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251 Douglass Street in Brooklyn, New York
Company NewsDevelopmentFinanceNew YorkNewsNortheast

Joint Venture to Develop $184.3 Million Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …

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IllinoisInvestment SalesMidwestNews

Marcus & Millichap Arranges $1.1 Million Sale of 12-Unit Property in Addison, Illinois

by Channing Hamilton

ADDISON, ILL. — Marcus & Millichap has brokered $1.1 million sale of a property located at 41 E. Blecke Ave. in the western Chicago suburb of Addison. Christopher Malay and Eric Bell represented the seller, a limited liability company. Ryan Engle and Andrean Angelov secured and represented the buyer, a private investor in a 1031 exchange. The property comprises 12 units in studio and one-bedroom floor plans.

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Affordable HousingDevelopmentFinanceNewsNortheastRhode Island

Partnership Begins Development of 127-Unit Mixed Income Project in Providence, Rhode Island

by Channing Hamilton

PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …

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DevelopmentMidwestMissouriNews

Brinkmann Constructors Breaks Ground on Old Hickory Village in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit complex in the northwest St. Louis suburb of St. Peters. Tegethoff Development is the developer. TRi Architects is designing the property. Old Hickory Village will comprise two buildings and a parking garage. Amenities include a pool, fitness center, pickleball courts and three courtyards. According to TRi Architects, units will come in one- and two-bedroom floor plans.

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Amavi Sherrills Ford in Sherrills Ford, N.C.
Build-to-RentDevelopmentLeasing & MarketingNewsNorth CarolinaSoutheast

Mill Creek Residential Opens Build-to-Rent Community in Sherrills Ford, North Carolina

by Channing Hamilton

SHERRILLS FORD, N.C. — Mill Creek Residential has opened Amavi Sherrills Ford in Sherrils Ford, approximately 35 miles north of downtown Charlotte. The build-to-rent community offers 134 cottage-style units in two- and three-bedroom layouts. Units feature stainless steel appliances, pin lock entry systems, in-unit washers and dryers, hardwood-style flooring, quartz countertops and fenced-in yards. Amenities include a clubhouse, pool with a sundeck and cabana, a pet park and open green spaces. The first move-ins at Amavi Sherrills Ford are currently underway.

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55 Broad Street in New York City
DevelopmentFinanceNew YorkNewsNortheast

JLL Arranges $220 Million in Financing for New York City Office Tower Conversion

by Channing Hamilton

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …

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Investment SalesNew JerseyNewsNortheastPeople News

JLL Promotes Elizabeth DeVesty to Director with New Jersey Investment Sales Team 

by Channing Hamilton

MORRISTOWN, N.J. — JLL Capital Markets has promoted Elizabeth DeVesty to the role of director with the company’s New Jersey investment sales team. DeVesty will be based in Morristown and will primarily focus on multifamily investment sales transactions within the suburban tristate area. She will report to Senior Manging Directors Jose Cruz, Michael Oliver and Steve Simonelli. Prior to this role, DeVesty spent 13 years working with JLL and was most recently an associate at the firm. She earned her degree from Marist College in 2008.

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Van der Heyden Apartments in Springfield, Massachusetts
Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

MassHousing Brokers $13.3 Million for Van der Heyden Apartments in Springfield, Massachusetts

by Channing Hamilton

SPRINGFIELD, MASS. — MassHousing has arranged $13.3 million in affordable housing financing for the acquisition and renovation of Van der Heyden Apartments in Springfield. The borrower, a partnership comprising Van der Heyden Apartments Limited Partnership and Paul Oldenburg, secured $9.9 million in construction financing and $3.4 million in construction and permanent financing. MBL Housing and Development was the project consultant. The general contractor is N.L Construction. The architect is Studio One. The management agent is Valley Real Estate. Additionally, the Massachusetts Executive Office of Housing and Livable Communities provided $8.5 million in equity financing, …

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4101-4115 E Martin Luther King Blvd in Denver
ColoradoInvestment SalesNewsWestern

NorthPeak Arranges $1.6 Million Sale of 7-Unit Property in Denver

by Channing Hamilton

DENVER — NorthPeak Commercial Advisors arranged the $1.6 million sale of a property at 4101-4115 E Martin Luther King Blvd. in Denver. Hunter Schaefer and Jack Sherman represented the buyer and the seller. Neither the buyer nor seller were disclosed. The property comprises 7 units across 6,176 square feet.

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Addison at Princeton Meadows in Plainsboro, New Jersey
Investment SalesNew JerseyNewsNortheast

JLL Brokers Sale of Addison at Princeton Meadows in Plainsboro, New Jersey

by Channing Hamilton

PLAINSBORO, N.J. — JLL Capital Markets arranged the sale of Addison at Princeton Meadows, a garden-style community in Plainsboro. Jose Cruz, Steve Simonelli, Michael Oliver and Elizabeth DeVesty represented the seller, a joint venture between Goldman Sachs Asset Management and Kushner Real Estate Group. Addison at Princeton Meadows was built in 1979 and consists of 440 units across 28 buildings. Units come in of studio, one- and two-bedroom floor plans. Amenities include a pool with a fire pit, tennis and basketball courts, a dog park, fitness center children’s playground and …

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