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Grove Central in Miami
DevelopmentFloridaNewsSoutheast

Terra, Grass River Property Finish Constructing Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Terra and Grass River Property have completed the construction of Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood. The project is a public-private partnership between the two Miami-based developers and Miami-Dade County, which owns the land. The project’s design team includes Miami-based Touzet Studio, RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Grove Central comprises a 23-story residential tower, as well as a 1,250-space public parking garage and 170,000 square feet of retail space. The residential tower offers 402 units in layouts …

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Marisol in Port Charlotte, Florida
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $65 Million to Construct 292-Unit Marisol in Port Charlotte, Florida

by Channing Hamilton

PORT CHARLOTTE, FLA. — JLL Capital Markets has arranged $65 million in construction financing and preferred equity for Marisol, a garden-style development in Port Charlotte. The property is located at 1200 Loveland Blvd. and offers 292 units. JLL represented the borrower, Roers Cos., to secure the non-recourse construction loan through Knighthead Funding and the preferred equity through Amzak Capital Management. Christopher Drew, Lee Weaver, Scott Loving, Brian Gaswirth and Shane Ciacci led the JLL Capital Markets Debt Advisory team.

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Village of Chandler in Chandler, Arizona
ArizonaBuild-to-RentDevelopmentLeasing & MarketingNewsWestern

TruVista Development Begins Leasing 109-Unit Build-to-Rent Community Near Phoenix

by Channing Hamilton

SOUTH CHANDLER, ARIZ. — TruVista Development has begun leasing Village of Chandler, a 109-unit build-to-rent community in the Phoenix suburb of Chandler. Located at 6075 S. Gilbert Road, Village of Chandler features one-, two- and three-bedroom units. Amenities include a pool, dog park, outdoor workout stations, barbeque grills, walking trails, detached garages and private backyards with pet-friendly doors. The community is currently 33 percent leased and is managed by MEB Management Services.

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle, Birdsong Secure $33.9 Million to Build Affordable Housing Community in Kissimmee, Florida

by Channing Hamilton

KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …

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Build-to-RentDevelopmentLeasing & MarketingNewsPeople NewsTexas

Cushman & Wakefield Selects Jeremy Edmiston as Executive Director of U.S. BTR/SFR Sector

by Channing Hamilton

DALLAS — Cushman & Wakefield has promoted Jeremy Edmiston to the role of Executive Director, U.S. Lead Build-To-Rent/Single-Family Rent (BTR/SFR). In this position, Edmiston will collaborate with Cushman & Wakefield’s Capital Markets and Debt teams to provide unified BTR/SFR end-to-end solutions to clients. He will be based in the firm’s Dallas office. 

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DevelopmentFinanceNewsTexas

Colliers Mortgage Provides $16.8 Million to Develop 199-Unit Affordable Housing Project in San Antonio

by Channing Hamilton

SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, an affordable housing project in San Antonio. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP. Culebra Road Apartments will offer 199 one-, two- and three-bedroom units. The community will be entirely income restricted, although exact restrictions were not disclosed. Planned amenities include a pool, fitness center, playground, business center, clubhouse, activities room and outdoor …

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Cornerstone at Montvale in Montvale, New Jersey
DevelopmentNew JerseyNewsNortheast

Walters Completes Development of 25-Unit Cornerstone at Montvale in Montvale, New Jersey

by Channing Hamilton

MONTVALE, N.J. — Walters has finished constructing Cornerstone at Montvale, an income-restricted community in the New York City suburb of Montvale. Cornerstone at Montvale offers 25 units across two buildings. The community is available to households earning at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income. Amenities include a fitness room, playground and outdoor areas with seating and gas grills. Residents will also have access to 55 parking spaces and a bike shed to accommodate 18 bicycles.

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Spoke in Atlanta
DevelopmentFinanceGeorgiaInvestment SalesMarket ReportsSoutheast

Atlanta’s Supply Surge Coming to a Halt 

by Channing Hamilton

Atlanta has experienced a dip in rents amid a surge of supply. The number of deliveries in the third quarter of this year increased 63 percent compared with the same period in 2022.  Most data sources indicate about 15,000 units have been delivered so far this year, but only about 5,000 have been absorbed. In short, new supply is greatly outpacing tenant demand, and effective rents fell on a year-over-year basis as of the third quarter.  Still, industry experts say this is likely only a temporary condition with developers struggling …

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6100 Main in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges Financing to Construct 6100 Main in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged construction financing for 6100 Main, an 87-unit development in Los Angeles. The community will be rise four stories on a 0.5-acre site. Units will come in one-bedroom floor plans. Planned amenities include a community room, roof deck, garage parking and bicycle parking. JLL worked on behalf of the borrower, SoLa Impact, to secure the loan through a regional bank. Greg Brown, Charlie Vorsheck, Kellan Liem and Allie Black led the JLL Capital Markets Debt Advisory team. 

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Lirica East Austin in Austin, Texas
DevelopmentFinanceNewsTexas

JLL Capital Markets Arranges Construction Financing for Lirica East Austin in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — JLL Capital Markets has arranged construction financing for Lirica East Austin, a 338-unit project in the Central East Austin neighborhood of Austin. The borrower was Central Southwest Texas Development, doing business as CSW Development. JLL worked on behalf of the borrower and the equity partner, Blueprint Local, to secure the loan.  Lirica East Austin will offer studio, one-, two- and three-bedroom units with an average size of 799 square feet. Planned amenities include a pool, clubroom, fitness center, co-working space, sky lounge, courtyard and dog park. The …

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