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Dallas-based Mill Creek Residential secured $87.4 million in construction financing for the development of Buckhead Modera, a new 21-story apartment tower scheduled to break ground this month next to The Shops at Buckhead Atlanta. A multifamily developer, owner and operator of apartment communities nationwide, Mill Creek Residential placed the loan with Citizens Commercial Banking for the 399-unit multifamily project, which will go vertical at…

Carey Watermark Investors 2 (CWI 2), a publicly registered REIT headquartered in New York City, has finalized a deal to acquire the 21-story Renaissance Atlanta Midtown Hotel for an undisclosed amount. The 304-room hotel delivered in 2009 at 866 W. Peachtree St. off I-75 and across from the campus of Georgia Tech in Atlanta’s Midtown/Pershing Point submarket – home to roughly 14 million square feet of office space including the Coca Cola headquarters…

Bethesda, MD-based REIT Condor Hospitality Trust, in an 80/20 joint venture with Three Wall Capital out of New York City, has closed on the 254-room Aloft Atlanta for $43.55 million, or approximately $171,000 per room. “The Atlanta Aloft is a premium quality, select service hotel meeting the new investment strategy of the company that was sourced off-market and that will be managed by an affiliate of the party that introduced the investment,”…

Denver-based Simpson Housing has added a trophy asset to its multifamily portfolio after reaching a deal with property developer Oliver McMillan to acquire the 370-unit Residence Buckhead Atlanta in Atlanta, GA for $136.5 million, or approximately $369,000 per unit. Oliver McMillan completed construction in 2014 on the 20-story luxury high-rise at 297 E. Paces Ferry Rd. NE as part of the firm’s Buckhead Atlanta development, an award-winning mixed…

KeyBank Real Estate Capital (NYSE: KEY) has named Trevor Ritter as the firm’s vice president, senior mortgage banker for multifamily housing in the Southeast. As vice president, Ritter will provide permanent loans for multifamily assets through Fannie Mae, Freddie Mac, life companies and CMBS, as well as expand the company’s client base in the region. He will be based in Atlanta. Ritter previously focused on mortgage banking as vice president…

Columbia Ventures has secured $28.4 million in construction financing for the development of the 224-unit SPOKE apartment complex immediately south of DeKalb Ave. at 1471 La France St. in Atlanta. Scheduled to deliver in 2017, the mid-rise multi-housing project represents the first phase of a 6.36-acre, urban infill, master-planned development being constructed in tandem with the Metropolitan Atlanta Rapid Transit Authority (MARTA). Located…

The U.S. office market continued its steady momentum in the second quarter, recording 39.4 million square feet of net absorption in the first six months of 2016, nearly equaling the 40.2 million square feet absorbed during the record-setting first half of last year. The U.S. office vacancy rate ticked down another 15 basis points to 10.6% in the second quarter of 2016, well below the long-term historical vacancy rate of 11.3%. CoStar analysts…

Lakeland Plaza, a 307,578-square-foot, grocery-anchored retail plaza located at located at 501 Lakeland Rd. in Cumming, GA, has been acquired by Maryland-based Preferred Apartment Communities (NYSE: APTS) subsidiary New Market Properties. Terms of the deal were not disclosed. Home to an 86,479-square-foot Belk department store and 29,855-square-foot Sprouts grocery store, Lakeland Plaza was constructed in 1991 at 501 Lakeland Plaza at the intersection…

Philadelphia-based multifamily firm Balfour Beatty Communities partnered with Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), an investment fund sponsored by Harbert Management Corp., to acquire the 437-unit Nesbit Palisades in Alpharetta, GA from Resource America. Terms of the deal were not disclosed. Located at 8520 S. Holcomb Bridge Way, Nesbit Palisades is a garden-style complex comprised of one-, two- and three-bedroom apartments…

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Phoenix / Tucson, Orlando, Houston, Los Angeles, Minneapolis / St. Paul, Chicago, Boston, Orange County, Philadelphia, Richmond / Hampton Roads, San Antonio, Seattle and South Florida. PHOENIX / TUCSON JLL Recruits Tenant Rep Team from Savills Studley By Justin Sumner…