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Fourteen Main Street Residences in Miami

Starwood Property Trust Provides $63.5 Million in Refinancing for Mixed-Use Project in Miami

by Channing Hamilton January 2, 2025

MIAMI, FLA. — Starwood Property Trust has provided $63.5 million for the refinancing of Fourteen Main Street Residences, a two-tower mixed-use development located at 1470 NW 36th St. in Miami. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia negotiated the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors. Once completed in the first quarter of 2025, Fourteen Main Street Residences will consist of 14-story building that houses 180 apartments, and a five-story building with 57 units. The community will offer studio, …

January 2, 2025

Development Finance New Jersey News Northeast

TYKO Capital Provides $245 Million Construction Loan for Jersey City High-Rise Project

by Channing Hamilton January 2, 2025

JERSEY CITY, N.J. — TYKO Capital has provided $245 million in construction financing for The Greyson, a 622-unit mixed-use community in Jersey City’s Journal Square neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres. Once completed in the first quarter of 2026, The Greyson will rise 28 stories. The building will house studio, one-, two- and three-bedroom apartments. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and …

January 2, 2025

Affordable Housing California Development Finance News Western

Impact Housing, Verbena Road Holdings Secure $112.2 Million Construction Financing for Affordable Housing Project in San Diego, California

by Channing Hamilton December 24, 2024

SAN DIEGO, CALIF. — Impact Housing and Verbena Road Holdings have secured $112.225 million in financing for the construction of Mission Gorge, a 483-unit affordable housing development located at 6171 Mission Gorge Road, roughly 8 miles north of downtown San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Markets worked on behalf of the borrower to secure an $85.225 million, three-year, floating rate senior construction loan through ACORE CAPITAL. JLL also arranged $27 million in preferred equity with Ascendant Capital Partners. Mission Gorge will feature a mix …

December 24, 2024

Build-to-Rent Development Florida Investment Sales News Southeast

Taylor Morrison Acquires Build-to-Rent Development Site in Apollo Beach, Florida

by Channing Hamilton December 24, 2024

APOLLO BEACH, FLA. — Scottsdale, Arizona-based Taylor Morrison has purchased a 25.7-acre development site located within the 2,734-acre Waterset master-planned community in Apollo Beach, roughly 18 miles south of Tampa, Florida. Matt Mitchell and Chris Burtner of Berkadia North and Central Florida arranged the deal on behalf of the seller, Brookfield Residential, which is based in Costa Mesa, California. Taylor Morrison plans to develop a build-to-rent (BTR) community on the site. The asset will feature a mix of one-, two- and three-bedroom single-family rental units, with each residence including a …

December 24, 2024

Finance New York News Northeast

Alloy Development Receives $290 Million Recapitalization for Brooklyn Residential Tower

by Channing Hamilton December 24, 2024

NEW YORK CITY — Alloy Development has secured a $290 million recapitalization financing for 505 State Street, a 440-unit high-rise property in downtown Brooklyn. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL Capital Markets worked on behalf of the borrower in arranging the five-year, fixed-rate senior loan through New York Life. Completed in 2024, 505 State Street comprises 318,589 rentable square feet. The property offers studio, one-, two- and three-bedroom floor plans. The average unit size is 659 square feet. Amenities include a fitness center, yoga studio, pool, communal …

December 24, 2024

Investment Sales News Texas

Harvest Equities Acquires 680-Unit The Place at Castle Hills in San Antonio

by Channing Hamilton December 23, 2024

SAN ANTONIO — Philadelphia-based Harvest Equities has purchased The Place at Castle Hills, a 680-unit community in San Antonio. MC Cos. sold the asset for an undisclosed price. Built on 23 acres in 1984, The Place at Castle Hills offers one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of Institutional Property Advisors, a division of Marcus & Millichap, negotiated the deal.

December 23, 2024

Affordable Housing Development Finance Massachusetts News Northeast

The Community Builders Secures Financing for Affordable Housing Redevelopment in Boston

by Channing Hamilton December 23, 2024

BOSTON — The Community Builders has received an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit complex that is designed to support individuals previously experiencing homelessness. Units will be reserved for households earning 30 percent or less of the area median income. The property will include office and community spaces on the ground floor. The development is slated for completion in mid-summer 2025. MassHousing provided the financing. …

December 23, 2024

Florida Investment Sales News Southeast

Kushner Cos. Acquires The Hamilton in Miami for $190 Million

by Channing Hamilton December 23, 2024

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit community in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the asset for $190 million. Located at 555 N.E. 34th St., the property is situated less than three miles north of downtown Miami and five miles from the city’s Brickell financial district. Originally built in 1984, The Hamilton offers one-, two-, three-, four- and five-bedroom units. The average apartment size is 1,373 square feet. Each unit includes a terrace, which average 326 square feet, with some larger …

December 23, 2024

News Operations Texas

Department of Justice Ends Investigation Into Rental Housing Pricing Practices, Says RealPage

by Channing Hamilton December 20, 2024

RICHARDSON, TEXAS — The Department of Justice (DOJ) has closed its criminal investigation into the pricing practices of the rental housing industry, according to RealPage, citing a DOJ notice. In a statement released Dec. 6, the company also reaffirmed its stance that its software platform did not violate antitrust laws. RealPage stated that it cooperated extensively with the DOJ throughout the now-closed investigation, adding that the DOJ did not identify RealPage as a target of the investigation at any point. While the criminal investigation has ended, it remains unclear whether …

December 20, 2024

Affordable Housing Investment Sales New York News Northeast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton December 20, 2024

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

December 20, 2024

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