Development

Crawford-Commons-Clifton
Affordable HousingColoradoDevelopmentFinanceNewsWestern

Developers Awarded Tax Credits for Colorado Affordable Housing Project

by Lynn Peisner

CLIFTON, COLO. — Housing Resources of Western Colorado (HRWC) and Evergreen Real Estate Group have been awarded 9 percent Low-Income Housing Tax Credits (LIHTC) for the development of Crawford Commons Apartments in Clifton, about 7 miles east of Grand Junction, Colorado. The 60-unit affordable housing community will provide townhome-style units to renters earning between 30 and 80 percent of area median income. LIHTC investors and syndicators were not announced. Holst Architecture is the architect, and Shaw Construction will serve as general contractor. The community will be built on land donated …

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The-Triangle-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

DFRE Begins Construction of $35M Workforce Project in Miami

by Lynn Peisner

MIAMI — Locally based developer DFRE has broken ground on The Triangle, a $35 million workforce housing project in Miami’s Health District. The community will include 112 units reserved for households earning up to 120 percent of area median income. Amenities at the eight-story project include a 10,000-square-foot pool terrace and a 3,500-square-foot fitness center featuring a health food and juice bar, complemented by private fitness studios and dedicated cardio rooms across the second through fourth levels. Bike storage a clubroom, package room and parking round out the amenity offerings. …

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Park24-Nashville
Affordable HousingDevelopmentNewsSoutheastTennessee

Holladay Opens 140-Unit Affordable Housing Community Park24 in Nashville

by Lynn Peisner

NASHVILLE, TENN. — Holladay Ventures, in partnership with the Urban League of Middle Tennessee (ULMT), has completed and opened Park24, a 140-unit, mixed-use affordable housing community at 660 Joseph Ave. in the McFerrin Park neighborhood of East Nashville. Units are reserved for renters earning 30 to 80 percent of area median income. The project was 81 percent leased as of Sept. 1. Financing partners included Amazon Housing Fund, U.S. Bancorp Impact Finance and Cedar Rapids Bank and Trust. The project also was backed by a $2 million grant from the …

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Juniper-Dallas
DevelopmentLeasing & MarketingNewsTexas

Larkspur Begins Leasing Juniper in Dallas’ Expo Park

by Lynn Peisner

DALLAS — Larkspur Capital has begun pre-leasing at Juniper, a 219-unit community in Dallas’ Expo Park neighborhood. Located at 4003 Commerce St., the seven-story Juniper was designed by Dallas-based architecture firm Corgan. OHT Partners was the general contractor. The property features studios and one- and two-bedroom apartments as well as penthouses, townhomes and ground-floor retail. Amenities include a private half-acre park, coworking spaces, indoor-outdoor clubhouse, fitness center, pickleball court and a third-floor resort-style pool deck with views of the downtown Dallas skyline. Juniper is across the street from the Willow, …

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Park-Tower-Jersey-City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Namdar Group Secures $390M for Jersey City Tower

by Lynn Peisner

JERSEY CITY, N.J. — New York City-based developer Namdar Group has secured $390 million in financing for Park Tower, a 1,049-unit, transit-oriented, mixed-income development in Jersey City’s Journal Square neighborhood. A start date was not announced. Completion is slated for May 2029. Park Tower adds to Namdar’s extensive Journal Square portfolio, where the developer has delivered more than 2,000 apartments as part of a multi-year buildout around the neighborhood’s PATH station. The PATH train provides direct access to the World Trade Center in Lower Manhattan. Affinius Capital provided a $310 …

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Wyatt-Roberts-Dandelion
DevelopmentIndustry VoicesOperationsSustainable/LEED

How Geothermal Systems Can Future Proof Your Next Multifamily Development

by Lynn Peisner

By Wyatt Roberts The multifamily real estate market is competitive, and developers face dual challenges of managing rising construction costs while meeting the increasing demand for high-quality, efficient buildings. Building out major systems like heating, ventilation and air conditioning (HVAC) is especially challenging and represents a significant and ongoing expense. A geothermal heating and cooling system helps solve this problem, reducing overall costs and improving building-wide climate control outcomes. It is the most efficient, cost-effective and durable heating and cooling solution on the market. Geothermal heating and cooling systems work …

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Thompson-Oaks-St-Paul
DevelopmentFinanceMidwestMinnesotaNews

Greco, Swervo Secure $76.3M for 291-Unit West St. Paul Development

by Lynn Peisner

WEST ST. PAUL, MINN. — Greco and Swervo Management have obtained $76.3 million in financing to develop Thompson Oaks, a 291-unit project in West. St. Paul. Thompson Oaks is the first phase of a larger redevelopment of the former West St. Paul YMCA and adjacent city-owned land, which has sat largely vacant since Hy-Vee demolished the YMCA in 2020 and later abandoned plans for a grocery store. The financing package includes a $63 million, four-year, floating-rate loan through First International Bank & Trust and $13.3 million in equity from WhiteStar …

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Upland-Park-Miami
DevelopmentFinanceFloridaNewsSoutheast

Terra Obtains $245M in Permanent Financing for First Phase of Miami’s Upland Park Project

by Lynn Peisner

MIAMI — Locally based development firm Terra has secured $245 million in takeout financing following the completion and stabilization of Phase I of Upland Park, a $1 billion, 47-acre mixed-use development in Miami. Slate Property Group was the lender. Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planners Plusurbia Design, Upland Park will be built in multiple phases. Future phases will include additional mid-rise and garden-style apartments, retail and commercial space. Construction of the project’s second residential phase, which will add another 484 apartments, is …

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Waterford-Milpitas-California
Affordable HousingCaliforniaDevelopmentNewsWestern

Waterford Breaks Ground on 75-Unit Affordable Housing Development in Silicon Valley

by Lynn Peisner

MILPITAS, CALIF. — Waterford Property Co., in partnership with C&C Development, has broken ground on a 75-unit affordable housing project in Milpitas. The 4 percent Low-Income Housing Tax Credit (LIHTC) community has an estimated development cost of $47.6 million, according to the California Tax Credit Allocation Committee. The to-be-named property is slated for completion in early 2028 and is part of a larger residential planned community that also includes for-sale homes built by PulteGroup. Units will be reserved for families earning between 30 and 70 percent of area median income. …

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The-Samuel-San-Diego
CaliforniaDevelopmentFinanceNewsWestern

CEDARst Cos. Secures $80M Construction Loan for The Samuel in San Diego

by Lynn Peisner

SAN DIEGO — Chicago-based CEDARst Cos. has obtained an $80 million construction loan to develop The Samuel, a 197-unit community in San Diego’s North Park neighborhood. JLL’s Zach Kersten, Jack Wood and Ben Choromanski arranged the three-year, floating rate loan through Boston-based CrossHarbor Capital Partners. Located at 2821 Adams Ave., The Samuel will be an eight-story development comprised of studios, one- and two-bedroom units and a pool, fitness center, coworking lounge, fire pits, game deck and a rooftop lounge with an outdoor kitchen. Construction is expected to begin later this …

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