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JPMorgan Chase & Co. is consolidating its workforce into a new space at Broadwest, a 600,000-square-foot mixed-use project in Nashville.  The Nashville Business Journal reports that the 51,000-square-foot space will include a new client center with twice the capacity of its current space, flexible workspaces, access to on-site amenities, and capacity for up to 280 employees across two floors, with room for continued growth. The new space will be open to JPMorgan Chase employees starting in early 2028.

The office will feature J.P. Morgan signage at the top of a Nashville building for the first time.

Brie Bley of CBRE represented JPMorganChase and Bill Adair and Ashley Marshall represented Propst Companies in the transaction.

Opening in 2021, the Broadwest development also includes a 34-story condo tower, the 234-room Conrad Nashville hotel and 125,000 square feet of retail and restaurant space.

The bank has 500 employees across the state, with nearly 400 employees in the Greater Nashville area.

McDowell Housing Partners (MHP) closed on financing to build Ekos at Warrington, its first affordable housing community in Pensacola, FL. It’s McDowell Housing Partners’ 17th project to start construction in the state of Florida. The 120-unit project’s estimated costs are $41.9 million.

The community will serve a mix of income levels. The development will provide community services in partnership with a local services coordinator, Opening Doors Northwest Florida.

Ekos at Warrington is financed through a combination of tax-exempt bonds, SAIL/ELI funding from FHFC, and 4% non-competitive Low-Income Housing Tax Credits (LIHTC). CREA serves as the tax credit investor, and R4 Capital is the construction and permanent lender. 

The project team for Ekos at Warrington includes Park & Eleazer Construction as the general contractor, Slocum Platts Architects as the architect of record, and Kim Do as co-developer

Ekos at Warrington is expected to be completed in the third quarter of 2027.

S2 Capital acquired a distressed portfolio of properties in Nashville and Knoxville, Tennessee, formerly owned by GVA Real Estate Group. They also picked one up in Dallas.

Multifamily Dive reports that to take control of the five properties, S2 placed $60 million of rescue capital through a structured preferred equity investment in a new joint venture with Trinity Investors, the existing limited partner of the assets. S2 also secured a new 5-year, $170 million senior loan through ACORE Capital.

The four Tennessee properties include:

• Stone Ridge at 500 Piccadilly Row (photo) in the Nashville suburb of Antioch, Tennessee.
• Hickory Highlands at 100 Hickory Highlands Dr in Antioch.
• North Park Apartments at 5237 Tillery Road in Knoxville.
• The Park at Fountain City at 2132 Adair Dr in Knoxville.

In addition to taking over as the general partner with full operational control across property, asset and construction management, S2 will have major decision rights to protect the preferred equity investment. 

Insignia has acquired Parkside Terraces, a 20-acre Alpharetta office campus that sold for much less than the previous owner paid for it.

The Atlanta Business Chronicle reports Insignia took title to the property for $15 million through a deed in lieu of foreclosure. That was almost 70% less than the previous owner paid for the property about six years ago. Insignia secured a $10 million loan from White Oak Assets LLC for the transaction.

Parkside Terraces’ previous owner, Ravinia Capital Group, bought the property for $48.1 million in April 2019. Ravinia had secured a $39.2 million loan from Citizens Bank National Association, which matured in May 2024.

Parkside Terraces is on Mansell Road, not far from North Point Mall. It includes 127,000-square-foot and 156,000-square-foot buildings and is about 80% leased.

Similarly, Insignia acquired the Embassy Row in Sandy Springs for $34 million in late 2023 through a deed in lieu of foreclosure. A bank loan attached to the property at time of sale was for $60 million.

INDUS Realty Trust, Inc. acquired a majority interest in a 4.3 million square foot logistics portfolio comprising 21 buildings (the “Carolinas Portfolio”). This acquisition is part of a recapitalization of approximately one-third of Childress Klein’s (“CK”) 13.2 million square foot industrial portfolio. INDUS and CK have entered into a joint venture on the Carolinas Portfolio, with CK retaining a minority ownership stake and continuing to manage and lease the properties. The acquisition values the Carolinas Portfolio at $575 million.

The Carolinas Portfolio, which is 94% leased, includes 16 buildings in Charlotte, North Carolina, and 5 buildings in Charleston, South Carolina. These regions have been among the top-performing industrial markets, driven by their robust population growth and economic development, strategic access to essential infrastructure such as ports and intermodal yards, and burgeoning manufacturing investments.

The Carolinas Portfolio features a mix of last-mile, regional, and bulk logistics properties. The buildings and individual tenant suites average 205,000 and 78,000 square feet in size, respectively, and the properties have a weighted average age of 13 years.

Eastdil Secured represented Childress Klein in arranging the transaction.

Remedy Medical Properties, Inc. has purchased a six-building medical office portfolio in Northern Kentucky for an undisclosed amount. CBRE’s Steve Timmel, CCIM, Will Roberts, Chris Prosser, CCIM, and Travis Likes represented the seller, Zalla Companies, in the transaction.

The portfolio totals 145,308 square feet and consists of medical office buildings in Kentucky and the Greater Cincinnati metropolitan area. The portfolio is fully leased to St. Elizabeth Physicians, with nearly ten years of weighted average lease terms. St. Elizabeth Physicians, one of the largest multi-specialty physician groups in the Kentucky tri-state area, anchors each property.

“This tenant has had a long-standing and valued relationship with the seller over the years, so identifying the right buyer was a key consideration for Zalla Companies,” said Timmel. “Ultimately, this led us to Remedy Medical, a national medical investment firm that specializes in healthcare properties across the U.S.”

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

Cedar Grove Capital has acquired Hawthorne Six Forks, a 471-unit apartment community in Raleigh for $66 million. The seller was not disclosed.

Henry Stimler, Bill Weber and Nick Webb of NKF secured a $46 million acquisition loan on behalf of Cedar Grove through lender Freddie Mac. Terms included a 10-year, fixed-rate. In addition, NKF paired the buyer with Related Fund Management as the preferred equity partner who provided an $11 million preferred equity piece for investment.

“This acquisition demonstrates the continued desire of investors looking to buy in the multifamily sector located in growing areas outside traditional primary investment markets,” said Stimler. “This sale also showcases our group’s ability to navigate the different layers of financial sourcing by helping our clients arrange the debt and secure preferred equity.”

For comments, questions or concerns, please contact David Cohen

National real estate investor and operator Waterton has acquired Nashboro Village, a 994-unit apartment community in metro Nashville. The sales price was not disclosed.

Located at 115 Nashboro Blvd., the community was built in phases between 1974 and 1987 and is comprised of 69 two-and three-story buildings. The community is situated within a 400-acre master-planned community, and is approximately 10 miles southeast of downtown Nashville. Amenities include seven outdoor swimming pools with sundecks, outdoor tennis courts, a clubhouse, a stocked fishing pond and a dog park.

“We have been watching the Nashville market closely for some time and were attracted to the community’s value add potential, complexity and size,” said Matt Masinter, senior vice president of acquisitions at Waterton. “We wanted to enter the market with a sizeable asset like Nashboro Village because it creates efficiencies and aligns well with the value-add strategy we’ve implemented across the country.”

The seller was not disclosed.

For comments, questions or concerns, please contact David Cohen