Commercial Observer

Commercial Real Estate Returns to Top of Investor Preference Survey https://trib.al/ItWSCpv

In what will likely be one of South Florida’s largest multifamily deals in 2026, developer Cortland sold a complex in West Palm Beach, Fla., for $208 million. More details below — including a startling one re: the price. Also for today: an inside look at the colossal redevelopment of Los Angeles’ so-called Graffiti Towers; and a three-building development plan in the Bronx.

CONSTRUCTION FINANCING: CEDARst Companies has secured $80 million from CrossHarbor Capital Partners to build a 197-unit apartment project in San Diego's North Park neighborhood. 🔗 Full details: https://trib.al/s1sNRRq • Borrower: CedarSt Companies (Chicago-based; William Murphy, CEO) • Lender: CrossHarbor Capital Partners ($80M, 3-year floating-rate stretch-senior loan) • Broker: JLL Capital Markets (Zach Kersten, Jack Wood & Ben Choromanski) • Property: The Samuel | 2821 Adams Avenue, San Diego (photo caption lists "Adams Street" — discrepancy in source, please verify) | Eight stories, Class A | 197 units (82 studios, 93 one-bed, 22 two-bed), averaging 621 SF | 189 parking spaces • Timeline: Construction starts Q3, expected complete late 2028 Pictured: Will Murphy, CEO, CedarSt Companies By: Gregory Cornfield #CommercialRealEstate #RealEstate

RESIDENTIAL REFINANCE: Terra has secured a $245 million permanent loan from Slate Property Group for the first phase of the 47-acre Upland Park development in Miami-Dade County. 🔗 Full details: https://trib.al/lwLBk4b • Borrower: Terra (Miami-based; David Martin, Founder & CEO) • Lender: Slate Property Group (New York-based; also provided the original $170M construction loan in 2024) • Master-plan architect: Arquitectonica • Urban planner: Plusurbia Design • Property: Upland Park | 1455 Northwest 121st Avenue, Miami-Dade County | Adjacent to Dolphin Station Park and Ride Transit Terminal | Phase 1: 578 apartments across nine 3-story garden-style buildings, completed this year | 60%+ leased, rents starting at $2,000/month • Loan: $245M permanent financing Terra holds a 97-year ground lease with Miami-Dade County signed in 2021, projected to earn the county nearly $1.2 billion over the lease term. Phase 2, expected to break ground later this year, will add 484 more apartments. Pictured: David Martin, Founder & CEO, Terra By: Julia Echikson #CommercialRealEstate #RealEstate

HOSPITALITY SALE: Manga Hotel Group has bought the 158-key Chelsean New York Hotel at 158-162 West 25th Street from Lam Generation for $50 million — the second deal between the two parties in just over a year. 🔗 Full details: https://trib.al/ELTQi3d • Buyer: Manga Hotel Group (Canada-based hotel operator) • Seller: Lam Generation (Jeffrey Lam) • Property: The Chelsean New York | 158-162 West 25th Street, Chelsea, Manhattan | 21 stories | 158 keys | Built 2001 Manga previously bought the 160-key SoHo 54 Hotel at 54 Watts Street from Lam Generation for $56 million in February 2025 — its first NYC acquisition, now branded under the Toor Hotel Collection. By: Mark Hallum #CommercialRealEstate #RealEstate

OFFICE LEASE: Aegon has signed a 20,600-square-foot lease for two floors at Alchemy-ABR Investment Partners and Cain International's 125 West 57th Street in the Plaza District. 🔗 Full details: https://trib.al/qkRWJ8t • Tenant: Aegon (Netherlands-based life insurance & pensions firm) • Tenant broker: Cushman & Wakefield (barry zeller & David Downey) • Landlord broker: JLL (Mitch Konsker, Kristen Morgan, Christine Colley, Kate Roush & Dan Turkewitz) • Property: 125 West 57th Street | Plaza District, Midtown | 30 stories, recently completed | Two floors • Space: 20,600 SF | Term & asking rent not disclosed Pictured: Eric Poretsky, Cain, and Ken Horn, Joel Breitkopf and Brian Ray, Alchemy-ABR Investment Partners By: Amanda Schiavo #CommercialRealEstate #RealEstate

OFFICE REFINANCE: A joint venture between CSB Holdings and Tide Realty Capital has secured $50 million from Citadel Credit Union to refinance 2000 Market Street in Philadelphia. 🔗 Full details: https://trib.al/VXfJI2J • Borrower: CSB Holdings & Tide Realty Capital (joint venture) • Lender: Citadel Credit Union ($50M) • Broker: Two50 Capital Group (Adrian Edery, Principal) • Property: 2000 Market Street | Center City, Philadelphia | 29 stories | 668,335 SF | Built 1973 | Currently ~77% occupied (up from 68% at acquisition) • Loan use: Pays off a prior acquisition loan from Maxim Capital; funds a $14 million credit reserve for future leasing Pictured: Adrian Edery, Principal, Two50 Capital By: Andrew Coen #CommercialRealEstate #RealEstate

Where AI Stops in Commercial Real Estate, Judgment Begins https://trib.al/YXoNAbU

CONSTRUCTION FINANCING: Gatsby Florida has secured a $118.6 million loan from Cirrus Real Estate Partners to build The Palm, a spec office complex in Palm Beach Gardens, Fla. 🔗 Full details: https://trib.al/gExT58M • Borrower: Gatsby Florida • Lender: Cirrus Real Estate Partners ($118.6M, 3-year floating-rate, interest-only) • Broker: Berkadia (Charles Foschini, Scott Wadler & Shannon Wilson) • Property: The Palm | 11200 RCA Center Drive, Palm Beach Gardens, Fla. | Eight stories | ~200,000 SF Class A office + 30,000 SF ground-floor retail + 838-space parking garage | No tenants signed yet • Timeline: Construction starts this month, expected complete 2028 Pictured: Charles Foschini and Scott Wadler, Berkadia By: Julia Echikson #CommercialRealEstate #RealEstate

OFFICE LEASE: Republic Clothing, Zeta Global and AMOREPACIFIC have signed a trio of office leases totaling 182,044 square feet at 1411 Broadway in Midtown. 🔗 Full details: https://trib.al/cZZ581i • Landlord: La Caisse (formerly Ivanhoé Cambridge) & The Swig Company; managed by Hines • Landlord broker: CBRE (Paul Amrich, Neil King, Emily Chabrier & Kelly Tipton) • Republic Clothing: 81,000 SF | Entire 5th & 34th floors + portion of 6th floor | 15-year direct lease, converted from sublease | Tenant broker: Savills (Scott Weiss) • Zeta Global: 50,522 SF | Entire 38th & 39th floors | 10-year term | Relocating from 3 Park Avenue, doubling its footprint | Move expected summer 2027 | Tenant broker: Cushman & Wakefield (Mike Mathias) • Amorepacific: 50,522 SF | 10-year term | Relocating HQ from Shorenstein Properties' 1407 Broadway | Tenant broker: Sido New York Real Estate (John Akleh & William Akleh) • Asking rent: Not disclosed Pictured: Connor Kidd, Swig Company, and Paul Amrich and Neil King, CBRE By: Emily Davis #CommercialRealEstate #RealEstate