Author

Lynn Peisner

SHEA
ArizonaDevelopmentNewsWestern

HSR to Break Ground on Scottsdale Project

by Lynn Peisner

SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz …

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Ocean-Park-Apartments-Queens
Affordable HousingFinanceNew YorkNewsNortheast

Merchants Bank Provides $60 Million for Queens Affordable Housing Preservation, Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing. Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to …

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LEO-Jamestown
Build-to-RentDevelopmentNewsSouth CarolinaSoutheast

Advenir Oakley Capital, Capstone Building Complete $78 Million South Carolina BTR Project

by Lynn Peisner

GREER, S.C. — Developer Advenir Oakley Capital and general contractor Capstone Building Corp. have completed construction of LEO Jamestown, a $78 million build-to-rent (BTR) development in Greer, 12 miles northeast of Greenville, South Carolina. LEO Jamestown includes 296 units offered as one-, two- or three-bedroom floor plans. Amenities include a resort-style pool, a pool house, clubhouse, a fitness center and outdoor green spaces. Advenir Azora is managing the property.

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Villas-de-la-Montana
ArizonaFinanceNewsWestern

GDL Secures $22.6 Million ReFi for Tucson Asset

by Lynn Peisner

TUCSON, ARIZ. — GDL Asset Management has secured a $22.6 million loan, arranged by JLL Capital Markets, to refinance existing debt on Villas de la Montana in Tucson. The 332-unit community was built in 1988 and features a mix of studios and one-, two- and three-bedroom floor plans. Since acquiring the asset in 2021, GDL has completed renovations across the property, including new cabinetry, plumbing fixtures, hardware, countertops and flooring in the units. The owner also has completed exterior upgrades to common and pool areas, landscaping, signage and parking lots. …

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The-Victor-Dallas
FinanceNewsTexas

Northmarq Arranges $129.7 Fannie Mae Loan for Dallas Joint Venture

by Lynn Peisner

DALLAS  — Northmarq has arranged a $129.7 million Fannie Mae loan for Hines and Diversified Real Estate Capital. The joint venture investors will use the loan to pay existing debt on The Victor, a 344-unit high-rise that was completed in 2022 in the Victory Park neighborhood of Dallas. Northmarq’s Chicago debt and equity team, led by Kevin McCarthy, Jeff Frankel and Alex Czachor, arranged the fixed-rate loan.

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The-Avery-Exterior
Company NewsDevelopmentLeasing & MarketingNewsNorth CarolinaSoutheast

Delray Taps RKW to Manage Two Asheville Properties

by Lynn Peisner

ASHEVILLE, N.C. — Delray Ventures has selected RKW Residential to manage two of its properties in Asheville, The Patton and The Avery. The Patton is a 117-unit, four-story community Delray developed in 2017. It offers units ranging from studios to two-bedroom floor plans. About two blocks away is The Avery, a 187-unit property Delray completed earlier this year. The community also features studio, one, and two-bedroom floor plans.

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Oliver-on-the-Hudson
DevelopmentLeasing & MarketingNew JerseyNew YorkNewsNortheast

NRP Group Opens Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. — The NRP Group and its partners, G&S Investors and Rockwood Capital, have completed development of Oliver on the Hudson and have opened the property. Oliver on the Hudson is a 401-unit community in the Port Liberté neighborhood of Jersey City, where Manhattan is about a 15-minute ferry ride away. KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint …

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The-Rone-exterior
DevelopmentNewsTexas

Hoar, HSR Complete Construction of Rone Residences in Houston

by Lynn Peisner

HOUSTON — Hoar Construction has completed work on Rone Residences, a 12-story development in Houston’s River Oaks/Upper Kirby area. High Street Residential, the residential subsidiary of Trammell Crow Co., was the developer, and ZCA Residential was the architect on the project. ZRS Management is handling property management and leasing. Residents have begun moving in. Rone Residences features 209 units and approximately 2,900 square feet of retail at 2311 Westheimer Road. The complex offers four levels of parking, a 24-hour concierge desk, a fitness center, a lounge, a dog run and an …

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Declan-Hermitage-Rendering
DevelopmentNewsSoutheastTennessee

Flournoy Selects McShane to Lead Construction of Nashville Project

by Lynn Peisner

NASHVILLE, TENN. — Flournoy Development Group has selected McShane Construction Co. to build Declan Hermitage, a 315-unit community in Nashville’s Hermitage neighborhood. Completion of Declan Hermitage is slated for June 2027. Dynamik Design is the architect. Positioned on a 15-acre site, the development will integrate six garden-style buildings with three and four stories. Units will be offered in one- to three-bedroom layouts. Amenities will include a clubhouse, pool and sun deck, grill stations, fire pits, a dog park and a car wash. McShane is currently building three additional multifamily communities …

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Affordable HousingArizonaDevelopmentNewsWestern

Dominium Acquires Land for LIHTC Development in Metro Phoenix

by Lynn Peisner

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom in Surprise are about $2,054. Amenities will include a leasing center, …

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