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Development

Avalon Apartments and Townhomes in Inver Grove Heights, Minnesota
DevelopmentFinanceMidwestMinnesotaNews

JLL Brokers $60.1 Million to Develop Avalon Apartments and Townhomes Near Minneapolis

by Channing Hamilton

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged $60.1 million in mezzanine and construction financing for Avalon Apartments and Townhomes, a 244-unit complex in the southeast Minneapolis suburb of Inver Grove Heights. JLL worked on behalf of the borrower, Trident Development, to secure the $45 million construction loan from Alerus. Additionally, JLL sourced $15.1 million in mezzanine financing through Centerspace. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson led the JLL Capital Markets Advisory Team. Avalon Apartments and Townhomes will offer 190 apartments and 54 townhomes. The unit …

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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A 466-Unit Project from Saxum Real Estate in Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

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DevelopmentGeorgiaInvestment SalesNewsPeople NewsSoutheast

Brook Farm Group Selects Matt Cotton as Vice President of Land Acquisitions 

by Channing Hamilton

ATLANTA — Brook Farm Group, an Atlanta-based development company, has hired Matt Cotton as Vice President of Land Acquisition. Cotton will be based in the company’s Atlanta office. In this role, Cotton will oversee Brook Farm Group’s strategy to identify and acquire new land sites for multifamily development across the southeast. Cotton previously worked in in the Atlanta suburb of Alpharetta as a director of site selection for the Southeast Region of Trilogy Residences. Prior to this, he served as a real estate development manager for Circle K in Charlotte, North …

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West Side Square in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

West Side Square Development Fund Breaks Ground on 447-Unit Mixed-Use Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund has begun constructing West Side Square, a mixed-use development located at 66 Broadway in Jersey City. West Side Square will offer 477 apartments, as well as 9,814 square feet of ground-floor retail space. Units will come in studio, one, two and three-bedroom floor plans. Planned amenities include a deck with a swimming pool, grilling stations, outdoor lounge areas, a dog run, fitness center, co-working spaces and a community room for private events. West Side Square Development Fund will oversee the construction …

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CaliforniaDevelopmentNewsWestern

Caribou Industries to Build Mixed-Use Development in Downtown Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to build 3rd & Broadway Promenade, a mixed-use development in downtown Santa Ana. Caribou Industries plans to begin construction in the second quarter of 2024. Gensler is serving as architect. Plans for 3rd & Broadway Promenade call for a 16-story high-rise community, which will offer studio, one- and two-bedroom units and 198 secured homeowner garages. The project will also include a 10-story hotel, an event …

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Alexan Summerhill in Atlanta
DevelopmentGeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges Sale of 315-Unit Alexan Summerhill in Atlanta

by Channing Hamilton

ATLANTA — Cushman & Wakefield has arranged the sale of Alexan Summerhill, a recently built 315-unit community in Atlanta’s Summerhill neighborhood. Weinstein Properties purchased the asset from the developers, Trammell Crow Residential and PGIM Real Estate, for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the sellers in the transaction.  Alexan Summerhill was built in 2022 as part of an ongoing 72-acre transformational mixed-use redevelopment plan. The community will feature direct access to the adaptive reuse retail spaces on …

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Provides Financing for Affordable Housing Development in South Hill, Virginia

by Channing Hamilton

SOUTH HILL, VA. — Advantage Capital has provided financing to construct Mecklenburg Manor, a 51-unit affordable housing community in South Hill, a rural town 80 miles south of Richmond. Mecklenburg Manor will comprise seven buildings. The complex will offer one-, two- and three-bedroom units to households earning between 40 and 60 percent of the area median income.  The company has partnered with Gateway Development Associates and NFP Affordable Housing Corp. to construct the community. Advantage Capital invested in the development through the Virginia Housing Opportunity Tax Credit program, which is …

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Randolph Perimeter in Sandy Springs, Georgia
DevelopmentFeaturesFinanceNewsNortheastOperationsWashington, D.C.

Legislation to Establish Workforce Housing Tax Credit Introduced in U.S. Congress

by Channing Hamilton

WASHINGTON, D.C. — Senate Finance Committee Chair Ronald Wyden (D-Ore.), Sen. Daniel Sullivan (R-Alaska) and U.S. Representatives James Panetta (D-Calif.) and Michael Carey (R-Ohio) have introduced the Workforce Housing Tax Credit Act into the U.S. House and Senate. The bipartisan proposal would establish a Workforce Housing Tax Credit (WHTC) that would complement the Low-Income Housing Tax Credit (LIHTC). The Workforce Housing Tax Credit Act would establish a public-private partnership that allows state housing agencies to issue credit allocations to developers through a competitive process. These credit allocations would then subsequently …

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