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Pearl-on-the-River-Deerfield-Beach
DevelopmentFloridaNewsSoutheast

Morgan Breaks Ground on Pearl on the River in Deerfield Beach, Florida

by Lynn Peisner

DEERFIELD BEACH, FLA. — Morgan and Compatriot Capital have broken ground on Pearl on the River, a luxury waterfront community at 451 NE River Drive in Deerfield Beach. Situated along the Hillsboro River in The Cove neighborhood, the project will be comprised of 320 studio, one-, two- and three-bedroom units and a resort-style pool, grill area, dog park, dog wash, car wash, bike storage and a fitness center. A resident-only marina with 13 private boat slips will provide direct access to the Hillsboro River. The development team also will build …

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8-Carlisle-Manhattan
Company NewsDevelopmentFinanceNewsNortheastOperations

JLL Arranges $617M in Financing for Grubb Properties

by Lynn Peisner

NEW YORK CITY AND CHARLOTTE, N.C. — JLL has arranged $617 million in financing for Charlotte, North Carolina-based Grubb Properties, supporting the formation of a new real estate investment trust and the completion of a 64-story apartment tower in Manhattan’s Financial District. JLL’s mergers and acquisitions and corporate advisory group first advised on the merger of several legacy Grubb Properties funds and their rebranding as Link Apartments REIT. The approximately $1.9 billion Grubb Properties-managed REIT has a portfolio of 45 properties, including more than 5,600 multifamily units. In conjunction with …

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The-Cedars-Castro-Valley
BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges $35.6M Bay Area Trade

by Lynn Peisner

CASTRO VALLEY, CALIF. — Felson Cos. has sold a two-property, 135-unit portfolio in Castro Valley to Prime Residential for approximately $35.6 million. Jason Parr, Scott MacDonald and John Hansen of Berkadia San Francisco arranged the sale on behalf of Hayward, California-based Felson, the original developer and longtime owner of both communities. Clay Akiwenzie and Hank Workman also with Berkadia San Francisco arranged a seven-year fixed-rate Freddie Mac loan with full-term interest only on behalf of San Francisco-based Prime Residential. Located approximately 27 miles east of San Francisco, the neighboring properties …

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NOVEL-Norterra-Phoenix
ArizonaDevelopmentNewsWestern

Crescent Communities Closes on Land for NOVEL Norterra in Northern Phoenix

by Lynn Peisner

PHOENIX — Crescent Communities has acquired land and begun construction of NOVEL Norterra, a four-story property on an 8.5-acre site in northern Phoenix. The 248-unit development is part of the 600-acre Norterra mixed-use neighborhood. Amenities include a clubhouse, 1,822-square-foot pool and hot tub area with cabanas and fire features, a pickleball court, dog park, outdoor cooking, dining and gathering areas as well as pedestrian pathways. Development partners include NEC Capital Solutions Limited, Sumitomo Mitsui Trust Panasonic Finance Co., additional Japanese investment and UMB Financial Corp. First move-ins are estimated to …

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Palm-Court-Los-Angeles
CaliforniaInvestment SalesNewsWestern

Prime Residential Buys Palm Court in Los Angeles for $51.3M

by Lynn Peisner

LOS ANGELES — San Francisco-based Prime Residential has acquired Palm Court Apartments in the Miracle Mile neighborhood of Los Angeles for approximately $51.3 million. The seller was a private investor. The 132-unit property was built in 1988 and consists of one-, two- and three-bedroom floor plans as well as a heated pool and a hot tub, fitness center, a rooftop deck and laundry facilities on each floor. Marcus & Millichap represented both parties. Jeff Louks, Gayle Factor and Elliot Sabag represented the seller while Matt Ziegler, Louks, Factor and Sabag …

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410-N-Elizabeth-Chicago
DevelopmentFinanceIllinoisMidwestNews

Joint Venture Closes on Financing for Two-Tower Mixed-Income Development in Chicago

by Lynn Peisner

CHICAGO — Tree Street Group, along with development partners Magellan Development Group and Mark Goodman & Associates, has closed on an undisclosed amount of construction financing obtained through Bank OZK, Beach Point Capital and Circle Property Partners for 410 N. Elizabeth, a 33-story high-rise in Chicago’s Fulton Market neighborhood. It will be the first phase of a two-tower, mixed-use development. 410 N. Elizabeth will include 383 units, with 77 apartments set aside as affordable. Rent restrictions were not disclosed. Upon completion of both phases, the development will comprise about 724 …

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avon-woods-Avon
ConnecticutInvestment SalesNewsNortheast

Chozick Brokers $42M Sale of Avon Woods in Metro Hartford, Connecticut

by Lynn Peisner

AVON, CONN. — Chozick Realty has brokered the sale of Avon Woods, a 189-unit community in Avon, approximately 10 miles northwest of Hartford. The asset traded between two unnamed parties, both represented by Chozick, for $42 million. Located on 47 acres, Avon Woods offers private balconies, a pool, tennis courts and walking trails.

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Aster-Flats-Madison
DevelopmentMidwestNewsWisconsin

Nicholas & Associates Named General Contractor for Aster Flats in Madison, Wisconsin

by Lynn Peisner

MADISON, WIS. — Double Eagle Development and Moyer Properties have selected Nicholas & Associates as the general contractor for Aster Flats, a 263-unit luxury development in Madison. Nicholas & Associates will break ground Aug. 18 on the ground-up development, with construction occuring in phases across the three buildings. Designed by HKM Architects + Planners, Aster Flats will offer studio, one-, two- and three-bedroom floor plans. Amenities include a community lounge, entertainment kitchen, fitness and yoga center, pet grooming stations, a heated outdoor pool, keyless building entry, a secure package room …

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Gateway-Orlando
DevelopmentFloridaNewsSoutheast

JBL, Capstone Building Corp. Break Ground on The Gateway in Orlando

by Lynn Peisner

ORLANDO, FLA. — Capstone Building Corp., a Birmingham, Alabama-based general contractor, has begun building The Gateway in Orlando. Hollywood, Florida-based JBL Development is the developer, and Baker Barrios is the architect. The 417,000-square-foot project will include 270 apartments in one-, two- and three-bedroom floor plans as well as studios and junior one-bedrooms. Units will be equipped with stainless steel appliances, quartz countertops, LED-backlit vanity mirrors and tile showers with glass doors and tile tub surrounds. Amenities consist of a heated saltwater pool with private cabanas, outdoor kitchens and fire pits, …

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Sky-Equities-Fort-Lauderdale
DevelopmentFinanceFloridaNewsSoutheast

Dependable Equities Obtains $54M for Two-Tower Project in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Dependable Equities has obtained a $54 million construction loan from CDK Capital, with Valley National Bank serving as a participating lender, to support the planning and pre-development of two luxury high-rise communities located at 101 SE 7th St. and 633 SE 3rd Ave. in Fort Lauderdale. Dependable Equities is the South Florida division of Sky Equity Group, a New York City-based real estate development firm. Together, the projects encompass approximately 2 million square feet featuring 1,460 condominium and multifamily residences and roughly 14,000 square feet of …

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