A new nontraded multifamily REIT was born this week as part of a $617M recapitalization of more than 60 properties, including an under-construction apartment tower in Manhattan. 

Grubb Properties’ 8 Carlisle St. multifamily project is expected to top out this month.

Charlotte-based Grubb Properties consolidated several legacy funds into Link Apartments REIT, a newly formed managed REIT with more than 5,600 apartments in its portfolio.

The rollup of high net worth funds and rebranding to create the single entity occurred as Grubb also secured a $240M credit facility for the new REIT and its Link Apartments Opportunity Zone REIT, which was formed a few years ago and isn’t part of the consolidation. 

Grubb also secured a $300M senior construction loan from Maxim Capital Group and a $77M mezzanine loan co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital and Meadow Partners that fully capitalizes its Manhattan multifamily project called 8 Carlisle. 

“The REIT was created partially to have a vehicle with a bigger balance sheet that’s going to allow us to get bigger financing. But at the same time, it was also a move towards simplicity and efficiency,” Emily Ethridge, a spokesperson for Grubb, said in an interview Tuesday morning. 

Grubb values the new 45-property REIT at roughly $1.9B. It includes 8 Carlisle, a 64-story tower with 462 apartments that is set to top off construction this month, Ethridge said. The OZ REIT, which was also created through the merger of several funds a few years ago, has a 17-property portfolio, and fewer than 10 of Grubb’s other assets are still individually owned outside either entity, Ethridge said. 

The fund isn’t open for new investment, and there are no plans to pursue a public listing, she said. 

Grubb collectively secured the $617M in financing across the portfolio recapitalization with help from several teams at JLL, according to a release from the global brokerage. 

“By coordinating our M&A, Corporate Banking and Debt & Equity advisory expertise, JLL was able to sequence the series of transactions appropriately to ensure a seamless structure,” JLL Managing Director Stephen Van Leer said in a statement. 

Grubb’s refinancing move comes as the multifamily sector broadly emerges from a supply-driven malaise, with second-quarter apartment absorption hitting 124,600 units, among the highest in 25 years, and helping to push vacancy lower. 

A slowdown in new housing construction adds another tailwind to the back of multifamily developers. But the sector is also facing a demographic challenge, with the pace of U.S. population growth rapidly declining as President Donald Trump cracks down on illegal immigration. 

UPDATE, JULY 22, 10:23 A.M. ET: This story has been updated to clarify what assets are covered under the new $240M credit facility. 

Pennrose and Mercy Care have worked out a plan where a portion of 170-units recently completed apartments will be set aside for transitional/respite units for nearby Mercy Care patients in Atlanta. In addition, all residents of McAuley Station will have direct access to Mercy Care medical center, which is adjacent to the apartments. The hospital group recently completed a 36,000 square foot expansion of the care center.

Phase I includes studio, one-, and two-bedroom apartments for local families. The community is designed to serve a range of incomes, with a mix of workforce, affordable, and supportive housing units available at 30% to 80% of the Area Median Income (AMI). Besides the transitional units, 30 studios will serve as permanent supportive housing through Fulton County’s Behavioral Health Department in partnership with Partners for HOME. 

Residents will also have access to on-site community amenities, including a rooftop deck with scenic views of downtown Atlanta, bocce court, and grill station; inviting resident lounge and fitness center. 

Columbus, Georgia, the state’s second largest town, is trying to get in on the sports/entertainment building trend. Last month, work began on the renovation of the former Golden Park as part of bringing minor league baseball back to the city. Construction on what will be called Synovus Park is estimated at $50 million. Local officials are estimating that the project could mean upwards of $350 million in private investment in mixed-use development around the park. The park is the future home of the Atlanta Braves’ Double-A affiliate.

Renovation of the existing ballpark, owned by the City of Columbus and leased by Diamond Baseball Holdings, is being led by W.C. Bradley Real Estate and general contractor Brasfield & Gorrie, with a completion date in time for the start of the 2025 season. The upgrades will allow the venue to operate year-round for public and private events with the expansion of seating to 5,000 – 7,000 as well as the addition of new suites, a club level, hospitality amenities and upgrades to player facilities. In addition to serving as the home field for the club, the stadium will host a variety of marquee events.