Finance

A 3D render of the redevelopment of Mazza Gallerie in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Tishman Speyer Secures $150 Million to Redevelop Mazza Gallerie Mall in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan for the redevelopment of Mazza Gallerie, a former shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the loan. Mazza Gallerie will be converted into a mixed-use community with 320 apartment units, over 800 parking spots and 90,000 square feet of retail space. The mall’s 70,000-square-foot retail concourse will be anchored by a T.J. Maxx. The project’s residential component and first retail openings are expected to complete in 2025. Davis Construction and Smoot Construction are …

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A property belonging to The Jefferson MacDonough Profile in Brooklyn, New York
DevelopmentFinanceNew YorkNewsNortheast

National Equity Fund, Iris Holdings Group Provide $12.5 Million to Refinance Workforce Housing Portfolio in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — National Equity Fund, in partnership with Iris Holdings Group, has provided a $12.5 million loan to refinance a portfolio in Brooklyn through the firm’s Workforce Housing Innovation Fund. Iris Holdings Group is managing the development of the portfolio, which is called The Jefferson MacDonough Portfolio. The Jefferson MacDonough Portfolio comprises 56 units across five buildings in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-, two- and three-bedroom units. 

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499 President St. in Brooklyn, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …

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A 3D render of Atlantica at Daytona in Daytona, Florida.
DevelopmentFinanceFloridaNewsSoutheast

Joint Venture Secures $77 Million to Construct Atlantica at Daytona in Daytona Beach, Florida

by Channing Hamilton

DAYTONA BEACH, FLA. — A joint venture between Sovereign Properties and Invest Capital Group has secured $77 million in construction financing to develop Atlantica at Daytona, a garden-style community in Daytona Beach. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL Capital Markets arranged the three-year, 75 percent loan to cost, construction loan through Broadshore Capital Partners. Atlantica at Daytona will offer 341 one-, two- and three-bedroom units, and is slated for completion in October 2024. Amenities will include a pool, BBQ grill station, outdoor summer kitchen, dog park, co-working space, game …

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A 3D render of Sackett Place and Society Brooklyn in Brooklyn, N.Y.
DevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $520 Million Capitalization for Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture between Property Markets Group and Carlyle has secured $520 million in financing for the development of Sackett Place and Society Brooklyn. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL Capital Markets arranged the $335 million construction loan, and also secured the project’s $165 million limited partnership equity. Sackett Place and Society Brooklyn comprises two high rise towers in in Brooklyn’s Gowanus neighborhood. Once completed in 2025, the property will offer 517 units and 10,000 square feet …

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Village at Pioneer Park in Peoria, Arizona.
ArizonaBuild-to-RentDevelopmentFinanceNewsWestern

Empire Group Secures $120.5 Million in Financing for Two BTR Communities Near Phoenix

by Channing Hamilton

PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park. Empire Group also received $42 million …

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Vinty in Elizabeth, N.J.
FinanceNew JerseyNewsNortheast

LeCesse Development Corp., MAS Development Group Secure $97.3 Million Financing for Vinty in Elizabeth, New Jersey

by Channing Hamilton

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group has secured $97.3 in financing for Vinty, a 267-unit mixed-use development in Elizabeth. Michael Klein, Steven Klein, Gerard Quinn and Benjamin Morgenthal of JLL Capital Markets arranged the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management. Delivered in 2022, Vinty offers studio, one- and two-bedroom apartments, as well as 32,000 square feet of ground-floor retail space. Amenities include a fitness center, yoga studio, pool, outdoor summer kitchen and theater, lounge, a golf simulator, dog park and co-working …

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A 3D render of EDEN at Tradition in Port St. Lucie, Florida
DevelopmentFinanceFloridaNewsSoutheast

EDEN Living Secures Joint Venture Equity for 214-Unit BTR Development in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — EDEN Living has received joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie. Max La Cava, Kenny Cutler and Shane Ciacci of JLL Capital Markets JLL worked on behalf of EDEN Living to secure the joint venture equity. The community is currently slated for completion in 2025, and will feature two and three-bedroom townhome units with attached garages and private backyards. EDEN at Tradition is part of Tradition, an 8,300-acre master-planned development that includes office, retail, single-family, …

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DevelopmentFinanceNew YorkNewsNortheast

Northwind Group Provides $100 Million in Financing for The Hudson Hotel Conversion in New York City

by Channing Hamilton

NEW YORK CITY — Northwind Group has provided a $100 million senior A-Note as part of a $207 million senior lease-hold mortgage for the redevelopment of The Hudson Hotel in the New York City borough of Manhattan. The Hudson Hotel is a 24-story former 878-key hotel, which is being converted into 441 apartments and 51,500 square feet of retail space. The property was acquired by a repeat borrower of Northwind Group. It was originally capitalized by Montgomery Street Partners as the fee holder and Parkview Financial, who provided a leasehold mortgage in …

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South Pier at Tempe Town Lake in Tempe, Arizona
ArizonaDevelopmentFinanceNewsWestern

McBride Cohen Secures $53.2 Million in Financing for South Pier at Tempe Town Lake in Tempe, Arizona

by Channing Hamilton

TEMPE, ARIZ. — The McBride Cohen Co. has secured a $53.2 million mezzanine debt investment to develop the first phase of South Pier at Tempe Town Lake, a waterfront project on Tempe Town Lake in Tempe. The mezzanine debt investment loan was originated by Pearlmark on behalf of Pearlmark Mezzanine Realty Partners and a commingled investment vehicle managed by Waterton. Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities. Waterton is a property investment and management company with a focus on multifamily, senior living …

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