PGIM Real Estate provided a $82 million floating rate loan on behalf of MetLife Investment Management and StreetLights Residential to refinance Mira at Midtown Union, a multifamily property located at 1301 Spring St NW in Atlanta.

The 26-story high-rise property has 355 units and 7,608 square feet of ground-floor retail. It includes a pool, resident lounge, sunset deck with fire pits and grills, pet spa/dog wash station, co-working spaces, and a multi-room fitness center. Mira at Midtown has studios with three bedrooms, that cost between $1,660 and $5,080 a month.

The community is part of a master-planned development called Midtown Union. It features a 612,000-square-foot office tower, the MIra, a 14-story, 230-key Kimpton hotel and 32,000 square feet of retail.

Lightstone has acquired The Outlet Collection Seattle from Washington Prime Group for $82 million.

Located in the greater Seattle metropolitan area, the Seattle Outlet Collection is an enclosed outlet center that spans 920,000 square feet. Lightstone has engaged seasoned industry professionals Nicholas King, formerly COO of Prime and Paragon Outlets, Michele Dawson and Scott Ferguson of FFO Real Estate Advisors to handle outlet tenant leasing, and Spinoso Real Estate Group to handle leasing. 

Upon acquisition by Lightstone, the firm plans to invest over $10 million in capital improvements and tenancy upgrades across the enclosed mall. “We see tremendous opportunity in this investment, and are looking forward to tapping into its full potential,” said David Lichtenstein, Chairman and CEO of Lightstone.

Currently operating at 98% occupancy, a selection of the mall’s tenants include Nordstrom Rack, Burlington, Best Buy, Dave & Busters, Polo Ralph Lauren, Kate Spade, Ulta, Coach, Nike, Adidas, and Michael Kors.

Pasadena-based ExchangeRight, one of the nation’s leading providers of diversified real estate DST and REIT investments, said investors have fully subscribed its Net-Leased Portfolio 65 DST, an $82.28-million offering featuring 416,735 square feet of national tenants in necessity-based industries. The portfolio is structured to provide monthly distributions with a current annualized rate of 5.00%.

The DST contains 13 properties diversified across 10 states and five historically recession-resilient tenants, including FedEx, Tractor Supply, Dollar General, Dollar Tree and Family Dollar. The offering was launched with a 40.23% loan-to-value and non-recourse interest-only financing at a fixed rate of 5.82% over a 5-year term.

“We remain committed to working with representatives and advisors to provide offerings that are structured to preserve their clients’ capital and provide stable, passive income, even through economic volatility,” said Joshua Ungerecht, a managing partner at ExchangeRight. “As increasingly more investors are transitioning from active to passive real estate investments, we are pleased to help meet that need with a 1031-compatible offering designed to protect investors.”