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261 Grand Concourse and 315 Grand Concourse in New York City
DevelopmentFinanceNew YorkNewsNortheast

SCALE Lending Provides $135 Million Construction Loan for Two Projects in The Bronx

by Channing Hamilton

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent buildings currently underway in the Mott Haven neighborhood of The Bronx. Both sites have been vested into New York’s 421a tax abatment program. Once completed in late 2025, the two buildings will rise 14 stories and comprise 405 units altogether. Apartments will come in studio, one- and two-bedroom layouts. The property will also feature 136 parking spaces and a …

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FloridaLeasing & MarketingNewsPeople NewsSoutheast

Hillpointe Hires Jessica Ray as Vice President of Marketing

by Channing Hamilton

WINTER PARK, FLA. — Hillpointe LLC, a developer based in Winter Park, has hired Jessica Ray to the position of vice president of marketing. In her new role, Ray will lead the company’s marketing efforts to enhance brand awareness, drive customer engagement and drive measurable results. Before joining Hillpointe, Ray served as senior director of marketing and communications at Full Sail University. She received a bachelor of science in organizational communications and a master of science in integrated marketing communications from West Virginia University.

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437-449 and 438-450 61st Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $20 Million Sale of 124-Unit Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has negotiated the sale of a 124-unit portfolio in Brooklyn. The portfolio comprises seven rent-stabilized buildings located at 437-449 and 438-450 61st Street in the city’s Sunset Park neighborhood. The assets feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were New York-based private investors.

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FinanceNevadaNewsWestern

Greystone Monticello Closes $40.3 Million in Bridge Financing for Two Properties in Las Vegas

by Channing Hamilton

LAS VEGAS — Greystone Monticello has closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas. The funds will be used to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential future sale or permanent financing. Darryl Myrose of Greystone Monticello originated the loans. The borrower and properties were not disclosed.

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Frankford Grand in Philadelphia
DevelopmentNewsNortheastPennsylvania

U.S. Development Completes 107-Unit Frankford Grand in Philadelphia

by Channing Hamilton

PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit community located at 1120 Frankford Ave. in the Fishtown neighborhood of Philadelphia. The unit mix includes 50 studios, 32 one-bedroom units and 25 two-bedroom apartments. The first move-ins at the community began on September 15. Amenities include a full-size gym, courtyard garden with bocce ball courts, firepit area, sun deck, 12,000-square-foot green roof and a panoramic roof deck with an outdoor kitchen, grilling areas and shaded terraces. Frankford Grand also includes 15,000 square feet of retail space across two floors. …

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Peachtree Landing in Fairburn, Georgia
GeorgiaInvestment SalesNewsSoutheast

LRE Management Acquires Three-Property Portfolio in Suburban Atlanta for $102 Million

by Channing Hamilton

ATLANTA — LRE Management has purchased a portfolio of three properties totaling 778 units in the Atlanta metro area for $102 million. The assets included in the portfolio are Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. The seller was not disclosed. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as update the amenities and implement new property management.

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Investment SalesLeasing & MarketingNewsPeople News

Capital Square Hires Jessica Correnti as Senior Vice President of National Accounts

by Channing Hamilton

RICHMOND, VA. — Capital Square has hired Jessica Correnti to the role of senior vice president of national accounts. In this position, she will oversee the firm’s existing relationships with broker-dealers and registered investment advisors and lead Capital Square’s pursuit of new relationships.  Correnti previously served as director of national accounts for Peachtree Group and a senior vice president with Waypoint Real Estate Investments. She began her career with Morgan Stanley as a financial advisor in 2013 before transitioning into investment product distribution as a senior internal sales associate with …

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Hilliard Village in Columbus, Ohio
FinanceMidwestNewsOhio

JLL Capital Markets Arranges $20 Million Bridge Financing for Hilliard Village in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO — JLL Capital Markets has arranged $20 million in bridge financing for Hilliard Village, a 352-unit community in Columbus. JLL worked on behalf of the borrowers, Machine Investment Group and RH, to arrange the three-year, fixed-rate loan through The Bancorp Inc. Jamie Leachman, Medina Spiodic and Carter Wroblewski led the JLL Capital Markets Debt Advisory team representing the borrowers. Hilliard Village was originally built in 1973. Located at 3400 Twin Creeks Drive, the garden-style community is situated approximately 8 miles from Columbus’s downtown area. Units come in one-, two- and three-bedroom …

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325 S Union St. in Aurora, Illinois
DevelopmentIllinoisInvestment SalesMidwestNews

SVN | Chicago Commercial Brokers $1.5 Million Sale of Historic Industrial Property in Aurora, Illinois, for Multifamily Conversion

by Channing Hamilton

AURORA, ILL. — SVN | Chicago Commercial has arranged the sale of a 45,000-square-foot industrial property located at 325 S Union St. in Aurora, about 41 miles west of Chicago. The 111-year old building was originally utilized to manufacture vehicle parts during World War II. The undisclosed buyer plans to use historic tax credits to convert the building into market-rate multifamily housing. James Mead of SVN | Chicago Commercial represented the seller in the transaction.

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1501 N California Ave. in Chicago
IllinoisInvestment SalesMidwestNews

Interra Realty Arranges $19.3 Million Sale of 97-Unit Portfolio in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has brokered the sale of a five-building, 97-unit portfolio located on Chicago’s northwest side. Joe Smaza and Mark Dykstra of Interra Realty arranged the deal on behalf of the buyer, Silver Property Group Ltd., a Chicago-based real estate investment and management company. Interra Realty also represented the seller, an investment group based in the East Coast. The portfolio traded for $19.3 million. The portfolio consists of the following properties:

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