HENNEPIN COUNTY, MINN. — Mirate Equity LLC has approved a $27.5 million loan for the construction of Maple Grove Residences, a community in Hennepin County. Maple Grove Residences will offer a mix of one-, two- and three-bedroom apartments. Planned amenities include a fitness center, community garden and green spaces. Northern Builder LLC was the borrower. A development timeline for the project was not disclosed.
ATLANTA — Culdesac Inc. and Urban Oasis Development will develop Murphy Crossing, a mixed-use redevelopment in Atlanta’s Oakland City neighborhood. The project is currently awaiting approval from Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. A development timeline was not disclosed. Located at 1050 Murphy Ave., Murphy Crossing will span 20 acres and offer 1,100 residential units, as well as commercial and light industrial space. Of the total unit count, 30 percent will be designated as affordable housing for residents earning 60 to 80 …
ROBINSON TOWNSHIP, PA. — A partnership consisting of developer Milhaus and investment firm BAM Capital will develop Nox Living, a 272-unit community in the western Pittsburgh suburb of Robinson Township. The property will offer studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to break ground on the community by July, with the first units slated to deliver by late 2025.
CHELSEA, MASS. — Fairfield has finished the construction of V2 Apartments, a 256-unit asset in the Boston suburb of Chelsea. The property is located near the MBTA commuter rail and Chelsea’s downtown area. V2 Apartments features studio, one- and two-bedroom floor plans. Amenities include a fitness center with personal e-trainer, pool, co-working lounge with complimentary Wi-Fi, dog park, three courtyards and electric vehicle charging stations.
INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, a 42-unit asset in Indianapolis. Bon Air Apartments consists of a trio of three-story buildings, which were originally constructed in 1960. The borrower, a group of professionals doing business as 21 West QOZ LLC, will use the financing to pay off an existing loan and complete a gut renovation of the three buildings. The new owners also plan to build a new building on an adjacent vacant parcel. Common area and amenity …
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a development located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Leah Paskus of Landstone Capital Group negotiated the loan on behalf of the borrower and developer, Clipper Equity. The community will comprise 354 units across seven stories. The property will also include ground-floor retail space and on-site parking. Planned include a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. S. Wieder Architect PC …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $108.2 million in bridge financing for The Shoreline, a mixed-use community in Brooklyn. The borrowers, Solomon Rubin and Chesky Rosen, will use the funds to refinance existing debt and complete the construction and lease-up of the project. The 31-story building includes 248 apartments, as well as 28,600 square feet of commercial space. Units come in studio, one- and two-bedroom floor plans. The Shoreline also features 25,000 square feet of amenities, including a pool, fitness center, game …
BOSTON — Beacon Communities has completed a 210-unit affordable housing redevelopment project located at 140 Clarendon Street in Boston’s Back Bay neighborhood. The site originally housed a historic YWCA building, which was originally constructed in 1929. The property now offers studio and one-bedroom units for low-income renters and formerly homeless individuals. Amenities include a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.
WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community in Woodbridge, in Northern Virginia’s Prince William County. The property will be income-restricted to tenants earning 60 percent of the area median income. Planned amenities include 354 parking spaces for residents, a 3,000-square-foot clubroom, co-working space, fitness center, bike storage, playground, green space and a dog park. The development, which is capitalized at $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital.
POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent community currently under construction in the Orlando suburb of Poinciana. An unnamed state pension fund purchased the asset through a separate account managed by Heitman. The sales price was not disclosed. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the deal. The Preserve at Poinciana will feature three- and four-bedroom homes ranging 2,000 to 2,300 square feet in size. Amenities will include attached garages, a pool, green space, children’s playground, dog …