Franklin Street’s Retail Services team has been selected to lead leasing for The Promenade at Town Center, a 230,000-square-foot mixed-use development in Palm Coast, Florida. The development includes 204 residential units and 57,000 square feet of commercial space, targeting a mix of retail, restaurant, and professional office users. Persimmon Capital Partners is the owner and developer of The Promenade. The project broke ground this past July and is scheduled to be delivered in early 2026.

The Promenade, located in the 2,050-acre Palm Coast Town Center neighborhood, will feature a mix of retailers, coffee shops, restaurants, service providers and working spaces on its ground floor. The project’s upper floors will offer studio, one and two-bedroom apartment residences with balconies.

Palm Coast is the largest city in Flagler County, the third fastest-growing county in Florida, which is the fastest-growing state in the country.

Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP (“Monarch”) and REDICO (the “Sponsor”) to fund the refinance of The American House Florida Portfolio.

The Portfolio consists of six senior housing communities encompassing 817 units: 409 Independent Living units, 306 Assisted Living units, and 102 Memory Care units. Five of the six communities were built between 2015 and 2018 in Florida markets experiencing significant demographic growth.

REDICO developed four of the communities from the ground up, and in 2017, it expanded the Portfolio by acquiring two additional communities. In 2021, Monarch acquired the Portfolio through a recapitalization event, during which REDICO remained as both a joint venture equity owner and manager.

Marathon’s Commercial Real Estate Team, led by Joseph Griffin, worked with the Sponsor to originate the senior acquisition loan. Aron Will and Adam Mincberg of CBRE National Senior Housing arranged the financing.

Terra secured $291 million in permanent financing for the newly completed first phase of Centro City, a 38-acre mixed-use development located in the center of Miami-Dade County, just west of Little Havana. 

JVP Management has issued a $187 million loan for the development’s multifamily residential component, and Hudson Bay Capital issued a $104 million loan for the retail component. The two loans will pay off the development’s existing construction financing, which was provided in 2022 by Apollo Global Management and Mack Real Estate Credit Strategies. 

Now complete, Centro City’s first phase includes 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.

A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the transactions. Holland & Knight partners Joe Dewey, Brett Holland, Shawn Amuial and Shaina Kamen, and associate Brian Piper, led the firm’s representation of Hudson Bay Capital.

SouthState Bank leased 87,000 square feet at the 19-story Prominence building, making it the building’s largest tenant. That means it gets to plaster its name on the top of the building.

The Atlanta Business Chronicle reports that Prominence, the tower at Piedmont and Lenox roads, was completed in 1999 and has, over the years, supplied space to Marsh & McLennan, Wells Fargo Insurance and GE Digital.

Earlier this year, SouthState said it would acquire Texas-based Independent Bank Group Inc. for $2 billion, creating a combined bank with $65 billion in total assets.

In Atlanta, SouthState ranks ninth in deposit market share with $8.2 billion of deposits as of June 30. It has 44 branches in Georgia.

JLL’s Josh Hirsh and Patrick Baughman represented SouthState in the deal. 

An Amazon delivery station will locate in Tyler. The Tyler Economic Development Council completed the sale of 30 acres to Amazon for the construction of a new delivery station.

The new 140,000-square-foot facility will be located at the Tyler Interstate Commerce Park on CR 334 (Center Church Road), with construction beginning in the coming weeks. The new delivery station will help power the last mile of Amazon’s fulfillment process. Amazon has invested $70 billion in Texas since 2010.

Other significant economic investments being made in Tyler include:

BraunAbility, which creates automobile mobility products for people with disabilities, is partnering with SunCap Property Group to construct a 140,000-square-foot building on 29 acres at the park.

The Tyler City Council recently approved an economic development plan in partnership with Bass Pro Shops. Bass Pro Outdoor World will receive a sales tax rebate, contingent on meeting specific performance criteria.

Gortikov Capital arranged a $150-million bridge loan secured by The Grad, a 260-unit, 1,002-bed Class A student housing tower serving San Jose State University. A capital markets team led by Bryan Gortikov secured the new floating-rate senior bridge loan from ACORE Capital with favorable terms and limited structure on behalf of AMCAL Equities and its founder and CEO, Percy Vaz. 

“It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad,” said Gortikov. “Despite an increasingly volatile economic climate and tightening credit, I am thrilled we were able to outperform on our assignment for Percy and the AMCAL team.”

Developed in 2020 by AMCAL Equities, The Grad sits just 400 feet from the SJSU campus in a market that continues to be underserved by student housing. Beds are available for less than 25% of the 36,000 students, and nearby market-rate apartments are among the most expensive in the country.

Retail REIT Macerich has refinanced Queens Center in the borough’s Elmhurst neighborhood at highly favorable terms with a new $525-million loan bearing fixed interest of 5.37% and interest-only payments during the entire term. “5.37% is the lowest rate on a refinance that Macerich has achieved since 2019, and this loan represents Macerich’s largest outstanding loan,” said Jack Hsieh, president and CEO. The property he said, is “consistently one of the best-performing properties in our entire portfolio,”

Hsieh added, “This completed transaction demonstrates confidence from the capital markets in Macerich’s assets and in progress on our Path Forward Plan, launched earlier this year, which is sharply focused on three key areas: simplifying our business, improving operational performance and reducing leverage. Through advantageous refinancings like this, among other strategic initiatives, we are continuing to advance Macerich’s mission to add long-term value for our shareholders, partners and customers.”

For Queens Center, Macerich carried a more conservative refinance assumption in its spring 2024 five-year forecast. “This is a major reason we believe we have room to potentially outperform our five-year refinance plan and to possibly achieve even greater FFO growth,” said Hsieh.

West Shore, with the help of Newmark, refinanced nine Class A, Garden-style multifamily properties across the Sunbelt. Three properties were in South Carolina, two in Florida, and one each in Georgia, Tennessee, Kentucky and Texas. The portfolio includes 2,806 units and was arranged by Newmark’s Purvesh Gosalia on behalf of West Shore.

The financing will retire existing bridge debt and return capital to equity partners. Citigroup, utilizing a Single Asset, Single Borrower loan structure, was the lender.

West Shore owns and operates a portfolio of 15,200 units at 48 multifamily properties across seven states, with a total market value of more than $3.5 billion, which identifies contrarian markets and sub-markets. The group also says it identifies areas with a specific growing confluence of “Gen X” and “Millennials.”

CH Realty Partners secured a $50 million loan to refinance its 150,000-square-foot industrial facility in the Greenville-Spartanburg market. The facility, located at 260 Midway Dr. Union, South Carolina, was a build-to-suit designed for bio-tech company MycoWorks. The refinancing with 3650 Capital will enable MycoWorks to expand its production capacity. 

The facility is a hub for MycoWorks, known for using mycelium, a mushroom-based material used to create leather alternatives. The firm’s proprietary Fine Mycelium platform has enabled a new class of materials that are the next evolution in mycelium.

Built in 2023, the facility’s design and location on 25 acres are tailored to MycoWorks’ unique manufacturing needs. The plant utilizes robotics, digital analytics, and artificial intelligence to automate 80% of its production process, providing high-quality material at a scalable level.

The facility provides over 350 jobs in the City of Union. 

A joint venture team made up of SYNCO Properties and Schlosser Development obtained an $80.8 refinancing for The Colony Southpark, a recently completed 340-unit multifamily community in Charlotte.

Nate Sittema, Kristen Reilley, and Ben Hardee with CBRE Capital Markets’ Debt and Structured Finance in Charlotte represented the joint venture borrower. The five-year, fixed-rate loan was secured through a life company. 

Located at 4220 Colony Plaza Dr. in Charlotte’s Southpark neighborhood, The Colony Southpark is a five-story apartment complex which delivered in 2021. The asset has amenities like movie lounges, a golf simulator, and a yoga studio. The community represents the first phase of a master-planned, mixed-use project, also called The Colony. The mixed-use development will eventually include additional luxury apartments, a grocery store, office space, a hotel, and numerous restaurants and other retailers.