Development

3850-Blake
Affordable HousingColoradoDevelopmentFinanceNewsWestern

JLL Arranges $65.5 Million Construction Loan for Denver Development

by Lynn Peisner

DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027. Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include …

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290-Coles-Street-Jersey-City
DevelopmentNew JerseyNewsNortheast

Partnership Breaks Ground on $400 Million Jersey City Development

by Lynn Peisner

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 …

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MEM-Building-A
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos. Breaks Ground on First Phase of Boston Public Housing Redevelopment

by Lynn Peisner

BOSTON — WinnCos. has broken ground on Phase I of the redevelopment of the Mary Ellen McCormack (MEM) public housing project in Boston. Activity will kick off with the construction of a $62 million building known as Building A. This ground-up construction will provide new homes to the 94 low-income families currently living in the community. WinnCos. says Building A move-ins will occur in fall 2026. Once complete, the revamped 30-acre MEM community will include 3,300 rental homes, effectively tripling the number of units currently available. Along with Building A, …

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Developers-Carolinas-Multifamily
Conference CoverageDevelopmentFeaturesFinanceSoutheast

Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel

by Lynn Peisner

CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). Those figures are a sharp contrast from the first quarter of 2024 when deliveries (135,652) outstripped absorption (103,826). Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s …

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CGI+-Torrance-MF-Site
Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

CGI+ Sells Torrance Development Site to JPI for $40 Million

by Lynn Peisner

TORRANCE, CALIF. —  CGI+ Real Estate Strategies has sold a shovel-ready, 4.9-acre multifamily development site in Torrance to JPI for $40 million. CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022. After receiving entitlements for a six-story, 525-unit residential building — with 34 units reserved for households earning less than 30 percent of area median income — CGI+ planned to begin construction in 2023. However, rising interest rates and increases in labor and construction costs …

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30-25-Queens-Blvd
DevelopmentFinanceNew YorkNewsNortheast

BPG, LargaVista Secure $388.5 Million Loan, Resume Construction of Long Island City Tower

by Lynn Peisner

QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …

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Sunlake-North
BerkadiaBuild-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Maymont Homes, Dinerstein to Develop BTR Project Near Tampa

by Lynn Peisner

LAND O’LAKES, FLA. — Berkadia has arranged the sale of a 28.5-acre parcel. Brookfield Residential Land was the seller, and Maymont Homes was the buyer. The site, located in the master-planned community of Bexley 30 miles north of Tampa, is entitled for low-density multifamily. Maymont will partner with Dinerstein Cos. to develop a 250-unit build-to-rent (BTR) community on the site. The project will be complete by the fourth quarter of 2026. The unnamed project will include a mix of two- and three-bedroom residences featuring private yards, attached garages and access …

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1709-Surf-Ave-Coney-Island
Affordable HousingDevelopmentNew YorkNewsNortheast

BFC Partners Secures $250 Million for Third Phase of Coney Island Affordable Housing Project

by Lynn Peisner

BROOKLYN, N.Y. — BFC Partners has closed on a $250 million construction loan to build the third and final phase of a three-building affordable-housing project along Surf Avenue in Coney Island. Loan specifics were not disclosed. The total project cost is approximately $700 million. This final phase, known as 1709 Surf Avenue, will include 420 new affordable units, bringing the total across all phases to 1,242 affordable homes. Project partners include the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp. (HDC) …

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Azola-Avery-Centre-Round-Rock
DevelopmentNewsTexas

ZOM Living, CP Capital Deliver Azola Avery Center in Austin MSA

by Lynn Peisner

ROUND ROCK, TEXAS — ZOM Living and CP Capital have completed and opened Azola Avery Center, a 359-unit, garden-style community located within the 1,200-acre Avery Centre master-planned development in Round Rock. JHP was the architect, Rampart was the general contractor, and Meshberg Group was the interior designer. Azola Avery Centre consists of studios and one-, two- and three-bedroom units. Monthly asking rents range from $1,200 to $2,600. Amenities include a resort-style pool, outdoor pavilion with grills and TVs, pocket parks and a fenced dog park. Indoors, residents have access to …

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The-Indigo-Apartments-Clearwater
Affordable HousingBerkadiaDevelopmentFloridaNewsSoutheast

Sunrise Affordable Housing Locks in Financing to Convert Clearwater Market-Rate Property

by Lynn Peisner

CLEARWATER, FLA. — Sunrise Affordable Housing Group has arranged financing to convert The Indigo Apartments in Clearwater from a market-rate to an affordable community. Part of the financing includes a $20.3 million HUD loan arranged by Berkadia. Other sources of financing include federal Low-Income Housing Tax Credit (LIHTC) equity from R4 Capital, two loans from the City of Clearwater and land trust equity from Pinellas County. Following a renovation, the 208-unit tower will be converted from market-rate housing into affordable housing for families earning between 30 and 80 percent of …

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