Author

Lynn Peisner

Central-at-the-Horizon-Fargo
Affordable HousingDevelopmentMidwestNewsNorth Dakota

The Annex Group to Develop Affordable Housing Community in Fargo, North Dakota

by Lynn Peisner

FARGO, N.D. — The Annex Group has announced plans for Central at the Horizon, a ground-up affordable housing development at 11 12th St. North in Fargo. The 262 one-, two- and three-bedroom units will be reserved for households earning up to 60 percent of area median income. Central at the Horizon will consist of four stories above a one-story parking garage. Amenities will include community, fitness and business centers, a playground and a picnic area. The architect is BVH Architecture. Multiple stakeholders are funding the project. The North Dakota Housing …

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The-Aurelian-Coral-Gables
DevelopmentFinanceFloridaNewsSoutheast

Pearlmark Provides $81M Construction Loan for The Aurelian in Coral Gables, Florida

by Lynn Peisner

CORAL GABLES, FLA. — Empira Group has obtained an $81 million construction loan to develop The Aurelian, a 160-unit luxury project underway at 114 Calabria Ave. in Coral Gables. Pearlmark was the lender, and CBRE’s Charles Crapse and Denny St. Germain arranged the financing. Behar Font is the architect, and Ortega Construction is the general contractor. The one- and two-bedroom apartments will be complemented by a resort-style pool, fitness center with dedicated yoga studio, coworking areas, a lounge, electric vehicle charging station and a pet grooming suite. Completion is slated …

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The-Standard-at-CityLine-Richardson
FinanceNewsTexas

Northmarq Arranges Refinancing of The Standard at CityLine in Metro Dallas

by Lynn Peisner

RICHARDSON, TEXAS — Northmarq’s Kevin Leamy has arranged a refinancing loan for The Standard at CityLine, a 403-unit mid-rise at 1125 E. Renner Road in Richardson. Price Realty Corp. was the borrower, and New York Life was the lender. The loan amount was not disclosed. Completed in 2015, The Standard at CityLine features one- and two-bedrooms with a pool with cabana and large-screen TVs, courtyard with fireplaces, grills and valet trash pickup.

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Central-at-Old-Southside-Indianapolis
Affordable HousingDevelopmentIndianaMidwestNews

The Annex Group Breaks Ground on $71M Indianapolis Affordable Housing Community

by Lynn Peisner

INDIANAPOLIS — The Annex Group has broken ground on Central at Old Southside, a 227-unit affordable housing community in Indianapolis. The development team behind the $71 million project includes BVH Architecture, nonprofit partner Impact Housing Indiana, permanent lender Merchants Capital and Bank of America, serving as investor and construction lender. Central at Old Southside is situated on approximately 6 acres and will comprise one-, two- and three-bedroom units reserved for households earning between 50 and 60 percent of the area median income (AMI). Amenities for Central at Old Southside will …

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Bishop-Arts-Dallas
Investment SalesNewsTexas

JLL Arranges Five-Property Plus Retail Sale in Dallas

by Lynn Peisner

DALLAS — JLL has arranged the sale of the Bishop Arts retail and multifamily portfolio comprising four multifamily properties (539 units) and 40,747 square feet of retail along North Bishop Avenue in Dallas’ Bishop Arts District. JLL’s Trey Morsbach, Bill Miller, Greg Toro, Adam Howells, Clint Coe, Caroline Novak and Erin Lazarus represented the seller and developer, Exxir, a real estate company owned by the Nazerian family, in the transaction. Hines was the buyer. The retail component of the portfolio occupies about an acre at 205, 250, 275 and 308 …

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1920-Turnbull-Bronx
Affordable HousingDevelopmentNew YorkNewsNortheast

Gilbane Breaks Ground on $175M First Phase of Affordable Housing Development in The Bronx

by Lynn Peisner

BRONX, N.Y. — Gilbane, in partnership with Strada Development and the Center for Urban Community Services (CUCS), has broken ground on 1920 Turnbull, a $175 million affordable housing development at 1920 Turnbull Ave. in the Castle Hill/Soundview neighborhood of the Bronx. The project consists of a 22-story building with 228 apartments, including 137 permanent supportive housing units for formerly homeless individuals and families. Remaining units will be restricted to households earning up to 60 percent of area median income. The community will also include a 24-hour staffed lobby, outdoor recreation …

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2201-3rd-Ave-NYC
DevelopmentFinanceNew YorkNewsNortheast

Bravo Property Trust Provides $80M Construction Loan for Developer of East Harlem Tower

by Lynn Peisner

NEW YORK CITY — Bravo Property Trust has provided an $80 million bridge construction loan to Glowstone Group for the development of a 22-story mixed-use building with 194 apartments in East Harlem. Located at 2201 3rd Ave., the project will include 12 studios, 103 one-bedroom and 79 two-bedroom units on floors two through 22. The ground floor will feature two retail spaces totaling approximately 4,510 square feet plus a separate community facility space. Amenities include a gym, coworking space, children’s playroom, pet spa, library, lounge, bike storage, package room, upper-level …

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The-Grad-Student-Housing-San-Jose
CaliforniaInvestment SalesNewsStudent HousingWestern

IPA Arranges $204.8M Trade of Silicon Valley Student Housing High-Rise

by Lynn Peisner

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of The Grad San Jose, a 260-unit, 1,035-bed purpose-built student housing high-rise half a mile south of San Jose State University. AMCAL, Swenson and Tikehau Capital sold the property to a joint venture between Coastal Ridge Real Estate and Brookfield for approximately $204.8 million. The Grad was 100 percent leased at the time of the sale. Completed in 2020, The Grad offers furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with kitchens …

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PHP-Phildadelphia
DevelopmentInvestment SalesNewsNortheastPennsylvania

Agent PHL Brokers Development Site Sale in Philadelphia Historic District

by Lynn Peisner

PHILADELPHIA — Agent PHL has brokered the sale of 1523-29 Wallace Street, an urban infill assemblage, comprising three lots, in the Fairmount/Spring Garden historic district of Philadelphia. The seller was an unnamed estate, and the buyer was locally based private equity firm Khosla Properties, which is planning to develop a four-story, 27-unit multifamily property, primarily comprising two-bedroom, two-bathroom floor plans. The site was previously used as a parking lot. A development timeline was not disclosed.

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Danny-Fishman-GAIA
FinanceIndustry VoicesInvestment Sales

Multifamily’s Financing Problem Goes Beyond the Fed

by Lynn Peisner

By Danny Fishman The Federal Reserve rate hike, announced on Sept. 16, may matter less than the headlines suggest, with the real damage still to come. Owners will continue to face financing pressure that existed before the increase. Many fixed-rate multifamily loans are priced off Treasury yields, so borrowing costs had been climbing well before the Fed acted. In that sense, the Fed is catching up with the market. For owners and developers financing acquisitions or refinancing maturing debt, the challenge is already here. For me, the more useful question …

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