Author

Lynn Peisner

NOVO Apartments
Affordable HousingDevelopmentFinanceInvestment SalesNews

Community HousingWorks Completes L.A. Metro Acquisition, Plans Affordable Conversion

by Lynn Peisner

ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about …

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Topeka-Annex-Group
Affordable HousingDevelopmentKansasMidwestNews

Annex Group Breaks Ground on $60 Million Kansas Affordable Housing Project

by Lynn Peisner

TOPEKA, KAN. — The Annex Group broke ground on Union at Tower District, an affordable housing development in Topeka, on June 3. Situated on approximately four acres, the project will include 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of area median income. The $60 million Union at Tower District will consist of two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of …

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Kirbybrook-JPI
Build-to-RentDevelopmentNewsTexas

JPI Breaks Ground on Grand Prairie Townhomes

by Lynn Peisner

GRAND PRAIRIE, TEXAS — JPI has broken ground on Jefferson Kirbybrook, a rental townhome community in Grand Prairie. The 269-unit development will be made up of two- and three-bedroom homes with private yards and garages along with amenities like a resort-style pool, clubhouse, fitness center and dog park. JPI expects to deliver the first units in early 2026. This will be JPI’s first all-townhome development.

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Porchline-RangeWater
DevelopmentGeorgiaNewsSoutheast

RangeWater Breaks Ground on The Porchline in Atlanta Suburb

by Lynn Peisner

LILBURN, GA. — RangeWater Real Estate, the City of Lilburn and the Lilburn Downtown Development Authority have begun construction of The Porchline, a 269-unit community that will include a 700-space public parking deck in downtown Lilburn, an Atlanta suburb. TMGRI, a subsidiary of The Meridian Group, is also a development partner. Construction completion is expected by approximately late 2026. The Porchline will feature a mix of studio, one-, two- and three-bedroom apartments. The community will feature a pool, grills, a gym, coworking spaces, a dog spa, a bar and a …

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Garrett-Cos-Colorado-Springs
ColoradoDevelopmentNewsWestern

Garrett Cos., Ware Malcomb Break Ground in Colorado Springs

by Lynn Peisner

COLORADO SPRINGS, COLO. — The Garrett Cos. has begun development of an unnamed project in Colorado Springs. Ware Malcomb is providing architecture and civil engineering services for the 163-unit project, situated on 7.3 acres at the intersection of Barnes Road and Rio Vista Street northeast of the city’s downtown area in the Village Seven neighborhood. The developer will complete the project by approximately July 2026. The garden-style design includes four four-story buildings. The unit mix is a combination of one-, two- and three-bedroom floor plans. Every unit will have a …

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Mayla-Cypress-Creek
BerkadiaDevelopmentFinanceFloridaNewsSoutheast

Grover Corlew Secures $92 Million to Develop Mayla Cypress in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Grover Corlew, a Boca Raton, Florida-based developer, has secured a $92 million construction loan to build Mayla Cypress, a 312-unit community in the Cypress Creek submarket of North Fort Lauderdale. Berkadia Managing Director Scott Wadler, Vice President Patrick Johnson, Senior Managing Director Mitch Sinberg, along with Brad Williamson and Matthew Robbins, managing directors of Berkadia Miami and Boca Raton, arranged the three-year construction loan provided by Affinius Capital. The deal closed on May 30. Mayla Cypress is situated on a 3.7-acre site Grover Corlew assembled in …

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Roosevelt-Road
Affordable HousingDevelopmentIllinoisMidwestNews

Related Midwest Completes Third Phase of Roosevelt Redevelopment in Chicago

by Lynn Peisner

CHICAGO — Related Midwest has opened three mixed-income buildings as part of the third phase of its 67-acre Roosevelt Square redevelopment in Chicago. Related Midwest completed development of 207 units including 75 public housing, 40 affordable and 92 market-rate units as well as 10,000 square feet of retail space. The multiphase Roosevelt project is a redevelopment of the ABLA Homes site, which was a Chicago Housing Authority public-housing project made up of four buildings dating back to the 1930s. Each building includes 70 apartments with studios, one-, two- and three-bedroom …

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The-Lively-Drayton-Mills
BerkadiaInvestment SalesNews

Berkadia Negotiates $53 Million Spartanburg Sale

by Lynn Peisner

SPARTANBURG, S.C. — Orange Capital Advisors has sold The Lively Drayton Mills in Spartanburg to BridgeGaps Real Estate for $53 million. Senior Managing Directors David Lansbury and Jim Sewell and Managing Director Erika Maston of Berkadia Charleston led the transaction on behalf of the seller. The Lively Drayton Mills is a 297-unit, garden-style property located at 225 Milliken St. that was 92 percent occupied at the time of sale. It was developed in 2023 and features such amenities as a fitness center and pet spa.

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Lofts-at-Princeton
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Garden Communities Completes Phase I of Lofts at Princeton

by Lynn Peisner

PRINCETON, N.J. — Locally based developer Garden Communities has completed the first phase of construction of Lofts at Princeton and is now leasing. The 154-unit community is about halfway between New York City and Philadelphia. Floor plans are offered as one- through three-bedroom layouts with monthly asking rents currently averaging $2,399. The community is being developed in three phases and will include a grand total of 656 apartments upon full completion, the date of which was not disclosed. Units feature patios or balconies, stainless-steel appliances and bathrooms with large vanities …

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mosaic-pooler-renderings
DevelopmentFinanceGeorgiaNewsSoutheast

Berkadia Arranges $60.8 Million for Bayline’s Mosaic Pooler Development

by Lynn Peisner

POOLER, GA. — Berkadia has arranged approximately $60.8 million in construction financing for Bayline Group’s Mosaic Pooler project. The 333-unit community will open by approximately May 2026. Located in Mosaic Town Center, a 170-acre, mixed-use development about 10 miles west of Savannah, Georgia, the community will provide a mix of one-, two-, and three-bedroom units. An affiliate of Bayline Group acquired the 12-acre site at 800 High Ave. in 2023. Bank OZK provided a $47.5 million three-year, floating-rate loan. Berkadia also lined up $13.3 million in preferred equity through FCP. …

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