NEW YORK CITY — Ofer Cohen of New York City-based brokerage firm TerraCRG, as well as Tucker Reed and Vivian Liao of Brooklyn-based developer Totem Brooklyn, have launched Ailanthus, a platform that aims to create 10,000 apartments in New York City over the next five years. The platform is named after the Ailanthus tree, a common street tree in New York City and a reference to Betty Smith’s 1943 novel “A Tree Grows in Brooklyn.” As of May 13, Ailanthus has approximately 1,500 apartments in its pipeline, including a 456-unit mixed-income development at 1057 …
COLTS NECK, N.J. — Kushner has broken ground on Livana Colts Neck, a 360-unit project in Colts Neck, approximately 50 miles south of Manhattan. Livana Colts Neck will comprise 15 buildings that each rise three stories. Apartments will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, lounge, conference facilities and a dog park. Minno & Wasko Architects and Planners designed the community. Construction is expected to be complete in spring 2027.
FATE, TEXAS — American Landmark has purchased Prose Eastgate, a 366-unit community in the northeast Dallas suburb of Fate. The seller and sales price were not disclosed. Prose Eastgate was built in 2023. The community offers one- and two-bedroom units. Amenities include a pool, outdoor grilling and dining stations, resident lounge, entertainment kitchen, fitness center, business center, package lockers and dog park. American Landmark has since rebranded the property as Jameson Apartments.
MONROVIA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Paragon at Old Town, a 163-unit community in Monrovia, 20 miles northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. Inc. for $87.3 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer. Paragon at Old Town offers amenities such as a resident lounge, fitness center, game room, pool and spa with private cabanas, outdoor lounges and courtyards. Units range from 744 square feet to 1,247 square …
NEWPORT BEACH, CALIF. — Lument, a subsidiary of ORIX Corp. USA, has entered into an exclusive correspondent relationship with Newport Beach-based capital advisory firm Arcus Harbor Real Estate Capital. A correspondent relationship is when a company agrees to use one particular lender to process and close a particular product. Under the terms of the agreement, Arcus Harbor Real Estate Capital will refer all Fannie Mae, Freddie Mac and FHA loans the firm originates to Lument for underwriting, processing and closing. Lument will also have the opportunity to provide balance sheet and other non-agency loans …
CINCINNATI, OHIO — Colliers Mortgage has closed a Fannie Mae loan to refinance a portfolio of three properties in Cincinnati, Ohio. The portfolio consists of: Jadaro (54 units); Werk (18 units); and Broadwell (16 units). All three communities have undergone extensive unit renovations and exterior and interior refurbishments since 2021. Zach Shope of Colliers Mortgage’s Atlanta office arranged the financing. The loan carries a 10-year term.
JLL Capital Markets Arranges $50 Million Refinancing for Harrington Square in Leland, North Carolina
LELAND, N.C. — JLL Capital Markets has secured a $50 million bridge loan for the refinancing of Harrington Square, a 349-unit complex located in the Wilmington, North Carolina suburb of Leland. JLL worked on behalf of Latitude Management Real Estate Holdings to secure the four-year, floating-rate bridge loan from Bridge Investment Group Holdings Inc. Brian Halpern, Jeff Sause, Ward Smith, Jason Rosin and Jalynn Borders led the JLL Capital Markets Debt Advisory team. Harrington Square was built in two phases. Completed in 2018, the first phase included 189 apartments, as …
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
LUBBOCK, TEXAS — KW Commercial has brokered the sale of Western Oaks and Omni, two properties totaling 171 units in the western Texas city of Lubbock. Western Oaks was built in 1972 and offers two-bedroom units, according to Apartments.com. Omni was constructed in 1979 and offers one- and two-bedroom apartments. Greg Brownd of KW Commercial represented the seller in the transaction, while Grant Roehm of KW Commercial represented the buyer. Both parties requested anonymity.