Development

Penrose-Frisco-Southstone-Yards
DevelopmentNewsTexas

Rosewood Breaks Ground on 382-Unit Project in Frisco

by Lynn Peisner

FRISCO, TEXAS — Rosewood Property Co. and equity partner MetLife Investment Management, the institutional asset management business of MetLife, have broken ground on Penrose, a 382-unit property in Frisco. Located on a 5-acre site at 4301 Tributary Way, Penrose is a part of the Southstone Yards masterplan, a pedestrian-oriented, 45-acre, mixed-use project featuring multiple phases of development with such uses as office, residential, restaurant, hotel and green space. Completion of the greater Southstone Yards development is slated for 2030, while Dallas-based Rosewood is estimating a fall 2027 completion date for …

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1011-First-Avenue-Manhattan
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Vanbarton Group Secures $250 Million Loan for Manhattan Multifamily Conversion Project

by Lynn Peisner

NEW YORK — Vanbarton Group has received $250 million in financing to convert the former Roman Catholic Archdiocese of New York headquarters into 420 multifamily units. Eldridge Real Estate Capital Management provided the acquisition and construction loan. The financing included the $103 million acquisition cost. CBRE’s Doug Middleton and Pierre Hills advised the archdiocese on the sale of the property, and Greenberg Traurig represented Vanbarton Group. The 20-story, approximately 400,000-square-foot building in the Sutton Place neighborhood had been the headquarters for the archdiocese since 1973 and was known as the …

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Peakmade-Olathe
Build-to-RentDevelopmentKansasMidwestNews

PeakMade Breaks Ground on Kansas City-Area BTR Project

by Lynn Peisner

OLATHE, KAN. — PeakMade Real Estate and Blue Vista Capital Management have broken ground on Olathe Commons, a build-to-rent (BTR) community in the Kansas City suburb of Olathe. Developers anticipate leasing will begin in August 2026 with a final project completion date slated for September 2027. Construction financing was provided by Old National Bank, and Open House Group is a joint venture limited partner for the project. Olathe Commons will be comprised of 60 single-family cottages and 154 townhomes. Units will feature two- to four-bedroom layouts with select floorplans offering …

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The_Caroline
DevelopmentLeasing & MarketingNewsTexas

Hunt Development Group Opens Leasing at Caroline Eastside in Dallas Metro

by Lynn Peisner

RICHARDSON, TEXAS — Hunt Development Group has launched leasing at Caroline Eastside, a newly completed community developed in Richardson. The 384-unit property features many amenities including: a two-level fitness center with a yoga room; a resort-style pool with an indoor, air-conditioned pool house; a game lawn; coworking spaces; a dog park and dog-washing facilities; a rooftop deck with a coffee bar; and property-wide, high-speed WiFi. In Richardson, which is 15 miles north of Dallas, Hunt also has developed The Mallory Eastside, a 281-unit property that was completed in 2017.

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Blue-Hill-at-Watchung
DevelopmentNew JerseyNewsNortheast

Marcus, Sterling and Danbro Close Deal for $104 Million New Jersey Development

by Lynn Peisner

WATCHUNG, N.J. — Boston-based real estate investment and development firm Marcus Partners has joined the team constructing Blue Hill at Watchung, a 230-unit property in Watchung. Sterling Properties and Danbro Properties started the project, and completion is slated for December 2026. Blue Hill at Watchung, located 33 miles southwest of Manhattan, is set on about 42 acres. The property will feature six buildings and an amenity clubhouse with a resort-style pool, fitness center, coworking spaces, indoor-outdoor lounges, a dog park and a golf simulator. Approximately 20 acres of the site …

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Jigzibik-Rendering
Affordable HousingDevelopmentIllinoisMidwestNews

Skender, Full Circle Break Ground on Native American-Focused Affordable Housing Project in Chicago

by Lynn Peisner

CHICAGO — Full Circle Communities, in partnership with Native American-led nonprofit organization Visionary Ventures, is developing Jigzibik, an affordable housing development in Chicago. Skender, the general contractor on the project, broke ground on July 11. The 62,000-square-foot, seven-story mixed-use development will serve Native American communities. Jigzibik’s 45 units will be reserved for residents earning between 15 and 60 of area median income. Canopy Architecture + Design is the architect. The building will feature ground-floor office space for Native American-serving nonprofits, spaces for artists and makers, a computer lab and library …

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Kelly-Station-Rendering
Affordable HousingDevelopmentMidwestNewsWisconsin

McShane Selected as Contractor for Madison, Wisconsin, Affordable Housing Development

by Lynn Peisner

MADISON, WIS. — Volker Development, based in Fond du Lac, Wisconsin, has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing project in Madison. Specifics about government subsidy financing or rent restrictions were not released, but local news sources report the Dane County Board of Supervisors approved $4 million in funding toward the project. According to a press release, the development partners include the county as well as the City of Madison, the Dane Workforce Housing Fund II and the Wisconsin Housing and Economic Development Authority. Kelly …

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RIVR-Lofts
DevelopmentFinanceFloridaNewsSoutheast

Moderno Development Group Locks in $117 Million Refinancing for Fort Lauderdale Project

by Lynn Peisner

FORT LAUDERDALE, FLA. — JLL has arranged a three-year, floating-rate $117 million loan for Miami-based Moderno Development Group. The borrower will use the loan to refinance construction debt for Rivr Lofts, a 352-unit property Moderno completed in November 2024. The name of the lending institution was not disclosed. Rivr Lofts in Fort Lauderdale is currently 65 percent leased and includes a mix of studios and one- and two-bedroom residences. Amenities include a rooftop pool and lounge with river, city and ocean views, a fitness center and 3,000 square feet of …

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RENDER-Stockbridge
DevelopmentGeorgiaNewsSoutheast

Crescent Communities Opens RENDER Stockbridge

by Lynn Peisner

STOCKBRIDGE, GA. — Crescent Communities and equity partner Phoenix Capital Management have opened RENDER Stockbridge, 297-unit community 20 miles southeast of Atlanta. CIBC Bank USA also was a financial partner. Crescent Communities Construction served as the general contractor. Dwell Design Studio is the project’s architect, with Ironwood Design Group handling landscape architecture and Thomas & Hutton conducting civil engineering. Amenities at RENDER Stockbridge include a resort-style pool, a firepit and grills, coworking spaces with private offices and conference rooms, two dog parks a fitness center, a complimentary coffee bar and …

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La-Costa-Family-Apts
Affordable HousingCaliforniaDevelopmentNewsWestern

WNC, Mirka Break Ground on Affordable Housing Community in Carlsbad

by Lynn Peisner

CARLSBAD, CALIF. — WNC & Associates (WNC) and Mirka Investments have closed a deal to begin construction of La Costa Family Apartments, an affordable housing community in Carlsbad, about 34 miles north of San Diego. Details of the construction financing were not disclosed. The developers have broken ground with completion slated for March 2026. The property will include 19 units in a mix of one-, two- and three-bedroom floor plans offered at income caps ranging from 30 to 80 percent of area median income (AMI). WNC and Mirka are concurrently …

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