Development

Millennium Crest Apartments
DevelopmentFinanceNewsTexas

Millennium Crest Receives $55.9 Million Construction Loan for Project in Denton, Texas

by Channing Hamilton

DENTON, TEXAS — Millennium Crest LP has secured a $55.9 million HUD loan for the construction and permanent financing of Millennium Crest Apartments, a 245-unit project in Denton, roughly 50 miles northwest of Dallas. Kevin Gould of Colliers Mortgage arranged the loan, which carries a 40-year term/amortization. Millennium Crest Apartments will offer a mix of 20 studio units, 155 one-bedroom units, and 70 two-bedroom units. Residents will have access to amenities such as a clubhouse, fitness center, pool, rooftop lounge with an outdoor deck and electric vehicle charging stations. Additional …

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DevelopmentFinanceFloridaNewsSoutheast

Joint Venture Obtains $67.5 Million Construction Loan for Project in Davie, Florida

by Channing Hamilton

DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit project in Davie, 25 miles north of Miami. Santander Bank provided the financing. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will offer studio, one-, two- and three-bedroom units ranging from 568 square feet to 1,415 square feet. Amenities …

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Chosewood Park
Affordable HousingDevelopmentFrom the MagazinesGeorgiaMarket ReportsSoutheast

Atlanta Beltline Project Is Transforming Intown Neighborhoods

by Channing Hamilton

The need for affordable housing is palpable across the nation, and Atlanta is no exception to the rule. A 2023 report from the Georgia Department of Community Affairs found that there is an extremely inadequate supply of housing that is affordable and available for all income levels, but especially for the lowest income renter households. In 2021, Atlanta Mayor Andre Dickens established a goal to build or preserve 20,000 units of affordable housing across the city by the end of 2030. And a major contributor to these efforts is the …

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Lexington Gardens
Affordable HousingCaliforniaDevelopmentNewsWestern

EAH Housing Breaks Ground on Affordable Housing Project in West Hollywood, California

by Channing Hamilton

WEST HOLLYWOOD, CALIF. — EAH Housing has begun construction on Lexington Gardens, an affordable housing property in West Hollywood, about eight miles west of Los Angeles. Lexington Gardens offers 47 studio apartments. Studios range from 383 square feet to 447 square feet. The property also includes one two-bedroom, 869-square-foot manager’s unit. The five-story community will be available to families and individuals earning 30 percent and 60 percent of local area median income. Designed by DE Architects and built by Walton Construction, Lexington Gardens will offer amenities such as onsite vehicle and …

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11330 Brigman Road
DevelopmentNewsNorth CarolinaSoutheast

NRP Group Breaks Ground on 377-Unit Project in Matthews, North Carolina

by Channing Hamilton

MATTHEWS, N.C. — The NRP Group has broken ground on a 377-unit development located at 11330 Brigman Road in Matthews, roughly 11 miles southeast of Charlotte. The 15-acre project will offer one-, two- and three-bedroom apartments. The property will also include a pool, dog park, fitness center, business center coworking space and a retail café. The unnamed property will also include 18,900 square feet of commercial space and about 28 apartments reserved for households earning 80 percent of the area median income (AMI). The NRP Group expects to deliver the …

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DevelopmentLeasing & MarketingNewsTexas

Z Modular Begins Leasing FLATZ 830 in Marble Falls, Texas

by Channing Hamilton

MARBLE FALLS, TEXAS — Z Modular, a division of Zekelman Industries, has begun leasing at FLATZ 830, a 264-unit property located in Marble Falls, roughly 50 miles northwest of Austin, Texas. Amenities include a pool, fitness center, multi-sport simulator, pet park, coworking lounge, private conference room and complimentary coffee bar. Units come in studio, one-, two- and three-bedroom floor plans, according to Apartments.com.

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GH 25
DevelopmentFinanceNewsTexas

Dwight Mortgage Trust Provides $48 Million Construction Loan for San Diego Development

by Channing Hamilton

SAN DIEGO — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $48 million construction loan for GH 25, a 114-unit project in San Diego. CAST Development is the borrower and project developer. The loan will be used alongside sponsor equity to fund construction, establish an interest reserve and cover transaction costs for the borrower. The eight-story project will offer 114 studio, one- and two-bedroom apartments. Amenities include a seventh-floor amenity terrace with a plunge pool, fire pits, barbecues and lounge areas. The property will also feature …

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One Twenty Brickell Residences
DevelopmentFinanceFloridaNewsSoutheast

PMG Secures $413 Million Construction Loan for High-Rise Development in Miami

by Channing Hamilton

MIAMI — PMG has received a $413 million construction loan for One Twenty Brickell Residences, a two-tower development in Miami’s Brickell Financial District. Located at 120 S.W. 8th St., the project will consist of an apartment tower and a condominium tower.  The multifamily high-rise will rise 41 stories and offer a mix of studio, one-, two- and three-bedroom apartments. The building will also feature a 48,000-square-foot amenity package, including a pool with a hot tub, fitness center, coworking hub, lounges and a lobby with concierge services. Sentral will operate the …

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Arlington Gateway
DevelopmentIllinoisMidwestNews

Bradford Allen, Moceri+Roszak Top Out 301-Unit Complex in Suburban Chicago

by Channing Hamilton

ARLINGTON HEIGHTS, ILL. — Bradford Allen and Moceri+Roszak have topped out the initial phase of Arlington Gateway, a master-planned community in the northwest Chicago suburb of Arlington Heights. The first phase consists of an eight-story, 301-unit multifamily building with 26,000 square feet of ground-floor retail space. Designed by Thomas Roszak Architecture, the property will offer a mix of studio, one-, two- and three-bedroom floor plans as well as 17,500 square feet of indoor and outdoor amenities. Those include an outdoor pool, fitness center with yoga studio, media rooms, coworking space, …

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RoseMary's Place
Affordable HousingDevelopmentNewsTexas

NHP Foundation Opens $45 Million Supportive Housing Complex in Midtown Houston

by Channing Hamilton

HOUSTON — The NHP Foundation has opened RoseMary’s Place, a $45 million supportive housing complex in Midtown Houston. The four-story, 149-unit building is dedicated to supporting individuals or families who are currently or were recently experiencing homelessness. The NHP Foundation has partnered with nonprofit social services provider Magnificat Houses Inc. to operate RoseMary’s Place, which also offers three multipurpose rooms, two gathering areas, a warming kitchen and a 24-hour staffed entry desk. The City of Houston Housing & Community Development Department provided $18.7 million in financing for the project, while …

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