Development

The-Union-Villa-Park-Illinois
DevelopmentIllinoisMidwestNews

Marquette Cos. Breaks Ground on Union Villa Park in Metro Chicago

by Lynn Peisner

VILLA PARK, ILL. — Marquette Cos. has broken ground on The Union Villa Park, a seven-story, mixed-use project with 238 apartments and 7,500 square feet of retail space in the Chicago suburb of Villa Park. The development also includes 94 indoor parking spaces for public use that will serve the adjacent Villa Park Community Recreation Center, Cortesi Park and the surrounding business district. Reserved parking specifically for residents will also be available. Units will be configured as studio, one-, two- and three-bedroom floor plans with such amenities as a resort-style …

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ECCO-Elizabeth
DevelopmentNew JerseyNewsNortheast

LeCesse, MAS Development Obtain $83.4M in Financing for Phase II of Project in Elizabeth, New Jersey

by Lynn Peisner

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group have begun construction of ECCO in Elizabeth. The project marks the second phase of Vintage City, which is a developer-branded live-work-play district anchored thus far by two multifamily properties from LeCesse and MAS. JLL arranged approximately $83.4 million in financing for the project in the form of a $63.2 million construction loan from Bank OZK and a $20.2 million mezzanine placement from PGIM. Phase I, known as Vinty, is a 267-unit property that was completed in 2022. ECCO, located at …

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19-Rockwell-Brooklyn
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Originates $90 Million Loan for Luxury Brooklyn Property

by Lynn Peisner

NEW YORK CITY — Locally based developer Mordechai Pillar, owner of One Nine Rockwell in Brooklyn’s Fort Greene neighborhood, has obtained a $90 million refinancing loan. Affinius Capital was the lender. David Bollag of Meridian Capital Group arranged the financing. The proceeds of the loan will be used to complete lease-up and stabilization at One Nine Rockwell, a 27-story, 174-unit property with 1,200 square feet of ground-floor retail. The luxury building is comprised of 35 studios, 103 one-bedrooms and 36 two-bedrooms. The sky lounge on the 27th floor offers a …

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Marlowe-Natomas-Sacramento
CaliforniaDevelopmentNewsWestern

Greystar, PGIM Break Ground on Marlowe Natomas in Sacramento

by Lynn Peisner

SACRAMENTO, CALIF. — Greystar and PGIM have begun development of Marlowe Natomas, a 378-unit community located at 3580 North Freeway Blvd. in the Natomas neighborhood of Sacramento. Situated on approximately 13 acre, Marlowe Natomas will feature three-story, garden-style buildings containing a mix of one-, two- and three-bedroom floor plans complemented by amenities such as a resort-style pool with covered grilling stations, a shaded yoga lawn, pickleball court, fire pit, a pet run, rentable electronic bikes, a fitness center, private work spaces, a conference room, golf simulator and pet-washing facilities. The …

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Render-Tucker
DevelopmentGeorgiaNewsSoutheast

Crescent Communities Breaks Ground on RENDER Tucker in Suburban Atlanta

by Lynn Peisner

TUCKER, GA. — Crescent Communities has begun construction of RENDER Tucker, a four-story community 20 miles northwest of Atlanta. RENDER Tucker is situated on 13 acres and contains 312 units. The project will include an entry park and arrival lawn, a clubhouse, hammock zones and swings, a pool, a fireplace and fire pit, a dog park, grills and a community garden. Completion is slated for summer 2027. Chuo Nittochi Group is serving as the equity partner on the project, and Santander Bank is the lender. Additional partners include Focus Design …

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Book-Cliffs-Lodge-SLC
Affordable HousingDevelopmentFinanceNewsUtahWestern

Salt Lake Housing Authority Breaks Ground on Book Cliffs Lodge

by Lynn Peisner

SALT LAKE CITY — The Housing Authority of Salt Lake has obtained a HUD loan for approximately $10.2 million for the development of Book Cliffs Lodge, a 55-unit affordable housing community that has been in the planning phases for several years. Construction has begun. A completion date has not been disclosed. JLL Capital Market’s Anson Snyder and Chris Gandy arranged the financing. Book Cliffs Lodge will be a four-story building with one-bedroom units in various sizes that will serve tenants earning between 30 and 80 percent of area median income. …

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La-Ostra-Inwood
Affordable HousingDevelopmentNew YorkNewsNortheastOperations

New York City Selects Development Team for 600-Unit Affordable Housing Project in North Manhattan

by Lynn Peisner

NEW YORK CITY — The New York City Department of Housing Preservation and Development (HPD) has selected Slate Property Group, Xenolith Partners and Communilife to develop La Ostra on a vacant lot in Inwood, the northern-most neighborhood in Manhattan. The project will include 600 units, 200 of which will be reserved for seniors. All apartments will offer affordable rents. Specific income restrictions were not disclosed. The developers will also build a marine science and STEM education center that will be operated by the Billion Oyster Project, a nonprofit founded in …

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Boston Bay Dorchester
Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

HVPG Acquires, Will Rehab Two Boston Properties for $52.5M

by Lynn Peisner

BOSTON — New York City-based affordable housing firm Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing communities in the Dorchester neighborhood of Boston. The deal marks HVPG’s first in Massachusetts. The properties, located at 205 Magnolia St. (Boston Bay) and 5 Norwell St. (Hope Bay), consist of 20 buildings across two sites originally constructed between 1890 and 1920. Total project costs related to this preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank. HVPG is planning …

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24-Webster-Avenue-Somerville
Affordable HousingDevelopmentMassachusettsNewsNortheast

MassHousing and Partners Close Financing for 43-Unit Affordable Housing Development in Somerville, Massachusetts

by Lynn Peisner

SOMERVILLE, MASS. — Affordable housing developer Just a Start and the Massachusetts Housing Finance Agency (MassHousing) have closed on financing for 24 Webster Avenue in Union Square. The project will include 43 units that will be constructed on a site that is currently a vacant commercial lot. The units will be reserved households earning between 30 and 60 percent of area median income. The general contractor is Dellbrook | JKS, the architect is ICON Architecture Inc., and the management agent will be Maloney Properties. New Seasons Development LLC is a …

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DevelopmentFinanceInvestment SalesNew YorkNewsNortheast

Tavros Acquires Undeveloped Full-Block Manhattan Site for 600-Unit Project

by Lynn Peisner

NEW YORK CITY — Tavros, a locally based private investor and developer, has acquired 250 Water Street, a 1-acre site in Manhattan’s Seaport neighborhood for $143 million. Tavros is planning to build a ground-up, 600-unit multifamily project on the land. Twenty-five percent of the units will be offered at to-be-announced affordable monthly rents. The community will be anchored by four floors of retail. Fogarty Finger is the architect. A construction timeline was not disclosed. JLL represented the undisclosed seller in the deal and advised Tavros on a pre-development loan provided …

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