Author

Channing Hamilton

Grove Central in Miami
FinanceFloridaNewsSoutheast

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements. Grove Central includes …

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FinanceInvestment SalesNewsTexas

BridgeCore Provides Acquisition Loan for 60-Unit Property in Brownsville, Texas

by Channing Hamilton

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

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Metro Parc South in Hialeah, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

MG Developer Secures $16 Million to Acquire Metro Parc South Near Miami

by Channing Hamilton

HIALEAH, FLA. — MG Developer has secured a $16 million acquisition loan for a land parcel in the Miami suburb of Hialeah. The land will be used to build a 347-unit community called “Metro Parc South” on the site. Metro Parc South will offer studios, one- and two-bedroom units. MG Developer expects to break ground on the development in the third quarter of 2024, with delivery slated for the third quarter of 2026. The project will complement Metro Parc, a 559-unit mixed-use community located at 955 East 25th Street and …

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Culebra Commons in San Antonio
Affordable HousingDevelopmentFeaturesLeasing & MarketingOperationsTexas

Q&A With David Lynd of Lynd Cos.: Inflation Hits Middle-Income Renters Hardest, San Antonio Adjusts to Oversupply

by Channing Hamilton

Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …

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Legado at the Met in Santa Ana, California
CaliforniaDevelopmentFinanceNewsWestern

Gantry Arranges $128 Million Construction-to-Permanent Financing for Legado at the Met in Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …

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ArkansasDevelopmentNewsSoutheast

ERC, Tradewind to Develop 272-Unit The Ramsay in Springdale, Arkansas

by Channing Hamilton

SPRINGDALE, ARK. — ERC Holdings and Houston-based Tradewind Properties will develop The Ramsay, a 272-unit project located at Elm Springs Road and N. 48th Street in Springdale. The property will comprise 18 three-story buildings. The unit mix includes 143 one-bedroom and 129 two-bedroom apartments. Planned amenities include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. The first units are slated to deliver in the fall of this year.

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FinanceNewsTexas

Lument Provides $11.3 Million Loan to Refinance Easton Parc Apartments in Sherman, Texas

by Channing Hamilton

SHERMAN, TEXAS — Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit community in Sherman, 64 miles north of Dallas. Sloan Stevens of Lument originated the 10-year loan. The financing is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Easton Parc Apartments was built in 1986 and renovated in 2013. The property comprises 22 buildings on an approximately nine-acre site. Amenities include a pool, clubhouse, dog park and laundry facilities. 

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Longfellow Terrace in Washington, D.C.
Investment SalesNewsNortheastWashington, D.C.

Greysteel Arranges Sale of 41-Unit Longfellow Terrace in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Greysteel has arranged the sale of Longfellow Terrace, a 41-unit property in the Washington, D.C. neighborhood of North Petworth. Michael Murray, Kyle Tangney, Herb Schwat and Nigel Crayton of Greysteel’s Washington office represented the seller, Longfellow Terrace LLC, in the deal. The buyer was not disclosed. Longfellow Terrace is encircled by The Parks at Walter Reed, a mixed-use development that will feature 130,000 square feet of retail space, 325,000 square feet of office space and a new hotel and conference center. 

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DevelopmentNew YorkNewsNortheast

The Moinian Group Begins Vertical Construction of 7 Platt Street in Manhattan’s Financial District

by Channing Hamilton

NEW YORK CITY — The Moinian Group has commenced vertical construction at 7 Platt Street, a 250-unit residential tower in Manhattan’s Financial District. The community will comprise 170,000 square feet across 35 stories. Apartments will come in studio, one- and two-bedroom floor plans. Planned amenities include a fitness center, library, co-working pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area, laundry facilities and a communal entertainment kitchen. Rockwell Group designed the project. Hill West Architects is leading architecture efforts for the …

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Avenues at Verdier Point in Charleston, South Carolina
FinanceGeorgiaNewsNorth CarolinaSouth CarolinaSoutheast

JLL Secures $149 Million to Refinance Three-Property Portfolio in the Southeast

by Channing Hamilton

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

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