Development

Magnolia_Ridge
DevelopmentMidwestMissouriNews

Albion Breaks Ground on Magnolia Ridge in Greater St. Louis

by Lynn Peisner

DES PERES, MO. — Chicago-based Albion Residential along with project partners Koplar Properties and Theis Group have broken ground on Magnolia Ridge in Des Peres, 15 miles west of St. Louis. Brinkmann Constructors is the general contractor, and construction financing was provided by Old National Bank. Completion is slated for spring 2027. The community will be a five-story, 182-unit property located at 13431 Manchester Road. Amenities will include a fitness center with a sauna and yoga room, a private dining room, a game lounge, a speakeasy with wine lockers, a …

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Nova-at-East-Park-Village-Orlando
DevelopmentFinanceFloridaNewsSoutheast

Onicx Group Refinances Construction Loan on Orlando Project

by Lynn Peisner

ORLANDO, FLA. — A joint venture led by Onicx Group has secured a $66.3 million first mortgage provided by Mesa West Capital for Nova at East Park Village, a 264-unit property in Orlando. Construction wrapped in August. The property features a mix of one-, two- and three-bedroom units across three mid-rise buildings. Amenities include a pool with cabanas and a 24-hour fitness center. Nova at East Park Village is located in the master-planned Lake Nona submarket, approximately 12 miles southeast of downtown Orlando. Orlando-based ZRS Management is the property manager. …

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Ballston-Rendering-Arlington
DevelopmentFinanceNewsNortheastWashington, D.C.

FCP Contributes $47.1 Million to Joint Venture Development in D.C. Metro

by Lynn Peisner

ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …

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WoodLofts-Shenandoah
DevelopmentFinanceNewsTexas

Houston JV Secures Construction-to-Permanent Loan for Woodlands-Adjacent Project

by Lynn Peisner

SHENANDOAH, TEXAS — Johnson Capital Multifamily, a Dallas-based, LLC subsidiary of Oak Real Estate Partners, has closed a construction-to-permanent loan of an undisclosed sum for a joint venture to build WoodLofts, a 229-unit project 30 miles north of Houston. The loan, financed through FHA’s 221(d) multifamily mortgage insurance program, carries a fixed interest rate of 5.55 percent. The structure combines both construction and permanent financing into a single package. The developer is Woodlofts Shenandoah, a joint venture between Buckhead Investment Partners and Juniper Investment Group, both based in Houston. The …

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Maizon-Durham
DevelopmentNewsNorth CarolinaSoutheast

ZOM Living Opens Maizon Durham

by Lynn Peisner

DURHAM, N.C. — ZOM Living and AEW Capital Management have completed Maizon Durham, a 248-unit property in downtown Durham. The community features 13,000 square feet of street-level retail, a resort-style pool, coworking spaces, a pet spa, a fitness center with a spin studio and a café. Units are offered as studio, one-, two- and three-bedroom floor plans ranging from 558 to 1,450 square feet. Hord Coplan Macht was the architect, and One Line Design Studio handled interior design. The developer is seeking food and wellness tenants for the commercial space.

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Summer-Oaks-Sonoma
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Is Developing 72-Unit Affordable Housing Community in Sonoma Valley, California

by Lynn Peisner

SONOMA, CALIF. — MidPen Housing is underway on the development of Summer Oaks, a 72-unit affordable housing community in Sonoma. When complete in fall 2026, Summer Oaks will be leasing one-, two- and three-bedroom apartments to families earning up to 60 percent of area median income, which currently is $75,480 for a family of four. Fifty-two of the units are specifically reserved for residents who work in farming and agriculture. Financing for the development was provided through both public and private sources including the County of Sonoma, the California Department …

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Ramsgate-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Six Peak Capital Locks in Construction Loan, Breaks Ground on L.A. Affordable Housing Project

by Lynn Peisner

LOS ANGELES — Zachary Streit of Priority Capital Advisors has arranged a $31.3 million construction loan for Six Peak Capital to develop a 116-unit affordable housing community located at 9033 Ramsgate Ave. in the Westchester neighborhood of Los Angeles. The development is a Los Angeles Executive Directive 1 (ED1) project. ED1 projects provide affordable housing developers with leniencies such as increased density and building height, reduced parking requirements and an accelerated review and permitting process. Rent restrictions were not disclosed, but many ED1 projects include units with rents capped at …

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The-Ridian-Denver
ColoradoDevelopmentFinanceNewsWestern

Trailbreak Partners Refinances Ridian Apartments in Denver

by Lynn Peisner

DENVER — JLL Capital Markets has arranged $37.1 million in construction takeout financing for Trail Partners’ Ridian Apartments in Denver. An insurance company’s debt fund was the floating-rate loan’s capital provider. Construction of Ridian was completed earlier this year. The property is comprised of 123 units in a mix of studios and one- and two-bedroom units as well as such amenities as a resort-style pool and hot tub, a rooftop lounge with mountain and city views, a fitness center, a clubhouse with coworking spaces, a covered garage parking, 24-hour security …

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Centro-City-Miami
DevelopmentFinanceFloridaNewsSoutheast

Terra Opens Centro City Residences in Miami

by Lynn Peisner

MIAMI — Locally based developer Terra has completed construction of Centro City Residences, a 470-unit community that is part of the first phase of Centro City, a 38-acre mixed-use development in Miami’s West Little Havana neighborhood. The Arquitectonica-designed development comprises three eight-story buildings that surround courtyards, pool decks and landscaped sidewalks. Leasing is currently underway, with tenant move-ins in progress. Centro City Residences offers studio, one-bedroom and two-bedroom apartments with monthly asking rents that start at approximately $2,400. Amenities include a two resort-style pools with cabanas, a fitness center, yoga …

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Lofts-at-40-Long-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Provides $35.1 Million in Tax Credit Equity for Ohio Affordable Housing Adaptive Reuse Project

by Lynn Peisner

COLUMBUS, OHIO — Merchants Capital has secured $35.1 million in tax credit equity on behalf of Woda Cooper Cos. and IMPACT Community Action. The co-developers will use the equity to fund an adaptive reuse project in Columbus called Lofts at 40 Long. The city identified the project in its 2022 plan. Developers will convert a vacant YMCA building into 121 apartments reserved for families earning between 30 and 80 percent of area median income. Merchants Capital secured $18.5 million in 4 percent Low-Income Housing Tax Credit equity (LIHTC), $11.4 million …

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