Author

Channing Hamilton

The Phoenix in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

East Bay Asian Local Development, Abode Housing Development Break Ground on Affordable Housing Development in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — East Bay Asian Local Development and Abode Housing Development have broken ground on The Phoenix, a 101-unit affordable housing development in Oakland. The project will develop a former industrial manufacturing site into a 44,179-square-foot residential building and a 7,300-square-foot community building with amenities such as a computer lab, community rooms, bike storage and social service offices. Units will come in studio-, one- and two-bedroom floor plans. Half of the units will be reserved for formerly unhoused individuals earning between 15 and 30 percent of the area median …

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Investment SalesNewsTexas

Global Real Estate Advisors Brokers Sale of Woods Edge Apartments in Dallas Suburb

by Channing Hamilton

GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit complex in the northeastern Dallas suburb of Garland. Entrust Investment Group sold the asset to an undisclosed, out-of-state buyer. Mark Allen of GREA represented the seller and procured the buyer. Woods Edge Apartments was originally built in the 1960s and offers one-, two- and three-bedroom units.

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FinanceNew YorkNewsNortheast

Merchants Capital Provides $225 Million in Agency Financing for Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in the New York City borough of The Bronx. The portfolio comprises 983 units across 18 buildings. The properties carry a range of income restrictions. The borrower is a joint venture consisting of The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. The joint venture will use the financing to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, …

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Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii
Affordable HousingDevelopmentHawaiiNewsWestern

EAH Housing Selected to Develop $193 Million Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii

by Channing Hamilton

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Negotiates $11.8 Million Sale of Brighton Estates in Belleville, New Jersey

by Channing Hamilton

BELLEVILLE, N.J. — The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit property in Belleville, five miles north of Newark, New Jersey. Tom Scatuorchio of The Kislak Co. represented the seller in the deal. Andrew Scheinerman of The Kislak Co. procured the buyer. Both parties requested anonymity. Brighton Estates was built in 1962 and recently renovated. The community comprises 95 units across three two-story buildings. The unit mix includes 13 studios, 66 one-bedroom units and 16 two-bedroom units.

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Affordable HousingDevelopmentMidwestNewsOhio

The NRP Group Opens 52-Unit Affordable Housing Community in Cleveland, Ohio

by Channing Hamilton

CLEVELAND, OHIO — The NRP Group has opened The Davis Apartments, a 52-unit affordable housing in Cleveland’s Glenville neighborhood. Ohio Finance Housing Agency, RiverHills Bank and PNC Bank provided funding for the community’s development. The Davis Apartments was built on the site of the former Harry E. Davis Elementary School, which had been vacant since 2006. The property is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission …

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The Bowers Building in Richmond, Virginia
Investment SalesNewsSoutheastVirginia

Cushman & Wakefield Negotiates $6.2 Million Sale of Historic Portfolio in Downtown Richmond

by Channing Hamilton

RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of a two-property, adaptive reuse portfolio in Richmond’s historic Shockoe Slip submarket. The portfolio includes The Bowers Building and 1206 Shockoe Lane. 1206 Shockoe Lane LLC sold the buildings to Thalhimer Realty Partners for $6.2 million. The Bowers Building was originally built in 1880 as the headquarters for a national coffee and tea manufacturer. In 1977, 1206 Shockoe Lane LLC redeveloped the property into 16 apartments over ground-floor commercial spaces. Directly behind the Bowers Building …

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FinanceInvestment SalesNewsTexas

Eastern Union Brokers $17.5 Million Loan to Acquire The Lakes at Madera in Baytown, Texas

by Channing Hamilton

BAYTOWN, TEXAS — Eastern Union has negotiated a $17.5 million loan to facilitate the acquisition of The Lakes at Madera, a 392-unit complex in Baytown, 26 miles east of Houston. Arbor Realty Trust provided the financing, which was a loan assumption that carried a three-year term, with an interest rate of 4.3 percent. Built in 1983, The Lakes at Madera comprises 22 two-story buildings situated on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units and 30 three-bedroom units. The property was 92 percent occupied at the time of sale. The …

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The Fitzgerald in Denver
ColoradoFinanceNewsWestern

JLL Capital Markets Arranges $99 Million Refinancing for The Fitzgerald in Denver

by Channing Hamilton

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, a 282-unit property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital. The borrower was Greystar.  Built at 1840 Market St. in 2022, The Fitzgerald rises 11 stories and offers studio, one- and two-bedroom units. Units feature stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Amenities include an indoor/outdoor …

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Leasing & MarketingNewsOperationsPeople NewsTexas

Allied Orion Group Selects David Nargang as President of Property Management Division

by Channing Hamilton

HOUSTON — Allied Orion Group has named David Nargang as president of the company’s property management division. In this position, Nargang will oversee the daily operations of the firm’s property management portfolio, which comprises more than 35,000 units across the nation. He will also supervise the property management team. Prior to joining Allied Orion Group, Nargang also served as president at McCormack Baron Management, where he oversaw the management of more than 23,000 multifamily units across 26 states. He has held senior positions at various organizations such as NRP Group, …

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