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400 Lake Shore in Chicago
DevelopmentFinanceIllinoisInvestment SalesMarket ReportsMidwest

Chicago Rent Growth Outpaces Nation

by Channing Hamilton

Chicago can’t match the number of construction cranes crowding the skylines in high-growth markets such as Nashville, Austin or Atlanta. But now there’s at least one high-profile symbol of growth in downtown Chicago as construction gets under way at 400 Lake Shore, a massive two-tower apartment development.  Developer Related Midwest recently secured more than $500 million in construction financing for the project located on the last vacant waterfront site where the Chicago River meets Lake Michigan. The first phase, already under construction, includes a 72-story building with 635 new apartments, …

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DevelopmentFloridaNewsSoutheast

MG Developer Tops Off 559-Unit Metro Parc in Hialeah, Florida

by Channing Hamilton

HIALEAH, FLA. — MG Developer has completed the vertical construction of Metro Parc, a transit-oriented community in the Miami suburb of Hialeah. Upon completion, the property will comprise 559 units across two towers. Units will come in two-bedroom floor plans and range in size from 500 to 800 square feet. The property will also feature ground-floor retail space, including a Latin-inspired food marketplace. Metro Parc is the first phase of Metro Center, a mixed-use development that will comprise roughly 2.3 million square feet of multifamily and retail space. Metro Center …

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Mike Miller, Managing Director, Berkadia
BerkadiaBuild-to-RentDevelopmentFeaturesTexas

Q&A With Berkadia’s Mike Miller: Transit-Oriented, BTR and Mixed-Use Developments Will Define San Antonio’s Future Pipeline

by Channing Hamilton

Along with Dallas and Houston, San Antonio is one of three powerhouse multifamily markets that make up the Texas Triangle. Multifamily & Affordable Housing Business asked Mike Miller, managing director for Berkadia San Antonio, for his take on the metro area’s investment and development trends. MAHB: On the map, how does Berkadia define the San Antonio multifamily market?  Miller: Our team defines and services San Antonio proper as well as Boerne and New Braunfels, additionally, we cover the remainder of South Texas.   MAHB: Berkadia’s latest report card has deliveries as 7,895 units …

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Affordable HousingDevelopmentNewsOregonSeniors HousingWestern

Northwest Housing Alternatives Opens Affordable Emmons Place in Portland, Oregon

by Channing Hamilton

PORTLAND, ORE. — Northwest Housing Alternatives has opened Emmons Place, a 146-unit affordable housing community in the historic Alphabet District of Portland. Emmons Place is available to households earning at or below 60 and 30 percent of the area median income. Priority populations include communities of color, individuals with disabilities and seniors exiting homelessness who will receive Permanent Supportive Housing services through the Northwest Pilot Project, which connects low-income seniors to affordable housing. The Portland Housing Bureau allocated $19.7 million from the Portland Housing Bond to the project’s development.

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TideLock in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Kennedy Wilson Provides $96 Million to Construct Office-to-Residential Conversion Project in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, an office-to-multifamily redevelopment project in Alexandria. The project will redevelop three existing office buildings into a mixed-use complex. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield negotiated the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans for TideLock include 169 residential units, as well as 65 condominiums and 7,000 square feet of commercial space. Construction is slated to begin immediately and complete …

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Stanton Park Apartments in Atlanta
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Woda Cooper, Parallel Housing Deliver Affordable Stanton Park Apartments in Atlanta

by Channing Hamilton

ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in the Peoplestown neighborhood of Atlanta. Stanton Park offers 36 one-bedroom and 20 two-bedroom units, which are set aside for households earning 30 to 80 percent of the area median income. Ten units are reserved with project-based vouchers for tenants who experienced homelessness. The Fulton County Department of Behavioral Health and Developmental Disabilities has agreed to provide support service for the 10 voucher households for 10 years. Hooker DeJong designed the …

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Teutonia Hall in Yonkers, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

AMS Acquisitions to Develop $458 Million Teutonia Hall in Yonkers, New York

by Channing Hamilton

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …

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The Harlow in Tampa, Florida
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Mast Capital Begins Pre-Leasing for The Harlow in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Mast Capital has begun pre-leasing at The Harlow, a garden-style community in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open in March. The Harlow offers one-, two- and three-bedroom units that range from 751 to 1,501 square feet in size. Amenities include a central …

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Madison Oglethorpe in Savannah, Georgia
DevelopmentFinanceGeorgiaNewsSoutheast

Madison Communities Secures $35.5 Million in Construction Financing for Madison Oglethorpe in Savannah, Georgia

by Channing Hamilton

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. The garden-style community will offer 240 units, as well as amenities including a clubhouse and lounge with coworking space, fitness center, outdoor lounge, pool, grilling stations and a fire pit. The project is slated to deliver in late 2025. SGA|NW is the architect. BenCo Construction, an affiliate …

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Broadstone Edition in Irvine, California
CaliforniaDevelopmentLeasing & MarketingNewsWestern

Alliance Residential Opens 264-Unit Broadstone Edition in Irvine, California

by Channing Hamilton

IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …

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