Author

Lynn Peisner

Exterior of Legacy Gateway in Forney, Texas

Legacy Partners and Resmark Cos. Break Ground on 336-Unit Project in Gateway Mixed-Use Development Near Dallas

by Lynn Peisner April 5, 2023

FORNEY, TEXAS — Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit property in Forney, about 20 miles east of Dallas. The 14-acre project site is located within Gateway, a 2,000-acre mixed-use development that is home to luxury multifamily communities, retail, office and entertainment venues. Legacy Gateway will complete by approximately spring 2025, with an estimated initial occupancy in summer 2024. JHP Architecture is the architect, and BBL Building Co. is the general contractor. Legacy and Resmark acquired the undeveloped parcel with a construction loan …

April 5, 2023

Affordable Housing Development Illinois Midwest News

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner March 31, 2023

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

March 31, 2023

California Investment Sales News Western

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner March 29, 2023

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

March 29, 2023

A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts

Affordable Housing Massachusetts News Northeast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner March 28, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

March 28, 2023

Rendering of CIM Group's upcoming mixed-use project in L.A.

Affordable Housing California Development News Western

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner March 28, 2023

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

March 28, 2023

Affordable Housing Connecticut Development News Northeast

Toll Brothers and Harris Realty Will Develop $136 Million Piper in Norwalk, Connecticut

by Lynn Peisner March 24, 2023

NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …

March 24, 2023

Company News Midwest Minnesota News

Anne Olson Replaces Mark Decker as Centerspace CEO

by Lynn Peisner March 24, 2023

MINNEAPOLIS — Anne Olson will replace Mark Decker as chief executive officer of Centerspace (NYSE:CSR). Decker has been CEO since 2017. The board of directors appointed Olson, who is the company’s executive vice president, chief operating officer and general counsel. With Olson’s title change, she will also become a member of the Centerspace board. Decker will continue to serve on the board through the end of his current term in May and will remain an advisor to the company. Olson’s position will become official on March 31. Olson joined Centerspace …

March 24, 2023

Affordable Housing Development News Northeast Washington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner March 23, 2023

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

March 23, 2023

Development New Jersey News Northeast

Northmarq Arranges $62 Million in Construction Financing for Hackensack TOD

by Lynn Peisner March 22, 2023

HACKENSACK, N.J. — Northmarq’s New Jersey regional debt and equity office has arranged a $62 million construction loan for 321 Main Street in Hackensack. The seven-story, mixed-use building will include 270 apartments over two floors of garage parking and approximately 8,700 square feet of street-level retail. The property will consist of 20 studios, 189 one-bedroom units and 61 two-bedrooms. Amenities will include a dog-walking area, a third-floor elevated courtyard, a clubroom and fitness center, bike storage and a concierge desk. The project was conceived under the Hackensack Redevelopment Plan, which …

March 22, 2023

The Lyric at Norton in Prospect, Kentucky

Company News News Operations Southeast

Capital Square Launches Property Management Group

by Lynn Peisner March 20, 2023

RICHMOND, VA. — Capital Square has launched a management division called Capital Square Living. The wholly owned subsidiary will oversee all management functions of the portfolio of 55 assets that the Richmond-based firm either owns and/or has developed. The properties comprise about 14,000 units across the Southeast and Texas. Capital Square Living will begin the phased onboarding of communities in April, providing services that include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident-retention functions. “By internalizing property management, the same management team will …

March 20, 2023

Newer Posts

Older Posts