Development

102-Fleet-Brooklyn
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Originates $300M Refinancing for 102 Fleet in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y. — Affinius Capital has originated a $300 million refinancing loan for 102 Fleet, a 495-unit, 30-story development with 3,700 square feet of ground floor retail space in Brooklyn. The Jay Group is the borrower, using funds to complete construction and lease the property to stabilization. The development site was acquired in 2024. Henry Bodek of Galaxy Capital arranged the financing. The building is comprised of 108 studios, 97 one-bedrooms, 262 two-bedrooms and 28 three-bedrooms. Amenities include a rooftop pool offering skyline views, a gym and spa with steam …

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The-Caroline-Apartments-NYC
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Jonathan Rose Cos. Buys Upper Manhattan Affordable Community for $53M

by Lynn Peisner

NEW YORK CITY — Jonathan Rose Cos. has acquired The Caroline Apartments, a 126-unit Section 8 community in New York, for $53 million. This sale marks the eighth transaction under the $660 million Rose Affordable Housing Preservation Fund VI earmarked for preserving existing affordable and mixed-income housing. Locally based Jonathan Rose is planning a $19.7 million renovation that will upgrade The Caroline’s building systems and unit interiors, targeting Enterprise Green Communities certification, an energy-efficiency program specifically for affordable housing properties. The Caroline was built in 1980 and renovated in 2008. …

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Residences-at-Bay-Terrace-Queens
DevelopmentFinanceNew YorkNewsNortheast

Cord Meyer Development Secures Construction Loan to Build Out Bay Terrace Site in Queens

by Lynn Peisner

QUEENS, N.Y. — Avison Young has arranged a $75 million construction loan on behalf of Cord Meyer Development for Residences at Bay Terrace. The lender was New York Life Investment Management’s Real Estate Advisors. The community will be comprised of 145 units across two five-story buildings on-site at the Bay Terrace Shopping Center in Queens. Avison Young’s team was led by Scott Singer, Andy Singer, Kevin Swartz, Kathleen McSharry and David Brucker. Floor plans will be available in one-, two- and three-bedroom layouts, many with private terraces or balconies, and …

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Grants-Mill-Irondale
AlabamaDevelopmentNewsSoutheast

Alabama Developer-Contractor Team Breaks Ground on The Current at Grants Mill in Metro Birmingham

by Lynn Peisner

IRONDALE, ALA. — Capstone Building Corp. has broken ground on The Current at Grants Mill, a 48-acre community StoneRiver Co. is developing eight miles east of Birmingham, Alabama. The 330-unit property will be comprised of a variety of home types, including garden-style apartments, townhomes and cottages. Floor plans will be available in two- to three-bedroom formats. Some townhomes and cottages will feature fenced-in backyards. A clubhouse with coworking space, two resort-style pools, a fitness center, dog park and game lawn are highlights of the amenity package. Both Capstone and StoneRiver …

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Versant-Bellevue-Washington
DevelopmentNewsWashingtonWestern

High Street Residential, PGIM Begin Construction of Versant Bellevue in Washington State

by Lynn Peisner

BELLEVUE, WASH. — High Street Residential (HSR), a subsidiary of Trammell Cros Co., and PGIM have broken ground on Versant Bellevue, a 351-unit property adjacent to the East Main Light Rail Station in Bellevue. The project is slated for completion in the third quarter of 2028. Located at 11040 Main St., the new development will occupy 1.7 acres and will replace an existing two-story office building. The development team closed on the land on March 13. Chad Waldbaum of JSH Properties represented HSR in the transaction. The architect is Weber …

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Liva-Travelers-Rest
DevelopmentNewsSouth CarolinaSoutheast

Capstone Building Corp. Breaks Ground on Liva in Travelers Rest, South Carolina

by Lynn Peisner

TRAVELERS REST, S.C. — Capstone Building Corp. has broken ground on the $28.1 million Liva in Travelers Rest. Liva will feature 32 three-bedroom townhomes and five garden-style apartment buildings containing a total of 120 units. Greenville, South Carolina-based Clear Mountain Properties is the developer, and Capstone Building Corp. will serve as the general contractor. S3 Capital provided a construction loan for the project back in February. Amenities include a clubhouse, a pool, a bike-storage barn and public walking trails. Completion is slated for 2027.

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4th-&-Harrison-Seattle
DevelopmentNewsWashingtonWestern

JPI, Stream Real Estate Buy Parcel in Uptown Seattle for Future 10-Story Family Community

by Lynn Peisner

SEATTLE — JPI has acquired a development site at 400 4th Ave. W. in Seattle. The Dallas-based developer, in partnership with Seattle-based Stream Real Estate, plans to build a 10-story, 189-unit community on the parcel. The partners have not disclosed specifics about the project but say two- to three-bedroom floor plans designed with families in mind will take priority. Construction is expected to begin in spring 2027.

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DevelopmentNewsNorth CarolinaSoutheast

Alliance Residential Buys Land for Metro Charlotte’s Broadstone Bryton

by Lynn Peisner

HUNTERSVILLE, N.C. — Alliance Residential Co. has closed on a 20.4-acre land sale for the development of Broadstone Bryton, a 359-unit community in Huntersville, 12 miles north of Charlotte. The Arizona-based developer estimates the project will be complete by the second quarter of 2028. The Broadstone Bryton site is adjacent to the Bryton Town Center and part of the 450-acre Bryton master-planned community. Broadstone Bryton will feature 10 three story residential buildings and a freestanding clubhouse. Cline Design Associates is the architect. Amenities to support the one-, two- and three-bedroom …

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Bruce-Thompson-Scott-Manning
Affordable HousingDevelopmentFeaturesInvestment Sales

Opportunity Zone Program Presents Strategic Window for Multifamily and Affordable Housing Investment

by Lynn Peisner

By Scott Manning and Bruce Thompson Real estate developers, investors, and community leaders have a unique opportunity in the coming months to ensure that state officials appropriately designate low-income census tracts that will most benefit from investment dollars related to the federal Opportunity Zone program. Since the enactment of the program in 2017, Qualified Opportunity Zones across all 50 states, the District of Columbia, and U.S. territories have attracted significant private investment, fueling housing development, job creation and economic revitalization in underserved communities. With the current Opportunity Zone program set …

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Alta-Preserve-Allen
DevelopmentNewsTexas

Wood Partners Breaks Ground on Alta Preserve in Allen, Texas

by Lynn Peisner

ALLEN, TEXAS — Atlanta-based developer Wood Partners has broken ground in Allen on Alta Preserve, a 311-unit community located within The Farm mixed-use, master-planned development about 30 miles north of Dallas. Completion is slated for the second quarter of 2027. At build out, residents will have access to pocket parks, a 2.5-acre lake and 2.5 miles of hiking and biking trails that connect to the city’s broader trail system. Alta Preserve marks Wood Partners’ third phase of construction at The Farm. The firm completed Alta at The Farm in 2023, …

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