M id A tlantic Real Estate Journal — The Best of 2022 — March 2023 — 23D The MOST UNIQUE FINANCIAL DEAL of 2022 Procida Funding & Advisors Indoor Waterpark at the Showboat Hotel Cushman and Wakefield The Stacks at 101 V Street SW Washington, DC JLL Capital Markets Canterly Place Livingston, NJ
Size: Over 3.5 acres , The Stacks – Phase I is a 1.15 million SF mixed-use asset consisting of over 1,100 multifamily units, 43,000 SF of retail / creative office space, 600 below-grade parking spaces and a pad for the future development of a hotel. Cushman & Wakefield was retained by Akridge and National Real Estate Development to procure financing (opportunity zone equity & construction financing) for the development of The Stacks, a 1.15 million SF mixed-use asset. This was a record-breaking deal for the Washington, DC area. The loan and joint venture equity was the largest single financing in the District in 2022 and the largest opportunity zone equity deal that the Washington, DC metro area has ever seen – and one of the largest in the country.
Institution: Okner Developers, LLC Financier: Northwestern Mutual Size: 300 Units
Institution: Tower Investments Location: Atlantic City, NJ Financier: Procida Funding & Advisors
The 87,000 SF indoor waterpark at the Showboat Hotel will be the largest indoor waterpark in the Jersey shore in a town that offers limited attractions for families. The waterpark will consist of a lazy river, tube and body slides, a zero-depth children’s activity area improved with a play structure, two family raft rides, a family zone adventure pool, and an adult leisure pool. The waterpark will offer a boardwalk concessions area, water - park snack bar, a nd five separate bars. Additionally, the development will include 30 cabanas for rent, changing rooms with rental lockers, food and beverage outlets, zip lines, retail kiosks, a gift shop, private party rental areas, and an adults-only section.
Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature superbly designed one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, an upscale clubroom, a library lounge, a private dining, a game room, a state-of-the-art fitness center, a co-working work from home lounge, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.
BRIDGE LOANS CONSTRUCTION LOANS DEBT PURCHASING DEBTOR IN POSSESSION FINANCING MEZZANINE LOANS PARTNERSHIP DISPUTES & BUYOUTS RESTRUCTURING AND BANKRUPTCY ADVISORY ADVISORY SERVICES
9.5% NET TO INVESTORS 2022 ANNUALIZED RETURN
100 MILE FUND LLC SINCE 1995
ANNUALIZED NET RETURN TO INVESTORS
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