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The-Alan-Muncie
Affordable HousingDevelopmentIndianaMidwestNews

Affordable Housing Redevelopment The Alan Opens in Muncie, Indiana

by Lynn Peisner

MUNCIE, IND. — Indianapolis-based developer TWG has opened The Alan, a 120-unit affordable housing community in Muncie. Denver-based STUDIO Architecture designed the property. Located at 2430 W. Kilgore Ave. along the White River, The Alan is a redevelopment of the former Endzone Bar & Grill site. Units are reserved for tenants earning up to 50 to 60 percent of the area median income. The community includes a mix of one-, two- and three-bedroom units. The Alan includes a leasing office, fitness room, community room, bike storage, playground, dog park, garden …

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Livewell-Bluffton
Affordable HousingDevelopmentNewsSouth CarolinaSoutheast

Woda Cooper and Partners Break Ground on $39M Livewell Terrace in Bluffton, South Carolina

by Lynn Peisner

BLUFFTON, S.C. — Beaufort Memorial and Woda Cooper Cos. have begun construction of Livewell Terrace, a 120-unit affordable housing community in Bluffton, 23 miles northeast of Savannah, Georgia. The project consists of a mix of one-, two- and three-bedroom units rented at monthly rates ranging from $700 to $1,725. Amenities will include a business center, fitness facility, playground and community park. Livewell Terrace is being constructed on 7 acres of land provided by Beaufort Memorial, a nonprofit hospital system. The community is intended to serve healthcare workers. The $39 million …

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196-Bowery-NYC
Investment SalesNew YorkNewsNortheast

Javeri Capital Buys Manhattan Mixed-Use Property for $11.4M

by Lynn Peisner

NEW YORK CITY — Bowery Square Corp. has sold 196 Bowery, a mixed-use property in Manhattan’s NoLita neighborhood, to Javery Capital for $11.4 million. The eight-story, 13,000-square-foot building sits on about half an acre between Spring and Prince streets and includes ground-floor retail occupied by Genyth Tattoo with seven apartments, all with private terraces, above. Matt Fotis, Colton Traynham and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both headquartered in New York City.

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Affordable HousingDevelopmentFinanceNewsNortheast

PNC Bank Closes $251.4M Fund to Support 16 Affordable Housing Projects

by Lynn Peisner

PITTSBURGH — PNC Bank has closed the Low-Income Housing Tax Credit (LIHTC) Fund 104, a $251.4 million fund focused on the development and preservation of affordable rental housing across the United States. The fund includes investments from nine financial services and insurance companies, as well as PNC. Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 affordable units for families and seniors. The portfolio includes a mix of new construction and rehabilitation developments in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and …

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Dan-Sacks-CFG
Company NewsFinanceNewsPeople News

CFG Bank Launches CFG Mortgage Partners, Appoints Dan Sacks to Lead New Initiative

by Lynn Peisner

BALTIMORE — CFG Bank, servicing the nationwide healthcare and multifamily financing industries as well as the Mid-Atlantic commercial banking market, has launched CFG Mortgage Partners, a group dedicated to customized multifamily debt products. CFG Mortgage Partners will focus on providing capital solutions to meet the needs of multifamily owners, developers and investors across the country. The new business will expand on CFG’s real estate and corporate banking options, including agency, HUD and Commercial Mortgage-Backed Securities (CMBS) lending services. CFG has appointed Dan Sacks managing partner of CFG Mortgage Partners. Based …

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Carrena-Buford
DevelopmentGeorgiaNewsSoutheast

Vida Cos. to Build Carrena in Buford, Georgia

by Lynn Peisner

BUFORD, GA. — Vida Cos. has closed on financing for the construction of Carrena, a ground-up development in in the northern Atlanta suburb of Buford. The 289-unit Carrena is the first of three planned projects supported by capital from the $47 million, still-open Vida Opportunities Fund. Carrena will be comprised of four-story buildings served by elevators and such amenities as a saltwater pool, fitness center with yoga facilities, piano lounge, rooftop deck and lounge and a nature trail. The community will include one-, two- and three-bedroom floor plans. The design …

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Harpers-Mill-Houston
BerkadiaInvestment SalesNewsTexas

12ten Capital Acquires Harper’s Mill in Houston

by Lynn Peisner

HOUSTON — Interurban Cos. has sold Harper’s Mill, a 180-unit property built in 1984, to 12ten Capital for an undisclosed sum. Located in Northwest Houston, Harper’s Mill is comprised of a mix of one- and two-bedroom floor plans, including one-bedroom townhomes. The Berkadia Houston Investment Sales team representing Centennial, Colorado-based Interurban was led by Kyle Whitney, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel, Jed Dalton and Tucker Fama. Brad Williamson, Mitch Sinberg, Scott Wadler, Matthew Robbins and Kyle Ryan of Berkadia Miami and Boca Raton secured the financing on …

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Latitude-Everett
Investment SalesNewsWashingtonWestern

Jackson Square Sells Latitude in Everett, Washington, for $24.5M

by Lynn Peisner

EVERETT, WASH. — Jackson Square Properties has sold Latitude, a 108-unit property in Everett’s Lake Stickney neighborhood, to Bridge Housing for approximately $25.4 million. The asset was developed in 1986. Its six residential buildings along with a standalone clubhouse are situated on 4 acres. Amenities include a courtyard with a barbecue area and firepit, fitness center and a fenced-in dog park. The unit mix is comprised of one- and two-bedroom floor plans. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the San Francisco-based seller and …

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1740-Broadway-NYC
DevelopmentFinanceNew YorkNewsNortheast

Madison Realty Capital Originates $480M Loan for Midtown Manhattan Office-to-Residential Project

by Lynn Peisner

NEW YORK CITY — Madison Realty Capital has originated a $480 million loan for the office-to-residential conversion of 1740 Broadway in Midtown Manhattan. Yellowstone Real Estate Investments was the borrower, while Ackman-Ziff’s Jason Krane, Russ Schildkraut and Simon Ziff arranged the financing. The 523,051-square-foot, 27-story office building will be converted to a residential community consisting of 238 multifamily units and 182 condos. Amenities will include a resort-style lap pool, hot tub, a speakeasy bar in the building’s original bank vault and lounge and deck spaces. The property also includes 18,055 …

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Joyfield-at-Lakeview-Antioch
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Standard Communities Secures $53.1M for LIHTC Development Near San Francisco

by Lynn Peisner

ANTIOCH, CALIF. — Walker & Dunlop has arranged a $53.1 million loan for the construction of Joyfield at Lakeview Center, a Low-Income Housing Tax Credit (LIHTC) affordable housing community in Antioch, approximately 45 miles west of San Francisco. Standard Communities is the developer and borrower. Joyfield Lakeview Center consists of 233 units across seven three- and four-story buildings that will be reserved for tenants earning up to 30 or 70 percent of area median income. Amenities include a clubhouse, fitness center, business center, playground, courtyard and dog park. Completion is …

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