Author

Channing Hamilton

Village at Pioneer Park in Peoria, Arizona.
ArizonaBuild-to-RentDevelopmentFinanceNewsWestern

Empire Group Secures $120.5 Million in Financing for Two BTR Communities Near Phoenix

by Channing Hamilton

PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park. Empire Group also received $42 million …

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Vinty in Elizabeth, N.J.
FinanceNew JerseyNewsNortheast

LeCesse Development Corp., MAS Development Group Secure $97.3 Million Financing for Vinty in Elizabeth, New Jersey

by Channing Hamilton

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group has secured $97.3 in financing for Vinty, a 267-unit mixed-use development in Elizabeth. Michael Klein, Steven Klein, Gerard Quinn and Benjamin Morgenthal of JLL Capital Markets arranged the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management. Delivered in 2022, Vinty offers studio, one- and two-bedroom apartments, as well as 32,000 square feet of ground-floor retail space. Amenities include a fitness center, yoga studio, pool, outdoor summer kitchen and theater, lounge, a golf simulator, dog park and co-working …

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Investment SalesMidwestMissouriNewsPeople News

Northmarq Selects Dominic Martinez as Managing Director in St. Louis Office

by Channing Hamilton

ST. LOUIS — Northmarq has promoted Dominic Martinez to the role of managing director in the St. Louis investment sales office. Since joining Northmarq, Martinez Dominic and the St. Louis/Chicago investment sales team have completed the sales of ~9,000 units totaling over $1 billion since 2021. In his new role, he will lead the St. Louis/Chicago team alongside Parker Stewart and Alex Malzone. Prior to joining Northmarq, Martinez served an associate director at Berkadia’s Kansas City office. Martinez received a Master of Accountancy from the University of Missouri.

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Investment SalesNewsNorth CarolinaSoutheast

Carter Exchange Sells Station at Poplar Tent in Concord, North Carolina

by Channing Hamilton

CONCORD, N.C. — Carter Exchange Fund Management Co. has sold Station at Poplar Tent, a garden-style community in the Charlotte, North Carolina suburb of Concord, for $74.7 million. The buyer was not disclosed. Carter Exchange took ownership of the property in 2020. During the approximately 2.7-year hold period, the firm renovated unit interiors at the property with features such as smart home packages and updated flooring, as well as installed parcel lockers in the clubhouse. Station at Poplar Tent was 94.9 percent occupied at the time of sale. 

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A 3D render of The River Rapids in Miami, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

ROVR Development Buys $23.5 Million Site for Development of 10.2-Acre Community in Miami, Florida

by Channing Hamilton

MIAMI, FLA. — ROVR Development has acquired 6.2 acres in Miami for $23.5 million to build The River Rapids, a 1,600-unit community in Miami. The development site for the property now comprises 10.2 acres. ROVR Development expects to complete The River Rapids in five phases. The first two phases of the project, Tides and Moorings, will deliver 600 units across two buildings. Tides and Moorings are currently under permit approval to move forward on construction. The next three phases will deliver an additional 1,000 units. A development timeline has not …

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Alta Star Harbor in Alameda, Calif.
DevelopmentFeaturesNewsNortheastOperationsWashington, D.C.

U.S. Supreme Court Decision Limits Federal Jurisdiction Under Clean Water Act, Gains Support of Multifamily Industry

by Channing Hamilton

WASHINGTON, D.C. — The U.S. Supreme Court has released its decision on Sackett v. EPA, a case focused on the definition of the “waters of the United States” (WOTUS). The court unanimously ruled on May 25 that the federal jurisdiction under the Clean Water Act (CWA) extends only to wetlands that are “indistinguishable” from larger bodies of water by having a “continuous surface connection.” The decision narrows the reach of federal CWA protections and could have a major impact on a variety of industries, including commercial real estate. On June 1, 2022, …

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A 3D render of EDEN at Tradition in Port St. Lucie, Florida
DevelopmentFinanceFloridaNewsSoutheast

EDEN Living Secures Joint Venture Equity for 214-Unit BTR Development in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — EDEN Living has received joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie. Max La Cava, Kenny Cutler and Shane Ciacci of JLL Capital Markets JLL worked on behalf of EDEN Living to secure the joint venture equity. The community is currently slated for completion in 2025, and will feature two and three-bedroom townhome units with attached garages and private backyards. EDEN at Tradition is part of Tradition, an 8,300-acre master-planned development that includes office, retail, single-family, …

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Affordable HousingConnecticutNewsNortheast

Greystone Provides $35 Million to Refinance Barnbeck Place Apartments in Brookfield, Connecticut

by Channing Hamilton

BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan to refinance Barnbeck Place Apartments, a 165-unit property in Brookfield in Fairfield County, Connecticut. The new Fannie Mae loan includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years. The financing was originated by Dan Sacks and Avi Kozlowski of Greystone, with Platinum Capital Group acting as correspondent on the transaction. Barnbeck Place Apartments offers studio, one- and two-bedroom units. Twenty percent of units are reserved for residents earning at or below …

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DevelopmentFinanceNew YorkNewsNortheast

Northwind Group Provides $100 Million in Financing for The Hudson Hotel Conversion in New York City

by Channing Hamilton

NEW YORK CITY — Northwind Group has provided a $100 million senior A-Note as part of a $207 million senior lease-hold mortgage for the redevelopment of The Hudson Hotel in the New York City borough of Manhattan. The Hudson Hotel is a 24-story former 878-key hotel, which is being converted into 441 apartments and 51,500 square feet of retail space. The property was acquired by a repeat borrower of Northwind Group. It was originally capitalized by Montgomery Street Partners as the fee holder and Parkview Financial, who provided a leasehold mortgage in …

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McComber Creek Apartment Homes in Buena Park, California.
CaliforniaInvestment SalesNewsWestern

The REMM Group Acquires 1,000 Units Across Eight Properties in Southern California

by Channing Hamilton

SANTA ANA, CALIF. — The REMM Group, a property management company headquartered in Santa Ana, has acquired eight Southern California properties totaling over 1,000 units. The largest of the properties is McComber Creek Apartment Homes, a 348-unit community in Buena Park, California. McComber Creek offers studio, one- and two-bedroom apartments, as well as amenities such as a pool and two tennis courts.  The other seven properties include: Villa Creek Apartment Homes in Cypress, California; The Jagger in Los Angeles; Pasadena Village Apartment Homes in Tustin, California; Fountain Park Apartment Homes in Buena …

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