News

Partnership Tops Out $143 Million Mixed-Income Development in Brooklyn

by Channing Hamilton September 12, 2024

NEW YORK CITY — A partnership consisting of BEB Capital, Totem / Ailanthus and SK Development has topped out 737 4th Ave, a $143 million mixed-income development in the Sunset Park neighborhood of Brooklyn. Once completed, the building will comprise 193,000 square feet across 14 stories. The property will comprise 187 units. Of the total unit count, 46 units will be permanently affordable at an average of 48 percent of the area median income. Amenities will include a coworking lounge, fitness center, private dining and entertainment areas, a game and …

September 12, 2024

Connecticut Investment Sales News Northeast

Marcus & Millichap Arranges Sale of The Westporter in Westport, Connecticut

by Channing Hamilton September 12, 2024

WESTPORT, CONN. — Marcus & Millichap has arranged the sale of The Westporter, a mixed-use asset in Westport, 48 miles northeast of New York City. The community was built in 2019. The Westporter includes 28 townhomes and apartments, along with four ground-floor retail units. Eric Pentore, Victor Nolletti, Wes Klockner and Ross Friedel of Marcus & Millichap’s New Haven, Connecticut office marketed the asset on behalf of the seller and procured the buyer. Neither party’s identity was disclosed.

September 12, 2024

California Finance News Western

JLL Capital Markets Arranges $51 Million Refinancing for Townhome Community in Denver

by Channing Hamilton September 12, 2024

DENVER — JLL Capital Markets has negotiated a $51 Fannie Mae loan for the refinancing of Elowyn Townhomes, a 211-unit townhome-style community located at 4725 W Quincy Ave. in Denver. The property was built in 1975 on a 14.7-acre site and recently renovated in 2024. Elowyn Townhomes offers two-story units in one- and two-bedroom layouts. Units feature semi-finished, full floor plate basements, backyard patios, stainless steel appliances and fireplaces. Amenities include a pool and spa, clubhouse, barbeque grills and a sauna. The property is currently 97 percent leased. JLL worked …

September 12, 2024

Affordable Housing Development Finance Massachusetts News Northeast

MassDevelopment Provides $7.5 Million Bond Financing for Affordable Housing Conversion Project Near Boston

by Channing Hamilton September 11, 2024

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …

September 11, 2024

Affordable Housing Finance Investment Sales News Texas

Lument Provides $42.7 Million Acquisition Loan for Mixed-Income Community in Suburban San Antonio

by Channing Hamilton September 11, 2024

BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac agency acquisition loan for Estraya Boerne, a 288-unit mixed-income property in the northwestern San Antonio suburb of Boerne. Built in 2022, the community offers one-, two- and three-bedroom units. Half the units are subject to income restrictions, but details regarding these requirements were not disclosed. Amenities include a pool and a fitness center. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.

September 11, 2024

515 Parkwood Ave in Charlotte, North Carolina

Development Finance News North Carolina Southeast

JLL Capital Markets Secures $94 Million Financing for Project in Charlotte, North Carolina

by Channing Hamilton September 11, 2024

CHARLOTTE, N.C. — JLL Capital Markets has arranged $25 million in joint venture equity and $69 million in construction financing for 515 Parkwood Ave, a 287-unit project located in the Mill District region of Charlotte. The complex will comprise 235,480 square feet across eight stories. Units will come in studio, one-, two-, three- and four-bedroom layouts. Planned amenities include a rooftop deck, courtyard, electric bikes, fitness center, shared dining area and coworking spaces. The property will also feature 2,945 square feet of ground-floor retail space. JLL worked alongside the developer, …

September 11, 2024

Investment Sales New Jersey News Northeast

The Kislak Co. Arranges $5.8 Million Sale of 44-Unit Indian Oaks Apartments in Atlantic City, New Jersey

by Channing Hamilton September 10, 2024

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit property in Atlantic City. The asset traded hands for $5.8 million. Joni Sweetwood of Kislak represented the seller and procured the buyer in the deal. Both parties requested anonymity. The community consists of 11 buildings, which were recently renovated. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses.

September 10, 2024

Investment Sales New York News Northeast

Marcus & Millichap Arranges $6 Million Sale of 48-Unit Property in Brooklyn

by Channing Hamilton September 10, 2024

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has brokered the sale of a 48-unit asset located at 7920 19th Ave. in Brooklyn. John Brennan and Bryan Ellis of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were limited liability companies. The building features one- and two-bedroom units. The property traded hands for $6 million.

September 10, 2024

Investment Sales New Jersey News Northeast

Marcus & Millichap Arranges $2.3 Million Sale of 15-Unit Property in Jersey City, New Jersey

by Channing Hamilton September 10, 2024

JERSEY CITY, N.J. — Marcus & Millichap (NYSE: MMI) has brokered the $2.3 million sale of a 15-unit property located at 19 Hopkins Ave. in Jersey City. Built in 1910, the property features studio, one- and two-bedroom units. Jonathan Zamora of Marcus & Millichap marketed the property on behalf of the seller, a local private investor, and procured the buyer, 19 Hopkins Ave LLC.

September 10, 2024

Dartmouth Woods in South Lakewood, Colorado

Colorado Investment Sales News Western

S2 Capital Acquires 201-Unit Dartmouth Woods in Suburban Denver

by Channing Hamilton September 10, 2024

SOUTH LAKEWOOD, COLO. — S2 Capital has acquired Dartmouth Woods, a 201-unit asset in South Lakewood, approximately eight miles west of downtown Denver, for an undisclosed price. Dartmouth Woods was constructed in 1990. Located at 10025 W. Dartmouth Ave., the property consists of buildings that rise two and three stories. The buyer plans to implement interior renovations, including stainless steel appliances, modern lighting, new flooring and updated cabinets, along with extensive renovations to the exterior and amenities space.

September 10, 2024

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