Development

Blue-Hill-Watchung
DevelopmentFinanceNew JerseyNewsNortheast

JV Developers Lock in Financing for $102.9 Million Somerset County Project

by Lynn Peisner

WATCHUNG, N.J. — JLL Capital Markets has arranged construction debt and equity for developers building Blue Hill at Watchung, a $102.9 million community in Watchung, 30 miles west of Manhattan. Completion is slated for 2026. The Sterling Properties Group and Danbro Properties are the developers. The property benefits from a 30-year PILOT (payment in lieu of taxes) agreement with the Borough of Watchung. PILOT agreements are government-sponsored incentives for developers to build housing, whereby the property owner pays an agreed-upon annual fee to a municipality versus traditional yearly property taxes. …

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Pico-Blvd
CaliforniaDevelopmentInvestment SalesNewsWestern

CBRE Arranges $24 Million West L.A. Land Sale

by Lynn Peisner

LOS ANGELES — CBRE has arranged a $24 million land sale in West Los Angeles. The 1.7-acre multifamily development site, located at 9700-9740 W. Pico Blvd., was acquired by an LLC doing business as Pico BWB. The site is approved for the development of up to 200 apartments. The seller was not disclosed. CBRE’s Melinda Russell and Josh Samuels represented both parties in the transaction. The site is within walking distance of Century City and adjacent to Beverly Hills in the Beverlywood neighborhood.

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Veer
DevelopmentNewsTexas

Pfluger, SHIR Complete Austin Adaptive Reuse Project

by Lynn Peisner

AUSTIN, TEXAS — Pfluger Architects and developer SHIR Capital have completed construction on Veer Apartments in Austin, a 174-unit redevelopment of a former Quality Inn. Development partners include Austin Outdoor Design and Avas Construction. Originally a four-story building, the design added a fifth level. Each of the studio apartments offer vinyl hardwood flooring, a kitchen with stainless steel appliances and granite countertops and fully remodeled bathrooms with tiled showers and new vanities. The renovation added a fitness center and an outdoor pool to the property to complement the business center, …

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DevelopmentGeorgiaNewsSoutheast

Alliance Residential Buys Charleston Land for Joint Project with MAA

by Lynn Peisner

CHARLESTON, S.C. — Alliance Residential Co. has acquired about 19 acres of land at 1730 Clements Ferry Road in Charleston for the development of MAA Point Hope, a 336-unit community Alliance is developing in partnership with MAA. The site is located within the 9,000-acre master-planned community of Point Hope. MAA Point Hope will include six three-story and two four-story residential buildings and a freestanding clubhouse. Units will include granite countertops, stainless steel appliances, screened-in balconies, wood-style flooring and a washer and dryer in every apartment. Community amenities will include a …

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Waterline-Austin
DevelopmentNewsTexas

Lincoln Property Co., Kairoi Top Out 74-Story Waterline Mixed-Use Tower in Downtown Austin

by Lynn Peisner

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has topped out Waterline, a 74-story mixed-use tower located at 98 Red River St. in downtown Austin. The property gets its name from the site’s location near the nexus of Waller Creek and Lady Bird Lake. According to the development team, at 1,025 feet, Waterline is now the tallest building in Texas, eclipsing JPMorgan Chase Tower in Houston, which had allegedly been the state’s tallest building since 1981. Construction of Waterline began in fall 2022 …

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Tricon-Simpsonville
Build-to-RentDevelopmentNewsSouth CarolinaSoutheast

Tricon Breaks Ground on South Carolina BTR Project

by Lynn Peisner

SIMPSONVILLE, S.C. — Tricon Residential has broken ground on Tricon Simpsonville, a 93-unit, build-to-rent community in Simpsonville, 12 miles south of Greenville, South Carolina. The property will consist of three-bedroom townhomes with two-car garages, fenced front yards, quartz countertops and wood-style flooring. Each unit will feature smart-home technology such as automatic thermostat control, keyless entry and leak-detection sensors. Amenities include a pool, firepit, pond, playground, dog park, amphitheater, and pickleball and tennis courts. Residents also will have access to a resource called Tricon Vantage, which includes a credit-building program, down …

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Royal-Palms-Main-Street
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Ceiba Groupe Receives $40.2 Million Construction Loan for Jacksonville Project

by Lynn Peisner

JACKSONVILLE, FLA. — Ceiba Groupe, a Fort Lauderdale-based developer, has received a $40.2 million construction loan for Royal Palms Main Street, a community in Jacksonville that is slated for completion in the first quarter of 2027. JLL arranged and Crestline Investors originated the loan. The 227-unit community Royal Palms Main Street will feature 168 elevator-serviced, garden-style apartments and 59 townhomes. Units will be offered as one- and two-bedroom apartments and three- and four-bedroom townhomes. Amenities include a clubhouse, a pool, fitness center, a dog park and spa, a playground, climate-controlled …

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326-Rockaway
Affordable HousingDevelopmentNew YorkNewsNortheast

Construction Wraps on Brooklyn Affordable Housing Development

by Lynn Peisner

NEW YORK CITY — Slate, RiseBoro and Goldman Sachs have completed 326 Rockaway Avenue, a 216-unit affordable housing development in the Brownsville neighborhood of Brooklyn. One hundred thirty units are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning no more than 60 percent of area median income. Amenities at the community include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom.

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Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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440-Alfred-Bedrock
DevelopmentMichiganMidwest

Bedrock Completes Detroit Ground-Up Neighborhood

by Lynn Peisner

DETROIT — Bedrock has completed City Modern, a concentration of 20 newly constructed buildings, three rehabbed historic mansions, neighborhood amenities and 31,000 square feet of retail space in Detroit’s Brush Park neighborhood. The new 8-acre neighborhood includes 450 residences in a mix of apartments, townhomes, carriage homes and condominiums. The Detroit-based master developer began the project in 2015. Six architects worked on City Modern: Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. Housing includes The Residences at City Modern, which offers 286 …

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