GM Development secured $130 million in project financing, enabling the company to begin redevelopment of a historic former Veterans Affairs (VA) hospital campus into a 493-unit Class A mixed-use community in Denver, Colorado.

The financing was arranged by Walker & Dunlop. Chris Rumul, Jason Silva, Cole Parker and Mike Valucci of Walker & Dunlop FHA Finance on behalf of GM Development. The project incorporates historic tax credits as a key component of the capital stack, enabling the adaptive reuse of the long-vacant property.

Located at the northwest corner of East 9th Avenue and Clermont Street, the 8.22-acre former VA hospital campus will be redeveloped into a Class A mixed-use community at 1055 North Clermont Street. The project will deliver 493 rental units. It will also include more than 50,000 square feet of retail and medical office space.

GM paid $41 million for the property in 2022.

Redfearn Capital secured financing for an eight-building Jacksonville-area portfolio totaling $48 million. Prospect Ridge provided the financing. The portfolio includes a mix of front-load, rear-load and cross-dock industrial buildings near Interstate 95, Interstate 10 and Interstate 295, with access to Jaxport and Jacksonville International Airport.

The properties range from 7,000 square feet to 70,000 square feet.

On its LinkedIn site, the company said: “strong first half of the year for Redfearn Capital– acquiring 12 new assets totaling ~580,000 square feet. RC continues to target value-add industrial deals across the Southeast!”

CBRE’s Jose Lobón, Frank Fallon, Trey Barry and Royce Rose negotiated on behalf of Somerset Properties and CenterSquare Investment Management. 

The Jacksonveille Business Journal reports Jacksonville’s network of interstate, port, rail and airport access remains a core selling point for the portfolio and for the industrial users Redfearn is targeting.

TMGOC Ventures inked a $104.5 million loan to facilitate the construction financing for the Ritz-Carlton Savannah, a 15-story luxury hotel located in the heart of Savannah’s Historic District.

Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction for TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the Advisory team arranged the capital provided by The LCP Group.

TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs.

Upon completion, the hotel will comprise the historic redevelopment of the two existing office buildings into a 168-key Ritz-Carlton hotel. Originally constructed in 1911, the property holds the distinction of being downtown Savannah’s first skyscraper, its tallest building, and a designated historic structure.

The property is situated in Savannah’s Historic District.

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A North Carolina developer has acquired a large parcel of land in Durham, five months after receiving rezoning approval from the city for a 300-acre mixed-use development. 

Charlotte-based Beacon Partners bought 119 acres in southeast Durham in a $20M deal with longtime partner Stephens Enterprises, the Triangle Business Journal reported.

The land will be used for mixed-use industrial buildings that will be part of a development called Durham Gateway. 

The 119 acres are along Highway 70 and Leesville Road on the edge of Brier Creek. Stephens put the land up for sale in January 2023. 

Durham Gateway is a joint venture with HM Partners and SFRE Holdings. It comprises 1,750 residential units and 1.3M SF of industrial and commercial space that will be built out in two phases. Beacon received rezoning approval for the 300-acre development from the Durham City Council five months ago.

CBRE’s Ann-Stewart Patterson, Austin Nagy and John Hogan handled the leasing and marketing for the project.

While there was some backlash to Durham Gateway when the project was approved in September 2025, Mayor Leo Williams said it would bring substantial benefits to the community.

Beacon has agreed to donate $1M to the Durham Dedicated Housing Fund, $50K to Durham Public Schools’ capital needs, and $350K to a fire and emergency services grant project. Williams also said the project would feature affordable housing options.

Related Ross CEO and Miami Dolphins owner Stephen Ross added yet another headquarters to his growing collection within his West Palm Beach office buildings.

Courtesy of Collin Miller Photography

One Flagler at 180 Lakeview Ave.

Wells Fargo & Co. signed a 50K SF lease with Related Ross at the One Flagler office building in West Palm Beach to house a new headquarters for its wealth-management business, Wells Fargo Wealth & Investment Management, wealth chief Barry Sommers told Bloomberg.

“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long‑term growth priorities—both in the region and across our organization,” a representative for Wells Fargo said in a statement shared with Bisnow. “Numerous members of WIM’s leader team will continue to be based in New York, St. Louis and Charlotte, North Carolina.”

About 100 employees will relocate to the new office, which opened its doors last year, by the end of 2026. This brings the office tower to 100% leased, a Related Ross representative confirmed to Bisnow.

The move, nearly two years in the making, is just the beginning of an expansion in the area. Sommers told Bloomberg the company plans to hire more employees, specifically looking to attract financial advisers, private bankers, and independent broker-dealers, and may rent additional space.

Wells Fargo is joining a list of tenants at One Flagler, including Vista Investments of Florida, GoldenTree Asset Management and Ocean Sound Partners. 

“Wells Fargo is making a bold move by bringing senior leadership and a major office of its wealth‑management business to One Flagler in West Palm Beach,” Related Ross Executive Vice President Jordan Rathlev said in a statement. “It’s a strong sign of long-term confidence in our city and in South Florida’s growth.”

The 25-story building has a 19K SF terrace and green space that overlooks Palm Beach Island, a Greek-style restaurant named Estiatorio Milos, retail space and offices, according to its website.

Related Cos. purchased the site in 2021 for $20M from the First Church of Christ Scientist, West Palm Beach, according to the Vizzda database, before Related Ross spun off into its own West Palm Beach-focused development company led by Ross in 2024. 

One Flagler was the first building to open under Related Ross.

Bisnow/Chloe Gallivan

The Related Ross showroom within the Shops at CityPlace in West Palm Beach illustrates the development plans for the city.

The company, which has 1M SF of office space under construction, spearheaded West Palm Beach’s development — especially after Ross pledged to spend $10B to turn the city into the “Wall Street of the South.”

But the company is looking to claim multiple titles for the region. Related Ross Vice President of Leasing Greg Kuhlman said at a Bisnow event in 2024 that the company was working to expand beyond financial service firms to technology companies and make West Palm the “next Silicon Valley.”

At another Bisnow event in December, Rathlev said the company’s next “big push” for West Palm Beach was in defense tech.

Other Related Ross developments have also attracted headquarters, like 10 and 15 CityPlace, which inked a deal with ServiceNow for 200K SF to host its regional headquarters in September.

Tech firm Visium also plans to open its headquarters at the 477 Rosemary boutique office building at Related’s CityPlace, The Real Deal reported.

JLL Capital Markets arranged $22.3 million in acquisition financing for industrial outdoor storage (IOS) properties located at 115 St. Nicholas Ave. and 115 Skyline Dr. in South Plainfield, Middlesex County, NJ. Senior managing directors Jon Mikula and Jim Cadranell, associate John Cumming and analyst Christian Badalamenti worked on behalf of Oliver Street Capital to secure the acquisition loan through Byline Bank.

The site includes three buildings totaling approximately 32,000 square feet, equipped with 34 docks and seven drive-ins, catering specifically to industrial tenants’ needs. It also features 8.75 usable acres dedicated to parking and outdoor storage. The property is currently occupied by TransAmerican, a national trucking and storage company.

“The property’s strategic location in South Plainfield, coupled with its robust infrastructure, makes it an ideal asset for any industrial tenant needing proximity to the New York-New Jersey transportation network,” said Cadranell. “This financing deal underscores the strong market fundamentals and high demand for well-placed IOS properties in New Jersey.”

Marathon Asset Management’s commercial real estate platform has originated a $120-million construction loan for 125 Perry St., a high-end residential development in Manhattan’s West Village. A Marathon’ team led by managing director Joseph Griffin, closely worked with sponsor Alf Naman Development and its preferred equity partner, Ascendant Capital Partners, to structure and originate the construction loan.

“We are proud to play a role in the revitalization of 125 Perry St. and will continue to provide lending solutions across asset classes and geographies through a combination of proprietary network relationships, deep property-level experience, and differentiated market intelligence,” said Griffin.

The development involves the adaptive reuse and conversion of a historic, four-story, 1930s vintage parking garage into a seven-unit ultra-luxury condominium. Contracts have already been signed for nearly 60% of the units. Completion of the project is expected for 2026.

Rendering courtesy of Sciame Construction.

Lincoln Property Co. is joining the Dawg Pound and partnering with the Cleveland Browns on a 176-acre mixed-use entertainment district to be anchored by a new enclosed stadium for the 80-year-old NFL franchise owned by Haslam Sports Group.

The Dallas-based firm announced Tuesday that it will will develop the mixed-use project in Brook Park, Ohio, set to feature 300K SF of retail space and 500K SF of office as well as 1,100 apartments and a pair of upscale hotels.

The cost of the project has been estimated at about $1B.

Courtesy of HKS

The entertainment district around Huntington Bank Field is expected to have an annual economic impact of $1.2B for the area.

“Lincoln is working with the Browns and Haslam Sports Group to develop a well-thought-out and compelling vision for a live/work/play destination to complement the new Huntington Bank Field planned for Brook Park,” Lincoln Executive Vice President of Midwest Operations Peter Kelly said in a statement. “Northeast Ohio deserves a vibrant development like this, which will engage residents and visitors alike.”

Lincoln has tackled other major mixed-use projects, including The Star in Frisco, the 91-acre campus of the Dallas Cowboys World Headquarters, and a 10.2-acre development in Charlotte, North Carolina, near Bank of America Stadium, where the Carolina Panthers play.

The development is expected to create more than 3,300 permanent jobs for the region and generate $1.2B annually. The entertainment district will be built in multiple phases, with the first to bring 96K SF of restaurant and retail space, 137K SF of experiential retail, 575 multifamily units and 450 hotel rooms.

“The most important component of any successful mixed-use project is the anchor,” Lincoln co-CEO David Binswanger said in a statement. “The new enclosed stadium will bring year-round events to the surrounding district, activating this region in a way that has never been feasible before.”

Courtesy of HKS

The new Huntington Bank Field will anchor the Cleveland Browns-themed entertainment district.

In addition to Browns home games, the 67,000-seat stadium is expected to host concerts, sports tournaments and conferences throughout the year. It will be located adjacent to Cleveland Hopkins International Airport.

The $2.4B stadium and the surrounding mixed-use development will be designed by architecture firm HKS.

HKS will also master plan the development. The architecture firm has worked on multipurpose venues across the country, including the Dallas Cowboys’ AT&T Stadium, the Indianapolis Colts’ Lucas Oil Stadium and the Minnesota Vikings’ U.S. Bank Stadium.

HKS Partner and Director of Venues Mark A. Williams called the development “a generational project for the region.”

But the project is not an entirely done deal. Browns owners are still negotiating with state and local officials about public financing for the development that would involve borrowing against anticipated tax revenues created by the project.

Jay O’Meara, Justin Parsonnet and Ryan Reethof have left CBRE and joined Newmark to lead office investment sales in the Southeast, including Atlanta, Nashville, Tennessee, Charlotte and Raleigh, North Carolina, and Florida. O’Meara and Parsonnet will serve as vice chairmen, and Reethof will serve as senior managing director.

O’Meara, Parsonnet, and Reethof have more than 65 years of collective experience, bringing a southeast track record of over 110 million square feet of closed transactions and $23 billion in sales volume spanning more than 25 markets. They were notably involved with the $380 million sale of Bank of America Plaza, the $201 million disposition of 3630 Peachtree and the 1.4 million-square-foot King & Queen towers—the landmark assets on which Newmark was recently engaged for agency leasing.

O’Meara, Parsonnet, and Reethof have built a network of institutional and private clients, including Oaktree Capital Management, Highwoods Properties, Shorenstein, Cousins Properties, CP Group and numerous high-net-worth groups.