Author

Lynn Peisner

Granby-Oaks-&-The-Vale
FinanceNewsSouth CarolinaSoutheastTennessee

JLL Arranges ReFi Loans for Owner of Properties in South Carolina and Tennessee

by Lynn Peisner

WEST COLUMBIA, S.C., AND NASHVILLE, TENN. — JLL has arranged approximately $33.9 million in Freddie Mac refinancing loans for two properties owned by PAM Associates. JLL Capital Market’s Debt Advisory Team arranged a $19.8 million loan for Granby Oaks in West Columbia and a $14 million loan for The Vale in Nashville. Granby Oaks is a 148-unit, garden-style community that was built in 1973. It features one-, two- and three-bedroom units. Since acquiring the asset in 2022, PAM Associates has invested approximately  $2.1 million in capital improvements, upgrading all of …

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Westmount-Houston
Investment SalesNewsTexas

Westmount Realty Capital Sells San Antonio Community

by Lynn Peisner

SAN ANTONIO — Westmount Realty Capital has sold Westmount at Houston Street, a 200-unit, townhome community located at 4611 E. Houston St. in San Antonio’s East submarket. Westmount acquired the asset in 2019. It was developed in 2003 on 18 acres and features 37 buildings offering a mix of two-, three- and four-bedroom units with garages. The property also includes a resort-style pool, a playground, a dog park, and a clubhouse with a business and fitness center. At the time of sale, Westmount at Houston Street was 91.5 percent occupied. …

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Geri-Borger
Company NewsNew YorkNewsNortheastPeople News

NewPoint Announces Personnel Changes

by Lynn Peisner

NEW YORK CITY — NewPoint Real Estate Capital has promoted Geraldine Borger Urgo to president of agency lending. Borger Urgo, who was a leader in NewPoint’s acquisition by Franklin BSP Realty Trust earlier this year, previously spent about 15 years at Freddie Mac and was most recently NewPoint’s head of originations for the past four years. Separately, Nick Gesue will depart his role as chief executive officer, effective Sept. 1. His position was transitioned as part of consolidating leadership following the acquisition. NewPoint leadership will remain under the existing executive …

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Richmond-Hill
DevelopmentGeorgiaNewsSoutheast

ECI Breaks Ground on $60 Million Mixed-Use Project Near Savannah

by Lynn Peisner

RICHMOND HILL, GA. — Atlanta-based ECI Group broke ground Aug. 20 on The Averly Richmond Hill, a mixed-use development that includes 291 multifamily units. The project is in Richmond Hill, about 20 miles southwest of Savannah, Georgia. ECI Construction is the general contractor, with construction financing provided by Synovus and CIBC. Ashley Smith and Tyler Mouchet of Colliers Savannah have been selected to market the 3.5 acres of retail pad sites, which are available for ground lease. Behind the commercial acreage, ECI is constructing the multifamily community, which consists of …

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Redbud Cove Apartments
Investment SalesNewsTexas

Aperture Capital Buys Two Austin Properties

by Lynn Peisner

AUSTIN, TEXAS — Northmarq has arranged a portfolio sale in Austin consisting of two properties with a total of 38 units. The properties are Redbud Cove, a 15-unit build-to-rent (BTR) community in Westlake Hills and Zilker Place Apartments, a 23-unit community in the Zilker neighborhood. Northmarq’s Austin-based team represented the seller, Rastegar and was led by Will Collier, Jordan Vaughn and Hayden Schnieders. The buyer was Aperture Capital, which assumed a Fannie Mae loan with a 3.5 percent interest rate. Redbud Cove was built in 1976 and features 15 BTR …

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Eastfield-Village-Selma
DevelopmentNewsNorth CarolinaSoutheast

NRP Group Buys Land for Community Within North Carolina’s Eastfield Mixed-Use Development

by Lynn Peisner

SELMA, N.C. — AdVenture Development has sold approximately 14.5 acres to The NRP Group, which will develop Eastfield Village on the site. The community will be the multifamily component of AdVenture’s Eastfield mixed-use development in Selma, a city about 33 miles southeast of Raleigh. The 348-unit Eastfield Village will feature amenities including a freestanding clubhouse, a 24-hour fitness center, a pool, grilling stations, a dog park and a pickleball court. Units will be offered as one-, two- and three-bedroom floor plans across 12 three-story garden-style buildings. Completion is slated for …

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Broadstone-West-End
DevelopmentNewsNorth CarolinaSoutheast

Alliance Residential Opens Broadstone Project in Charlotte

by Lynn Peisner

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone West End, a 332-unit community in Charlotte’s FreeMoreWest neighborhood. The project was designed by a Charlotte-based team including McAdams Co. (civil engineering), Cline Design (architecture) and MAD Studio Interiors (interior design). Broadstone West End offers studios and one- and two-bedroom floor plans. Units feature Samsung stainless steel appliances, wide plank flooring, quartz countertops, electronic entry locks and full-size washers and dryers. Private balconies, built-in entry storage and city views are available in select floor plans. Residents can choose from three interior …

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Residences-Rocky-Point
DevelopmentFloridaNewsSoutheast

Joint Venture to Develop $187 Million Tampa High-Rise

by Lynn Peisner

TAMPA, FLA. — Costis-Lifsey Development and American Land Ventures will develop a 21-story, 252-unit tower on the site of Rusty Pelican, a restaurant and wedding venue that opened in 1978. The site is in Rocky Point, a neighborhood on an island in Tampa Bay. The project is being designed by the architecture firms Cube 3 and RSP Architects in tandem with the civil engineering firm Kimley-Horn. Construction is expected to begin in early 2027 and to be completed by mid-2028. The new development, currently called Residences at Rocky Point, will …

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westbeth
Affordable HousingDevelopmentNew YorkNewsNortheast

Merchants Capital Secures Funding for Westbeth Artists Housing Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for the recapitalization and redevelopment of Westbeth Artists Housing, a 384-unit, historic, mixed-use affordable housing development in New York City. A state-sponsored program, Homes and Community Renewal Multifamily Preservation (HCR), also contributed $63 million. Chase is also a financing partner, but details about the company’s contribution were not released. The rehab will replace roofing, elevators, windows and radiators; restore the building’s façade; renovate 32 apartments; and install energy-efficient updates, including green roofs. Westbeth Artists Housing is owned by …

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Society-at-Laurens
FinanceNewsSouth CarolinaSoutheast

Southern Land Co. Refinances Charleston Development

by Lynn Peisner

CHARLESTON, S.C. — Walker & Dunlop has arranged a $75 million loan for Southern Land Co. to refinance construction debt used to develop Society at Laurens, a 148-unit community in Charleston that opened earlier this year. Walker & Dunlop’s Walker Layne, Matt Wallach and Stephen West arranged a three-year bridge loan through Aareal Capital. Society at Laurens is comprised of studios and one-, two- and three-bedroom units as well as penthouses. Amenities include a heated saltwater pool and a hot tub situated on a second-floor deck with views of Charleston …

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