13th Floor Investments has broken ground on “Venture on the Trail” – a 222-unit garden-style multifamily community in Greenville, South Carolina. Located at 301 Alston Street, the development marks the first phase of 13th Floor’s “On the Trail” mixed-use development slated to rise on 250 acres. CIBC provided $47 million in construction financing to kick-start the project’s development, which is now under construction and slated for completion in 2027. 

Apartments at Venture on the Trail will range from studios- to three-bedroom units measuring between 600 and 1,350 square feet in size.

Community amenities will include a standalone clubhouse, a resort-style pool, two pickleball courts, co-working spaces, an expansive fitness center, and an oversized bike room, with the standout amenity being direct access to the Swamp Rabbit Trail. 

The “On the Trail” property is entitled to accommodate a mix of residential, commercial, retail, and hospitality uses, with future phases currently in planning.

BLDG Real Estate and The Fellowship Family closed on $100 million in financing for the 205-unit Fellowship Wildlight in Nassau County.

The Jacksonville Business Journal reports the financing team for the venture includes Peachtree Group, Florida Development Finance Corporation, Farmers & Merchants Bank, a Greystone fund and Promus Realty.  

Fellowship Wildlight will be located within Rayonier’s 24,000-acre Wildlight community and will have eight cottages, 24 memory care units, 48 assisted living units and 125 independent living units.

The project team for Fellowship Wildlight includes Elkins Construction as general contractor, Stewart & Conners as the architect.

This marks the third Fellowship senior living community in Northeast Florida. BLDG Real Estate and The Fellowship Family acquired and repositioned a 43-unit senior community, Fellowship Amelia Island, in April 2025. In August 2025, The Fellowship Family and BDG Real Estate acquired Fellowship Cove at Marsh Landing, a 101-unit community in Ponte Vedra Beach.

JLL Capital Markets said Thursday it had completed Project Bronco, a multi-submarket industrial portfolio totaling 365,774 square feet in Los Angeles’ San Gabriel Valley and Orange County submarkets. Terms of the sale were not disclosed.

Senior managing director Patrick Nally, senior directors Ryan Spradling and Evan Moran, director Makenna Peter and associate Shae Vomund represented the confidential seller.

Totaling five assets, the portfolio was marketed by JLL and was ultimately split between two buyers. EQT Real Estate and Berkeley Partners each acquired separate assets from the portfolio through distinct closings.

On May 28, Connect Los Angeles brings together 600+ high-level owners, investors, developers, brokers, and lenders shaping the region’s market for a full day of insights and networking. Be in the room with decision-makers driving deals across LA, SoCal and the nation—register now: www.connectLA26.com

Hilltop Residential, a Houston-based multifamily investment manager, closed its largest fundraise to date, raising $288M in commitments and planning to acquire up to $2B in assets. 

Hilltop Growth Fund VI will be used to acquire properties at “compelling bases” created by today’s capital markets dislocation, the company announced Tuesday. 

“Our strategy remains consistent: Acquire high-quality assets in growth markets where we can create value through operational improvements, capital enhancements, and disciplined asset management,” Hilltop Residential Managing Partner Greg Finch said in a news release.

Hilltop expects the fund to acquire about $1.5B to $2B in gross asset value and to fully deploy the fund within two years. Hilltop has already acquired nine assets with the fund and identified additional opportunities, according to the press release.

Finch, former president and co-founder of Venterra Realty, launched Hilltop Residential in 2017 with his sights set on multifamily value-add opportunities in Texas and other Southern states. The investment and development firm now manages a $3B portfolio of 13,000 units, including 12 properties in the Houston area.

Hilltop has invested in 15 Sun Belt markets, including Atlanta, Nashville, Charlotte and Orlando, Florida. In January, the firm acquired a 292-unit community in the Houston Heights, the Houston Business Journal reported.

Hilltop also acquired a 308-unit community in St. Petersburg, Florida, in November, according to the Tampa Bay Business Journal.

The investor base for Hilltop Growth Fund VI includes endowments and foundations, financial institutions, insurance companies and family offices. 

“Closing our largest fund to date in one of the most challenging capital formation environments we’ve seen reflects the trust our partners have in our platform and our ability to capitalize on today’s multifamily opportunity set,” Hilltop Residential Managing Partner David Wylie said in the release. 

Digital Realty has closed its inaugural U.S. hyperscale development fund, an effort that represents a new approach to securing development capital for the world’s largest data center provider.

At the same time, the public REIT signaled a renewed commitment to pursuing private capital strategies to fund new data center build-out, announcing the hire of two executives to help lead its dedicated fund team. 

A Digital Realty data center in Ontario, Canada

The closure of Digital Realty’s first private development fund comes almost exactly a year after it was launched. The fund received $3.25B from a range of institutional investors — including public pensions, sovereign wealth funds, endowments and foundations, corporate pensions, insurance and asset managers, and family offices — to support more than $10B of new hyperscale investment. 

The fund owns 80% of a portfolio of Digital Realty’s stabilized data centers and preleased development sites, including properties in Northern Virginia, Dallas, Atlanta, Charlotte, New York and Northern California. Digital Realty maintains a 20% ownership stake and manages the fund. 

Creating a private development fund was a novel approach to leveraging existing data centers to raise the capital needed to build new ones — a major challenge for developers across the digital infrastructure space. The arrangement allows institutional investors to receive a steady stream of income from the fully leased data centers, while Digital Realty uses the invested capital to cover predevelopment and development costs without relying on project-specific debt. 

Digital Realty told investors the fund is part of a $15B liquidity pool from private capital it calls “dry powder” to bank land and power ahead of demand to be able to deliver capacity on short timelines when Big Tech tenants need it.

“We remain focused on sourcing and delivering hyperscale data center capacity to support our customers’ accelerating requirements, and private capital is playing an increasingly important role in how we prudently and efficiently scale PlatformDIGITAL,” Digital Realty Chief Investment Officer Greg Wright said Monday in a written statement.

“Strengthening our private capital capabilities enhances our customer focus, expands our ability to fund growth, and positions Digital Realty for durable long-term value creation.”

Digital Realty plans to continue using this new private capital strategy to augment the on-balance-sheet financing strategies it has traditionally used to fund new development, announcing Monday that it is adding a pair of experienced executives with private capital and fund management backgrounds to its leadership team. 

Former CBRE Senior Managing Director Michael Yang will join Digital Realty as the firm’s executive director for fund management. Yang previously held various investment management roles at Goldman Sachs, NEPC, GID and AEW Capital Management.

The company also brought on Bradley Petersen to serve as managing director for private capital fundraising. Prior to Digital Realty, Peterson held a similar position at Jamestown LP following stints at Garrison Investment Group and Aetos Capital Real Estate.

A 24-story office building in Charlotte has changed hands. 

Highwoods Properties Inc. acquired 6Hundred at Legacy Union, a 411K SF office tower in Charlotte, from Lincoln Property Co. for $230M, according to Charlotte Business Journal, citing Mecklenburg County property records. 

This acquisition, which closed Wednesday, boosts the Raleigh-based REIT’s portfolio at Legacy Union — a multibuilding development — to 1.6M SF of trophy office space. 

Earlier this year, Highwoods acquired Legacy Union’s 14-story, 1.1M SF parking garage at 720 S. Church St. for $110M. The garage encompasses 3,057 parking spaces.

Highwoods now has three buildings at Legacy Union and eight overall across Charlotte.

Currently, 6Hundred is 84 percent leased with an average lease term of over 12 years. Tenants include American Express, law firm Robinson Bradshaw and Pike Corp.

With the sale, Highwoods plans to invest $8.5M for both near-term building improvements and leasing capital expenditures to stabilize the property’s occupancy rate. 

Under the agreement, Dallas-based Lincoln was reportedly scheduled to receive some $15.7M credited for free rent and other leasing-related expenses it provided before the building shifted ownership.

Highwoods projects to stabilize occupancy at the tower by 2027 and will realize $17.5M to $18.5M in net operating income annually at that point.

The 6Hundred property is connected to the Highwoods-owned Bank of America Tower and SIX50 South Tryon.

Highwoods is a publicly traded REIT that owns, leases and manages properties in several business districts across the Southeast. 

Charlotte’s office building market has been “entering a new phase of stability,” according to a recent Colliers market report, with long-term tenant demand rising. As reported by Savills Research, Charlotte leased 1.3M SF of office space in Q3, marking its strongest quarter of leasing volume in five years.

Tishman Speyer has completed its first office acquisition in its hometown since before the pandemic.

The New York City office giant, which owns Rockefeller Center and The Spiral, spent $105.5M on a fully leased, 12-story office building in Lower Manhattan.

148 Lafayette St., a fully-leased office in Lower Manhattan, which became Tishman Speyer’s first NYC office acquisition in more than half a decade this week.

Tishman Speyer acquired the 153K SF building, which was built in 1913 and renovated in 2017, from EPIC, it announced Monday. The boutique office tower is Tishman’s first U.S. office purchase since 2021 and its first in New York since 2019. 

Current tenants in the building include venture capital firm General Catalyst and cosmetics and beauty company Charlotte Tilbury. The acquisition was partially funded by a $68.3M loan from Blackstone Real Estate Debt Strategies.

 

A Newmark team led by Adam Spies and Avery Silverstein represented EPIC. It’s unclear who represented Tishman Speyer. 

TOP SALES

The Hotel Bossert has changed hands for $100M, Commercial Observer reported. The 282-key, 1909-built hotel at 98 Montague St.’s new owner is Nashville-based developer SomeraRoad, which plans to convert it into housing. The trade marks the end of a chapter for the historic, troubled Brooklyn property, which Chetrit Group lost control of in February after lender Beach Point Capital acquired it in a foreclosure action. Chetrit had owned the Hotel Bossert since 2012, when it bought it in a joint venture agreement with Clipper Realty before buying Clipper out in 2019. But Chetrit then defaulted in 2022, eventually leading to the foreclosure. Beach Point acquired the $112M note for the building last year.

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Clipper Equity has acquired 1800 Park Ave., a vacant Harlem lot owned by The Durst Organization since 2017, for more than $50M, The Real Deal reported. The 680K SF plot has changed hands four times in recent years: Vornado Realty Trust bought it for $39.5M in 2007 and sold it to Continuum Cos. for $66M in 2013. But Continuum, which had planned a 700-unit apartment building, fell behind on its loans, leading to the Durst Org. swooping in and buying $100M of the building’s debt. The Dursts then acquired the lot itself for $91M a few years later but failed to kick off its own plans to build housing before the 421-a tax break expired. 

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A Midtown office building has sold from one Milanese family to another for $22.4M, Commercial Observer reported. Pierluigi Tortora, founder of PLT Energia, bought 30 W. 56th St. from Massimo and Alberta Ferretti, who own luxury fashion brand Ferrim USA. The sale price is a whopping $19M above the $3.8M that the Ferretis paid for the 22K SF office building in 1994, PincusCo reported. PLT Energia plans to take over the building and use it for its own offices.

TOP LEASES

Atlantic Terminal, where Nike signed a 16K SF retail lease this week.

Nike has signed a 16K SF retail lease at Atlantic Terminal and Center adjacent to the Barclays Center, according to a release. The retail space with a street-facing entrance adds the athletic apparel maker to the roster of brands nearby, including Sephora, Uniqlo, and Dave & Buster’s. Inline Realty’s David Alani represented Nike, while Atlantic Terminal and Center ownership was represented by Cushman & Wakefield’s Alan Schmerzler, Diana Boutross and Ian Lerner.

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Consulting engineering firm Jaros, Baum & Bolles has signed a 68K SF lease in the Financial District at 55 Water St., Commercial Observer reported. The firm will relocate to the 53-story tower, which is owned by Retirement Systems of Alabama, from 80 Pine St., according to Colliers’ May Manhattan office report. The tenant roster at Jaros, Baum & Bolles’ new digs includes The Legal Aid Society, the New York City Board of Education Retirement System and human resources service Justworks. 

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Fisher Brothers signed tenants to 67K SF at 299 Park Ave., a 1.3M SF office tower in Midtown East, according to a release. Investment firm One William Street Capital Management has added 15K SF to its existing 30K in the 42-story building, bringing its total footprint to 45K SF. One William, which relocated from 1290 Sixth Ave. in 2018, was represented by Scott Gottlieb, Andrew Sussman, Ben Friedland and Lewis Gottlieb of CBRE. Private equity investment firm P10 Intermediate Holdings, expanded its space by 9K SF with representation from CBRE’s Silvio Petriello. Consulting firm Tailwind Management is moving to the building in a 14K SF deal. Tailwind was repped by Savills’ Greg Taubin. Newmark’s David Falk, Peter Shimkin, Andrew Sachs and Eric Cagner repped the landlord in all three deals, along with Fisher Brothers’ Marc Packman and Clark Briffel.

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AI-driven marketing intelligence firm AlphaSense is moving its NYC headquarters to the Hudson Yards neighborhood, New York Business Journal reported. The firm, which supports tech companies, signed a 10-year lease for 50K SF at CommonWealth Partners’ 441 Ninth Ave., relocating to the 25-story office building from its current home at 24 Union Square E., Commercial Observer reported. Savills’ Allyson Bowen and Erik Schmall repped AlphaSense.

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Elderserve Health, a senior care nonprofit that does business as RiverSpring Health Plans, renewed its 15K SF Midwood office lease, Commercial Observer reported. The nonprofit first moved into the Brooklyn office space at 1630 E. 15th St. in 2020. Asking rents in the new deal were $45 per SF. The building was owned by Urban Edge Properties, but the property was put into foreclosure in 2023 and last year was handed over to the special servicer of the CMBS trust that holds the mortgage. The tenant was repped by Cresa’s Bert Rosenblatt, Peter Sabesan and Alex Gerome. Ownership was represented by Michael Taylor of Lincoln Property Co. 

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Law firm Foster Garvey has signed a 10-year, 11K SF lease at Jack Resnick & Sons’ One Seaport Plaza, according to a release. The landlord intends to renovate the 1.1M SF tower later this year. Other tenants include WeWork, Seaport Entertainment and insurance firm Allied World Insurance. Foster Garvey was repped by Savills’ Nicholas Farmakis and Steve London. The landlord was repped in-house by Brett Greenberg and Adam Rappaport and by John Cefaly, Ethan Silverstein, Stephen Bellwood and Rachel Rosenfeld of Cushman & Wakefield. The law firm plans to relocate from 100 Wall St. to the 35-story 199 Water St. building in the fall, Commercial Observer reported.

TOP FINANCING DEALS

222 E. 34th St., in Kips Bay, where owner the Hakim Org. scored a $99.8M refinancing deal from Northwestern Mutual Life Insurance Co. this week.

The Hakim Organization nabbed a $99.8M refi for 222 E. 34th St., a 480-unit residential building in Kips Bay, from Northwestern Mutual Life Insurance Co., PincusCo reported. The capital replaces a loan for the same amount from the same lender, with an extended maturity date of June 15, 2030. 

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Rockrose Development scored an $80M loan for 110 Horatio St., a 10-story, 94K SF West Village multifamily property, according to a release. The financing — a 10-year, fixed-rate loan — was provided by investment manager AXA IM Alts, which was acting on behalf of its clients. The 152-unit property, which is a mix of studios, one- and two-bedroom units and five penthouses, is 99% occupied. A JLL team that included Geoff Goldstein, Steven Klein and Chris Pratt arranged the financing.

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Pro-H Development notched a $77M loan from Urban Standard Capital to finance a 101-unit condo project at 842 Sixth Ave., Commercial Observer reported. The vacant lot was once expected to become a 26-story hotel, but last year 842 Enterprises sold the lot to Pro-H for $30M after the planned hotel wound up facing a $33M preforeclosure action from lender Avana Capital. Now, the 27-story condo tower that will take the would-be hotel’s place is slated for completion late next year. A Ripco Real Estate team of Adam Hakim, James Murad and Alexander Korolik arranged the financing.

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New York Life Insurance Co. has loaned $60M to Altitude Capital Management for the 273-room Courtyard by Marriott New York Manhattan hotel at 135 W. 30th St., PincusCo reported. The sum replaces a previous $60M loan from Voya Financial.

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Community Preservation Corp. provided a $44.1M mortgage to Lemle & Wolff Cos. for a residential development in Sunnyside, PincusCo reported. Lemle & Wolff is in partnership with nonprofit Elmcor Youth & Adult Activities for the 42K SF development, which will deliver 55 units at 43-12 50th St. The construction loan also replaces a previous $6.6M loan on the property from Webster Bank.

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John Catsimatidis’ Red Apple Group refinanced its 86-unit residential building at 670 Pacific St. for $38.1M with M&T Bank, PincusCo reported. The loan on the 84K SF Prospect Heights property replaces a $49.5M sum from the same lender that matured May 30. Red Apple was required to make a $5.1M principal payment and a note modification fee of $190K. Its new loan has to be no more than 80% loan-to-value based on a new appraisal, and has a new maturity date of Sept. 1, 2027.

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Elmord Management netted a $34.3M construction loan for a nine-story multifamily rental project in Astoria, Commercial Observer reported. The two-year bridge loan for 34-20 38th St. came from BridgeCity Capital. Elmord bought the five-parcel development site for $12M from the Pinto Family, PincusCo reported. The development, which is expected to deliver at the end of 2026, will include 89 units and 31 parking spaces.

Landmark Properties has closed on the acquisition of a 1.56-acre site at 134 N. Eagleville Rd., adjacent to the University of Connecticut’s (UConn) main campus in Storrs, CT. The firm will begin construction on The Mark Mansfield, a 738-bed student housing community, in late 2025. The site was acquired in partnership with Peninsula Investments. TSB Capital Advisors coordinated financing.

“UConn saw a record-breaking 2024 freshman class and, as the university moves forward with plans to expand its enrollment further over the next decade, the demand for high-quality and pedestrian-to-campus living options will continue to increase,” said Jason Doornbos, chief development officer of Landmark Properties. “We’re excited to help meet this growing housing need with the development of The Mark.”

Located near the university’s core, the new development will be Landmark Properties’ second asset in the Storrs market. The site was formerly proposed as the location for another student housing development.

Wireless Realty Advisors, LLC (WRA), a Norfolk, MA-based owner, operator and manager of wireless infrastructure assets, has closed the $120-million WRA Fund III LLC. The fund represents WRA’s fifth equity investment with Peppertree Capital Management and is focused on investing the acquisition of wireless real estate assets throughout the U.S.

“Since our introduction to the market 30 years ago, we have always been passionate about how data can be leveraged to create better operating efficiencies and scale,” said Tom Remillard, founder and CEO of WRA. “For WRA, data is more than just one of several hundred thousand dots on a map – it’s a relationship builder and a strategic tool that we will continue to grow and inject into our business model.” 

Additionally, WRA has promoted James Huth to president. Huth has been with WRA for seven years and has been instrumental in the growth of the company. 

Le Investment Group closed the sale of The Mango Tree Apartments, a 56-unit multifamily property located at 8021 Mango Ave., Fontana. The property was sold for $10,850,000, equating to $193,750 per unit.

The all-cash sale closed within 14 days at a 4.50% cap rate, with a GRM of 13.09 and a Pro Forma CAP rate of 6.86%. The property was a value-add play, with low existing rents and renovations required, presenting significant potential for increased revenue and asset appreciation. Le Investment Group represented both the seller and the buyer.

“We are proud to have successfully facilitated this transaction with such efficiency,” said Albert Le, managing partner at Le Investment Group. “This sale helps demonstrate the momentum of the current commercial real estate landscape. Investors are eager to re-enter the market after a period of hesitation, and this transaction highlights the demand for well-located, income-generating properties.”