Development

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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The-Barton-Austin
DevelopmentNewsTexas

OHT Breaks Ground on The Barton in Southwest Austin

by Lynn Peisner

AUSTIN, TEXAS — Locally based OHT Partners has broken ground on The Barton, a 402-unit development on approximately 60 acres in Southwest Austin. Forty acres will be designated as green space. Located at 8956 W. State Highway 71, The Barton comprises one-, two- and three-bedroom units, 30 of which will be townhomes. Amenities include two resort-style pools, a 9,000-square-foot clubhouse, a 1,500-square-foot fitness center, 1,500 square feet of coworking space, two pickleball courts, a 1.4-acre dog park, a trail system and multiple community courtyards. OHT is serving as developer as …

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Coppertree-Village-Houston
Affordable HousingDevelopmentNewsTexas

Fairstead Completes $26M Renovation of Coppertree Village in Houston

by Lynn Peisner

HOUSTON — Fairstead, a New York City-based affordable housing developer, has completed the $26 million renovation of Coppertree Village, a 324-unit affordable housing community in the Acres Homes neighborhood of northwest Houston. Fairstead’s renovations included new kitchen cabinetry, countertops and energy-efficient appliances; upgraded bathrooms with new plumbing fixtures; a new outdoor playground; and perimeter fencing and controlled access. Units are rent restricted to 50 and 60 percent of area median income. Coppertree Village was originally developed in the early 1970s.

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lummus-parc-miami
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Greystone Provides $167M in Financing for Gallery at Lummus Parc in Miami

by Lynn Peisner

MIAMI — Greystone has provided and arranged $167 million in construction financing, Low-Income Housing Tax Credit (LIHTC) equity and permanent financing for Gallery at Lummus Parc, a 257-unit mixed-income project in downtown Miami. Locally based Related Urban Development Group is the developer. Construction is underway, and completion is slated for late 2028. Gallery at Lummus Parc is the 257-unit, 27-story first phase of a planned two-tower, 439-unit development. A second 182-unit tower, Residences at Lummus Parc, is planned as a separate phase. Greystone’s $167 million financing package applies to the …

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Springs-at-Opelika-Alabama
AlabamaDevelopmentNewsSoutheast

McShane, Continental Break Ground on 252-Unit Alabama Development

by Lynn Peisner

OPELIKA, ALA. — McShane Construction Co. and developer Continental Properties have broken ground on Springs at Opelika, a 252-unit garden-style community in Opelika, about 27 miles northwest of Columbus, Georgia. The project is positioned on a 13.5-acre site at 3305 Gateway Springs Drive and will comprise seven three-story apartment buildings offering studio, one-, two- and three-bedroom units. Amenities include a pool with covered patio seating, grills, a fire pit, an indoor-outdoor fitness center, a pet park and car-care center. Excel Engineering Inc. is the architect, and BSI is the civil …

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The-Albert-Saint-Paul
DevelopmentMidwestMinnesotaNews

Ryan Opens 97-Unit The Albert, Civic Square at St. Paul Ford Site

by Lynn Peisner

SAINT PAUL, MINN. — Locally based Ryan Cos. has opened The Albert and adjacent Civic Square — an open-air plaza — within Highland Bridge, the 122-acre redevelopment of the former Ford Motor Co. Twin Cities Assembly Plant site in St. Paul. The Albert is part of a $68 million mixed-use phase that also includes retail buildings, a daycare center and structured parking. The east side of The Albert incorporates a reconstructed portion of the historic 1920s assembly plant facade, originally designed by architect Albert Kahn, for whom The Albert is …

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The-Exchange-Salem
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnDevelopment Secures Financing for $48M Massachusetts Affordable Housing Development

by Lynn Peisner

SALEM, MASS. — WinnDevelopment has secured financing for a 115-unit, $48 million mixed-income community in Salem. The Exchange Salem will be a transit-oriented project, built adjacent to Salem’s Massachusetts Bay Transportation Authority (MBTA) commuter rail station. The seven-story ground-up development is being erected on the site of a former municipal parking lot overlooking the mass transit station and parking garage. The Exchange will comprise studios, one- and two-bedroom apartments, about half of which will be affordable to renters earning up to 60 percent of area median income (AMI). Remaining units …

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