DAVIE, FL – Walker & Dunlop, announced that it structured $67,000,000 in financing for Zona Village, a Class-A multifamily property located in Davie, Florida, a high growth submarket within the Ft. Lauderdale MSA. Recently completed in 2021, the midrise building is comprised of 201 multifamily units and 16,500 square feet of ground floor retail space.
Walker & Dunlop’s Tom Melody, Eric McGlynn, Jonathan Paine, and Wes Wallace leveraged their wide range of capital sources, ultimately identifying a national life insurance company as the lender and securing the proceeds to refinance Zona Village. The team delivered a 10-year, non-recourse loan with a fixed interest rate for their client, Ceiba Groupe, to replace the existing construction financing.
“Walker & Dunlop’s team did an brilliant job of canvassing the capital markets as a whole, ultimately securing a financing solution that met each of Ceiba Groupe’s key objectives and goals,” said Adam Bedzow, Managing Principal of Ceiba Groupe. “With its mixed-use, structured parking, enclosed corridors, resort-style pool deck, and all the amenities just an elevator ride away, Zona Village represents a new way of living in the Town of Davie.”
Mr. Melody added, “This transaction exemplified the capital markets’ strong appetite for Class-A multifamily. We worked closely with the owner and lender to craft creative sizing covenants to support Zona Village’s ongoing and rapid rent appreciation. Together, we were able to achieve Ceiba Groupe’s target proceeds and provide a long-term, permanent financing solution for the asset.”
Of 71,000 multifamily properties surveyed across the United States, Zona Village ranked in the top 40 on the Online Reputation Assessment (ORA) Score Power Rankings, which is an aggregate composition of property ratings across various review sites. Zona Village’s ideal location in Davie places the property less than eight miles from downtown Fort Lauderdale, 22 miles from Downtown Miami, and near primary regional arteries including Interstate 595 and the Florida Turnpike. The community also provides residents with an impressive amenity package, including an expansive resort-style pool, conference room and working stations, comprehensive fitness facilities, an on-site pet spa, bike storage, on-site retail, and a spacious resident lounge.

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PHILADELPHIA, PA – Newmark announced it has completed the sale of 1500 Locust, a 45-tale, mixed-use multifamily building in the well-known Rittenhouse Square Submarket of Center City Philadelphia. The 612-unit property sold for $233 million, the largest single-asset sale in the history of Philadelphia’s multifamily market.
Newmark Executive Managing Directors Lizann McGowan Erin Miller represented the seller, Barings, which traded the asset on behalf of an institutional client. The asset was buyer Fairstead’s first acquisition inPhiladelphia. Transaction Manager Marybeth Farrisand Financial Analyst Chris Koehler provided support on the transaction.
“1500 Locust offered a generational investment opportunity to buy a landmark mixed-use asset in one of the nation’s most prestigious and highly sought-after submarkets,” said McGowan.
Miller added, “Having been under institutional ownership for more than three decades, the property has been meticulously maintained to blend the latest in modern living with the exceptional construction of the original design.”
Totaling 828,679 yucky square feet, 1500 Locust comprises 612 multifamily units, 7,770 square feet of street-level retail and a 398-space parking garage. The asset features a mix of studio, one-, two- and three-bedroom units with an average unit size of 852 square feet. Property amenities encompass the entire 45th Floor, offering panoramic views of Center City. Amenities include resident lounge with catering kitchen, state-of-the-art fitness center, 10-seat theater room, glass-enclosed heated rooftop swimming pool with retractable windows and expansive roof deck with private cabanas and grilling areas. The street-level retail is occupied by two full-service restaurants, Blume and Fado Irish Pub, offering residents convenient dining options.
1500 Locust is strategically located at the confluence of three prominent neighborhoods in Center City– Rittenhouse Square, the Avenue of the Arts and the West Market Street office corridor. The property is situated on the southwest corner of 15th and Locust Streets, placing it four blocks from Rittenhouse Square Park, the most coveted residential address in the City of Philadelphia; one block south of Rittenhouse Row, the City’s high street retail and restaurant corridor; and four blocks south of the West Market Street office corridor. Additionally, 1500 Locust is one block from Philadelphia’s well-known “Avenue of the Arts,” which is home to the historic Academy of Music, the Kimmel Center for the Performing Arts, The Merriam Theater, The Wilma Theater and The Suzanne Roberts Theater.

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SEATTLE, WA – Kennedy Wilson and the Real Estate business within Goldman Sachs Asset Management have bought Coppins Well, a 236-unit high-rise apartment community in Seattle, Washington for $106.5 million, excluding closing costs. Completed in 2012, the 17-tale building complements Kennedy Wilson s significant multifamily presence in Washington, which now exceeds 10,000 market rate and affordable units.
The acquisition of Coppins Well furthers our strategy of upgrading our portfolio with attractive investments in high-growth markets across the Western U.S. that offer a fantastic quality of life for residents, said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson s multifamily division. Coppins Well was a unique opportunity for our team to buy a well-built, infill community at a discount to replacement cost within Seattle s urban core, where residents have generally maintained their employment and high incomes over the past 18 months through the uncertainty of the pandemic.
Kennedy Wilson has a 30% ownership interest in Coppins Well, which the partnership bought with a total equity investment of $44 million and a $66 million loan, and currently generates $3.5 million of net operating income. Beginning immediately, the team will roll out a value-add asset management plot that includes investing approximately $4 million to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience. The urban community currently features studio, one- and two-bedroom units and offers residents access to significant amenities including a movie lounge, fitness center and dog runs as well as a coffee house, restaurant and bank on the ground floor.
The Seattle MSA is one of the fastest growing markets in the United States and boasts a diversified economy with strong employment drivers. Listed among the most educated cities in the world, Seattle has emerged as a major global hub for leading technology, medical, and life science companies. The increasingly diverse economic base is also a host to well-established industries including aerospace, transport and tourism that have attracted young, educated professionals in search of well-paying jobs and a high quality of life.

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