Development

The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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36N in Tulsa, Oklahoma
Affordable HousingDevelopmentNewsOklahomaTexas

Pennrose, Tulsa Housing Authority to Develop $190 Million Mixed-Income Project in Tulsa, Oklahoma

by Channing Hamilton

TULSA, OKLA. —  A public-private partnership consisting of Pennrose and the Tulsa Housing Authority will develop 36N, a $190 million mixed-income project in Tulsa. The partnership will redevelop the existing property at the site, a 271-unit community called Comanche Park Apartments, and construct an additional 274 units from the ground up. Once completed, 36N will comprise 545 apartments. The development is part of a larger revitalization initiative known as Envision Comanche. The project will also feature single-family homes, as well as a grocery store, urban farm and dedicated wilderness area. Vertical …

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The Corbin District in Darien, Connecticut
ConnecticutDevelopmentFinanceNewsNortheast

JLL Arranges $165 Million Construction Financing for Phase II of The Corbin District in Darien, Connecticut

by Channing Hamilton

DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use development in downtown Darien. JLL Capital Markets represented the developer, locally based Baywater Properties, to secure a $102 million loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen led the JLL Capital Markets team that arranged the total financing package.  Once complete, The Corbin District will comprise 11 buildings featuring 112 apartments, as well as 78,810 square feet of retail …

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West Side Square in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Partnership Secures $169 Million Construction Loan for 477-Unit Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund, a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for West Side Square in the Journal Square neighborhood of Jersey City. Bravo Property Trust provided the debt. West Side Square will offer 477 units in studio, one- and two-bedroom floor plans. Amenities will include coworking space, an outdoor deck with a pool and grilling stations, fitness center, community room and dog run. The property will also feature 9,841 square …

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DevelopmentGeorgiaNewsSoutheast

Thompson Thrift to Develop 212-Unit The Levi in Atlanta Suburb

by Channing Hamilton

STOCKBRIDGE, GA. — Thompson Thrift has unveiled plans to develop The Levi, a 212-unit community located at 2245 Jodeco Road in the southeast Atlanta suburb of Stockbridge. The Levi will offer one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities will include a fitness center, pool, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.

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3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, Florida
BerkadiaDevelopmentFloridaInvestment SalesNewsSoutheast

Berkadia Brokers $8.5 Million Sale of 22-Acre Development Site in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — Berkadia has negotiated the sale of a 22-acre site located at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million. Ciprés plans to develop a 324-unit community on the site. A construction timeline for the project was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia Florida arranged the deal. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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DevelopmentIndianaMidwestNews

Flaherty & Collins Properties Opens Phase II of The Arbuckle Apartments Near Indianapolis

by Channing Hamilton

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in the western Indianapolis suburb of Brownsburg. The community is located at 7240 Arbuckle Commons. The first phase of the property was constructed in 2018 and offers 310 units ranging in size from studios to two-bedroom townhomes. According to the property website, the second phase brings approximately 100 more apartments to the community.

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Landing at Lemay in Fort Collins, Colorado
ColoradoDevelopmentNewsWestern

Thompson Thrift Plans 344-Unit Landing at Lemay in Fort Collins, Colorado

by Channing Hamilton

FORT COLLINS, COLO. — Thompson Thrift has released plans for The Landing at Lemay in Fort Collins. The Landing at Lemay will comprise 344 units on a 17-acre site. The community will offer carriage homes with apartments built over attached private garages and electric vehicle charging capabilities. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, pool, fire pits, a billiards and shuffleboard area, dog park, pet spa, community-wide Wi-Fi and outdoor entertainment kitchen. Construction is slated to begin in July and move-ins …

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Sack Wern Houses in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

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Lyle in Dallas
DevelopmentLeasing & MarketingNewsTexas

Toll Brothers Apartment Living, Equity Residential Open 334-Unit Lyle in Dallas

by Channing Hamilton

DALLAS — A partnership between Equity Residential and Toll Brothers Apartment Living, the rental division of Toll Brothers, has opened Lyle in Dallas. Construction began on the project in 2022 and was financed by a $55.6 million construction loan from Santander Bank, N.A. Located at 17727 Addison Road, Lyle offers 334 apartments in studio, one-, two- and three-bedroom layouts. Units include smart home technology features such as keyless entry and smart thermostats. Select units also include private balconies, terraces or fenced-in yards. Residents have access to outdoor amenities such as …

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