Development

The-James-College-Station
DevelopmentNewsTexas

McGrath Breaks Ground on 279-Unit Project in Bryan, Texas

by Lynn Peisner

BRYAN, TEXAS — McGrath Real Estate Partners has begun construction of The James, a 279-unit community within CamWesT Crossing, a 47-acre mixed-use development in Bryan. The James will offer a mix of one-, two- and three-bedroom floor plans, with some first-floor units featuring front porches. Amenities will include a resort-style pool, fitness center, outdoor amphitheater with a stage and Jumbotron TV. CamWesT Crossing is a phased development that calls for office, multifamily and retail uses. Phase I included a four-story office building developed in 2019, while Phase II encompasses The …

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HSR-LBJ-Dallas
Affordable HousingDevelopmentNewsTexas

High Street Residential Breaks Ground on North Dallas Mixed-Income Office Conversion

by Lynn Peisner

DALLAS — High Street Residential, a subsidiary of Trammell Crow Co., both based in Dallas, has broken ground on a 435-unit community in North Dallas. Greenwich, Connecticut-based Acram Group is a general partner, and Parse Capital, headquartered in Scottsdale, Arizona, provided an undisclosed sum of equity. The project, yet to be named, is an office conversion. The community will include 218 affordable units and 217 market-rate apartments. Earlier Dallas Public Facility Corp. approvals called for 5 percent of units to be reserved for households earning below 50 percent of area …

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Eastwalk-Braintree
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos., Arch Communities Complete $47M Mixed Income Development in Braintree, Massachusetts

by Lynn Peisner

BRAINTREE, MASS. — Winn Cos. and development partner Arch Communities have completed The Eastwalk, a $47 million transit-oriented development in Braintree, 12 miles south of Boston. The five-story community offers 56 low-income, middle-income and market-rate units. Thirty units are rent restricted at 60 percent of area median income (AMI), and 16 of those units are eligible for low-income project-based rental assistance. Twenty units are considered workforce housing, reserved for households earning up to 120 percent of AMI. The remaining six units are being rented at market rates. The property was …

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JPE-DC
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Joint Venture Obtains $40M Loan for Office-to-Residential Conversion in Washington, D.C.’s West End

by Lynn Peisner

WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor. JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, …

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Stuart-Gardens-Newport-News
Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Merchants Capital Arranges $97.8M for Renovation of Historic Virginia Affordable Housing Property

by Lynn Peisner

NEWPORT NEWS, VA. — Seattle-based affordable housing developer Vitus has begun a $70 million rehabilitation of the 491-unit Stuart Gardens community in Newport News. Merchants Capital arranged $97.8 million in permanent and bridge financing for the project, including a $62.8 million HUD-insured loan and $35 million in equity bridge financing. Vitus will modernize the residences, which were constructed in 1941 and are listed on the Virginia Landmarks Register and the National Register of Historic Places. The community originally served as defense housing for military personnel and wartime workers. According to …

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Broadstone-Enderly-Park-Charlotte
DevelopmentInvestment SalesNewsNorth CarolinaSoutheast

Alliance Residential Acquires Land for New Development in Charlotte

by Lynn Peisner

CHARLOTTE, N.C.— Alliance Residential Co. has acquired a 3.4-acre parcel of land at 1306 Berryhill Road in Charlotte’s Enderly Park neighborhood. The Scottsdale, Arizona-based developer will construct Broadstone Enderly Park on the site, a 336-unit community slated for completion in 2028. Cline Design Associates is the architect, The John R. McAdams Co. is civil engineer, and MAD Studio Interiors provided interior design services. Units will range from 600 to 1,280 square feet complemented by such amenities as a clubhouse with a leasing center, fitness center, club room, game room and …

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Ibex-Yonkers
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Breaks Ground on $140M Mixed-Income Development at Yonkers Lifestyle Center

by Lynn Peisner

YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …

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The-Barton-Austin
DevelopmentNewsTexas

OHT Breaks Ground on The Barton in Southwest Austin

by Lynn Peisner

AUSTIN, TEXAS — Locally based OHT Partners has broken ground on The Barton, a 402-unit development on approximately 60 acres in Southwest Austin. Forty acres will be designated as green space. Located at 8956 W. State Highway 71, The Barton comprises one-, two- and three-bedroom units, 30 of which will be townhomes. Amenities include two resort-style pools, a 9,000-square-foot clubhouse, a 1,500-square-foot fitness center, 1,500 square feet of coworking space, two pickleball courts, a 1.4-acre dog park, a trail system and multiple community courtyards. OHT is serving as developer as …

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Coppertree-Village-Houston
Affordable HousingDevelopmentNewsTexas

Fairstead Completes $26M Renovation of Coppertree Village in Houston

by Lynn Peisner

HOUSTON — Fairstead, a New York City-based affordable housing developer, has completed the $26 million renovation of Coppertree Village, a 324-unit affordable housing community in the Acres Homes neighborhood of northwest Houston. Fairstead’s renovations included new kitchen cabinetry, countertops and energy-efficient appliances; upgraded bathrooms with new plumbing fixtures; a new outdoor playground; and perimeter fencing and controlled access. Units are rent restricted to 50 and 60 percent of area median income. Coppertree Village was originally developed in the early 1970s.

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lummus-parc-miami
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Greystone Provides $167M in Financing for Gallery at Lummus Parc in Miami

by Lynn Peisner

MIAMI — Greystone has provided and arranged $167 million in construction financing, Low-Income Housing Tax Credit (LIHTC) equity and permanent financing for Gallery at Lummus Parc, a 257-unit mixed-income project in downtown Miami. Locally based Related Urban Development Group is the developer. Construction is underway, and completion is slated for late 2028. Gallery at Lummus Parc is the 257-unit, 27-story first phase of a planned two-tower, 439-unit development. A second 182-unit tower, Residences at Lummus Parc, is planned as a separate phase. Greystone’s $167 million financing package applies to the …

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