Cantor Fitzgerald and Silverstein Properties have entered into a joint venture with Turnbull Development to develop a mixed-use project in Summerville, SC, encompassing 365 garden-style multifamily units across three buildings and a 40,000-square-foot medical office building in a qualified opportunity zone.

The venture closed on $54 million in construction financing from SouthState Bank, to develop the project. Located at the corner of Berlin Myers Parkway and Highway 78 the investment is part of a 57-acre mixed-use, master-planned development known as Sawmill.

Sawmill will be anchored by a two-story Roper St. Francis micro-hospital and outpatient surgery center and will include a neighborhood grocery store and retail out parcels that will serve as convenience and service amenities for residents and employees. The multifamily component will have direct access to Sawmill Branch Canal and Greenway Trail and offers on-site outdoor amenities such as a pickleball court, a dog park, and a pool and clubhouse. Construction of the multifamily portion is expected to commence in July 2024.

A joint venture between Songy Highroads and the Hyatt Corporation has obtained a $54 million loan from Deutsche Bank for the 218-room Hyatt Centric Buckhead Atlanta. Commercial Edge reports that the refinancing takes over for a $48 million Citizens Bank loan set to mature within the year.

The 18-story hotel, which opened in 2021, includes a restaurant and rooftop bar. It is just behind Simon Property Group’s Lenox Square, which was built in 1959 and still ranks as one of Atlanta’s top retail centers.

JLL Capital Markets represented Songy Highroads and the Hyatt in securing the new loan.

Songy Highroads LLC (SHR) says it’s a commercial real estate firm that acquires, renovates, develops, and manages institutional quality real estate projects primarily throughout the Southeastern United States. SHR targets particular emphasis in the residential, office, hotel, and mixed-use sectors. The SHR business model is to strategically acquire or manage income properties in select viable markets that require enhanced operating performance or physical upgrades. 

Publicly traded Eastgroup Properties (NYSE: TPX) announced it purchased a 275,000-square-foot newly constructed industrial property just outside Raleigh for approximately $54 million during its quarterly report. This property, which is 100% leased, represents the Company’s entry into the Raleigh-Durham market, which has been a target market for EastGroup for several years.

Named 147 Exchange, it sits on 20 acres near the interchange of Highway 147 and Interstate 885 at 933 Ellis Road. Eastgroup bought the property from a Mississippi investment trust.

During the first quarter of 2024, EastGroup began construction of two new development projects in San Antonio and Tampa. The projects will total 388,000 square feet and have projected total costs of $52,100,000. The development projects started in 2024.

Eastgroup contends the industrial market remained resilient for them, producing a number of other strong metrics, such as percent leased, same-store net operating income growth, and quarterly releasing spreads.