Commercial Observer: Peachtree Group leads $44MM Construction Loan for Nebraska Apartments
Featured in Commercial Observer: Peachtree Group originated $44MM construction loan for multifamily development in Nebraska
Peachtree Group originated a $43.0MM recapitalization of the 218-room dual-branded Home2 Suites/Tru Fort Lauderdale Downtown. The floating-rate note carries a 36-month term with two extensions. The sponsor, Driftwood Capital, acquired the site in 2016 and developed the hotels, which opened in November 2020.
The dual-branded hotels (315 NW 1st Avenue) are in Fort Lauderdale's Flagler Village submarket, near key corporate and leisure demand drivers. Fort Lauderdale benefits from strong long-term fundamentals, bolstered by Florida’s position as the nation’s leader in net income migration. Downtown Fort Lauderdale has experienced significant growth, with a 35.4% population increase from 2020 to 2023. The area is home to approximately 200 company headquarters and is well-positioned for the continued return to office, with more than 70% of office workers back—20 percentage points above the national average. Key demand drivers include the Broward County Convention Center, which is expanding to become the nation’s sixth largest, and Port Everglades, one of the world's busiest cruise ports. These factors, combined with the region’s economic resilience, make Fort Lauderdale a compelling market.
With limited new supply and growing demand, Fort Lauderdale's market dynamics favor ADR growth. Expansion of the convention center, increasing cruise port activity, and strong economic fundamentals further support sustained demand.
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Commercial Observer | Peachtree Group originated the 30 month, $34MM senior construction loan with a 12-month extension option for the Nebraska-based developer's planned Heartland Flats Apartments.
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Commercial Observer: Peachtree Closes $53MM CPACE Loan for Suburban Portland Residential Community
Peachtree Group closed the 30-year C-PACE loan for Kirkland’s The Ledges at Palisades development in Camas, Wash. The Ledges consists of 51 condominiums and 90 rental apartments slated for completion in late 2025.
Commercial Observer - Kirkland Development has sealed $53.3 million of Commercial Property Assessed Clean Energy (C-PACE) financing to execute energy-efficient and resiliency enhancements to a planned residential community in southwest Washington just north of Portland, Ore., Commercial Observer has learned.
Peachtree Group closed the 30-year CPACE loan for Kirkland’s The Ledges at Palisades development in Camas, Wash. The Ledges consists of 51 condominiums and 90 rental apartments slated for completion in late 2025. Loan proceeds will fund sustainability upgrades, qualifying soft costs and improvements to the five-story property’s resiliency, HVAC system, lighting and plumbing.
Jared Schlosser, Peachtree Group’s senior vice president, said the loan will help complete the long-planned project that stalled during the COVID-19 pandemic, adding that it underscores how C-PACE can be utilized for bringing projects across the finish line.
“PACE is a great tool to come in particularly mid-construction because here there were some cost overruns and some delays due to COVID and other things, so this really helped jump-start the project,” Schlosser said. “We funded some of the previously completed line items as well as some of the future funding that needs to happen to finish the project.”
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Commercial Observer: Peachtree Group Provides $35MM Refi for SoCal Hotels
Peachtree Group originated the floating-rate $35MM bridge loan for 4G Ventures’ 151-key Courtyard by Marriott and 130-key Residence Inn hotels.
Commercial Observer | Peachtree Group originated the floating-rate bridge loan for 4G Ventures’ 151-key Courtyard by Marriott and 130-key Residence Inn hotels, located adjacent to each other near the corner of Frank Sinatra Drive and Cook Street in Palm Desert. The deal carries a two-year initial term with three 12-month extension options.