DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital. James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The …
FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in Fort Washington, a northern suburb of Philadelphia. The 14-acre site at 1125 Virginia Drive, which was formerly an office building , will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to …
BOSTON — New York City-based real estate investment company Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Seafood restaurant ReelHouse occupies the retail space at the tower’s base through a long-term lease. The Eddy is located approximately three miles from the Downtown and Seaport …
MILWAUKEE — CBRE has arranged the sale of an 11-property portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a Milwaukee-based, family-owned investment and property …
BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit property located in Bound Brook, New Jersey. The development was designed by Jarmel Kizel Architects & Engineers. The property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Resident amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio.
PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit project in the Northern New Jersey community of Parsippany. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast-casual restaurants, as well as fitness users and soft goods merchandisers. Completion is slated for early 2025.
BRIGHTON, MASS. — Trammell Crow Company (TCC), in partnership with affordable housing non-profit developer The Community Builders (TCB), has announced plans for the redevelopment of seven acres along Soldiers Field Road in Brighton. The first phase of redevelopment will occur on the sites located at 1600 Solders Field Road and 15 Soldiers Field Place. The construction of the first residential building will be delivered as part of phase one, providing 100 units of affordable housing, with approximately 65 percent of the units designed with two- and three-bedroom layouts. The second …
CHICAGO — Chicago-based developer Related Midwest has revealed project details for The Row Fulton Market, a 43-story, 300-unit high-rise currently under construction in Chicago’s historic Fulton Market District. Located at 164 N. Peoria St., the development is currently scheduled to open in June. Developed under the recently passed Affordable Illinois legislation, The Row is one of Chicago’s first 80/20 buildings, setting aside 20 percent of residences for affordable housing Resident amenities include a fitness club, yoga studio, children’s play suite, reservable entertainment suite with adjacent terrace and outdoor kitchen, multiple …
CHICAGO — Peak Properties LLC will take on management duties for the 10-unit property at 2919-2921 N. Whipple in Chicago’s Logan Square neighborhood. An unnamed local investor acquired the property for $2 million as part of a 1031 exchange in November 2022. Built in 1927, the vintage building features 10 one-bedroom units all with updated bathrooms, kitchens with stainless steel appliances. Key elements of the property were addressed after the building was purchased, including the roof, windows, boiler and electrical service.
CHICAGO — Developer VISTA Property and general contractor Skender have topped out construction on 741 N. Wells Street, a new mixed-use development in Chicago’s River North neighborhood. The 21-story, 201,000-square-foot development will include 168 units. Community amenities include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. In addition to VISTA Property and Skender, the project development team includes Antunovich Associates as architects. Luxury Living Chicago Realty will head …
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