NEW YORK CITY — Ariel Property Advisors (Ariel) has brokered the sale of a development site located at 60-14 Beach Channel Drive in the Far Rockaway neighborhood of Queens. According to Ariel, the site can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. The buyer was also not disclosed.
MELISSA, TEXAS — Greysteel has arranged construction financing for Wolf Creek Farms, a 32-acre build-to-rent development in Melissa, approximately 40 miles north of Dallas. Wolf Creek Farms will offer 343 units in one-, two- and three-bedroom layouts. Planned amenities include a pool, fitness center, dog park, courtyards and lounges. The developer, Dallas-based Welker Properties, will break ground on the project in the fall. Construction is slated to complete by the end of 2025. The total development cost is expected to be $95 million.
BWE Provides $8.3 Million Fannie Mae Loan for Affordable Brookstone Apartments in Waukegan, Illinois
WAUKEGAN, ILL. — BWE has provided a $8.3 million fixed-rate Fannie Mae MAH loan for Brookstone Apartments, a 168-unit affordable housing complex in Waukegan, 36 miles north of Chicago. Adam Gould of BWE’s Detroit office originated the loan, which features a 10-year term with 36 months of interest-only payments and a 30-year amortization. Brookstone Apartments was built in 1986. The unit mix includes 92 one-bedroom and 76 two-bedroom units. Fifty units are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are available …
JERSEY CITY, N.J. — JLL Capital Markets has negotiated the sale of a 1.7-acre development site at 107 Morgan Street in the Waterfront neighborhood of Jersey City. Upon completion, 107 Morgan Street will offer approximately 650 apartments, as well as ground floor retail and amenity space. LCOR Inc. acquired the site from Veris Residential for $54 million. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL Capital Markets represented the seller and procured the buyer in the deal.
CHATHAM, N.J. — JLL Capital Markets has arranged a $103 million loan for the refinancing of The Ivy, a six-story community in the New York City suburb of Chatham. JLL worked on behalf of the borrower, BNE Real Estate Group, to secure the 10-year, fixed-rate loan through The Northwestern Mutual Life Insurance Co. Michael Klein, Thomas Didio and Ryan Carroll led the JLL Capital Markets Debt Advisory team. Completed in 2023, The Ivy offers 245 units in one-, two- and three-bedroom layouts. Units average 1,158 square feet. Amenities include a pool, …
AURORA, ILL. — Redwood Living Inc. is nearing completion of Redwood Aurora, a 140-unit community in the western Chicago suburb of Aurora. Redwood Aurora is situated at 1241 Coffeeberry Lane. The property offers two-bedroom apartments ranging from 1,294 to 1,709 square feet. Units feature washer and dryer hookups, full-size appliances, vaulted ceilings, patios and attached two-car garages. Monthly rents begin at $2,649.
CHARLOTTE, N.C. — Tower Capital has arranged a $19.1 million loan for the refinancing of the first phase of Poplin Glen, a 268-unit build-to-rent project in the Charlotte. The borrower was a real estate investment company headquartered in Arizona. The loan replaced a bridge loan that Tower Capital arranged in July 2021 to facilitate the acquisition of the townhomes at certificate of occupancy with the intention to lease all the units. The initial phase of Poplin Glen comprises 99 units and was completed in 2021 and 2022. The community offers …
D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing asset in D’Iberville. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the property. The funds …
MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit high-rise community located along the Miami River in downtown Miami. Neology Development was the borrower. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo. Pier 19 Residences & Marina was built in 2011 as condominiums. Neology Development acquired the asset in 2018 and converted the property into apartments. Monthly rates range from $2,300 to $4,500. Pier 19 Residences & Marina features …
SAN CLEMENTE, CALIF. — CBRE has brokered the sale of two properties in San Clemente for a combined sale price of $5.5 million. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented the San Diego county-based seller and both buyers in the transactions. In the first deal, a private buyer from San Clemente acquired a six-unit property located at 306 Cazador Lane. Constructed in 1951, the 3,535-square-foot building offers one-bedroom units with private back patio areas. Four units were recently remodeled with new kitchens, bathrooms, flooring and decorative paint. …