Author

Lynn Peisner

Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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Canyon-Reserve
ColoradoFinanceNewsWestern

Mesa West Sponsors $52 Million ReFi Loan for Metro Denver Asset

by Lynn Peisner

WESTMINSTER, COLO. — Mesa West Capital has provided an affiliate of Crow Holdings Capital with a $52 million loan to refinance debt on Canyon Reserve at the Ranch. The 256-unit, garden-style property is located 12 miles north of Denver in Westminster. The 17-building Canyon Reserve at the Ranch was developed in 1984 and fully renovated in 2022. Units are comprised of a mix of one- and two-bedroom floor plans. Amenities include a resort-style pool, grills, a fitness center and a dog park.

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Wynnewood-at-Wortham
Investment SalesNewsTexas

Cortland Buys Houston Property

by Lynn Peisner

HOUSTON — Cortland has acquired Wynnewood at Wortham, a 444-unit property in the Wortham neighborhood of metro Houston. The new owner plans to rebrand the community as Cortland Wortham. Units are available in a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, leasing center, fitness and business center, two pools, two dog parks, a car wash station and multiple grills. Within the next two years, Cortland is planning to complete renovations to units and amenities. This marks Cortland’s third acquisition in Houston within the past year, …

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Easton-Riverview
BerkadiaFinanceFloridaNewsSoutheast

Joint Venture Secures $56.6 Million to Refinance Easton Riverview in Ruskin, Florida

by Lynn Peisner

RUSKIN, FLA. — Berkadia has arranged a $56.6 million loan to refinance The Easton Riverview in Ruskin, 27 miles south of Tampa, Florida. The borrower/owner is a joint venture of Cross Lake Partners of New York, GreenPointe Holdings of Jacksonville, Florida, and Rivers Residential LLC of Atlanta. Mesa West Capital provided the loan. Built in 2023 on 15 acres, The Easton Riverview offers a mix of one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, 24-hour fitness center with yoga room, two dog parks, electric vehicle charging …

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440-Alfred-Bedrock
DevelopmentMichiganMidwest

Bedrock Completes Detroit Ground-Up Neighborhood

by Lynn Peisner

DETROIT — Bedrock has completed City Modern, a concentration of 20 newly constructed buildings, three rehabbed historic mansions, neighborhood amenities and 31,000 square feet of retail space in Detroit’s Brush Park neighborhood. The new 8-acre neighborhood includes 450 residences in a mix of apartments, townhomes, carriage homes and condominiums. The Detroit-based master developer began the project in 2015. Six architects worked on City Modern: Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. Housing includes The Residences at City Modern, which offers 286 …

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The-Courtyard-Garland
Investment SalesNewsTexas

IPA Arranges Metro Dallas Sale

by Lynn Peisner

GARLAND, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Courtyard in Garland, a northeast suburb of Dallas. IPA’s team of William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello represented the seller, Wedgewood. The buyer is National Asset Services. The Courtyard, with 123 units, was developed in 1983. Amenities include a pool, a clubhouse, a tennis court and laundry facilities.

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Cypress-Creek-Apartment-Homes-at-Montfort-Drive
NewsNortheastWashington, D.C.

Fannie, Freddie Authorized to Double Yearly LIHTC Investments

by Lynn Peisner

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has raised the yearly amount of low-income housing tax credits (LIHTCs) Fannie Mae and Freddie Mac can invest in affordable housing. Effective Aug. 5, the decision authorizes each GSE to invest $2 billion in affordable housing development. The previous cap was $1 billion. The move complements some of the affordable housing expansions in the One Big Beautiful Bill Act, including a 12 percent increase in states’ LIHTC allocations. “This step by FHFA is great news for housing providers seeking to use …

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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saratoga-San-Diego
CaliforniaInvestment SalesNewsWestern

Six-Unit San Diego Property Trades for $2.7 million

by Lynn Peisner

SAN DIEGO — Marcus & Millichap has arranged the $2.7 million sale of a six-unit community located on Saratoga Avenue in San Diego. Jamison Wheeler and Austin Huffman, senior directors of investments with the Zorbas Huffman Group at Marcus & Millichap, represented the buyer, Saratoga Beach Cottages LLC. The unnamed seller was represented by the Pacific Real Estate Center. The asset in the Ocean Beach neighborhood features six two-bedroom, one-bathroom cottages with four garages.

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HueHub
Affordable HousingDevelopmentFloridaNewsSoutheast

Miami-Dade County Approves $880 Million Affordable Housing Development

by Lynn Peisner

MIAMI — Miami-Dade County has approved plans for The HueHub, an $880 million, 12-acre development in the West Little River neighborhood that will include 4,032 units of affordable housing. Developers Pablo Castro and Laura Tauber will break ground later this year with completion slated for the second quarter of 2028. The project was approved under the Live Local Act, which is state legislation passed in 2023 to encourage affordable housing projects by granting developers tax incentives and flexibility with permits related to density, height, parking and other building regulations. In …

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