Development

Life-Time-Living-Raleigh
DevelopmentNewsNorth CarolinaSoutheast

Life Time, Dewitt Break Ground on $200M Raleigh Tower

by Lynn Peisner

RALEIGH, N.C. — Joint venture partners Dewitt Carolinas, a locally based developer, and Life Time (NYSE: LTH), a health club operator, have broken ground on Life Time Living at The Exchange Raleigh, a 289-unit, 20-story tower. According to the Triangle Business Journal, the project cost is approximately $200 million. The development marks the launch of the second phase of construction at The Exchange Raleigh project, a $1 billion, 40-acre district in Midtown Raleigh that will include approximately 990,000 square feet of office space, up to 1,275 residential units, 300 hotel …

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Nostrand-Houses-NYC
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment

by Lynn Peisner

BROOKLYN, N.Y. — The New York City Public Housing Preservation Trust, a public benefit corporation created in 2022 to finance major renovations of New York City Housing Authority (NYCHA) properties, has reached its first financial closing with the $607 million modernization of Nostrand Houses. Merchants Capital structured a $185 million taxable loan for the project, part of a broader financing package that will rehabilitate the 1,148-unit Brooklyn development. the AFL-CIO Housing Investment Trust, which acted as co-lender for the transaction, provided $50 million of the total loan. The New York …

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Madrone-Mountain-View
CaliforniaDevelopmentFinanceNewsWestern

Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley

by Lynn Peisner

MOUNTAIN VIEW, CALIF. — Northmarq has arranged a $105 million refinancing of Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, 35 miles south of San Francisco. The financing was arranged on behalf of Prometheus Real Estate Group by Northmarq’s San Francisco team, led by Nathan Prouty and Andrew Slaton. The five-year, full-term interest-only loan was provided by New York Life and refinances approximately $90 million in existing debt originally arranged by Northmarq in 2016. Prometheus is planning to develop eight accessory dwelling units (ADUs) following …

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Matthew-Griffin-Madison
Company NewsDevelopmentNewsNorth CarolinaSeniors HousingSoutheast

Madison Communities Expands Into Luxury Seniors Housing, Names Industry Veteran to Lead Initiative

by Lynn Peisner

Charlotte, N.C. — Madison Communities, a Charlotte-based private multifamily development and property management firm, is expanding into senior housing and age-restricted development with a new business line focused on ground-up communities across the Sun Belt. The development program will produce what Madison calls “luxury senior living and memory care, with programming built around hospitality-driven amenities and robust social activities.” Madison Communities will partner with seniors housing operators to manage the properties. Matthew Griffin has joined the company as executive managing director of development to lead the initiative. Griffin brings approximately …

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Affordable HousingDevelopmentNewsNortheastPennsylvania

Construction Begins on 121-Unit, $65M Redevelopment of Philadelphia Housing Authority Building

by Lynn Peisner

PHILADELPHIA — The Philadelphia Housing Authority (PHA) and Alterra Property Group have broken ground on Twenty-Twelve, a $65 million, 14-story mixed-income community at 2012 Chestnut St. in the Center City District of Philadelphia. The project is a redevelopment of the former PHA administrative headquarters, which has been vacant for approximately 20 years. The new community will feature 121 apartments, about 72 of which will be reserved for households earning up to 80 percent of area median income, and 2,000 square feet of ground-floor retail space. The architect is JKRP Architects, …

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The-Crossing-Lofts-Indianapolis
DevelopmentIndianaMidwestNews

Thompson Thrift Breaks Ground on The Crossing Lofts in Fishers District

by Lynn Peisner

FISHERS, IND. — Thompson Thrift has broken ground The Crossing Lofts at Fishers District, a 273-unit community with approximately 10,000 square feet of ground-floor commercial space in the Indianapolis suburb of Fishers. The four-story development is located within The Crossing at Fishers District, the southern portion of Thompson Thrift’s Fishers District master planned community and home to the 7,500-seat Fishers Event Center. Once complete, the approximately $750 million, 123-acre project will include multifamily, hotel, office dining, retail and entertainment spaces connected by pedestrian paths. Amenities will include a resort-style heated …

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The-Averly-Richmond-Hill
DevelopmentGeorgiaLeasing & MarketingNewsSoutheast

ECI Group Begins Leasing $60M Development in Metro Savannah

by Lynn Peisner

RICHMOND HILL, GA. — ECI Group has begun pre-leasing at The Averly Richmond Hill, a $60 million, 291-unit development in Richmond Hill, approximately 20 miles south of Savannah, Georgia. The gated community offers 243 one-, two- and three-bedroom apartments and 48 three-bedroom townhomes that feature a private porch or balcony. Amenities include an 8,400-square-foot clubhouse, package room, coworking space, a coffee bar, resort-style pool, golf simulator, a dog park, an open lawn with hammocks, a fire pit and table tennis and detached garages and storage units for rent. Atlanta-based ECI …

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The-Flynn-Dallas
DevelopmentNewsTexas

Conor Commercial-Led JV Opens The Flynn at Live Oak in Dallas

by Lynn Peisner

DALLAS — Conor Commercial Real Estate and Cadence McShane Construction have completed The Flynn at Live Oak, a 327-unit development located at 4931 Live Oak St. in East Dallas. The five-story building includes studios, one- and two-bedroom floor plans complemented by a rooftop lounge, coworking spaces, a fitness center, market, a pet spa, a resort-style pool, firepits, grills, a yoga area and a dog park. The development is a joint venture investment among Conor Commercial Real Estate, Globe Corp. and Origin Investments. JLL’s Dallas office assisted with the capital raise. …

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Piper-Glen-Charlotte
DevelopmentFinanceNewsNorth CarolinaSoutheast

RK Investors Secures $81M Construction Loan for Charlotte Project

by Lynn Peisner

CHARLOTTE, N.C. — CBRE has arranged an $81 million construction loan for Sutherland at Piper Glen, a 299-unit community under development by a consortium of investors led by Charlotte-based RK Investors. Western-Southern Life Insurance Co. was the lender. CBRE’s Nate Sittema, Kristen Reilley and Elliott Voreis led the transaction. Currently under construction at 9621 Elm Lane, Sutherland at Piper Glen will feature four five-story buildings built atop a single-story parking podium. The community is the first multifamily component of Greenway at Piper Glen, a 53-acre residential master-planned development by RK …

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Livano-Oakmont
Build-to-RentDevelopmentNewsSoutheastTennessee

PCCP, LIV Development Break Ground on Livano Oakmont in Nashville

by Lynn Peisner

NASHVILLE, TENN. — PCCP and LIV Development have broken ground on Livano Oakmont Residences, a 126-unit build-to-rent community at 7790 Sawyer Brown Road in Nashville. Livano Oakmont Residences will comprise 126 townhomes, including 18 two-bedroom, 66 three-bedroom and 42 four-bedroom units that feature one- or two-car garages. Amenities will include a resort-style pool with cabanas, outdoor dining areas, grilling stations, a game lawn, fire pits and a playground. The clubhouse will feature lounge areas, an entertainment kitchen, a game room, a 24-hour fitness center and an indoor-outdoor yoga room. Additional …

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