Development

2201-3rd-Ave-NYC
DevelopmentFinanceNew YorkNewsNortheast

Bravo Property Trust Provides $80M Construction Loan for Developer of East Harlem Tower

by Lynn Peisner

NEW YORK CITY — Bravo Property Trust has provided an $80 million bridge construction loan to Glowstone Group for the development of a 22-story mixed-use building with 194 apartments in East Harlem. Located at 2201 3rd Ave., the project will include 12 studios, 103 one-bedroom and 79 two-bedroom units on floors two through 22. The ground floor will feature two retail spaces totaling approximately 4,510 square feet plus a separate community facility space. Amenities include a gym, coworking space, children’s playroom, pet spa, library, lounge, bike storage, package room, upper-level …

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PHP-Phildadelphia
DevelopmentInvestment SalesNewsNortheastPennsylvania

Agent PHL Brokers Development Site Sale in Philadelphia Historic District

by Lynn Peisner

PHILADELPHIA — Agent PHL has brokered the sale of 1523-29 Wallace Street, an urban infill assemblage, comprising three lots, in the Fairmount/Spring Garden historic district of Philadelphia. The seller was an unnamed estate, and the buyer was locally based private equity firm Khosla Properties, which is planning to develop a four-story, 27-unit multifamily property, primarily comprising two-bedroom, two-bathroom floor plans. The site was previously used as a parking lot. A development timeline was not disclosed.

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Highland-Ave-National-City
CaliforniaDevelopmentNewsWestern

National City Investment Group Breaks Ground on Market View in Metro San Diego

by Lynn Peisner

NATIONAL CITY, CALIF. — The National City Investment Group has broken ground on Market View, a 120-unit community situated on a former parking lot at 303 Highland Ave. in National City, seven miles south of San Diego. RDC is the architect, and R.D. Olson Construction is the general contractor. The property will consist of studios and one- and two-bedroom floor plans along with a rooftop deck with ocean views, coworking space and an outdoor yoga deck. Completion is slated for the first quarter of 2028.

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The-James-College-Station
DevelopmentNewsTexas

McGrath Breaks Ground on 279-Unit Project in Bryan, Texas

by Lynn Peisner

BRYAN, TEXAS — McGrath Real Estate Partners has begun construction of The James, a 279-unit community within CamWesT Crossing, a 47-acre mixed-use development in Bryan. The James will offer a mix of one-, two- and three-bedroom floor plans, with some first-floor units featuring front porches. Amenities will include a resort-style pool, fitness center, outdoor amphitheater with a stage and Jumbotron TV. CamWesT Crossing is a phased development that calls for office, multifamily and retail uses. Phase I included a four-story office building developed in 2019, while Phase II encompasses The …

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HSR-LBJ-Dallas
Affordable HousingDevelopmentNewsTexas

High Street Residential Breaks Ground on North Dallas Mixed-Income Office Conversion

by Lynn Peisner

DALLAS — High Street Residential, a subsidiary of Trammell Crow Co., both based in Dallas, has broken ground on a 435-unit community in North Dallas. Greenwich, Connecticut-based Acram Group is a general partner, and Parse Capital, headquartered in Scottsdale, Arizona, provided an undisclosed sum of equity. The project, yet to be named, is an office conversion. The community will include 218 affordable units and 217 market-rate apartments. Earlier Dallas Public Facility Corp. approvals called for 5 percent of units to be reserved for households earning below 50 percent of area …

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Eastwalk-Braintree
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos., Arch Communities Complete $47M Mixed Income Development in Braintree, Massachusetts

by Lynn Peisner

BRAINTREE, MASS. — Winn Cos. and development partner Arch Communities have completed The Eastwalk, a $47 million transit-oriented development in Braintree, 12 miles south of Boston. The five-story community offers 56 low-income, middle-income and market-rate units. Thirty units are rent restricted at 60 percent of area median income (AMI), and 16 of those units are eligible for low-income project-based rental assistance. Twenty units are considered workforce housing, reserved for households earning up to 120 percent of AMI. The remaining six units are being rented at market rates. The property was …

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JPE-DC
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Joint Venture Obtains $40M Loan for Office-to-Residential Conversion in Washington, D.C.’s West End

by Lynn Peisner

WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor. JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, …

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Stuart-Gardens-Newport-News
Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Merchants Capital Arranges $97.8M for Renovation of Historic Virginia Affordable Housing Property

by Lynn Peisner

NEWPORT NEWS, VA. — Seattle-based affordable housing developer Vitus has begun a $70 million rehabilitation of the 491-unit Stuart Gardens community in Newport News. Merchants Capital arranged $97.8 million in permanent and bridge financing for the project, including a $62.8 million HUD-insured loan and $35 million in equity bridge financing. Vitus will modernize the residences, which were constructed in 1941 and are listed on the Virginia Landmarks Register and the National Register of Historic Places. The community originally served as defense housing for military personnel and wartime workers. According to …

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Broadstone-Enderly-Park-Charlotte
DevelopmentInvestment SalesNewsNorth CarolinaSoutheast

Alliance Residential Acquires Land for New Development in Charlotte

by Lynn Peisner

CHARLOTTE, N.C.— Alliance Residential Co. has acquired a 3.4-acre parcel of land at 1306 Berryhill Road in Charlotte’s Enderly Park neighborhood. The Scottsdale, Arizona-based developer will construct Broadstone Enderly Park on the site, a 336-unit community slated for completion in 2028. Cline Design Associates is the architect, The John R. McAdams Co. is civil engineer, and MAD Studio Interiors provided interior design services. Units will range from 600 to 1,280 square feet complemented by such amenities as a clubhouse with a leasing center, fitness center, club room, game room and …

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Ibex-Yonkers
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Breaks Ground on $140M Mixed-Income Development at Yonkers Lifestyle Center

by Lynn Peisner

YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …

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