Author

Lynn Peisner

The-Mira-Apopka
Affordable HousingNewsNortheastWashington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

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Camelot-On-Main
DevelopmentFinanceNew JerseyNewsNortheast

Kaplan Cos. Locks in Construction Financing for Sayreville, New Jersey, Project

by Lynn Peisner

SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …

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Level-at-Sixteenth-Phoenix
ArizonaInvestment SalesNewsWestern

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

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VC-Flats-Kettering-Ohio-
DevelopmentMidwestNewsOhio

Vision Cos. Buys Land for Ohio Development to Serve Office Park Workers

by Lynn Peisner

KETTERING, OHIO — Vision Cos. has acquired a 28.5-acre parcel located within the Miami Valley Research Park in Kettering, about eight miles southeast of Dayton, Ohio. On this land, the buyer plans to develop VC Flats, a community with 264 units housed within nine three-story buildings. The property is adjacent to the 36-acre Sixth River Office Park owned by Industrial Commercial Properties. A multifamily development is included in the Sixth River master plan and is meant to provide housing options for the approximately 4,400 employees working within the office park. …

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1154-Ward-Ave
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges Sale of 97-Unit Property in The Bronx

by Lynn Peisner

NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.

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Harlow-on-Main-Columbus
Investment SalesMidwestNewsOhio

Abide Capital Group, MCB Buy Harlow on Main in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — Abide Capital Group and MCB Real Estate have acquired Harlow on Main, a 120-unit asset in Columbus for $16.5 million. WesBanco provided acquisition financing. Newmark arranged the transaction, representing the undisclosed seller. The project was developed in 2020 by Homestead Cos. The asset was approximately 86 percent leased at the time of the sale. Harlow on Main includes 7,000 square feet of ground-floor retail.

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Sunflower-Terrace-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Buys, Plans Remodel of Houston Affordable Housing Community

by Lynn Peisner

HOUSTON — Fairstead has closed on a $20 million financing package to acquire and renovate Sunflower Terrace, an affordable housing property in Houston. The Houston Housing Finance Corp. (HHFC) also has an ownership stake. R4 Capital was the mortgage lender. Fairstead will lead redevelopment efforts and will serve as the property manager. Sunflower Terrace consists of 160 units under a project-based Section 8 contract. Homes are reserved for low- and very low-income families, with rents capped at 50 percent of area median income (AMI) for half the units and at …

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El-Camino-Oceanside
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Mirka Lands KeyBank Loans for Affordable Housing Development in Oceanside, California

by Lynn Peisner

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …

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The-Malt-House-source-Midloch-Investment-Partners
Investment SalesMidwestNewsWisconsin

Midloch Investment Partners, Hempel Real Estate Acquire The Malt House in Milwaukee

by Lynn Peisner

MILWAUKEE — Midloch Investment Partners has acquired The Malt House in Milwaukee in a joint venture with Hempel Real Estate for $19.2 million. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield in Chicago arranged the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential, based in Milwaukee, will manage and lease The Malt House. The seller was not disclosed by Midloch, but media reports indicate Whitestone Capital was the previous owner. Originally constructed in 1882 for the Pabst Brewing Co., The Malt …

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Foxrun-Clifton-Park-NY
Investment SalesNew YorkNewsNortheast

Eastham Capital, Merion Realty Complete Two-Property, Value-Add Acquisition Near Albany

by Lynn Peisner

CLIFTON PARK, N.Y. — Eastham Capital and Merion Realty Partners have acquired two assets, Foxrun and North Pointe, in Clifton Park, which is 20 miles north of Albany. The sales price was not disclosed. Florida-based Eastham Capital has a majority ownership through its Eastham Capital Fund VI. Pennsylvania-based Merion Realty, a co-investor, will oversee day-to-day property management at both properties. The new owners are planning a value-add approach with such upgrades as new roofs, parking lots, mechanical systems, landscaping, siding, amenity updates, new interiors and general site improvements. Combined, the …

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