Wednesday, January 22, 2025
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Channing Hamilton

Centro City in Miami
DevelopmentFinanceFloridaNewsSoutheast

Terra Receives $291 Million Financing Package for Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally based developer Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use project located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story apartment buildings that house 470 market-rate units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay …

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Todd Watkins, Railfield
Industry VoicesLeasing & MarketingOperations

It’s Time to Fight Fire with Fire Against Fraudsters 

by Channing Hamilton

As a young lawyer, I passed up an opportunity to work at the SEC (think Bernie Madoff not Nick Saban). I turned the job down because I didn’t want to spend all day thinking about fraud. I’m glad I turned down that job, but I find I still spend a lot of time thinking about fraud. If fraud is using deceit to deprive another of their rights or property, then fraud is everywhere. Some fraud is horrible (Bernie Madoff stole roughly $65 billion over the course of two decades). Some …

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Village Apartments in Forest Lake, Minnesota
Investment SalesMidwestMinnesotaNews

Gaughan Cos. Sells Village Apartments in Forest Lake, Minnesota, for $24.5 Million

by Channing Hamilton

FOREST LAKE, MINN. — Gaughan Cos. has sold Village Apartments, a 252-unit community in Forest Lake, roughly 27 miles northeast of Saint Paul, Minnesota, for $24.5 million. Josh Talberg of JLL Capital Markets brokered the sale. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was not disclosed. Situated at 407 11th Ave. SW, Village Apartments was built in 1969. The three-story property offers studios, one- and two-bedroom apartments. Amenities include gated access, laundry facilities, picnic areas, a playground, a pool …

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Fourteen Main Street Residences in Miami
FinanceFloridaNewsSoutheast

Starwood Property Trust Provides $63.5 Million in Refinancing for Mixed-Use Project in Miami

by Channing Hamilton

MIAMI, FLA. — Starwood Property Trust has provided $63.5 million for the refinancing of Fourteen Main Street Residences, a two-tower mixed-use development located at 1470 NW 36th St. in Miami. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia negotiated the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors. Once completed in the first quarter of 2025, Fourteen Main Street Residences will consist of 14-story building that houses 180 apartments, and a five-story building with 57 units. The community will offer studio, …

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The Greyson in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

TYKO Capital Provides $245 Million Construction Loan for Jersey City High-Rise Project

by Channing Hamilton

JERSEY CITY, N.J. — TYKO Capital has provided $245 million in construction financing for The Greyson, a 622-unit mixed-use community in Jersey City’s Journal Square neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres. Once completed in the first quarter of 2026, The Greyson will rise 28 stories. The building will house studio, one-, two- and three-bedroom apartments. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and …

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ButterflyMX
FeaturesMidwestNortheastOperationsSoutheastTexasWestern

How Tech Upgrades are Expanding Access Control Solutions

by Channing Hamilton

Security is a top priority in the multifamily industry. Monitoring and controlling access to a property protects owners and their residents from the impacts of violent crime, theft, vandalism and trespassing. The benefits of an effective security, monitoring and access system run deep. “Access control is not just about security,” says Roger Solomon, a senior associate at Trio Advisory Group. The company offers consulting services on access control, video surveillance and other technologies for commercial real estate properties. “Access control is also about ensuring convenience for residents and staff, enhancing …

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Ryan Dowd Cushman & Wakefield
FinanceInvestment SalesMarket ReportsNew JerseyNortheast

Investors, Take Note of New Jersey’s Millennial, Commuter Renter Demand

by Channing Hamilton

The New Jersey multifamily market continues to outperform across a variety of metrics. The state’s high population density combined with its proximity to major metropolitan areas like New York City and Philadelphia have bolstered demand for rental units, particularly among young professionals and commuters.  In addition to these factors, the region exhibits strong demographics that support the growth and stability of the multifamily market. This is in part due to the regional proximity to some of the country’s best universities, making New Jersey residents exceptionally well-educated.  Only three states have …

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Mission Gorge in San Diego, California
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Impact Housing, Verbena Road Holdings Secure $112.2 Million Construction Financing for Affordable Housing Project in San Diego, California

by Channing Hamilton

SAN DIEGO, CALIF. — Impact Housing and Verbena Road Holdings have secured $112.225 million in financing for the construction of Mission Gorge, a 483-unit affordable housing development located at 6171 Mission Gorge Road, roughly 8 miles north of downtown San Diego.  Charles Halladay, Joseph Choi and Will Bond of JLL Capital Markets worked on behalf of the borrower to secure an $85.225 million, three-year, floating rate senior construction loan through ACORE CAPITAL. JLL also arranged $27 million in preferred equity with Ascendant Capital Partners. Mission Gorge will feature a mix …

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Build-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Taylor Morrison Acquires Build-to-Rent Development Site in Apollo Beach, Florida

by Channing Hamilton

APOLLO BEACH, FLA. — Scottsdale, Arizona-based Taylor Morrison has purchased a 25.7-acre development site located within the 2,734-acre Waterset master-planned community in Apollo Beach, roughly 18 miles south of Tampa, Florida. Matt Mitchell and Chris Burtner of Berkadia North and Central Florida arranged the deal on behalf of the seller, Brookfield Residential, which is based in Costa Mesa, California. Taylor Morrison plans to develop a build-to-rent (BTR) community on the site. The asset will feature a mix of one-, two- and three-bedroom single-family rental units, with each residence including a …

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Build-to-RentConference CoverageFeaturesGeorgiaOperationsSoutheast

Stickiness of Renter Sets Build-to-Rent Sector Apart from Traditional Multifamily, Says InterFace Panel

by Channing Hamilton

ATLANTA — When considering a single-family, build-to-rent (BTR) development or acquisition, the main priority of the developer or investor is to focus on finding a place where people want to live, said Zach Persky, vice president of acquisitions for Quinn Residences. Access to jobs, retail corridors and good school districts are all important factors for potential residents. Persky was one of the speakers on the BTR panel at the 15th annual InterFace Multifamily Southeast conference, which took place Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. Kyle Palmer, …

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