Barings provided a $134 million loan to refinance the existing loan on Smoky Hollow in Raleigh. The mixed-use development was delivered in 2020 by a joint venture between Kane Realty Corporation, Williams Realty & Building Company, and Lionstone Investments.

Smoky Hollow is comprised of a 283-unit Class-A apartment complex (“The Line”), a highly amenitized 229,000 square foot office building (“421 N Harrington”), and roughly 40,000 square feet of ground floor retail featuring a blend of restaurants and retailers.

The financing from Barings has a five-year term and JLL’s Travis Anderson, Colby Mueck, and Warren Johnson advised the sponsorship on the financing.

Barings says this transaction expands the company’s $24.2 billion real estate debt platform, which leverages the team’s direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.

Portman, 908 Group, Canyon Partners Real Estate and PTM Partners have partnered up to develop a student housing project (“The Hall”) on the Florida State University (“FSU”) campus across from Legacy Hall, the future home for the FSU College of Business. The Tallahassee project is currently under construction with completion scheduled for Spring 2026. The joint venture secured a $73.3 million senior construction loan from Pacific Life Insurance Company. TSB Capital Advisors acted as the financial advisor to Portman and 908 Group in the deal.

The Hall is a Class-A student housing project located in a Qualified Opportunity Zone. It will feature 191 units and 674 beds across two mid-rise buildings, with 452 parking spaces and 7,689 square feet of ground-floor retail. The Hall will offer amenities, including a rooftop pool and a fitness center.

FavorGray is the general contractor. Construction is expected to be completed before the start of the 2026-2027 academic year.

CROSS Development and Kennor Holdings obtained a $38 million construction loan along with PACE financing for a rehabilitation hospital in Bradenton, Florida. The project will be managed by Nobis Rehabilitation Partners, which currently manages 14 hospitals nationwide, with another eight in the construction pipeline. This will be the fourth project in Florida that Nobis is managing with the other three hospitals located in Jacksonville, Orlando, and Tampa. The Bradenton development represents the fourth Nobis Rehabilitation Hospital to be built by the co-development team.

Marcus & Millichap Capital Corporation arranged the financing led by Dallas-based Senior Director Kevan McCormack. The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years, followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only. A Property Assessed Clean Energy (PACE) loan is a type of financing available to make energy efficiency upgrades and renewable energy improvements.