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45-40 Vernon Blvd. in New York City
DevelopmentInvestment SalesNew YorkNewsNortheast

JLL Brokers $47 Million Sale of 192,000-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — JLL has brokered the $47 million sale of a development site located at 45-40 Vernon Blvd. in the Long Island City neighborhood of Queens. The site, which formerly housed the Paragon Paint factory, is approved for the development of a 192,000-square-foot community. Once completed, the complex will comprise 202 units across 21 stories. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL arranged the deal. The seller was a joint venture between Quadrum Global, Baron Property Group and Simon Development. …

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DevelopmentFinanceNew YorkNewsNortheast

Largo Capital Arranges $6 Million Bridge Loan for Conversion Project in Buffalo, New York

by Channing Hamilton

BUFFALO, N.Y. — Largo Capital has brokered a $6 million bridge loan to convert the Atrium Building, a 272,000-square-foot former office complex in downtown Buffalo, into a residential community. The converted asset will house an undetermined number of units. Kevin Coscia and Ned Perlman of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.

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4G Lofts in Santa Ana, California
CaliforniaDevelopmentInvestment SalesNewsWestern

CBRE Brokers $1.2 Million Sale of 0.3-Acre Development Site in Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — CBRE has arranged the $1.2 million sale of a 0.3-acre development site located at 1212 East 4th Street, near downtown Santa Ana. A 15-unit complex called 4G Lofts will be built on the site. Once completed, the community will feature studio, one- and two-bedroom units. One apartment will be designated as affordable. Income restrictions for this unit were not disclosed. The property will also feature 17 parking spaces. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller, an Orange County, California-based private investor, in the …

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DevelopmentNewsTexas

Realty Capital Residential Completes 275-Unit Depot on Main in Fort Worth Suburb

by Channing Hamilton

BURLESON, TEXAS — Realty Capital Residential has delivered Depot on Main, a 275-unit complex in the Fort Worth suburb of Burleson. The building rises five stories and is situated at 125 N. Main St., adjacent to the city’s Old Town district. Depot on Main features one- and two-bedroom apartments ranging from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, co-working lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas.

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KC Current’s mixed-use development
DevelopmentMidwestMissouriNews

Kansas City Current Plans $800 Million Mixed-Use Development on Missouri Riverfront

by Channing Hamilton

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. Partners for the development include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The development will be anchored by CPKC Stadium, a women’s soccer stadium that was completed in March. Upon completion, the project will feature hundreds of residential units, as well as food and beverage offerings and new public recreational spaces. Ten percent of …

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Tuscany Village in Sanford, Florida
DevelopmentFinanceFloridaNewsSoutheast

Royal Palm Cos., Mattoni Group Secure $86 Million Construction Financing for Tuscany Village Near Orlando

by Channing Hamilton

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has secured $86 million in construction financing for Tuscany Village, a 420-unit development in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. Tuscany Village is situated at 4201 W. First Street and comprises 21 acres. Construction is slated to begin in May. The community will be delivered in phases by 2026.

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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Stark Enterprises Breaks Ground on Build-to-Rent Community in Bolivia, North Carolina

by Channing Hamilton

BOLIVIA, N.C. — Stark Enterprises, in collaboration with its affiliated companies Stark Living and Arbor Construction, has begun constructing Oak Harbor Village, a 23-acre build-to-rent community in Bolivia, 22 miles southwest of Wilmington, North Carolina. The asset will offer 130 ranch-style and townhome units. Units will come in one- to three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, dog park, playground, pool, sundeck, grilling stations and entertainment areas. The project is slated to complete in the summer of 2025, with pre-leasing slated to begin several months beforehand.

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Jefferson Castle Hills in Lewisville, Texas
DevelopmentNewsTexas

JPI Breaks Ground on 761-Unit Jefferson Castle Hills in Lewisville, Texas

by Channing Hamilton

LEWISVILLE, TEXAS — JPI has broken ground on Jefferson Castle Hills, a two-phase project in the Dallas suburb of Lewisville. Located within the 2,900-acre master-planned Castle Hills development, Jefferson Castle Hills will comprise 761 units. Phase I will deliver 380 units, while phase II will include 381 apartments. Units will come in one-, two- and three-bedroom floor plans. Planned amenities include a pedestrian sky bridge, fitness center with a yoga studio, dog park, courtyards, pool decks and a dedicated parking garage. JPI plans to open Jefferson Castle Hills’s first units …

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Ray Phoenix in Phoenix
ArizonaDevelopmentNewsWestern

Ray, VeLa Development Break Ground on 401-Unit Tower in Phoenix

by Channing Hamilton

PHOENIX — Ray and VeLa Development Partners have broken ground on Ray Phoenix, a 26-story residential tower located within the Roosevelt Row Arts District in Phoenix. Ray Phoenix will offer 401 apartments. The unit mix includes 193 studios, 116 one-bedrooms and 92 two-bedroom residences. The building will total 523,000 square feet. Planned amenities include a fitness center and yoga studio, pool, communal kitchen, lounge with a theater, fireplace lounge, dog wash stations, gardens and workspaces. The property will also offer more than 4,500 square feet of ground-level retail space. Ray …

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38 Jackson Street in Hoboken, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Madison Realty Capital Provides $97 Million for Industrial-to-Multifamily Conversion Project in Hoboken, New Jersey

by Channing Hamilton

HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …

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