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Ballantine-Phase-II-Newark
Affordable HousingDevelopmentFinanceNew JerseyNewsNortheast

Shorewood Underway on $190M Second Phase of Brewery Redevelopment in Newark

by Lynn Peisner

NEWARK, N.J. — Bogopa Enterprises and Shorewood Real Estate Group have secured construction financing and are underway on the development of Ballantine Phase II. The $190 million project is the second phase of Shorewood’s redevelopment of the former P. Ballantine & Sons brewery site, where beer was produced in Newark for more than a century before the brewery closed in 1972. Phase I, an $89.5 million, 280-unit development, was completed in 2025. A 57,500-square-foot Food Bazaar will anchor the ground floor of the seven-story, 501-unit second phase. Shorewood Real Estate …

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Ocoee-Townhomes-Florida
BerkadiaBuild-to-RentFinanceFloridaNewsSoutheast

Berkadia Arranges $65.5M Bridge Loan for Ocoee Townhomes in Metro Orlando

by Lynn Peisner

OCOEE, FLA. — Orlando, Florida-based Kimaya, the commercial real estate development subsidiary and affiliate of Park Square Enterprises, has obtained a $65.5 million bridge loan for Ocoee Village Townhomes, a 232-unit build-to-rent townhome community that opened in 2024 in Ocoee, 16 miles west of Orlando. The property is located within the Ocoee Village mixed-use development. Wesley Moczul of Berkadia Orlando led the transaction, with support from Mitch Sinberg, Brad Williamson, Scott Wadler, Matt Robbins and Jacob Kelly of Berkadia Miami. The team arranged the three-year, floating rate loan through Kayne …

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Marina-Shores-Long-Beach
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Truist Provides $152M for Long Beach Office Redevelopment

by Lynn Peisner

LONG BEACH, CALIF. — Truist has provided a $152 million construction loan to Carmel Partners for Marina Shores, a 390-unit mixed-income development underway at 6615 E. Pacific Coast Highway in Long Beach. The San Francisco-based investment and development firm is leading the six-story project, with completion slated for May 2029. The development will replace two older office buildings and surface parking with apartments and 5,351 square feet of ground-floor retail space. A third existing office building on the property will remain. Plans also call for 576 parking spaces, 196 bicycle …

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Perkins-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Fifth Phase of $398M Baltimore Public Housing Redevelopment to Begin this Fall

by Lynn Peisner

BALTIMORE — McCormack Baron Salazar and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. The two phases, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. Perkins Square is replacing Perkins Homes, a 629-unit public housing community built in 1942. Demolition began in 2021 as part of Baltimore’s broader Perkins-Somerset-Oldtown Transformation Plan, a 244-acre redevelopment backed by HUD Choice Neighborhoods funding …

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Northline-Seattle
Investment SalesNewsWashingtonWestern

FPA Multifamily Buys Northline in Seattle for $17.8M

by Lynn Peisner

SEATTLE — Rise Properties Trust has sold Northline, a 111-unit property in Seattle, to FPA Multifamily for approximately $17.8 million. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller and procured the buyer. Located in Seattle’s Bitter Lake neighborhood, Northline offers a resident lounge, dog park and a covered outdoor gathering area with grills, a fireplace and seating.

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Solaris-House-Austin
Investment SalesNewsTexas

Brandywine Realty Trust Sells Solaris House in Austin

by Lynn Peisner

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) has sold Solaris House Apartments, a 341-unit high-rise community in North Austin’s Domain submarket, to Weidner Apartment Homes for an undisclosed sum. The acquisition marks Weidner’s fifth owned asset in Austin. The 13-story community was completed in 2024 and is situated within Uptown ATX, a 66-acre mixed-use development. Amenities include a fitness center, coworking spaces, a pet spa and an outdoor lounge. The community’s rooftop pool deck features private cabanas and grilling stations. JLL arranged the sale on behalf of Brandywine and …

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Lewis-Apartments-Sacramento
Build-to-RentCaliforniaDevelopmentNewsWestern

Lewis Apartments Opens Independence in West Sacramento

by Lynn Peisner

WEST SACRAMENTO, CALF. — Lewis Apartments, the multifamily development and management arm of Upland, California-based Lewis Group of Cos., has completed and opened Independence, a 208-unit, rental townhome community in the Southport area of West Sacramento. The community comprises two- and three-bedroom units ranging from approximately 1,176 to 1,722 square feet, with private entrances, direct-access one- and two-car garages and private outdoor living spaces. Amenities include a heated pool and a hot tub area with cabanas, a 24-hour fitness center, pickleball courts, outdoor barbecue and gathering areas, a fire table, …

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Pennrose-Connecticut
Affordable HousingConnecticutDevelopmentNewsNortheast

Pennrose and Partners Open First Phase of Connecticut TOD Redevelopment

by Lynn Peisner

NAUGATUCK, CONN. — Pennrose and co-developer The Cloud Co., in partnership with the Borough of Naugatuck, have opened the first phase of Platform at Naugatuck, a mixed-income, transit-oriented development about 15 miles northwest of New Haven. According to the Connecticut Housing Finance Authority’s 2024 LIHTC application records, Phase I had a total development cost of approximately $25.1 million. Phase I includes 60 apartments and approximately 3,000 square feet of ground-floor retail space on a long-vacant site along Old Firehouse Road. The one- and two-bedroom units include a mix of market-rate …

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Paramus-Chapter-NJ
Affordable HousingDevelopmentFinanceNewsNortheast

PCCP Provides $163.9M Construction Loan for The Paramus Chapter in New Jersey

by Lynn Peisner

PARAMUS, N.J. — A joint venture between Russo Development and Kushner Real Estate has secured a $163.9 million senior construction loan from PCCP for The Paramus Chapter. Construction of the two-building, 426-unit project began in July. Cushman & Wakefield arranged the loan. Building A will include 166 apartments, comprising 148 market-rate and 18 affordable units, and 5,300 square feet of ground-floor retail. An outdoor pool, a 2,200-square-foot fitness center, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space round out …

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Bainbridge-Midlothian-Virginia
Investment SalesNewsSoutheastVirginia

New York Investor Buys Metro Richmond’s Bainbridge Midlothian for $108M

by Lynn Peisner

MIDLOTHIAN, VA. — Frontier Group of Cos. has acquired Bainbridge Midlothian in the Richmond, Virginia, suburbs for $108 million, marking the Buffalo, New York-based investment firm’s first multifamily acquisition in Virginia. The seller was a joint venture between The Bainbridge Cos. and BVT National Partners, represented by Newmark’s Garrison Gore, Charles Wentworth and Victoria Pickett. Completed in 2024, Bainbridge Midlothian is situated on approximately 25 acres at 12400 Dutton Road in Chesterfield County, 13 miles west of Richmond. The community comprises four residential buildings featuring a mix of studio, one-, …

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