ATLANTA — Columbia Residential, an affordable housing developer and property manager based in Atlanta, has selected Ken Clark for the role of Chief Operating Officer. In this position, Clark will provide executive oversight for the financial operations of the company’s business units, including accounting, finance, human resources and corporate compliance functions. He will work out of Columbia Residential’s corporate headquarters in Atlanta. Clark is a graduate of Morehouse College and earned an MBA in Management of Technology from Georgia Tech.
HALLANDALE BEACH, FLA. — Miami-based 13th Floor Investments has secured an $83 million construction loan for Parks at Hallandale, a 398-unit project underway in Hallandale Beach, approximately 12 miles south of Fort Lauderdale, Florida. Development is slated to complete in 2026. CIBC Bank USA provided the loan. Scott Wadler and Alec Fox of Berkadia also arranged an undisclosed amount of preferred equity from Houston-based Marble Capital. Situated on 15.5 acres, Parks at Hallandale will offer studio, one-, two- and three-bedroom market-rate and workforce housing units. Planned amenities include a clubhouse, …
MADISON, WIS. — A joint venture between Vermilion Development and Quartz Lake Capital has secured $95 million in debt and equity financing for a 309-unit development located at 1617 Sherman Ave. in Madison. JLL Capital Markets negotiated $33.3 million in joint venture equity for the project through Clarion Partners. 1617 Sherman will comprise six buildings featuring apartments and townhome-style units. The average unit size is 793 square feet. Community amenities will include a fitness center, bike storage, pet spa, coworking space, breakout rooms, community garden and a rooftop terrace featuring …
Austin has distinguished itself as one of the youngest markets in the nation, with a large portion of its population falling within the working-age bracket. Notably, individuals ages 25 to 34 comprise the largest segment of residents, making rental housing pivotal to support this demographic. Population growth was exacerbated during the COVID pandemic and in the years immediately following. Within a short timeframe, Austin experienced a substantial influx of residents, driven partly by the relocation of numerous well-known companies, such as Oracle, Google and Tesla. These organizations moved out of …
NEW YORK CITY — Ofer Cohen of New York City-based brokerage firm TerraCRG, as well as Tucker Reed and Vivian Liao of Brooklyn-based developer Totem Brooklyn, have launched Ailanthus, a platform that aims to create 10,000 apartments in New York City over the next five years. The platform is named after the Ailanthus tree, a common street tree in New York City and a reference to Betty Smith’s 1943 novel “A Tree Grows in Brooklyn.” As of May 13, Ailanthus has approximately 1,500 apartments in its pipeline, including a 456-unit mixed-income development at 1057 …
COLTS NECK, N.J. — Kushner has broken ground on Livana Colts Neck, a 360-unit project in Colts Neck, approximately 50 miles south of Manhattan. Livana Colts Neck will comprise 15 buildings that each rise three stories. Apartments will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, lounge, conference facilities and a dog park. Minno & Wasko Architects and Planners designed the community. Construction is expected to be complete in spring 2027.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income development in Philadelphia’s East Falls neighborhood. The project is the adaptive reuse of the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013. The property is now a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015. Architecture firm Looney Ricks Kiss facilitated the transition of the site.
NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …