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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

Joint Venture Secures Financing for Affordable Development Near Boston

by Lynn Peisner

EVERETT, MASS. — MassDevelopment has issued a $34.3 million tax-exempt bond to Impact Residential Development and The Neighborhood Developers as part of the funding for an affordable housing project in Everett, six miles north of Boston. The development will include 107 units rented to households earning up to 60 percent of area median income (AMI), 17 units rented to households earning up to 30 percent of AMI and one property-manager unit. Construction is underway and is expected to be completed in May 2027. The tax-exempt bond was purchased by First …

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Emerson-Sleepy-Hollow
Company NewsInvestment SalesNewsNortheast

Toll Brothers Exits Apartment Business With $347 Million Sale to Kennedy Wilson

by Lynn Peisner

FORT WASHINGTON, PA. — Toll Brothers (NYSE: TOL) has agreed to sell its portfolio of stabilized and in-development apartment and student housing properties to Kennedy Wilson (NYSE: KW) for $347 million. The transaction is expected to close in October. As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with a combined total asset value of $2.2 billion. Kennedy Wilson also will acquire a pipeline of 29 sites in various stages of development which, if completed, would total approximately …

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River-House-San-Antonio
Investment SalesNewsTexas

Hixon Properties Sells San Antonio River Walk Asset

by Lynn Peisner

SAN ANTONIO — Newmark has arranged the sale of River House in San Antonio. Locally based, private real estate investment company Hixon Properties, the seller, developed the community in 2015. According to the San Antonio Business Journal, OTH Capital out of Austin, Texas, acquired the 261-unit asset, which was 95 percent occupied at the time the deal closed. River House is located on the city’s pedestrian River Walk, less than half a mile from the San Antonio Museum of Art. Community amenities include an infinity-edge pool, a rooftop terrace and …

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Atlantic-St-Thomas-Charleston
Build-to-RentDevelopmentNewsSouth CarolinaSoutheast

Middlestreet, Singerman Announce Charleston BTR Project

by Lynn Peisner

CHARLESTON, S.C. — Middlestreet Partners and Singerman Real Estate are developing Atlantic St. Thomas, a 71-unit, build-to-rent project in Daniel Island, a planned community and neighborhood located in Charleston. Middlestreet is a Charleston-based multifamily investment and development company, and Singerman is a Chicago-based real estate investment firm. Construction will begin in early 2026. First move-ins are expected by spring 2027. Middle Street Construction will serve as the development’s general contractor. Other partners include Sitecast as civil engineer, Cissell Design Studio as conceptual designer and land planner, Studioforme as landscape architect …

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Investment SalesNewsOklahoma

Colliers Arranges Two Tulsa Deals

by Lynn Peisner

TULSA, OKLA. — Colliers has arranged two sales in the greater metro Tulsa area. Cedar Park Apartments, previously known as Westminster Apartments, traded for $31.3 million, and The Arlo at River’s Edge traded for an undisclosed amount. A local, unnamed investment group sold Cedar Park to Atlas Property Management. Two- and three-bedroom units account for the majority (94 percent) of the asset’s unit mix. The seller invested approximately $4 million in recent capital improvements during its hold period. Capital Assets acquired The Arlo at River’s Edge from Gold Wynn Residential. …

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The-Mason-Chicago
IllinoisInvestment SalesMidwestNews

Waterton Buys Fulton Market High-Rise for $90 Million

by Lynn Peisner

CHICAGO — Waterton has acquired The Mason, a 263-unit high-rise in Chicago’s Fulton Market district. According to CoStar, the asset traded for approximately $90 million, and the seller was a joint venture between Marquette Cos. and an affiliate of Deutsche Bank, which developed the property in 2019. Floorplans at The Mason include studios and one-, two- and three-bedroom apartments. Waterton plans to implement a light value-add program, which will include flooring upgrades in the units and enhancements to common areas and amenity spaces. The property features a pool, a fitness …

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626-Newark-Avenue-Jersey-City
DevelopmentFinanceNew JerseyNewsNortheast

Namdar Group Lands $220 Million Bridge Loan for Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. — Namdar Group has secured a $220 million bridge loan to refinance 626 Newark Avenue, a 576-unit, mixed-use project under development in Jersey City. The developer secured construction financing back in January 2024. Completion is slated for 2026. Walker & Dunlop arranged the financing with a team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer. TYKO provided the capital.

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Broadstone-Los-Feliz-Los-Angeles
CaliforniaFinanceNewsWestern

Mesa West Capital Provides $43.5 Million ReFi to Alliance Residential-Led Partnership

by Lynn Peisner

LOS ANGELES — Mesa West Capital has provided a $43.5 million refinancing loan to Alliance Residential and PCCP, joint venture owners of Broadstone Los Feliz in Los Angeles. The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly. The property was 95 percent occupied at loan closing. Developed in 1986, Broadstone Los Feliz features a mix of studio, one- and two-bedroom apartments and an amenity package that includes a rooftop lounge and barbecue area with views of the Griffith …

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Fountain-Park-San-Jose
Affordable HousingCaliforniaInvestment SalesNewsWestern

Sack Capital Partners, Belveron Partners Acquire Fountain Park in San Jose

by Lynn Peisner

SAN JOSE, CALIF. — Sack Capital Partners and Belveron Partners have acquired the 164-unit Fountain Park in San Jose for $52 million. The property, developed in 1974, is comprised of studios and one- and two-bedroom units, many of which have been recently renovated. The new owners will convert a portion of the remaining units to affordable housing. Income caps were not disclosed. Amenities at the property include a clubhouse, barbecue area, a resort-style pool with a hot tub, a sauna, covered parking with electric vehicle charging stations and dog park. …

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Flager-Fort-Lauderdale
DevelopmentFinanceFloridaNewsSoutheast

JLL Arranges Construction Financing for Fort Lauderdale Project

by Lynn Peisner

FORT LAUDERDALE, FLA. — JLL has arranged a $28 million loan, provided by Goldman Sachs, for the development of URBANIA Flagler 1 Ave in Fort Lauderdale. The borrower and developer is Hollywood, Florida-based Continua Developments, a development company that was active in Colombia before doing business in the United States starting in 2021. JLL Capital Market’s Debt Advisory team was led by Max La Cava, Jimmy Calvo and Kenny Cutler. Continua is partnering with SP Developments, a Miami-based residential developer, on the URBANIA project. Construction started earlier this year, and …

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