Development

Dulce-Vida-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Coral Rock Development to Build $85 Million Workforce Project in Miami-Dade

by Lynn Peisner

MIAMI — Locally based Coral Rock Development Group has secured a $54 million construction loan from Citibank for Dulce Vida, a 227-unit mixed-income, mixed-use community in Miami’s Allapattah neighborhood. Construction will begin in the first quarter of 2026. A completion date was not disclosed. The total project cost is approximately $85 million. Dulce Vida is a Live Local Act multifamily development. The statewide legislation, adopted in 2023 and updated in 2024, was created to accelerate mixed-income housing near jobs and transit by pairing land-use incentives with long-term affordability commitments. The …

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3100-3118-Patrick-Henry-Drive-Santa-Clara
CaliforniaDevelopmentInvestment SalesNewsWestern

Berkadia Arranges $12.5 Million Land Sale in Silicon Valley

by Lynn Peisner

SANTA CLARA, CALIF. — JEMCOR Development Partners and Scaled Projects acquired a 2.5-acre site in Santa Clara for $12.5 million on Dec. 18. Jason Parr and Scott MacDonald of Berkadia San Francisco arranged the sale. The site is adjacent to Levi’s Stadium, home of the San Francisco 49ers, and is zoned for high-density residential development within the city’s Patrick Henry Drive Specific Plan Area. The plan was adopted by the Santa Clara City Council in 2022 with the goal to redevelop a series of office parks, some developed in the …

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Brickell-Starlite-Miami
DevelopmentFinanceFloridaNewsSoutheast

JV Receives $250 Million Construction Loan to Build Miami Tower

by Lynn Peisner

MIAMI — Focus, a Chicago-based developer, and Group Fox, an investment and property management company also out of Chicago, have received a $250 million construction loan to build Brickell Starlite in Miami. Affinius Capital was the lender. Cushman & Wakefield arranged the financing. Brickell Starlite is a to-be-built, 39-story, 517-unit luxury property in Miami’s Brickell submarket on the site of the former Starlite Motel. Units will be offered as studio, one-, two- and three-bedroom layouts with 5 percent of the units designated for workforce housing. The development will feature amenities …

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Block-Three-Madison
DevelopmentMidwestNewsWisconsin

Smith Gilbane Breaks Ground on Block Three at Madison Yards

by Lynn Peisner

MADISON, WIS. — Smith Gilbane, a joint venture comprised of developers Gilbane Development Co. and Summit Smith Development, are underway on construction of Block Three, the most recent phase of Smith Gilbane’s Madison Yards project in Madison’s Near West Side neighborhood. The Madison Yards master-planned community is a 21-acre site at the southwest corner of University Avenue and Segoe Road, the former location of the Wisconsin Department of Transportation’s headquarters. The total project includes approximately 500 units, a hotel, Class-A office spaces, 400,000 square feet of medical office space, a …

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Mission-Paradise-Hayward
Affordable HousingCaliforniaDevelopmentNewsSeniors HousingWestern

EAH Opens Two Bay Area Affordable Housing Communities

by Lynn Peisner

HAYWARD, CALIF. — EAH Housing has opened Pimentel Place and Mission Paradise, two ground-up affordable housing developments in Hayward that, combined, include 133 units with rent restrictions ranging from 20 to 80 percent of area median income. Hayward is in Alameda County, about midway between San Jose and San Francisco. Pimentel Place includes 57 units for families. The community offers one- to three-bedroom floor plans with energy-efficient appliances, on-site laundry facilities, bicycle parking, a children’s play area and indoor and outdoor gathering spaces. About 2 miles south, Mission Paradise occupies …

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Avanza-Noblesville
Build-to-RentDevelopmentIndianaMidwestNews

Trinitas-Led JV Breaks Ground on Avanza at Hyde Park in Noblesville, Indiana

by Lynn Peisner

NOBLESVILLE, IND. — PCCP, Trinitas Ventures and Peninsula Investments have broken ground on Avanza at Hyde Park, a 237-unit build-to-rent (BTR) project in the Indianapolis suburb of Noblesville. Completion is slated for fall 2027. This is the first project bearing Trinitas’ new Avanza brand. The community will consist of one-, two- and three-bedroom villas and two- or three-bedroom townhomes situated on 25.5 acres. Homes will feature fenced backyards, double vanities in primary bathrooms, in-unit washers and dryers, stainless steel appliances and quartz countertops. Amenities include private conference rooms and a …

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Harborside-8-Jersey-City
DevelopmentFinanceNew YorkNewsNortheast

JV Secures $384 Million for Jersey City Waterfront High-Rise Development

by Lynn Peisner

JERSEY CITY, N.J. — Panepinto Properties and AJD Construction have secured $306 million in senior non-recourse construction financing and $78 million in preferred equity for the land purchase and vertical construction of Harborside 8, a 678-unit, luxury waterfront development along the Hudson River in Jersey City.  JLL’s Capital Markets group arranged the floating-rate senior loan through Kennedy Wilson. JLL also arranged the preferred equity through Affinius Capital. The development partners plan to break ground in the first quarter of 2026 with stabilization estimated for the first quarter of 2030. The 65-story …

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Rob-Likes_KeyBank3
Affordable HousingDevelopmentFinanceIndustry Voices

What Will it Take to Rebalance the Office and Housing Markets?

by Lynn Peisner

The nation’s housing crisis has reached a breaking point, pushing developers to rethink how and where new supply can be created. Among the most promising — and debated — solutions is the conversion of underutilized office buildings into much-needed affordable housing.  On the surface, the concept seems straightforward: repurpose empty office space into homes in locations where demand is highest. In practice, however, these projects are anything but simple. Converting office buildings into livable, modern and affordable multifamily residences requires far more than reimagining floor plans. Success depends on choosing …

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Blitz-McCaffrey
DevelopmentFinanceIndustry VoicesInvestment Sales

Solving the Balance Sheet Paradox: The Rise of Platform Investing in Multifamily Assets

by Lynn Peisner

Real estate “platform investments” have long been considered to be the purview of sophisticated financial players in the real estate world. These investments are typically made by institutional investors, pension plans or other private equity players. In platform investing, institutional capital is typically backing an “operator” — a development or investment firm responsible for sourcing, developing or managing multifamily assets. Platform investments provide a minority-stake ownership of the entity that employs key people making strategic investment decisions as well as the entity’s intellectual property. They also allow the investor the …

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Watsonville-Metro
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

MidPen Housing Secures $132.8 Million in Grants for Three Central California Affordable Housing Developments

by Lynn Peisner

SAN JOSÉ, ALAMEDA, AND WATSONVILLE, CALIF. — The California Strategic Growth Council has awarded funding to existing MidPen Housing developments in San José, Alameda and Watsonville that include a total of 362 affordable units as well as transit improvements. Valley Transportation Authority (VTA) Capitol Station in San José was awarded $49.3 million. Located next to the Capitol Light rail station, this transit-oriented development will include 203 affordable rental homes, including 51 permanent supportive housing apartments for formerly homeless individuals. The project will replace an underutilized VTA parking lot with an …

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