Development

Ballantine-Phase-II-Newark
Affordable HousingDevelopmentFinanceNew JerseyNewsNortheast

Shorewood Underway on $190M Second Phase of Brewery Redevelopment in Newark

by Lynn Peisner

NEWARK, N.J. — Bogopa Enterprises and Shorewood Real Estate Group have secured construction financing and are underway on the development of Ballantine Phase II. The $190 million project is the second phase of Shorewood’s redevelopment of the former P. Ballantine & Sons brewery site, where beer was produced in Newark for more than a century before the brewery closed in 1972. Phase I, an $89.5 million, 280-unit development, was completed in 2025. A 57,500-square-foot Food Bazaar will anchor the ground floor of the seven-story, 501-unit second phase. Shorewood Real Estate …

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Marina-Shores-Long-Beach
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Truist Provides $152M for Long Beach Office Redevelopment

by Lynn Peisner

LONG BEACH, CALIF. — Truist has provided a $152 million construction loan to Carmel Partners for Marina Shores, a 390-unit mixed-income development underway at 6615 E. Pacific Coast Highway in Long Beach. The San Francisco-based investment and development firm is leading the six-story project, with completion slated for May 2029. The development will replace two older office buildings and surface parking with apartments and 5,351 square feet of ground-floor retail space. A third existing office building on the property will remain. Plans also call for 576 parking spaces, 196 bicycle …

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Perkins-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Fifth Phase of $398M Baltimore Public Housing Redevelopment to Begin this Fall

by Lynn Peisner

BALTIMORE — McCormack Baron Salazar and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. The two phases, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. Perkins Square is replacing Perkins Homes, a 629-unit public housing community built in 1942. Demolition began in 2021 as part of Baltimore’s broader Perkins-Somerset-Oldtown Transformation Plan, a 244-acre redevelopment backed by HUD Choice Neighborhoods funding …

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Lewis-Apartments-Sacramento
Build-to-RentCaliforniaDevelopmentNewsWestern

Lewis Apartments Opens Independence in West Sacramento

by Lynn Peisner

WEST SACRAMENTO, CALF. — Lewis Apartments, the multifamily development and management arm of Upland, California-based Lewis Group of Cos., has completed and opened Independence, a 208-unit, rental townhome community in the Southport area of West Sacramento. The community comprises two- and three-bedroom units ranging from approximately 1,176 to 1,722 square feet, with private entrances, direct-access one- and two-car garages and private outdoor living spaces. Amenities include a heated pool and a hot tub area with cabanas, a 24-hour fitness center, pickleball courts, outdoor barbecue and gathering areas, a fire table, …

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Pennrose-Connecticut
Affordable HousingConnecticutDevelopmentNewsNortheast

Pennrose and Partners Open First Phase of Connecticut TOD Redevelopment

by Lynn Peisner

NAUGATUCK, CONN. — Pennrose and co-developer The Cloud Co., in partnership with the Borough of Naugatuck, have opened the first phase of Platform at Naugatuck, a mixed-income, transit-oriented development about 15 miles northwest of New Haven. According to the Connecticut Housing Finance Authority’s 2024 LIHTC application records, Phase I had a total development cost of approximately $25.1 million. Phase I includes 60 apartments and approximately 3,000 square feet of ground-floor retail space on a long-vacant site along Old Firehouse Road. The one- and two-bedroom units include a mix of market-rate …

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Paramus-Chapter-NJ
Affordable HousingDevelopmentFinanceNewsNortheast

PCCP Provides $163.9M Construction Loan for The Paramus Chapter in New Jersey

by Lynn Peisner

PARAMUS, N.J. — A joint venture between Russo Development and Kushner Real Estate has secured a $163.9 million senior construction loan from PCCP for The Paramus Chapter. Construction of the two-building, 426-unit project began in July. Cushman & Wakefield arranged the loan. Building A will include 166 apartments, comprising 148 market-rate and 18 affordable units, and 5,300 square feet of ground-floor retail. An outdoor pool, a 2,200-square-foot fitness center, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space round out …

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Waterfair-Wauwatosa
Affordable HousingDevelopmentMidwestNewsWisconsin

Samapa Development Completes $23M Hotel Conversion in Metro Milwaukee

by Lynn Peisner

WAUWATOSA, WIS. — Brookfield, Wisconsin-based Samapa Development, has completed Waterfair Apartments in Wautosa. The 146-unit, eight-story project was formerly a 198-unit Sonesta Hotel with convention space. Kraus Anderson served as general contractor, and Continuum Architects + Planners was the architect. The Milwaukee Business Journal reports the development cost was approximately $23 million. While not a traditional affordable housing development backed by tax credits, Waterfair offers apartments that are 15 to 20 percent below area asking rents. Samapa says efficiencies gained from the existing concrete structure and mechanical, electrical and plumbing …

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Joyfield-Towns-at-German-School-Richmond
Affordable HousingDevelopmentNewsSoutheastVirginia

Standard Communities Breaks Ground on $88M Affordable Housing Development in Richmond, Virginia

by Lynn Peisner

RICHMOND, VA. — Standard Communities has broken ground on Joyfield Towns at German School, an $88 million development that will include 234 affordable three- and four-bedroom townhomes. The development is located at 250 E. German School Road in the Southside area of Richmond, Virginia. The project takes the latter part of its name from German School Road, which was named for a small school that served the area’s German immigrant community in the early 20th century. All units will be income-restricted, including 62 units for households earning up to 50 …

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Ira-D-Hall-Sunnyvale
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Completes Ira D. Hall Square in Silicon Valley

by Lynn Peisner

SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the …

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2185-Coyle-Street-Brooklyn
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Gilbane Buys Development Site in Brooklyn for $37M

by Lynn Peisner

BROOKLYN, N.Y. — Gilbane Development has acquired a mixed-use development site at 2185 Coyle St. in the Sheepshead Bay neighborhood of Brooklyn for $37 million. The 96,000-square-foot lot can support 408,400 square feet of commercial space. The seller was a joint venture between AAG Management and ABS Partners. Ariel Property Advisors, led by Victor Sozio, Michael A. Tortorici, Sean R. Kelly, Shimon Shkury and Remi Mandell, arranged the sale. Gilbane is planning an affordable housing project on the site. Details on this upcoming project have not been disclosed. Gilbane, in …

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