Author

Lynn Peisner

Coney-Island-West
Affordable HousingDevelopmentNew YorkNewsNortheast

New York City Selects RYBAK for $350 Million Coney Island Redevelopment Project

by Lynn Peisner

BROOKLYN, NEW YORK — Following a request for proposals, the New York City Economic Development Corp. (NYCEDC) has selected RYBAK Development to build a 505-unit, mixed-income community on Surf Avenue between West 21st and 22nd streets in Coney Island. The project, named Tilyou Towers, was designed by Brooklyn-based IMC Architecture. RYBAK plans to begin construction in 2027 and estimates the project will be complete by 2030. The site was a former parking lot owned by the city. Twenty-five percent of the units at Tilyou Towers will be set as aside …

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Central-at-Old-Concord-Charlotte
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

The Annex Group Begins Development of $57 Million Affordable Housing Community in Charlotte

by Lynn Peisner

CHARLOTTE, N.C. — The Annex Group has broken ground on Central at Old Concord, a 200-unit affordable housing community in Charlotte. The building on the 3.5-acre site will include one-, two- and three-bedroom apartments reserved for renters earning up to 70 percent of area median income. The project is cost is approximately $57 million. Completion is slated for summer 2027. Partners on the project include Cline Design, McAdams, Shelter Investment Group, ECS Southeast LLP, August Mack Environmental, Capital Consultants, Drucker and Falk, DELCK Group LLC and Impact Housing Indiana Corp. …

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Quarry-Place-Tuckahoe
Investment SalesNew YorkNewsNortheast

Veris Residential Sells Quarry Place in NYC Metro for $63 Million

by Lynn Peisner

TUCKAHOE, N.Y. — Veris Residential has sold Quarry Place in Tuckahoe to Hines for $63 million in a transaction arranged by JLL Capital Markets. Tuckahoe is a village 20 miles north of Manhattan. Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units and is currently 96 percent occupied. The 3,275 square feet of ground-floor retail is leased to Orangetheory Fitness. Amenities include a fitness center with a yoga room and spin studio, a clubroom with computer stations, a garden terrace with a fire pit and electric vehicle …

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Apex-Posner-Park-Davenport
FinanceFloridaNewsSoutheast

Flournoy Partners Land $55 Million ReFi for Metro Orlando’s Apex Posner Park

by Lynn Peisner

DAVENPORT, FLA. — Walker & Dunlop has arranged a $55 million loan for Flournoy Partners to refinance Apex Posner Park Apartments, a luxury community in Davenport, 33 miles southwest of Orlando. Walker & Dunlop’s team was led by Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller. An undisclosed institutional lender provided the capital for the bridge loan. The property’s amenities include a saltwater pool with cabanas and grilling areas, a fitness center, package lockers, a dog park, a clubhouse and a gaming area with billiards. According to the property …

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21-Apartments-Fort-Lauderdale
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $6 Million Sale in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6 million sale of 21 Apartments in Fort Lauderdale. Built in 1953 and renovated throughout the years, 21 Apartments is located at 2100 NE 33rd Ave. The two-story property comprises a mix of studios, one-bedroom and two-bedroom apartments. Each unit is furnished. The property features on-site laundry facilities, a pool, outdoor lounge areas and an on-site management office. Marcus & Millichap’s team was led by Evan Kristol, Felipe Echarte, Brandon Rex and Austin Michels. The team represented the seller and …

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Riverwalk-San-Diego
CaliforniaDevelopmentFinanceNewsWestern

Hines Breaks Ground on $380 Million First Phase of Riverwalk San Diego

by Lynn Peisner

SAN DIEGO — Hines, along with project partners Affinius Capital, Bank OZK, Related Fund Management and Heitman, has begun construction on Phase I of Riverwalk San Diego, a 200-acre transit-oriented mixed-use project situated on a former golf course in the Mission Valley submarket of San Diego. The overall project cost is approximately $3 billion. The groundbreaking follows the securing of $380 million in construction financing, comprising a $278 million senior loan from Bank OZK and a $102 million mezzanine loan provided by Related Fund Management, which originated the investment through …

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Versa-Indianapolis
DevelopmentIndianaMidwestNews

Milhaus and Partners Complete Versa in Indianapolis

by Lynn Peisner

INDIANAPOLIS — Milhaus, Gershman Partners and Citimark have opened Versa, a 232-unit community in the Broad Ripple neighborhood of Indianapolis. Located at 6220 Guilford Ave., Versa is comprised of studio, one-, two- and three-bedroom units, including three penthouse apartments with panoramic views of Broad Ripple Avenue. The development also offers 245 parking spaces, 4,000 square feet of retail space and a rooftop deck. Architecture and interior design was provided by DKGr. The property’s name was inspired by the phrase “vice versa.” Amenities include a clubhouse with a game room, a …

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Affordable HousingDevelopmentFinanceIndianaMidwestNews

KeyBank Provides $66 Million in Construction Financing for Indiana Affordable Housing Development

by Lynn Peisner

LAFAYETTE, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $37.2 million construction loan, and Key Commercial Mortgage Group has arranged a $28.8 million permanent loan to finance the construction of Vita Lifestyle Lafayette. The 198-unit affordable housing development is located in Lafayette, approximately 60 miles northwest of Indianapolis. Vita Investment Holdings LLC has partnered with CRF Affordable Housing to develop the project. Vita Lifestyle Lafayette will consist of 159 affordable units and 39 market rate units, including one-bedroom, two-bedroom, and cottage-style units. Affordable units are restricted …

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Sandy-Jack-ASSA-ABLOY
Industry VoicesOperations

How Access Control and Energy Management Systems Can Unlock Multifamily Housing ROI

by Lynn Peisner

In today’s rental housing market, owners and operators share the same dilemma of how to boost property value and operational efficiency. The goal is to simplify business functions without passing on additional costs to residents. Rents have plateaued in many markets and neighborhoods, and new regulations keep piling on the pressure. That is where technology steps in and has become the backbone of smart operations and one of the most effective ways to drive returns on investment (ROI). Some of the more impactful tools are access control systems and energy …

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RAM-Miami-River-North
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $17.8 Million ReFi for Miami Community

by Lynn Peisner

MIAMI — Berkadia has arranged a $17.8 million Fannie Mae loan for Rental Asset Management (RAM). The sponsor will refinance RAM Miami River North, a 96-unit community in the Little Havana area of Miami that RAM acquired in 2022. Berkadia’s Miami-based team consisted of Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Hugo Hernandez. RAM is an Oakland Park, Florida-based multifamily owner and operator. Berkadia also arranged the original acquisition loan through Amerant. “Almost three-quarters of the units at RAM Miami River North offer rents at 120 percent of …

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