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Development

Robert Kaplan of Cushman & Wakefield
DevelopmentFinanceFloridaIndustry VoicesInvestment SalesSoutheast

Miami Market Deep Dive with Cushman & Wakefield’s Robert Kaplan

by Channing Hamilton

Miami is bolstered by a strong tourism sector and population growth, but how has the market fared through the economic tumult of 2023? Multifamily & Affordable Housing Business (MAHB) recently interviewed Robert Kaplan, executive managing director at Cushman & Wakefield, about the state of the market. Kaplan and his team are the newest members of Cushman & Wakefield’s Equity, Debt & Structured Finance group, which provides a full-spectrum financial services platform to both domestic and international clients. MAHB: Can you contrast the differences in multifamily transactions in Miami between 2023 and 2022? Kaplan: …

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Upper Post Flats in St. Paul, Minnesota
Affordable HousingDevelopmentMidwestMinnesotaNews

Dominium Completes $160 Million Affordable Housing Redevelopment in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, an affordable housing project that repurposed buildings at the historic Fort Snelling site in St. Paul. The complex was developed as part of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Minneapolis-based BKV Group served as the architect. The site comprised 26 buildings across 42 acres, including barracks, an …

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The Pointe at Hills Farm in Shrewsbury, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $21 Million for Mixed-Income Community in Shrewsbury, Massachusetts

by Channing Hamilton

SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income community in Shrewsbury. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. WinnCos. is the borrower and developer. The Pointe at Hills Farm will comprise two three-story buildings. Of the total unit count, 56 will be reserved for households earning 30 to 60 percent of the area median income, and 21 units will be designated as …

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504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

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DevelopmentInvestment SalesNew JerseyNewsNortheast

Cushman & Wakefield Negotiates Sale of Development Site in Iselin, New Jersey

by Channing Hamilton

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a development site located at 186 Wood Ave. S. in the northern New Jersey community of Iselin. The site is located within the Centra at Metropark office campus. The Hampshire Cos. sold the asset to Woodmont Properties for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Larkin of Cushman & Wakefield represented the seller in the deal. The buyer did not disclose specific plans for the project.

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DevelopmentNewsTexas

Henry Richardson Underway on Development of 260-Unit Community in Houston

by Channing Hamilton

HOUSTON — Developer Henry Richardson is building a 260-unit development at 1888 Brittmoore Road in Houston. Ted Trout Architect & Associates is designing the project, and Blazer Building is the general contractor. The complex will rise four stories on a six-acre site. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, business center, clubhouse and a dog park. Preleasing is underway. The project is slated to deliver this summer.

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Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

Liberty National Corp. Acquires Site to Develop High-Rise Community in San Diego

by Channing Hamilton

SAN DIEGO — Liberty National Corp. has purchased a 22,484-square-foot property in San Diego’s downtown area for an undisclosed price. The developer plans to construct a high-rise community on the site, including a selection of affordable housing units. The site is located at 1520 and 1532 3rd Avenue in San Diego’s Cortez Hill neighborhood, directly across the street from the historic St. Joseph Cathedral. Liberty National Corp. states that the company acquired the site due to its location, which is in proximity to attractions such as Balboa Park, Little Italy and …

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DevelopmentNew HampshireNewsNortheast

North & South Construction Services Completes Signature on Elm in Manchester, New Hampshire

by Channing Hamilton

MANCHESTER, N.H. — North & South Construction Services has completed Signature on Elm, a 35-unit development in Manchester. The developer and general contractor developed the project in partnership with the Strafford Economic Development Corp. Signature on Elm offers studio, one- and two-bedroom units, as well as 8,000 square feet of retail space. Of the total unit count, 15 apartments are set aside as workforce housing. Income restrictions for these units were not disclosed. Rents for market-rate units start at $1,500 per month for a studio apartment.

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626 Newark Avenue in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

SCALE Lending Provides $243 Million for Two Buildings in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided two cross-collateralized loans totaling $243 million for two buildings in Jersey City’s Journal Square neighborhood. The borrower was Namdar Group. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the loans. Firstly, SCALE Lending issued a $160 million construction loan for a 27-story tower located at 626 Newark Avenue. The mixed-use development will offer 576 apartments, as well as 9,915 square feet of street-level retail and 17,747 square feet of office space. The project …

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The Grove at La Frontera in Arlington, Texas
DevelopmentFinanceNewsTexas

JLL Capital Markets Arranges Construction Financing for The Grove at La Frontera Near Dallas

by Channing Hamilton

ARLINGTON, TEXAS — JLL Capital Markets has arranged a loan to facilitate the construction of The Grove at La Frontera, a 396-unit project in the Dallas suburb of Arlington. John Brownlee, Bo Beidleman and Chad Lisbeth of JLL worked on behalf of the borrower, Zale Properties, to secure the four-year, fixed-rate loan through Principal Asset Management. The Grove at La Frontera will include 336 apartment units, 60 single-family rental units and 10,000 square feet of ground-floor retail. Amenities include two pools, a fitness center, pickleball courts, a dog park and pet …

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