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Good Morning!

Slow deal day today… Dominari announces a partnership with Trump’s sons, Apple to spend $500bn in the U.S. over the next 4 years, Tampa multifamily supply outpacing demand, and Apollo to acquire Bridge Investment Group

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Capital Markets

Headlines

• Dominari Holdings Partnering With Trump Sons On Data Center Business

  Dominari Holdings announced it is partnering with U.S. President Trump’s two oldest sons on American Data Centers Inc along with other professionals in the AI space. The stock surged in after hours trading after the announcement

• Apple To Spend Over $500BN In The U.S. Over Next Four Years

  The $500bn commitment includes spending on suppliers across all 50 states, direct employment, Apple Intelligence infrastructure and data centers, corporate facilities, and Apple TV+ productions in 20 states

• Tampa Bay Multifamily Occupancy Falls After Wave Of New Developments

  New supply in Tampa was up 104% year-over-year, from 6,122 units in 2023 to nearly 12,500 in 2024.  Another 15,800+ units are currently under construction with 9,000 to 11,000 set to deliver in 2025. Annual rent growth was negative 2.2% across all building ages. Occupancy dropped to 93.4% in 2024, after peaking in 2021 at 97.1%

• Apollo To Buy Bridge Investment Group

  Apollo, a global investment manager, is set to buy Bridge Investment Group for $1.5bn in an all-stock deal. Bridge Investment Group went public in summer of 2021 and has ~$50bn in AUM. The deal is expected to close in Q3 of 2025 with Bridge’s Executive Chairman becoming a partner at Apollo and head the real estate equity business with Bridge operating as a standalone platform

Deals Deals Deals

Sales

• Industrial: Madison Capital acquires an REI 375K SF distribution facility in Sumner, WA for $101mm. The transaction is part of a four-property $203mm sale-leaseback

• Multifamily: BH Group and InterVest Capital Partners acquired Wake Biscayne Bay, a two-building, 338-unit multifamily community in Miami, FL, for $78mm. BridgeInvest provided the acquisition loan

• Industrial: Alterra IOS acquired $43mm of industrial outdoor storage sites. totaling 35 acres and 326K SF of warehouse. via sale-leaseback with TruGreen

• Industrial: Hubstarr Logistics acquires a 220K SF industrial asset in Echo Park 303 in Glendale, AZ. Echo Real Estate Capital and Grandview Partners sold the asset for $39mm

• Industrial: A 214K SF former Liberty Steel plant trades in Chicago Heights, IL. Price and transaction parties were undisclosed

• Land (Listing): A six-parcel site totaling 37K SF in Miami, FL’s Edgewater is being marketed with an asking price of $32mm. The site is approved for a 172-unit multifamily development with an active application to increase zoning density to allow for 499 units

Debt

• Multifamily: A JV between Palm One Associates and The Simpson Organization secured a $50mm construction loan from S3 Capital to develop The Gallery Sarasota, a six-story, 60-unit mixed-use luxury condo building in Sarasota, FL

• Multifamily: Hines secures a $25mm, 5-year loan from a life insurance company for 88 Hillside Apartments, a 95-unit multifamily community in Daly City, CA

• Multifamily: AMS Acquisitions secured a $24mm bridge loan from Dwight Mortgage Trust to refinance Summerhill Gardens, a multifamily asset in East Brunswick, NJ

Developments

• Multifamily: Pappas Properties announced the it received approval from the Raleigh town council to rezone and develop a 65-townhome luxury community in Raleigh, NC. Groundbreaking is slated for September 2025

Distress

• Multifamily: Read Investments acquired Higby, a 98-unit community in Berkeley, CA, for $32mm. Ullico previously owned the asset, gaining control in August 2024, after The Green Cities Co. provided a deed in lieu of foreclosure on a debt of $35mm by Ullico

Meme Summary

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