nadim Ashi, Founder)
Lender: Citi Real Estate Funding (Jane Fraser, CEO) and German American Capital Corp (D. Neil Dauby, Chairman & CEO)

Deal Type: Hotel Refinance Loan

Notes: Fort Partners secures a $410MM refinancing for two South Florida Four Seasons properties. Citi Real Estate Funding and German American Capital Corp are the loan originators. The loan is a fixed-rate 8.7% four-year interest-only loan. These luxury hotels, located at 2300 South Ocean Boulevard in Palm Beach and 9011 Collins Avenue in Surfside, have a total of 309 rooms. Fort Partners owns all Four Seasons properties in South Florida, including Fort Lauderdale and Brickell Avenue in Miami. The refinancing pays off a 2021 $310MM loan and provides $56.5MM in cash to the developer. Fort Partners developed the Four Seasons Hotel and Residences at the Surf Club in 2017. Despite a decrease in occupancy in 2022, condo daily rates increased by 63% to over $6,000. Fort Partners acquired the 8-acre Palm Beach resort in 2014 and completed a $74MM renovation in 2019. Recently, they invested over $6MM in upgrading ballrooms and meeting spaces.
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Sources: The Real Deal, Fort Partners, Citi, German American Capital Corp, TripAdvisor, Four Season Hotel, Google Earth.

29/09/2023

Address: Undetermined
Market: Glendale, AZ
Asset Type: Industrial

Sponsor: ViaWest Group (Steven R Schwarz, Founding Partner)
Lender: Bank OZK (George Gleason, Chairman, CEO)

Deal Type: Industrial Construction Loan

Notes: ViaWest Group secured $96.5MM to develop The Base, a nearly 2 million square feet industrial project in Glendale, Arizona. Phase I, comprising 1.2 million square feet, is expected to finish by Q4 2024. The completed project will feature 15 buildings on 144 acres, financed by Bank OZK. Phase I on 82.55 acres will have buildings ranging from 80,000 to 310,000 square feet, with up to 36-foot clear heights, 105 trailer parking spaces, 1,325 auto parking spaces, 236 dock-high doors, and 38 grade-level doors. It's located at the northwest corner of Litchfield Road and Bethany Home Road in Phoenix's West Valley near the Loop 303 industrial corridor.
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Sources: Connectcre, ViaWest Group, Bank OZK, Phoenix Business Journal, Costar, Google Earth.

11/09/2023

Address: Undetermined
Market: Southwest Ranches, Florida
Asset Type: Luxury Residential

Buyer: Gisele Bündchen (Brazilian Model)
Seller: Undetermined

Deal Type: Residential Acquisition

Notes: Gisele Bündchen has acquired a new residence in Southwest Ranches, Florida, at a cost of $9.1 million. The property spans 7.5 acres and was previously listed for $10.5 million. The sellers originally purchased this land back in 2003 for $1.65 million. This impressive property boasts a 5,200-square-foot home, a full-size soccer field, an infinity pool, a hot tub, and tennis courts. It's not just a mini-sportsplex; Bündchen has plans to introduce chickens and other farm animals, in addition to keeping horses, on the premises.
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Sources: The Real Deal, Gisele Bündchen, TMZ, The U.S. Sun, Google Maps.

08/09/2023

Address: Undetermined
Market: Covington, Georgia
Asset Type: Multifamily

Sponsor: Brook Farm Group (Eric Hade, Co-Founder & CIO and Peter Dicorpo, Co-Founder & COO) and Emory Equity
Lender: First Horizon Bank (Bryan Jordan, Chairman, President & CEO), Trustmark Bank (Duane Dewey, CEO)
Preferred Equity Investor: SilverCap Partner (Trey Dempsey and Will Stevens, Founding Partner)

Deal Type: Multifamily Construction Loan and Preferred Equity Investment

Notes: Brook Farm Group and Emory Equity secured a $68MM for The Sinclair at Callaway Farm, a luxury 388-unit multifamily community near Atlanta in Covington. The Brook Farm Group, co-developing with Emory Equity. First Horizon Bank provided construction financing, with Trustmark Bank participating, and SilverCap Partners invested in preferred equity. Construction begins soon on the project, featuring two distinct neighborhoods, 11 residential buildings, a clubhouse, a resort-style pool, fitness center, and co-working space next to the Covington Town Center mixed-use development.
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Sources: Connectcre, Brook Farm Group, First Horizon Bank,Trustmark Bank, SilverCap Partner, Google Earth.

06/09/2023

Address: Undetermined
Market: Cedar Park, Texas
Asset Type: Mixed-Use (Retail, Office, Hotels, Restaurant, & Research)

Developer: Cordova Real Estate Ventures (Chris Whitworth, Mauricio Gonzalez Kane, Jordan Smith, and Graham Carter, Partner), Riverside (Don Reese, Founder & Partner), Live Oak (Scott Flack, Partner & President)

Deal Type: Mixed-Use Development

Notes: Three Austin real estate ventures, Cordova Real Estate Ventures, Riverside, and Live Oak, have unveiled plans for a $250MM substantial mixed-use development in Cedar Park. Located at the northeast quadrant of U.S. Highway 183-A and New Hope Drive on a combined 95-acre site, this project, named "New Hope," is set to feature a diverse range of amenities. In addition to the current phase, which comprises three Class-A industrial buildings totaling 271,689 square feet, future phases will encompass entertainment venues, restaurants, hotels, research and development facilities, retail spaces, and office buildings. The project has received $4.5 million in infrastructure reimbursement payments in return for meeting specified investment and job-related milestones.
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Sources: Connectcre, Cordova Real Estate Ventures, Riverside, Live Oak, LoopNet, Google Earth.

05/09/2023

Address: 1221 Broadway, Nashville, TN 37203
Market: Nashville
Asset Type: Mixed-Use (Office & Retail)

Sponsor: GBT Realty Corporation (George Tomlin, President & CEO) and Koch Real Estate Investments (Charles Koch, CEO & Chairman)
Lender: Canyon Partners Real Estate (Josh Friedman and Mitch Julis, Co-Founder, Co-Chairman & Co-CEO) and J.P. Morgan (Jamie Dimon, Chairman & CEO)

Deal Type: Mixed-Use Construction Loan

Notes: GBT Realty Corporation and Koch Real Estate Investments have secured a $174.6 million senior construction loan for the recapitalization of One22One, a recently completed office tower in Nashville. Canyon Partners Real Estate and J.P. Morgan provided the loan for this Class-A, 24-story office building, which boasts 373,232 square feet of office space, 16,938 square feet of retail, and 930 parking spaces. The state-of-the-art tower offers various amenities, including a conference center, downtown-view terrace, tenant lounge, port cochere, and fitness center. Moreover, it places a strong emphasis on post-pandemic safety by featuring individual floor HVAC systems for improved air circulation and touchless keyless access to tenant suites and elevators. Constructed in 2022 in Nashville's Gulch neighborhood, near Interstate 40, One22One enjoys a convenient location close to Music Row, the epicenter of Nashville's music industry, and Midtown, home to Vanderbilt University.
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Sources: Connectcre, GBT Realty Corporation,Koch Real Estate Investments, Canyon Partners Real Estate, J.P. Morgan, One22One, Google Earth.

31/08/2023

Address: Undetermined
Market: Summerville, South Carolina
Asset Type: Mixed-Use (Condominium, Retail)

Sponsor: GBT Realty Corporation (George Tomlin, President & CEO)
Lender: Undetermined

Deal Type: Mixed-Use Construction Loan

Notes: GBT Realty Corporation has secured $88 million in funding to construct the newest residential development at Carnes Crossroads, an expansive 2300-acre planned community near Charleston. The Village at Carnes Crossroads, will comprise 306 multi-family residences alongside over 11,000 square feet of retail space. The 11.82-acre plot was recently purchased by GBT from the Carnes Crossroads Association. Set to open the first units in spring 2025, The Village at Carnes Crossroads will offer studio, one-, two-, and three-bedroom units, all featuring high-end finishes. The development's amenities encompass various community-enhancing features such as generously-sized dog parks for both large and small breeds, a resort-style saltwater pool, an outdoor kitchen situated on a communal lawn, a club room equipped with a catering kitchen and golf simulator, a cutting-edge fitness complex, and a coworking center.
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Sources: Connectcre, GBT Realty Corporation, Google Earth.

22/08/2023

Address: Undetermined
Market: Largo, Maryland
Asset Type: Multifamily

Sponsor: Klein Enterprises (Daniel Klein, President)
Lender: Northern Western Mutual (John Schlifske, Chairman, President, & CEO)

Deal Type: Multifamily Development Loan

Notes: Klein Enterprises has secured a $85 million loan from Northwestern Mutual to fund the creation of Aura, a high-end residential complex located in Largo, Maryland. This transit-centric venture encompasses 379 top-tier apartments falling under Class A category, and the overall expenses for its development surpass $125 million. The complex amenities will include a swimming pool, fitness center, and environmentally conscious features such as a solar panel array on the rooftop. The management of the property post-completion will be overseen by The Dolben Company.
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Sources: Connectcre, Klein Enterprises, Northern Western Mutual, The Business Journal, Google Maps.

10/08/2023

Address: Undetermined
Market: Mesa, Arizona
Asset Type: Mixed-Use (Hotel, Retail)

Developer: Diversified Partners (Walt Brown Jr., CEO & Designated Broker)

Deal Type: Mixed-Use Development

Notes: Diversified Partners is in the process of developing E&E Gateway, a mixed-use venture that will include hotel and retail. The project at Ellsworth and Elliot roads is expected to cost around $37MM to $40MM. The hotel will include 107-key Cambria Hotel by Choice Hotel and is expected to be 4 story, 61,795 square feet. The hotel will also have amenities including a poll and a rooftop deck. The retail portion is 85% leased even before starting construction. There are over 20 businesses that have signed on as tenants including Starbucks. Pure Barre. UPS Store, Euphoria, FitFX, Ono Hawaiian BBQ, Vero, Gateway Urgent Care and Discount Tire. Construction is expected to be completed in 2024.
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Sources: Connectcre, Diversified Partners, Home & Money, Google Earth.

04/08/2023

Address: 22 Properties
Market: North East, South East and Texas
Asset Type: Industrial

Sponsor: Criterion Group (Shibber Khan, Principal) and Columbia Pacific Advisors (Alex Washburn, Stan Baty, and Dann Baty, Co-Founder)
Lender: Axos Bank (Greg Garrabrants, CEO & President)

Deal Type: Industrial Refinance Loan

Notes: Columbia Pacific Advisors and Criterion Group have secured a $132.3MM debt package to refinance a 22-property industrial outdoor storage portfolio across nine states. Axos Bank provided the loan for the IOS properties, which span 230 acres. The different property sites average about 10.5 acres each along the Interstate 95 corridor in the Southeast, Northeast and Texas. The IOS properties demand has surged the last year, but has recently declined in 2023 due to higher borrowing cost.
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Sources: Commercial Observer, Criterion Group, Columbia Pacific Advisors, Axos Bank.

04/08/2023

Address: Undetermined
Market: Orlando, Florida
Asset Type: Luxury Hotel Resort

Sponsor: Baseline Property Group (Stephen Lobell, Chairman & Founder and Brock Nicholas. CE0 & Co-Founder) and JSB Capital ( J. Jay Lobell, Founder)
Lender: Madison Realty Capital (Josh Zegen and Brian Shatz, Managing Principal & Co-Founder)

Deal Type: Hotel Mortgage Loan

Notes: Baseline Property Group and JSB Capital have secured a $240MM mortgage loan to acquire a 526-unit portfolio of single family rentals in Orlando, Florida. Madison Realty Capital provided the senior loan and a foreign family office provided $40MM in mezzanine financing. The plan is to convert the 77-acre property into short-term vacation rentals of luxury condos, townhouses and single-family homes. Baseline Property wants to create a luxury hotel-style resort known as Villatel Orlando Resort and upon completion will feature 20 single family homes, 200 townhomes and 256 condos totaling more than 1 million square feet of residential space. Many of the units will include movie theater, private pools, arcade and gaming spaces. The complex will also feature a private $20MM amenity center that will include a water park, lazy river, resort pool, clubhouse, fitness center, playroom and a golf swing suite. Rentals are expected to hit the market in the fourth quarter of 2023, while the property units are scheduled to be available to rent in summer 2025.
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Sources: Public Domain, Commercial Observer, Baseline Property Group, JSB Capital, Madison Realty Group, Villatel Orlando Resort.

27/07/2023

Address: Undetermined - Between Queens Blvd and the Long Island Expressway
Market: Queens, New York
Asset Type: Studio

Sponsor: East End Studios (Jonathon Yormak, Founding Partner)
Lender: JPMorgan Chase (Jamie Dimon, CEO) and Canyon Partners Real Estate (Mitch Julis and Josh Friedman, Co-Founders, Co-CEOS, & Co-Chairmen)

Deal Type: Film Studio Construction Financing

Notes: East End Studios has secured $193MM in construction financing from JPMorgan Chase and Canyon Partners Real Estate for the development of Sunnyside Campus, a 275,000 square foot, Class A soundstage for film and TV production. According to the Commercial Observer, "The three ground-floor stages will have 37-foot ceiling heights and have the option of being subdivided. A larger, 15,000-square-foot rooftop flex stage will feature 26-foot ceilings and provide panoramic views of Queens, Brooklyn and Manhattan. The three stages are buttressed by a 125,000-square-foot development of office and production spaces, while the campus will include 225 parking spaces and eight enclosed loading bays for production trucks."
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Sources: Commercial Observer, Construction Review Online, East End Studios, East End Cap, MSN, Rebusiness Online, JPMorgan, Canyon Partners, and Public Domain.

25/07/2023

Address: 4820-4872 Massachusetts Avenue, 4301-4325 49th Street, 4300 Fordham Road Washington DC 20016
Market: Spring Valley
Asset Type: Retail

Buyer: PRP (Paul C. Dougherty, President & CIO)
Seller: Rosenthal Properties (Glen Rosenthal, Founder & President)

Deal Type: Retail Center Acquisition

Notes: Rosenthal Properties has sold Spring Valley Village retail center in Washington, D.C. for $47.5MM to PRP. Rosenthal paid $40MM two years ago when acquiring the 95,000 square foot, six building center which is anchored by Crate & Barrel. The retail center was developed in 1939 and renovated and expanded in 2017. The property is northwest of American University and is one of the oldest shopping centers in the District. During the sale the property was 98 percent leased.
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Sources: Commercial Observer, PRP, Rosenthal Properties, Google Maps.

25/07/2023

Address: 6109 De Soto Ave and 6263 Topanga Canyon Blvd Woodland Hills, CA 91367
Market: Woodland Hills
Asset Type: Mixed-Use (Condominium, Commercial Space)

Sponsor: Balaciano Group (Shawn Evenhaim, Founder & CEO)
Lender: Morgan Stanley (James P. Gorman, Chairman & CEO) U.S. Bank (Andrew Cecere, Chairman, President & CEO) and California Bank & Trust (Eric Ellingsen, President & CEO)

Deal Type: Mixed-Use Refinance

Notes: Balaciano Group has secured $238MM in loans to refinance two of its multifamily developments for a total of 723 units in Los Angeles Warner Center. Morgan Stanely provided $136.5MM loan on the 347 unit Q Topanga and $101.5MM construction loan from California Bank & Trust and U.S Bank for the 376 unit Q Be Soto. The loan Morgan Stanley provided will replace a $90MM construction loan from U.S Bank in 2019 was for Q Topanga, located at 6263 Topanga Canyon Boulevard. Balaciano started construction on Q De Soto, located at 61909 De Soto Avenue, last year and is expected to open in 2025. Both of the properties will have about 69,000 square feet of commercial space.
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Sources: Commercial Observer, The Real Deal, Balaciano Group, Morgan Stanley, U.S. Bank, California Bank & Trust,Q Topanga, Urbanize LA, Google Maps.

24/07/2023

Address: Undetermined - Dallas North Tollway and Spring Creek Parkway
Market: West Plano
Asset Type: Multifamily

Sponsor: Stillwater Capital (Aaron Sherman, Robert Elliott, & Rich Coady, Partners) and Haggard Family

Deal Type: Multifamily Development

Notes: Stillwater Capital is teaming up with the Haggard Family to develop a 700 unit, four story, 569,000 square foot multifamily development. The $70MM project comes to about $100,000 per unit and will be part of a greater mixed-use (Retail, Office, Multifamily and Hotel) development called Haggard Farms. Haggard Farms will sit on 142 acres and will completed in phases.
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Sources: The Real Deal, The Dallas Morning News, Stillwater Capital, and Public Domain.

14/07/2023

Address: 2 properties
Market: Florida
Asset Type: Industrial

Buyer: Prologis (Hamid R. Moghadam, Co-Founder, Chairman & CEO)
Seller: Blackstone (Stephen A. Schwarzman, Co-Founder, Chairman & CEO

Deal Type: Industrial Portfolio Acquisition

Notes: Prologis has acquired two warehouses in South Florida for $92MM from Blackstone as part of a larger portfolio deal valued at $3.1B. The first deal is located at 10763 NW 123rd Street, Miami Dade Country industrial property spanning 187,880 square feet for $50.9MM about $271 a square foot. The second deal is located at 1800 SW 13th Court in Pompano Beach for $41.1MM for a 153,496-square-foot warehouse, about $268 a foot.
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Sources: Commercial Observer, Prologis, Blackstone, Commercial Cafe, Google Maps.

11/07/2023

Address: 5790 Garrison Street, Arvada, CO 80002 and 45th Avenue & Xenia Street, Denver, CO 80238
Market: Denver
Asset Type: Multifamily

Sponsor: Brinshore Development (Richard Sciortino and David Brint, Principals) and Mile High Affordable Housing (George Thorn, President & Founder)
Lender: KeyBank Community Development Lending and Investment (Christopher M. Forman, Chairman & CEO)

Deal Type: Affordable Housing Financing Package

Notes: KeyBank's CDLI division has lent a total of $117.7MM for two affordable housing projects, Ralston Gardens Apartments and Northfield Flats, in the Denver area. Ralston Gardens Apartments is a 102 unit property has secured $56.9MM in financing (a $26.7MM construction loan, $14MM permanent Fannie Mae loan, and $16.2MM of tax equity credit). The Northfield Flats, a 129 unit project, has secured $60.7MM in financing (a $28.2MM construction loan, $14.8MM permanent Fannie Mae loan, and $17.7MM of tax equity credit). On top of these financing packages, the sponsors have received funding from a variety of government sources.
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Sources: ConnectCRE, Mile High Development, KeyBank, Brisnhore, and Public Domain.

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