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JPE-DC
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Joint Venture Obtains $40M Loan for Office-to-Residential Conversion in Washington, D.C.’s West End

by Lynn Peisner

WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor. JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, …

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Ram-Four-Hialeah-Florida
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges Acquisition and ReFi Loans Totaling $36.7M for Three Florida Deals

by Lynn Peisner

FORT LAUDERDALE, FLA. — Berkadia has arranged three loans for Fort Lauderdale-based Rental Asset Management (RAM) for three Florida properties. RAM obtained a $10.3 million acquisition loan for RAM Four Hialeah, a 54-unit community in Hialeah that was completed in August. The firm also has refinanced two assets: The Devonshire (36) units in Miami Springs with a $3.24 million Freddie Mac loan and Summer Lake Villas in New Port Richey with a $23.2 million Freddie Mac loan. The Devonshire was developed in 1964, and Summer Lake Villas was built in …

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Stuart-Gardens-Newport-News
Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Merchants Capital Arranges $97.8M for Renovation of Historic Virginia Affordable Housing Property

by Lynn Peisner

NEWPORT NEWS, VA. — Seattle-based affordable housing developer Vitus has begun a $70 million rehabilitation of the 491-unit Stuart Gardens affordable housing community in Newport News. Merchants Capital arranged $97.8 million in permanent and bridge financing for the project, including a $62.8 million HUD-insured loan and $35 million in equity bridge financing. Vitus will modernize the homes, which were constructed in 1941 and are listed on the Virginia Landmarks Register and the National Register of Historic Places. The community originally served as defense housing for military personnel and wartime workers. …

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Ardor-on-the-Bluffs-Bloomington
MidwestMinnesotaNews

Northmarq Arranges $50M Refinancing for Ardor on the Bluffs Twin Cities Metro

by Lynn Peisner

BLOOMINGTON, IND. — Northmarq has arranged a $50 million bridge refinancing loan on behalf of Endres Holdings, owner of the 235-unit Ardor on the Bluffs located at 3701 American Blvd. E. in Bloomington, 11 miles south of Minneapolis. Dan Trebil headed up Northmarq’s Minneapolis-based debt and equity team. The lender was an unnamed insurance company. Completed in December 2024, Ardor on the Bluffs is a six-story luxury property that comprises studios, one- and two-bedroom units along with several lounges and party rooms, a pool, hot tub, fitness center and underground …

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Evergrove-Leander
Investment SalesNewsTexas

Haven Housing Acquires The Evergrove at Crystal Village in Austin Suburb

by Lynn Peisner

LEANDER, TEXAS — Haven Housing, the multifamily and affordable housing division of Los Angeles-based commercial real estate investor BH Properties, has acquired The Evergrove at Crystal Village, a 346-unit garden-style property in the Austin suburb of Leander. The seller and sales price were not disclosed. Located at 2090 Raider Way, The Evergrove was completed in 2024 and is located within Crystal Village, a master-planned, mixed-use development. The property was 92 percent occupied as of September. Situated on 15 acres, The Evergrove comprises a mix of one-, two- and three-bedroom apartments along …

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Avenue-and-Green-Woodbridge
Investment SalesNew JerseyNewsNortheast

Pantzer Buys Transit-Oriented Community in New York City Metro for $79M

by Lynn Peisner

WOODBRIDGE, N.J. — Prism Capital Partners and Northwestern Mutual have sold Avenue & Green in Woodbridge to Pantzer for $79 million. The property has been renamed The Point Woodbridge. JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, Austin Pierce and CJ Anania arranged the sale on behalf of the seller. Avenue & Green was completed in 2021 and comprises 232 units, a resort-style pool, courtyard, grills and outdoor dining areas, fire pit, resident lounge, billiards, shuffleboard, a fitness center, demonstration kitchen, bike storage, coworking space and parking. The property …

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Broadstone-Enderly-Park-Charlotte
DevelopmentInvestment SalesNewsNorth CarolinaSoutheast

Alliance Residential Acquires Land for New Development in Charlotte

by Lynn Peisner

CHARLOTTE, N.C.— Alliance Residential Co. has acquired a 3.4-acre parcel of land at 1306 Berryhill Road in Charlotte’s Enderly Park neighborhood. The Scottsdale, Arizona-based developer will construct Broadstone Enderly Park on the site, a 336-unit community slated for completion in 2028. Cline Design Associates is the architect, The John R. McAdams Co. is civil engineer, and MAD Studio Interiors provided interior design services. Units will range from 600 to 1,280 square feet complemented by such amenities as a clubhouse with a leasing center, fitness center, club room, game room and …

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Reside-on-Jackson-Chicago
FinanceIllinoisMidwestNews

Northmarq Arranges $24.7M Refinancing for Chicago Property

by Lynn Peisner

CHICAGO — Locally based Newcastle Investors has refinanced Reside on Jackson, a 93-unit property in Chicago, with a $24.7 million Fannie Mae loan arranged by Kevin McCarthy of Northmarq. The permanent fixed-rate financing is structured on a five-year term. Located at 1241 and 1245 W. Jackson Blvd., the community was built in 2016 and includes one- and two-bedroom apartments as well as bicycle storage, 24-hour maintenance and concierge services and a rooftop gathering space with grills.

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Ibex-Yonkers
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Breaks Ground on $140M Mixed-Income Development at Yonkers Lifestyle Center

by Lynn Peisner

YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …

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The-Groves-Kent
Investment SalesNewsWashingtonWestern

RISE Properties Sells 366-Unit The Groves in Seattle Metro Area for $72M

by Lynn Peisner

KENT, WASH. — RISE Properties has sold The Groves Apartments (366 units) in Kent to FPA Multifamily for $72 million. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, which acquired the asset in 2019. During its hold, RISE renovated about 68 percent of the units and upgraded amenities and common areas. The property, which has been rebranded as ReNew Meridian, is about 30 miles south of Seattle and includes two- and three-story residential buildings and a clubhouse across 20 acres. It …

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