Northmarq Debt + Equity team led by Chris Hammel arranged the $38 million new construction financing for Evolve Crossing, a 210-unit, Class A multifamily development well-located in Burlington, North Carolina. 

Northmarq arranged financing for the borrower, Evolve Companies, through its relationship with CrossHarbor Capital Partners. 

Planned for completion in 2028, Evolve Crossing will be a Class A, garden-style apartment community featuring one-, two- and three‑bedroom residences with high-end fixtures and finishes. Community amenities will include a resort-style pool with lounge, outdoor kitchens, ample parking, co-working space, full gym with a yoga studio, dog park with pet spa station, and welcoming common areas.

Northmarq recently arranged construction financing for Evolve Companies’ Evolve Wynwood project in Miami. On its website, Evolve says it selects, acquires, develops and constructs properties all over the Southeast.

Green River Builders and ARC Multifamily Group obtained a construction loan, allowing them to proceed with a 282-unit multifamily development in Monroe, Georgia. The $42.7 million loan is for The Jax, a garden-style apartment complex. Green River is based in Monroe, about 20 minutes east of Atlanta.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrowers. Peachtree Group provided the two-and-a-half-year full-term, interest-only loan at approximately 74% loan-to-cost. The loan was also structured with an earnout based on completion and leasing hurdles.

Located at 200 Aycock Avenue, the project will comprise seven three-story residential buildings with one-, two-, and three-bedroom floorplans averaging 1,117 square feet. Community amenities include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging, and a breakfast/coffee concierge.

ARC Multifamily invests in multifamily properties throughout the Southeast United States. 

Urban Street Development and Berkadia secured $38.5 million in permanent and construction financing to fund the expansion of the Hotel Indigo Tallahassee – CollegeTown. The project at 826 Gaines Street, is near Florida State University.

Urban Street recently bought an adjacent .43 acre parcel in order to add on to the hotel. The hotel is expanding from 143 rooms to 237 and 5,500 square feet of prime ground floor retail at the roundabout entrance facing Doak Campbell Stadium.

Brad Williamson, Mitch Sinberg, and Harry Mancera of Berkadia Hotels & Hospitality, arranged the financing package on behalf of Urban Street. Synovus Bank provided the five-year loan which includes funds to refinance Phase 1 of the seven-story, mid-rise hotel – 143 rooms completed in 2020 – as well as construction of Phase II, 94 keys slated to deliver in 2026. Construction of Phase II has already commenced.

Newmark Group has arranged a $400 million credit facility for PORT 32 Marinas to refinance its existing portfolio of coastal marinas, and to fund the future acquisition of marinas. Newmark’s Jordan Roeschlaub, Chris Kramer and Jonathan Firestone arranged the financing, which was provided by the Austria-based bank, BAWAG Group.

Based in Charleston, South Carolina, PORT 32 is a leading owner, operator and developer of dry and wet slip coastal marina properties. PORT 32 provides expertise in the development and management of marina assets to bring customers an unparalleled level of service within the industry. PORT 32 owns and operates a growing collection of Class A marina assets in premier markets.  Besides Charleston, the company runs one marina in North Carolina, and nine in Florida, including Jacksonville, Marco Island, Cape Coral, Naples, Tampa, Fort Lauderdale, Tierra Verde, Palm Beach Gardens and Lighthouse Point.

KISCO Senior Living obtained a $71.3 million refinancing of the Abbotswood at Irving Park, a senior living community in Greensboro.

Berkadia’s Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare, secured the financing through Freddie Mac on behalf of KISCO.

Located at 3504 Flint Street, Abbotswood at Irving Park offers a full spectrum of senior living options, including premier cottages, independent living residences, assisted living apartments, and memory support suites. The facility provides a variety of amenities; residents enjoy chef-prepared meals, concierge services, wellness programs, transportation services, and events and activities.

Kisco Senior Living specializes in full-service, private-pay senior living communities. Based in Carlsbad, California, it owns and operates 20 senior living communities in six states, including 6 communities in North Carolina.

DECEMBER 5^th – Next Thursday: Multifamily’s leading investors, owners, developers, forecasters, managers, brokers, lenders, and more doing business throughout Florida and the Southeast U.S. will be at The Rusty Pelican in Key Biscayne, FL for this year’sConnect Southeast Multifamily conference! **Jump on the Black Friday Discount, available through this weekend only. Use code BLACKFRIDAY30 at checkout online.www.ConnectSEMF2024.com

Windsor Stevens has raised $56 million for a multifamily development on Atlanta’s Westside. The Proctor, located at 698 Oliver St. NW, will have 137 residential units, 41 of which will be affordable.

The 41 affordable units will be in a Class A luxury mixed-income, mixed-use property building, serving households earning at or below 80% of the area median income. These units will be designated for AH’s Housing Choice Voucher recipients for at least 30 years.

The project units will average 813 square feet, and the building will also include 10,000 square feet of ground-floor retail space. Development at The Proctor will be funded by various public and private partners, including a $4.1 million investment by Atlanta Housing. Other investment partners include a $26.1 million loan from Goldman Sachs, AUDC, Basis, and Rod Mullice and a $3.2 million Invest Atlanta TAD Grant.

A groundbreaking ceremony for The Proctor is anticipated for early November, and construction is expected to be complete in May of 2026.

Berkadia arranged the financing of two Jacksonville apartments. The refinancing, which amounted to $73 million for both multifamily properties, was on behalf of ROI Capital.

Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler all had a hand in securing the two loans.

Berkadia secured $19.9 million to refinance the 200-unit The Village at San Jose, which was built in 1948 and renovated in 2021 and 2023, and $53 million to refinance the 444-unit The Villas at Ortega, which was built in 1972.

Berkadia originated and Freddie Mac purchased the five-year, fixed-rate loans through its Green Advantage program. Both loans have a 35-year amortization schedule and are partially interest-only.

ROI Capital Group says it is a national multifamily owner-operator specializing in acquiring, developing, and managing multifamily properties. Its mission is to maximize returns for investors while providing exceptional living environments for residents.

CBRE has facilitated a $61.3 million loan for Florida Gateway Logistics Park – Building 800, a fully leased and newly built 1 million-square-foot warehouse in Jacksonville, Florida.

Brian Linnihan, Mike Ryan, Richard Henry, and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Dallas-based Hillwood Investment Properties. The loan was secured through KKR.

Located at 9909 Pritchard Rd. in Jacksonville, the 1 million-square-foot warehouse sits on approximately 52 acres, was completed in 2023, and is fully leased to a single third-party logistics company. The building features 40-foot clear heights, cross-dock loading, 290 trailer spaces and 511 auto parking spots. It is part of the broader Florida Gateway Logistics Park, which, at full buildout, is expected to include 3.1 million square feet of industrial space across seven buildings. 

Specializing in distribution centers, e-commerce facilities, and logistics centers, Hillwood develops and acquires properties for industrial and logistics customers. 

LG Development Group has locked up a $100 million construction contract for a 20-story tower at 1711 Broadway in Nashville. Sumitomo Mitsui Banking Corp. provided the financing. The LG paid $14.1 million for the Midtown property near the intersection of Broadway and Division Street.

The building will consist of 396 units as well as a U.S. Bank branch. Norr Design Inc. and Raleigh-based Kimley-Horn & Associates are involved in the project.

The Nashville Business Journal reports that it’s the bank’s second nine-figure construction loan in as many years, joining a $113 million loan provided for the Modera SoBro apartment development. LG Development’s proposed tower will rise within walking distance from some of Nashville’s largest and most prominent projects: the Broadwest development and the auto dealership development sites that belong to GBT Realty Corp. and Hines.

Vesper Holdings acquired Gateway at Denton, located near the University of North Texas. Yardi Matrix data shows that the company took out a $25.3 million Freddie Mac loan for this acquisition, originated by KeyBank and arranged by AMA Financial. IPA’s Peter Katz represented the seller, MJW Investments, in the transaction.

Built in 2005, Gateway at Denton is a three-story, 696-bed student housing community. The property offers a mix of two-, three-, and four-bedroom unit floor plans, all with bed-to-bath parity. 

Residents of Gateway amenities include furnished apartments, 24/7 fitness centers, three pools, a hot tub, a basketball court, study spaces, a computer lab, and a clubhouse.

Vesper is planning to invest over $4 million to renovate the complex.

The property is Vesper’s fourth acquisition in the Denton market. Including this purchase, Vesper has completed five student housing transactions totaling over $250 million over the past nine months.