Development

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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Meadow-Glen-Village-Fairburn
DevelopmentGeorgiaLeasing & MarketingNewsSoutheast

Portman Completes, Begins Leasing Meadow Glen Village in Metro Atlanta

by Lynn Peisner

FAIRBURN, GA. — Portman has completed and opened Meadow Glen Village, a 332-unit development in the Atlanta suburb of Fairburn. The community is comprised of one- and two-bedroom units across nine residential buildings. Apartments feature stainless steel appliances, luxury vinyl plank flooring, walk-in closets and private balconies. The project also includes a central town green and 12,200 square feet of retail. Meadow Glen Village features a resort-style pool with grilling areas, a dog park and green spaces. Summit Contracting Group was the general contractor.

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Woodfield-Brookhaven
DevelopmentGeorgiaNewsSoutheast

Woodfield Plans 320-Unit Community Within Atlanta Redevelopment Project

by Lynn Peisner

BROOKHAVEN, GA. — Woodfield Development has unveiled plans for a 320-unit community within Ashford Green, a mixed-used office campus in the inner Atlanta suburb of Brookhaven. In the second quarter of 2027, Woodfield plans to acquire the five acres needed for the new project from Vela Cos., the owner of the larger 14-acre Ashford Green site. Construction is slated to begin shortly after the transaction and rezoning are completed. The development team currently includes Dwell Design Studio as the architect, PEC as the civil engineer and Spacecraft as the landscape …

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201-Hudson-Jersey-City
DevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $277M Construction Loan for 69-Story Project in Jersey City

by Lynn Peisner

JERSEY CITY, N.J. — Newmark has arranged a $277 million construction loan for Urby and Rockpoint, the developers behind 201 Hudson — by Urby, a 748-unit project planned in the Paulus Hook neighborhood along the Jersey City waterfront. Truist was the lender. Newmark’s Jordan Roeschlaub, Chris Kramer, Holden Witkoff and Jack Fenton arranged the financing. The development site is located at 201 Hudson St. and represents the second phase of Urby’s three-tower waterfront residential development. Upon completion, the 69-story tower will include 748 apartments — in studios, one-, two- and …

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Bill-Bailey
Affordable HousingDevelopmentFinanceIndustry Voices

The Public ROI Test: When Do Multifamily Development Incentives Make Economic Sense?

by Lynn Peisner

Development incentives tend to produce two predictable reactions. One side sees them as a practical tool to get difficult projects built. The other side sees them as a subsidy to private developers.  In my experience, neither reaction is enough. The real issue I see is not whether incentives are good or bad in the abstract. The better question I ask is much more practical: What is the public buying, would it happen anyway, and is the return worth the cost? That question is becoming more important across South Florida. Cities, …

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Robinwood-Annapolis
Affordable HousingDevelopmentMarylandNewsNortheast

First Phase of $105.8M Annapolis Public Housing Redevelopment to Include 58 Units

by Lynn Peisner

ANNAPOLIS, MD. — A $105.8 million redevelopment of the 150-unit Robinwood public housing community is moving forward with plans for 58 new apartments, renovated townhomes, new seniors housing and expanded community amenities. The developers are Community Housing Partners (CHP), a Virginia-based affordable housing developer, and the Housing Authority of the City of Annapolis (HACA). Additional stakeholders include the City of Annapolis, Anne Arundel County, the State of Maryland and the U.S. Department of Housing and Urban Development (HUD). Robinwood was built in 1970 as a public housing community and today …

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Mission-Grove-Riverside
Build-to-RentCaliforniaDevelopmentFinanceNewsWestern

Canyon Partners Provides $74.4M Construction Loan for Inland Empire BTR Project

by Lynn Peisner

RIVERSIDE, CALIF. — Canyon Partners and J.P. Morgan have provided a $74.7 million construction loan for a ground-up, rental townhome development project in Riverside’s Mission Grove neighborhood. The developer is BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development. An official proper name of the community has not been released. It will include 180 rental townhomes in a mix of two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center and clubhouse. A construction timeline was not disclosed. The financing represents …

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Southwick-Commons-Apopka
Affordable HousingDevelopmentFloridaNewsSoutheast

Wendover Housing Partners Opens Affordable Housing Development in Metro Orlando

by Lynn Peisner

APOPKA, FLA. — Wendover Housing Partners has opened Southwick Commons, a 192-unit affordable housing community at 520 Brighton Ave. in Apopka, a northwest suburb of Orlando. Monthly asking rents at Southwick Commons start at approximately $1,103 for one-bedrooms, $1,440 for two-bedrooms and $1,647 for three-bedroom units. Amenities include a pool, activity room, business center, playground, community garden and a picnic pavilion and grills. Southwick Commons was designed by Slocum Platts Architects, and VCC was the general contractor.

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