Author

Lynn Peisner

4954-N.-Christiana-Ave-Chicago
IllinoisInvestment SalesMidwestNews

Interra Brokers Sale of Two Apartment Buildings on Chicago’s North Side

by Lynn Peisner

CHICAGO — Interra Realty has arranged the sale of two Chicago properties totaling 34 units. The transactions included a 24-unit community at 4954 N. Christiana Ave. in the Albany Park neighborhood, which sold for $4.5 million, and a 10-unit community located at 4321-23 N. Tripp Ave. in the Old Irving Park neighborhood, which sold for $2.2 million. Interra Managing Partner Craig Martin represented the seller, HP Ventures Group, in both transactions. Martin also represented the buyers: Eloy Burciaga, who purchased 4954 N. Christiana, and John Krumsee, who acquired 4321-23 N. …

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The-Morgan-Jersey-City
FinanceInvestment SalesNew JerseyNewsNortheast

Toll Brothers Sells Jersey City High-Rise

by Lynn Peisner

JERSEY CITY, N.J. — A joint venture that includes Toll Brothers Apartment Living has sold The Morgan at Provost Square to Rockpoint. JLL represented the seller and secured acquisition financing for Rockpoint. Terms of the sale were not disclosed. The Morgan at Provost Square is a 38-story high-rise built in 2016 that includes 417 units in studios and one-, two- and three-bedroom floor plans as well as penthouse units on the top floor. The Morgan at Provost Square is 97 percent occupied. Amenities include a rooftop pool with Manhattan-skyline views, …

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Johnston-Farms-Rock-Hill
Affordable HousingDevelopmentFinanceNewsSouth CarolinaSoutheast

JLL Arranges Financing for Workforce Housing Project Near Charlotte

by Lynn Peisner

ROCK HILL, S.C. — JLL Capital Markets has arranged $32.3 million in construction debt and equity for Tartan Residential’s Johnston Farms project in Rock Hill, 28 miles south of Charlotte, North Carolina. The 120-unit workforce housing community will offer three- and four-bedroom units for renters earning between 50 and 80 percent of area median income. Amenities include fitness and multipurpose rooms, a computer center, a library, coworking space, a playground, a dog park and walking trails. Completion is slated for the second quarter of 2027. The financing consists of a …

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HARMON-Cedar-Run-Lawrenceville
Build-to-RentDevelopmentGeorgiaNewsSoutheast

Crescent Communities Opens North Atlanta BTR Project

by Lynn Peisner

LAWRENCEVILLE, GA. — Crescent Communities has opened HARMON Cedar Run, a build-to-rent (BTR) community in the North Atlanta suburb of Lawrenceville. HARMON is the Charlotte, North Carolina-based developer’s branded BTR product, offered alongside Crescent’s luxury NOVEL brand and RENDER, a portfolio of branded communities designed to serve middle-market renters. HARMON communities are supported through a joint venture partnership with a separate account managed by Heitman, which recently increased its commitment from $235 million to $345 million. HARMON Cedar Run is situated on 38 acres and is comprised of 151 three- …

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Howland-Redwood-City
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $24.4 Million Bay Area Sale

by Lynn Peisner

CASTRO VALLEY AND REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the $24.4 million sale of two California assets. Park Tower Townhomes & Apartments, a 52-unit community in Castro Valley, and 280 Howland St., an 18-unit property in Redwood City, represented the upleg of a 1031 exchange completed by an undisclosed buyer who disposed of three other properties to complete the transaction. The deal was arranged by Robert Johnston, Adam Levin and Jessica Tomasetti.

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Jerrob-Duffy
FinanceIndustry Voices

With Agencies Cracking Down on Mortgage Fraud, CRE Lenders Face a New Era of Accountability

by Lynn Peisner

The Federal Housing Finance Agency (FHFA), government sponsored enterprises Fannie Mae and Freddie Mac and criminal authorities are cracking down on fraud in commercial mortgage lending. They have more motivation than ever because the increased incidence of fraud has impacted the agencies’ balance sheets — Fannie Mae reported earlier this year a $752 million charge to cover losses related to multifamily lending fraud. Moreover, the Trump administration’s desire to conduct a public share offering for Fannie Mae and Freddie Mac has encouraged the agencies to shift losses from non-performing loans …

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Travis-Purvis
Company NewsInvestment SalesNewsPeople NewsTexas

NorthPeak Commercial Advisors Opens Houston Office

by Lynn Peisner

HOUSTON — NorthPeak Commercial Advisors, a Denver-based brokerage, has opened a branch in Texas. The firm handles asset acquisitions and dispositions, 1031 exchanges, underwriting and advisory services in the multifamily, office, retail and industrial sectors. The team based out of the new Texas office, located in Houston, specializes in multifamily investments and is led by Travis Purvis, a Texas native with a 31-year career in the oil and gas industry. Licensed Texas broker Matt Lewallen and Partner Kevin Calame also will support the new business.

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Pocket-Neighborhood
Affordable HousingDevelopmentFeaturesSustainable/LEED

How Pocket Communities Can Meet Urban Redevelopment Needs, Create Public-Private Partnership Opportunities

by Lynn Peisner

By Miles AlexanderAlexander Goshen Traditional, large-scale urban developments have failed to create vibrant, sustainable neighborhoods. Pocket communities represent a transformative approach that addresses those fundamental shortcomings through innovative public-private partnerships and financing mechanisms. Small-scale developments of eight to 12 homes clustered around shared common spaces are experiencing significant growth as municipalities, developers and investors recognize their superior capacity to foster community connection, financial viability and environmental sustainability. What Are Pocket Communities? Pocket neighborhoods are clustered groups of smaller residences gathered around a shared open space, such as a garden courtyard, …

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Pure-St-Peters
BerkadiaFinanceMidwestMissouriNews

Berkadia Arranges $15.4 Million ReFi for Metro St. Louis Community

by Lynn Peisner

ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac refinancing loan for Pure St. Peters, a 143-unit community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor, Tilden Legacy Pure St. Peters Apartments LLC. The property was 94 percent occupied at the time of the loan closing. Located at 2100 Pure St., the three-story community was built in 2019 and offers one- and two-bedroom apartments with open-concept layouts. Amenities at …

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The-Clayborn-Medford-Mass
Affordable HousingDevelopmentMassachusettsNewsNortheast

The Davis Cos. Breaks Ground on Industrial Conversion Project in Greater Boston

by Lynn Peisner

MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …

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