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45-40 Vernon Blvd. in New York City
DevelopmentInvestment SalesNew YorkNewsNortheast

JLL Brokers $47 Million Sale of 192,000-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — JLL has brokered the $47 million sale of a development site located at 45-40 Vernon Blvd. in the Long Island City neighborhood of Queens. The site, which formerly housed the Paragon Paint factory, is approved for the development of a 192,000-square-foot community. Once completed, the complex will comprise 202 units across 21 stories. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL arranged the deal. The seller was a joint venture between Quadrum Global, Baron Property Group and Simon Development. …

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DevelopmentFinanceNew YorkNewsNortheast

Largo Capital Arranges $6 Million Bridge Loan for Conversion Project in Buffalo, New York

by Channing Hamilton

BUFFALO, N.Y. — Largo Capital has brokered a $6 million bridge loan to convert the Atrium Building, a 272,000-square-foot former office complex in downtown Buffalo, into a residential community. The converted asset will house an undetermined number of units. Kevin Coscia and Ned Perlman of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.

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4G Lofts in Santa Ana, California
CaliforniaDevelopmentInvestment SalesNewsWestern

CBRE Brokers $1.2 Million Sale of 0.3-Acre Development Site in Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — CBRE has arranged the $1.2 million sale of a 0.3-acre development site located at 1212 East 4th Street, near downtown Santa Ana. A 15-unit complex called 4G Lofts will be built on the site. Once completed, the community will feature studio, one- and two-bedroom units. One apartment will be designated as affordable. Income restrictions for this unit were not disclosed. The property will also feature 17 parking spaces. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller, an Orange County, California-based private investor, in the …

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IllinoisInvestment SalesMidwestNews

Interra Realty Brokers $12.7 Million Sale of 30-Unit Property in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has brokered the sale of a 30-unit property located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood. The community was more than 95 percent occupied at the time of sale. The property also features six commercial spaces. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. The building traded hands for $12.7 million. Brad Feldman of Interra Realty represented the seller, a private local investor, in the deal. Patrick Kennelly and Paul …

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DevelopmentNewsTexas

Realty Capital Residential Completes 275-Unit Depot on Main in Fort Worth Suburb

by Channing Hamilton

BURLESON, TEXAS — Realty Capital Residential has delivered Depot on Main, a 275-unit complex in the Fort Worth suburb of Burleson. The building rises five stories and is situated at 125 N. Main St., adjacent to the city’s Old Town district. Depot on Main features one- and two-bedroom apartments ranging from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, co-working lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas.

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FinanceNewsNortheastPennsylvania

Greystone Provides $20.2 Million Refinancing for Ray Philly in Philadelphia

by Channing Hamilton

PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …

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KC Current’s mixed-use development
DevelopmentMidwestMissouriNews

Kansas City Current Plans $800 Million Mixed-Use Development on Missouri Riverfront

by Channing Hamilton

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. Partners for the development include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The development will be anchored by CPKC Stadium, a women’s soccer stadium that was completed in March. Upon completion, the project will feature hundreds of residential units, as well as food and beverage offerings and new public recreational spaces. Ten percent of …

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FinanceMidwestNewsNorth Dakota

Bernard Financial Group Arranges $14.2 Million Refinancing of North Dakota Multifamily Portfolio

by Channing Hamilton

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a portfolio comprising 392 units in Dickinson, a western city of North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.

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Oakmont Apartments in Coon Rapids, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Brokers Sale of Oakmont Apartments in Coon Rapids, Minnesota

by Channing Hamilton

COON RAPIDS, MINN. — JLL Capital Markets has brokered the sale of Oakmont Apartments, a 48-unit complex in the Minneapolis suburb of Coon Rapids. Gaughan Cos. sold the asset to a local private investor for an undisclosed price. Oakmont Apartments was built in 1974. The property offers studio, one- and two-bedroom floor plans. Amenities include an on-site laundry facility, garage parking. JLL facilitated the sale of Oakmont Apartments as part of Gaughan’s larger Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. Josh Talberg and Bill Mork led the JLL …

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Tuscany Village in Sanford, Florida
DevelopmentFinanceFloridaNewsSoutheast

Royal Palm Cos., Mattoni Group Secure $86 Million Construction Financing for Tuscany Village Near Orlando

by Channing Hamilton

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has secured $86 million in construction financing for Tuscany Village, a 420-unit development in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. Tuscany Village is situated at 4201 W. First Street and comprises 21 acres. Construction is slated to begin in May. The community will be delivered in phases by 2026.

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