Development

Marlowe-Natomas-Sacramento
CaliforniaDevelopmentNewsWestern

Greystar, PGIM Break Ground on Marlowe Natomas in Sacramento

by Lynn Peisner

SACRAMENTO, CALIF. — Greystar and PGIM have begun development of Marlowe Natomas, a 378-unit community located at 3580 North Freeway Blvd. in the Natomas neighborhood of Sacramento. Situated on approximately 13 acre, Marlowe Natomas will feature three-story, garden-style buildings containing a mix of one-, two- and three-bedroom floor plans complemented by amenities such as a resort-style pool with covered grilling stations, a shaded yoga lawn, pickleball court, fire pit, a pet run, rentable electronic bikes, a fitness center, private work spaces, a conference room, golf simulator and pet-washing facilities. The …

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Render-Tucker
DevelopmentGeorgiaNewsSoutheast

Crescent Communities Breaks Ground on RENDER Tucker

by Lynn Peisner

TUCKER, GA. — Crescent Communities has begun construction of RENDER Tucker, a four-story community 20 miles northwest of Atlanta. RENDER Tucker is situated on 13 acres and contains 312 units. The project will include an entry park and arrival lawn, a clubhouse, hammock zones and swings, a pool, a fireplace and fire pit, a dog park, grills and a community garden. Completion is slated for summer 2027. Chuo Nittochi Group is serving as the equity partner on the project, and Santander Bank is the lender. Additional partners include Focus Design …

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Book-Cliffs-Lodge-SLC
Affordable HousingDevelopmentFinanceNewsUtahWestern

Salt Lake Housing Authority Breaks Ground on Book Cliffs Lodge

by Lynn Peisner

SALT LAKE CITY — The Housing Authority of Salt Lake has obtained a HUD loan for approximately $10.2 million for the development of Book Cliffs Lodge, a 55-unit affordable housing community that has been in the planning phases for several years. Construction has begun. A completion date has not been disclosed. JLL Capital Market’s Anson Snyder and Chris Gandy arranged the financing. Book Cliffs Lodge will be a four-story building with one-bedroom units in various sizes that will serve tenants earning between 30 and 80 percent of area median income. …

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La-Ostra-Inwood
Affordable HousingDevelopmentNew YorkNewsNortheastOperations

New York City Selects Development Team for 600-Unit Affordable Housing Project in North Manhattan

by Lynn Peisner

NEW YORK CITY — The New York City Department of Housing Preservation and Development (HPD) has selected Slate Property Group, Xenolith Partners and Communilife to develop La Ostra on a vacant lot in Inwood, the northern-most neighborhood in Manhattan. The project will include 600 units, 200 of which will be reserved for seniors. All apartments will offer affordable rents. Specific income restrictions were not disclosed. The developers will also build a marine science and STEM education center that will be operated by the Billion Oyster Project, a nonprofit founded in …

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Boston Bay Dorchester
Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

HVPG Acquires, Will Rehab Two Boston Properties for $52.5M

by Lynn Peisner

BOSTON — New York City-based affordable housing firm Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing communities in the Dorchester neighborhood of Boston. The deal marks HVPG’s first in Massachusetts. The properties, located at 205 Magnolia St. (Boston Bay) and 5 Norwell St. (Hope Bay), consist of 20 buildings across two sites originally constructed between 1890 and 1920. Total project costs related to this preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank. HVPG is planning …

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24-Webster-Avenue-Somerville
Affordable HousingDevelopmentMassachusettsNewsNortheast

MassHousing and Partners Close Financing for 43-Unit Affordable Housing Development in Somerville, Massachusetts

by Lynn Peisner

SOMERVILLE, MASS. — Affordable housing developer Just a Start and the Massachusetts Housing Finance Agency (MassHousing) have closed on financing for 24 Webster Avenue in Union Square. The project will include 43 units that will be constructed on a site that is currently a vacant commercial lot. The units will be reserved households earning between 30 and 60 percent of area median income. The general contractor is Dellbrook | JKS, the architect is ICON Architecture Inc., and the management agent will be Maloney Properties. New Seasons Development LLC is a …

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DevelopmentFinanceInvestment SalesNew YorkNewsNortheast

Tavros Acquires Undeveloped Full-Block Manhattan Site for 600-Unit Project

by Lynn Peisner

NEW YORK CITY — Tavros, a locally based private investor and developer, has acquired 250 Water Street, a 1-acre site in Manhattan’s Seaport neighborhood for $143 million. Tavros is planning to build a ground-up, 600-unit multifamily project on the land. Twenty-five percent of the units will be offered at to-be-announced affordable monthly rents. The community will be anchored by four floors of retail. Fogarty Finger is the architect. A construction timeline was not disclosed. JLL represented the undisclosed seller in the deal and advised Tavros on a pre-development loan provided …

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3600-Peachtree-Atlanta
DevelopmentGeorgiaNewsSoutheast

Crescent Communities to Develop Office Tower and Multifamily in Buckhead Atlanta Project

by Lynn Peisner

ATLANTA — Crescent Communities has announced plans to develop 3600 Peachtree, a mixed-use project in the Buckhead neighborhood of Atlanta. The development plans call for a 375,000-square-foot, 21-story Class A office tower complemented by a 300-unit NOVEL by Crescent Communities luxury multifamily component. The developer also is planning for street-level food and beverage tenants and community-wide amenities that will be anchored by approximately 10,000 square feet of shared indoor amenities with direct access to an elevated 19,000-square-foot landscaped outdoor terrace overlooking Buckhead. Project partners include HSR Development Services (development), Partners …

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162-E-36th-New-York
DevelopmentFinanceNew YorkNewsNortheast

Developers of High-Rise in Manhattan’s Murray Hill Secure $115M Refinancing

by Lynn Peisner

NEW YORK CITY — Affinius Capital has provided a $115 million refinancing loan to Ranco Capital and the Gilardian Family, the developers of a 22-story multifamily project in Manhattan’s Murray Hill neighborhood. The borrower will use the financing to complete construction and stabilize occupancy. Henry Bodek of Galaxy Capital arranged the loan. The building is located at 162 East 36th St. and is comprised of 160 studio, one- and two-bedroom units and 3,700 square feet of ground-floor retail space. Amenities feature a rooftop lounge, a fitness center and sauna, coworking …

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Arden-Glen-Cove
DevelopmentNew YorkNewsNortheast

RXR, Chuo Nittochi America Break Ground on The Arden in Glen Cove, New York

by Lynn Peisner

GLEN COVE, N.Y, — RXR and Chuo Nittochi America Corp. have broken ground on the 101-unit Arden, located within the Garvies Point mixed-use development in Glen Cove on the north shore of Long Island, about 34 miles south of Manhattan. The five-story project will include 2,400 square feet of retail and such amenities as an attended lobby, a lounge with a kitchenette, a package room, a wellness lounge with a sauna and massage rooms, a pool, fire pit, grilling stations with prep sinks, electric vehicle charging and a landscaped courtyard. …

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