Author

Lynn Peisner

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DevelopmentIndustry Voices

Developers Need to Avoid the ‘Johnny Cash Contract’  

by Lynn Peisner

Multifamily housing developers and property owners invest significant time and money into site selection, entitlements and financing, but they often give construction contracts far less attention and time than they deserve. Despite the high stakes, it’s not uncommon for developers to hand over a “Frankenstein-ed” AIA contract (a legal agreement covering areas such as costs, timelines and responsibilities) that is stitched together from old deals, then ask their legal counsel for a “quick review” with minimal edits that won’t “kill the deal.” As a construction litigator, I’ve seen how this …

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Residences-at-Harper
Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose Opens Residences at Harper in Moorestown, New Jersey

by Lynn Peisner

MOORESTOWN, N.J. — Pennrose has opened Residences at Harper, a 76-unit affordable housing property in Moorestown, 14 miles east of Philadelphia. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. The four-story building includes a mix of one-, two- and three-bedroom apartments. Five units will be set aside for formerly homeless individuals and families, four units will be accessible to residents with physical disabilities, and two units will be outfitted for residents with hearing and vision impairments. Amenities include a community room, …

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CaliforniaFinanceNewsWestern

Northmarq Arranges $50 Million ReFi for Advanced Real Estate

by Lynn Peisner

SANTA ANA, CALIF. — Northmarq has arranged a $50.1 million refinancing, provided by Freddie Mac, for Advanced Real Estate, an Irvine, California-based investment, property management and development company. The new mortgage is for Advanced’s asset River House Apartment Homes in Santa Ana. Northmarq’s Newport Beach Debt + Equity team was led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao. The loan has a 70 percent loan-to-value ratio, 1.2x debt coverage ratio and a 35-year amortization. The 240-unit River House was developed in 1987 and features one- and two-bedroom …

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Maryland-Greens
ArizonaInvestment SalesNewsWestern

JLL Arranges Two Metro Phoenix Trades

by Lynn Peisner

PHOENIX — JLL Capital Markets has arranged two sales in metro Phoenix totaling approximately $20.7 million. The transactions include the trades of Maryland Greens, a 78-unit community that Maryland Green Multifamily LLC sold to Neighborhood Ventures for $10.7 million, and The Rio, a 44-unit property in Mesa that Capital Allocation Partners sold to White Haven for $10 million. JLL represented both buyers and sellers in the deals. Maryland Greens, located at 749 East Maryland Ave., includes 78 one-bedroom units and was built in 1967. The Rio, located at 830 N. …

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Central-Park-Apartments-Park-Forest
IllinoisInvestment SalesMidwestNews

Bender, Eastham Sell Suburban Chicago Asset For $23.2 Million

by Lynn Peisner

PARK FOREST, ILL. — Eastham Capital has sold Central Park Apartments in the Chicago suburb of Park Forest for $23.2 million. Crain’s Chicago Business reports that the buyer was GoldOller and Chase Chavin The 220-unit property was acquired for the portfolio of Eastham Capital Fund V in partnership with Bender Cos. in September 2019. Central Park Apartments was the second collaboration between Eastham and Bender. To date, the partners have co-invested in 10 properties together. Under Bender’s management, the joint venture completed an exterior improvement plan at the property that …

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Westside-Village
DevelopmentNewsTexas

Fort Worth’s $1.7 Billion Westside Village to Include 1,785 Residential Units

by Lynn Peisner

FORT WORTH, TEXAS — FW Westside RE Investors, a partnership between The Keystone Group and Larkspur Capital, will begin construction of the first phase of a mixed-use project about two miles west of downtown Fort Worth in 2026 with completion slated for 2028. The $1.7 billion Westside Village project will be developed in phases on 37 acres at 100 University Drive in Fort Worth. Phase I will include a 308-unit multifamily community and a 100,000-square-foot office building, which will also include retail and restaurant space. HPI is leasing the office …

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Antioch
Affordable HousingCompany NewsInvestment SalesNews

Manulife, TruAmerica Team Up for $1 Billion Affordable Housing Venture

by Lynn Peisner

LOS ANGELES — Manulife Investment Management and TruAmerica Multifamily have forged a $1 billion, affordable housing-focused joint venture known as Anchor Point Residential. The partners’ debut investment is the acquisition of a 51-property, 6,000-unit LIHTC portfolio constructed between 2003 and 2023. The properties are located across major metro areas in California, Texas and Washington. The first portion of the investment closed in August with remaining deals to be completed through the fall. The names of the sellers were not disclosed. According to the two companies, the size of this acquisition, …

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Affordable HousingDevelopmentFloridaNewsSoutheast

ANF, HTG Top Out $185 Million Miami Affordable Housing Development  

by Lynn Peisner

MIAMI — Developer Housing Trust Group (HTG) and construction firm ANF, both locally based, have topped out the Rhapsody at Rainbow Village project in Miami’s Overtown neighborhood. The development team broke ground in June, and completion is slated for early 2027. Units will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70 and 80 percent of the area median income. Monthly rents for the one-, two- and three-bedroom apartments will range from $793 to $2,634. HTG reports Miami median rents range from $1,875 to $9,070 …

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PARK-PLACE-APARTMENTS
FloridaInvestment SalesNews

CGI Sells ‘Special Situation’ Orlando Asset to RMR Residential

by Lynn Peisner

ORLANDO, FLA. — CGI+ Real Estate Investment Strategies has sold Park Place in Orlando to RMR Residential. A sales price was not disclosed. CGI acquired the 275-unit asset in 2021 for approximately $69 million. At that time, the seller was facing costly insurance and construction issues following a lightning strike that sparked a fire and destroyed two buildings housing about 15 percent of the community’s rental units and two amenity spaces. CGI refers to these acquisition opportunities as “special situation real estate.” CGI, along with property manager Fogelman, rebuilt 33 …

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Affordable HousingDevelopmentMidwestNewsOhio

NRP Group Breaks Ground on Second Phase of The Davis in Cleveland

by Lynn Peisner

CLEVELAND — The NRP group has begun construction of Churchill Gateway II, which is the 70-unit second phase of an affordable housing development in Cleveland’s Glenville neighborhood. The first phase, known as The Davis, opened in 2022. Churchill Gateway II will offer one-, two- and three-bedroom residences for individuals and families earning between 30 and 60 of the area median income. Together, both phases total 122 units. Completion is slated for 2026. Development and financial partners include KeyBank, the City of Cleveland and the Ohio Housing Finance Agency, with support …

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