Author

Lynn Peisner

Salida_del_Sol
Affordable HousingCaliforniaDevelopmentNewsWestern

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner

SAN JUAN CAPISTRANO — Jamboree Housing Corp. has completed and opened Salida del Sol in San Juan Capistrano. According to Jamboree, a nonprofit, California-based affordable housing developer, the project is the first in the nation to combine affordable housing with a city hall. Located on a 2-acre portion of San Juan Capistrano’s existing city hall site, the 50-unit Salida del Sol is designed around a large open courtyard with a 45,593-square-foot residential building. Forty 557-square-foot units are designated for formerly unhoused individuals and veterans earning up to 30 percent of …

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CaliforniaHawaiiNewsWestern

Douglas Emmett Secures $1 Billion Refinancing

by Lynn Peisner

SANTA MONICA, CALIF. — Douglas Emmett (NYSE:DEI), a Santa Monica-based REIT with an office and multifamily portfolio, has secured approximately $1 billion in Fannie Mae loans to refinance nine properties, totaling 3,099 units across California and Hawaii. Walker & Dunlop arranged the financing. Through the transaction, debt on The Landmark Residences, formerly known as Barrington Plaza, in Los Angeles has been repaid.

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The-Postmark_CoStar
Investment SalesNewsWashingtonWestern

Kidder Mathews Arranges Seattle Portfolio Trade

by Lynn Peisner

SHORELINE, WASH. — The Simon Anderson multifamily team at Kidder Mathews has arranged a disposition and acquisition in the Seattle area. The buyer and seller was identified as John Stephanus, who is the president of Seattle-based Epic Asset Management. The four assets sold were Swiss Gables Apartments in Kent, Washington, 18 miles south of Seattle and Charbern Apartments, Stockbridge Apartments and Carolina Court Apartments, all of which are located around the Seattle metro. This portfolio totaled 215 units. The proceeds were used to acquire The Poshmark in Shoreline, 11 miles …

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The-Mill
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $97.5 Million Sale of Greenwich Historic Mixed-Use Project

by Lynn Peisner

GREENWICH, CONN. — A Greenwich mixed-use development, which is an  adaptive reuse of an 1880s-era mill site, has been sold for $97.5 million. CBRE’s Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer represented the seller, The Mill Owners Co. LLC, which owned the asset for more than 40 years. The Mill is situated along the banks of the Byram River and was redeveloped in 2020 through 2021 by converting two office buildings — one dating back to 1881 and the other to 1981 — into apartments. Today, The Mill …

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Royal-Crest
Affordable HousingDevelopmentNewsTexas

FTK Constructions Begins Renovation of Dallas Affordable Housing Property

by Lynn Peisner

DALLAS — FTK Construction Services has begun renovating Royal Crest Apartments in Dallas. The 167-unit affordable housing property is owned by Fairstead and is undergoing a $21.8 million redevelopment. The lender on the project was Capital One, and the architect is Hooker DeJong. Fairstead acquired the community in August. Units are reserved for residents earning between 50 and 60 percent of area median income. Unit upgrades to the 1968-built property include new paint, cabinetry, countertops, door hardware, plumbing fixtures, flooring, light fixtures, ADA unit upgrades and HVAC updates. Common area …

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250-W-85th
FinanceInvestment SalesNew YorkNewsNortheast

Benchmark Group Secures $40 Million in Equity for Manhattan Acquisition

by Lynn Peisner

NEW YORK CITY — Walker & Dunlop has arranged approximately $40 million in equity for Benchmark Real Estate Group, which will use the funds to buy and renovate a property on Manhattan’s Upper West Side. Located about three blocks from Central Park at 250 W. 85th St., the building contains 121 units and 4,400 of fully leased retail space. The W&D Capital Markets team was led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz and Jackson Irwin. An unnamed institutional investor provided the capital.

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Peridot-Lounge
DevelopmentFinanceNewsTexas

CIM Group Provides $132 Million Loan for Phase II of Peridot in Dallas

by Lynn Peisner

DALLAS — Pacific Elm Properties has secured a $132 million loan to refinance Santander Tower, a Dallas high-rise that has been converted from an office building to a mixed-use community. A portion of the tower, known as Peridot, was converted to 291 units of multifamily in 2023. The new loan will support construction of the project’s second phase, which will add 105 additional apartments and bring the total Peridot offering to 396 residences upon completion. In addition to the Peridot apartments, the mixed-use Santander Tower offers the Mint House luxury …

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Mason-+-Mill
Investment SalesNewsTexas

Millburn & Co. Buys Community in Fort Worth Metro

by Lynn Peisner

MANSFIELD, TEXAS — IPA has arranged the sale of Mason + Mill, a 349-unit community in Mansfield, 20 miles south of Fort Worth. The buyer was Salt Lake City-based Millburn & Co. IPA’s team, representing the seller, was led by Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Clark. Amenities include a resort-style pool, an outdoor lounge and courtyard, a pet park and private work suites. The property, which was developed in 2024, is adjacent to the currently under construction Reserve Mansfield, a 200-acre mixed-use district.

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Statler-McCain's-Station
Investment SalesNewsSoutheastTennessee

Embrey Sells Statler MCain’s Station Near Nashville

by Lynn Peisner

GALLATIN, TENN. — Embrey has sold Statler McCain’s Station, a 297-unit community the San Antonio-based developer built in Gallatin, 30 miles northeast of Nashville. Embrey acquired land for the community in 2021 and completed the project in 2024. Russ Oldham of Walker & Dunlop represented Embrey in the deal. The buyer and sales price was not disclosed. The community is part of McCain’s Station, a 131-acre, long-range mixed-use development that includes approximately 684 residential units in the form of single-family homes, apartments, townhomes and condos. Statler McCain’s Station features a …

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Construction site
DevelopmentFeaturesOperations

Owner-Controlled Insurance Programs Can be Cost Effective, But Only if Negotiated Smartly

by Lynn Peisner

By Max Stein and Robert Alfert For any construction project, insurance coverage is a critical factor in managing risk. In recent years, owner-controlled insurance programs (OCIPs) for large-scale commercial and residential construction projects have grown in popularity. OCIPs are mainly known for being “wrap-up policies,” which means the owner/developer pays the premium, and the policy provides coverage for all contractors and subcontractors working on the project, with the exception of some higher-risk trades, such as hazardous-materials handling or demolition. While OCIP costs can vary widely depending on project scale and …

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