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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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Ranch- Los-Feliz-Los-Angeles
CaliforniaFinanceNewsWestern

Northmarq Arranges $95.8M in Refinancing Loans for Los Angeles Portfolio

by Lynn Peisner

LOS ANGELES — Locally based E&S Ring Management Corp. has obtained $95.8 million in loans to refinance a six-property, 1,461-unit portfolio. E&S owns and operates the communities, which are located throughout metro Los Angeles. Northmarq’s Nathan Prouty, Andrew Slaton and John Holt arranged the financing, structured as six separate loans, in fixed and floating-rate structures, through lender Voya Investment Management. The financing replaces existing debt across the portfolio, including four loans originally placed with Voya in 2007. The properties include Casa Granada in Brentwood (168 units); Meadows South in Culver …

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Waterfair-Wauwatosa
Affordable HousingDevelopmentMidwestNewsWisconsin

Samapa Development Completes $23M Hotel Conversion in Metro Milwaukee

by Lynn Peisner

WAUWATOSA, WIS. — Brookfield, Wisconsin-based Samapa Development, has completed Waterfair Apartments in Wautosa. The 146-unit, eight-story project was formerly a 198-unit Sonesta Hotel with convention space. Kraus Anderson served as general contractor, and Continuum Architects + Planners was the architect. The Milwaukee Business Journal reports the development cost was approximately $23 million. While not a traditional affordable housing development backed by tax credits, Waterfair offers apartments that are 15 to 20 percent below area asking rents. Samapa says efficiencies gained from the existing concrete structure and mechanical, electrical and plumbing …

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Joyfield-Towns-at-German-School-Richmond
Affordable HousingDevelopmentNewsSoutheastVirginia

Standard Communities Breaks Ground on $88M Affordable Housing Development in Richmond, Virginia

by Lynn Peisner

RICHMOND, VA. — Standard Communities has broken ground on Joyfield Towns at German School, an $88 million development that will include 234 affordable three- and four-bedroom townhomes. The development is located at 250 E. German School Road in the Southside area of Richmond, Virginia. The project takes the latter part of its name from German School Road, which was named for a small school that served the area’s German immigrant community in the early 20th century. All units will be income-restricted, including 62 units for households earning up to 50 …

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Independence-Place-Hinesville
FinanceGeorgiaNewsSoutheast

Newmark Launches Bridge Program with $35M Loan for Georgia Property

by Lynn Peisner

HINESVILLE, GA. — Ponte Vedra Beach, Florida-based MFP Capital has secured a $35 million bridge loan from Newmark for Independence Place, a 264-unit community in Hinesville. The financing, which will provide interim capital before a transition to permanent agency debt, marks the first transaction under Newmark’s new Multifamily Bridge Program. Henry Stimler, Bill Weber and Ricky Warner originated the loan. The program provides short-term financing solutions for qualifying multifamily borrowers seeking to transition into permanent financing through Fannie Mae, Freddie Mac or FHA lending programs. Originated and serviced directly by …

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Ira-D-Hall-Sunnyvale
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Completes Ira D. Hall Square in Silicon Valley

by Lynn Peisner

SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the …

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2185-Coyle-Street-Brooklyn
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Gilbane Buys Development Site in Brooklyn for $37M

by Lynn Peisner

BROOKLYN, N.Y. — Gilbane Development has acquired a mixed-use development site at 2185 Coyle St. in the Sheepshead Bay neighborhood of Brooklyn for $37 million. The 96,000-square-foot lot can support 408,400 square feet of commercial space. The seller was a joint venture between AAG Management and ABS Partners. Ariel Property Advisors, led by Victor Sozio, Michael A. Tortorici, Sean R. Kelly, Shimon Shkury and Remi Mandell, arranged the sale. Gilbane is planning an affordable housing project on the site. Details on this upcoming project have not been disclosed. Gilbane, in …

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