WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has selected Bernard Fulton as vice president for housing policy and regulation, Latoya Lovick as vice president of membership and Ryan Hecker as a Research Assistant. Fulton comes to NMHC from the Housing Policy Council, where he served as Vice President for Government Relations. Prior to joining the Housing Policy Council, he served as legislative director for Congresswoman Jan Schakowsky, legislative representative for the City of New York and head of Congressional relations for HUD Secretaries Shaun Donovan and Julián Castro. As vice …
State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …
GOODYEAR, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Cabana Encanto, a 286-unit asset in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the property from Greenlight Communities for $61 million. Steve Gebing and Cliff David represented the seller and procured the buyer. Cabana Encanto was built in 2022 on an 8.8-acre site. Amenities include a clubhouse with social and co-working spaces, pool, barbecue grilling stations, an event lawn, and green spaces.
CELINA, TEXAS — Mill Creek Residential has completed the construction of Amavi Celina, a 45-acre build-to-rent development in Celina, about 40 miles north of downtown Dallas. The property offers 271 cottage, townhome and single-family detached homes. Units come in one-, two-, three-and four-bedroom layouts. Amenities include a clubhouse with a fitness center, pool, dog park, playground, green space and 1.1 miles of on-site walking trails. Pre-leasing has begun for the community, with the first move-ins expected for late August.
BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …
ADDISON, ILL. — Marcus & Millichap has brokered $1.1 million sale of a property located at 41 E. Blecke Ave. in the western Chicago suburb of Addison. Christopher Malay and Eric Bell represented the seller, a limited liability company. Ryan Engle and Andrean Angelov secured and represented the buyer, a private investor in a 1031 exchange. The property comprises 12 units in studio and one-bedroom floor plans.
PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …
ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit complex in the northwest St. Louis suburb of St. Peters. Tegethoff Development is the developer. TRi Architects is designing the property. Old Hickory Village will comprise two buildings and a parking garage. Amenities include a pool, fitness center, pickleball courts and three courtyards. According to TRi Architects, units will come in one- and two-bedroom floor plans.
SHERRILLS FORD, N.C. — Mill Creek Residential has opened Amavi Sherrills Ford in Sherrils Ford, approximately 35 miles north of downtown Charlotte. The build-to-rent community offers 134 cottage-style units in two- and three-bedroom layouts. Units feature stainless steel appliances, pin lock entry systems, in-unit washers and dryers, hardwood-style flooring, quartz countertops and fenced-in yards. Amenities include a clubhouse, pool with a sundeck and cabana, a pet park and open green spaces. The first move-ins at Amavi Sherrills Ford are currently underway.
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …