Development

The-Elex-Fort-Wayne
Affordable HousingDevelopmentFinanceIndianaMidwestNews

Merchants Capital Provides $99M for General Electric Adaptive Reuse Project in Fort Wayne, Indiana

by Lynn Peisner

FORT WAYNE, IND. — Merchants Capital has secured a Freddie Mac loan and provided equity totaling approximately $99 million for The Elex, a 296-unit mixed-use, mixed-income community now leasing in Fort Wayne. The Elex is part of Electric Works, the multiphase redevelopment of Fort Wayne’s former General Electric industrial campus. The 296-unit residential phase opened in April. The Elex was developed by Biggs Group in partnership with Ancora, the master developer of Electric Works; Weigand Construction; the project’s construction partner; and MSquared, a development partner focused on mixed-income and affordable …

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Venture-on-the-Trail-Greenville
DevelopmentFinanceNewsSouth CarolinaSoutheast

13th Floor Secures $47M Construction Loan, Breaks Ground on Phase I of 250-Acre Mixed-Use Project in Greenville, South Carolina

by Lynn Peisner

GREENVILLE, S.C. — Miami-based developer 13th Floor Investments has secured a $47 million construction loan from CIBC and broken ground on the 222-unit Venture on the Trail in Greenville. The project, located at 301 Alston St., marks the first phase of 13th Floor’s On the Trail mixed-use development, which covers 250 acres along Greenville’s Swamp Rabbit Trail, a 28-mile multi-use greenway. Completion of Venture on the Trail is slated for 2027. Apartments will range from studios to three-bedroom units measuring between 600 and 1,350 square feet. Amenities will include a …

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Woodrow-House-Atlanta
DevelopmentGeorgiaLeasing & MarketingNewsOperationsSoutheast

Woodfield Development Begins Pre-Leasing at Woodrow House on Atlanta’s Westside Beltline Trail

by Lynn Peisner

ATLANTA — Woodrow House, a 325-unit mixed-income community under construction along Atlanta’s Westside Trail, has reached its full structural height, marking the start of pre-leasing. Woodfield Development’s project includes a mix of mid-rise apartment buildings, two-story “live-work units” and townhomes, as well as approximately 12,000 square feet of retail space fronting the new Beltline spur along Woodrow Street. The Beltline is former rail corridor turned urban trail and redevelopment loop around Atlanta. Initial townhome deliveries are slated for July, and the first multifamily units are anticipated to be complete in …

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Affordable HousingDevelopmentMidwestNewsOhio

City of Cleveland and Partners Open Woodhill Station East

by Lynn Peisner

CLEVELAND — The City of Cleveland, Cuyahoga Metropolitan Housing Authority and The Community Builders have opened Woodhill Station East in Cleveland. The 64-unit development marks the third phase of the Buckeye-Woodhill Choice Transformation, the formal name given to a multi-phase effort to redevelop the former Woodhill Homes public housing site into new mixed-income housing with neighborhood amenities. Woodhill Station East’s affordable units are offered at 30 or 80 percent of area median income, and some units are rented at market rates. Amenities at Woodhill Station East include a community room, …

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Villages-of-Hayti-Durham
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Gilbane Breaks Ground on Villages of Hayti Affordable Housing Redevelopment in Durham, North Carolina

by Lynn Peisner

DURHAM, N.C. — Gilbane Development, along with several project partners, has broken ground on Villages of Hayti, a 252-unit affordable housing community in the Hayti neighborhood of Durham. Gilbane’s partners include the Durham Housing Authority and Durham Community Partners, a group consisting of Harmony Housing Affordable Development and F7 Development. The Hayti Community Advisory Committee also participated. The project is a redevelopment of a 20-acre former public housing site called Fayette Place. Villages of Hayti is structured as a Low‑Income Housing Tax Credit (LIHTC) development and will provide homes rented …

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3751-Delmas-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Berkadia Arranges $15.6M Construction Loan for Two L.A. Affordable Housing Developments

by Lynn Peisner

LOS ANGELES — Berkadia has arranged $15.6 million in construction financing for two affordable housing projects in Los Angeles. Locally based Seachange Partners, founded in 2024, is the borrower. The lender was Genesis Capital. The developments are at 1723 Corinth Ave. in the Sawtelle neighborhood and 3751 Delmas Terrace in the Palms submarket. The two five-story projects will include a combined 79 units of deed-restricted affordable housing. Income caps were not disclosed. Construction is underway, with completion slated for 2027.

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Bayside-Apartments-Sarasota
DevelopmentFinanceFloridaNewsSoutheast

Allen Morris Co. Secures $43M to Develop Phase II of Bayside in Sarasota, Florida

by Lynn Peisner

SARASOTA, FLA. — Developer Allen Morris Co. has secured a $43 million construction loan to develop Bayside North, the second phase of the $250 million Bayside project in Sarasota. Affinius Capital and Axonic Capital provided the financing. Bayside North will include a seven-story, 96-unit building with one-, two- and three-bedroom floor plans. Fifteen units are classified as workforce housing. Rent restrictions were not disclosed. The property will feature a top-floor clubhouse with views of Sarasota Bay. Ground-floor amenities include a pickleball court and a 3,000-square-foot restaurant. The broader Bayside community …

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Central-Pointe-Newark
DevelopmentFinanceNew JerseyNewsNortheast

Drew Capital Arranges $16.3M Construction Loan for Central Pointe in Newark

by Lynn Peisner

NEWARK, N.J. — Akiva Drew, founder of Drew Capital, has arranged a $16.3 million loan through Trevian Capital for the construction of Central Pointe, a 77-unit property in the University Heights neighborhood of Newark. Locally based Giga Holdings is the borrower and developer. The six-story structure will be located at 380 Central Ave. between First Street and Morris Avenue. Floor plans will consist of one- and two-bedroom layouts, and 16 units will be set aside as affordable. Rent restrictions were not disclosed. Amenities include a fitness center and coworking and …

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Colibri-Commons-East-Palo-Alto
Affordable HousingCaliforniaDevelopmentNewsOperationsWestern

MidPen, EPACANDO Open Colibri Commons, a 136-Unit Affordable Housing Community in East Palo Alto, California

by Lynn Peisner

EAST PALO ALTO, CALIF. — MidPen Housing and the East Palo Alto Community Alliance Neighborhood Organization (EPACANDO) have opened Colibri Commons, a 136-unit affordable housing community at 965 Weeks St. in East Palo Alto. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. Units range from studio to four-bedroom floor plans. Amenities include a community room, an outdoor play area and free onsite services such as nutrition classes, adult education and after-school programming. MidPen Property Management is the property manager. Financing for …

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C-on-Pico-Los-Angeles
Affordable HousingCompany NewsDevelopmentInvestment SalesOperations

$69B Apartment REIT Megamerger: AvalonBay, Equity Residential Agree to Join Forces

by Lynn Peisner

CHICAGO and ARLINGTON, VA. — Equity Residential (NYSE: EQR) and AvalonBay Communities (NYSE: AVB) have agreed to merge, creating the largest publicly traded apartment REIT in the United States with a combined portfolio of more than 180,000 rental apartments. The deal is expected to close in the second half of 2026, at which time the company’s new name and stock symbol will be announced.  Based on the National Multifamily Housing Council’s 2026 Top 50 Owners rankings, the owned portfolio of the newly combined AvalonBay and Equity Residential entity will exceed …

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