Development

JLL Arranges $85 Million Construction Financing for West End II in Raleigh, North Carolina

by Channing Hamilton July 24, 2024

RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company. Located at 510 W. Cabarrus St., West End II …

July 24, 2024

Development Illinois Midwest News

Habitat Opens First Apartment Building at $200 Million Mixed-Use Development in Chicago

by Channing Hamilton July 23, 2024

CHICAGO — Locally based developer and property manager Habitat has opened OC Living, the first residential community at Ogden Commons, a $200 million mixed-use development in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., OC Living consists of one four-story building housing 92 units across four stories. Ninety percent of apartments are set aside as affordable housing. Income restrictions for these units were not disclosed. The unit mix includes 23 studios, 60 one-bedroom units and nine two-bedroom apartments. Community amenities include a rubber-surfaced children’s lot with play structures, …

July 23, 2024

Development News Texas

Wood Partners Breaks Ground on 312-Unit Alta Westover Hills in San Antonio

by Channing Hamilton July 23, 2024

SAN ANTONIO — Atlanta-based Wood Partners has broken ground on Alta Westover Hills, a 312-unit development on San Antonio’s west side. Wood Partners is developing the project in partnership with German investment firm EIG EuroInvestor. Alta Westover Hills will offer one-, two- and three-bedroom floor plans. Units will feature stainless steel appliances, granite countertops, tile backsplashes, custom cabinets and full-sized washers and dryers. Planned amenities include a pool, clubroom, fitness center, business center, conference and entertainment spaces, outdoor kitchen and dining areas and a dog park. Construction is slated to …

July 23, 2024

Development News Texas

Hillwood Plans 3,200-Acre Mixed-Use Development in Denton, Texas

by Channing Hamilton July 19, 2024

DENTON, TEXAS — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 apartment units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land holdings …

July 19, 2024

Development Finance New Jersey News Northeast

JLL Capital Markets Arranges $13.1 Million in Construction Financing for Vroom Street Apartments in Jersey City, New Jersey

by Channing Hamilton July 18, 2024

JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …

July 18, 2024

Affordable Housing Development New York News Northeast

Partnership Receives $332.3 Million in Financing for Redevelopment of West Brighton I and II on Staten Island

by Channing Hamilton July 18, 2024

NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …

July 18, 2024

Arizona Development Finance News Western

Tower Capital Arranges $51.5 Million Construction Financing for 190-Unit BTR Community in Metro Phoenix

by Channing Hamilton July 18, 2024

WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …

July 18, 2024

VER at Proscenium in Indianapolis, Indiana

Development Finance Indiana Investment Sales Market Reports Midwest

No Longer ‘Flyover’ Country: Indianapolis Achieves Positive Rent Growth, Absorption

by Channing Hamilton July 17, 2024

The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …

July 17, 2024

Affordable Housing Development Features Finance Midwest Nevada Northeast Southeast Texas Western

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton July 16, 2024

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

July 16, 2024

Affordable Housing Development News Oklahoma Texas

Pennrose, Tulsa Housing Authority to Develop $190 Million Mixed-Income Project in Tulsa, Oklahoma

by Channing Hamilton July 16, 2024

TULSA, OKLA. — A public-private partnership consisting of Pennrose and the Tulsa Housing Authority will develop 36N, a $190 million mixed-income project in Tulsa. The partnership will redevelop the existing property at the site, a 271-unit community called Comanche Park Apartments, and construct an additional 274 units from the ground up. Once completed, 36N will comprise 545 apartments. The development is part of a larger revitalization initiative known as Envision Comanche. The project will also feature single-family homes, as well as a grocery store, urban farm and dedicated wilderness area. Vertical …

July 16, 2024

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