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Rendering of Sky Building in Florida
Affordable HousingDevelopmentFloridaNewsSoutheast

Walker & Dunlop Arranges $51 Million for Florida Affordable Housing, Opportunity Zone Project

by Lynn Peisner

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building in Oakland Park, located midway between Pompano Beach and Fort Lauderdale.  Miami-based NRI Investments is developing the project and has signed a development agreement, lease agreement and purchase and sale agreement for the site with the City of Oakland Park. Sky Building’s 2-acre site is located in an Opportunity Zone. The mid-rise development will deliver 136 affordable and workforce units, connected by a sky bridge to the City of Oakland Park’s new city …

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A 3D render of Overland and Ayres, a gray and white contemporary style building.
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $84 Million for GPI’s Overland and Ayers Project in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged an $84 million, floating-rate construction loan through Citizens Financial Group for an affiliate of GPI Cos. Los Angeles-based GPI is building Overland and Ayres, a 201-unit project in West Los Angeles. The six-story building will contain 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes. Overland and Ayers will be complete in 2024. The JLL team was led by Kevin Mackenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck.

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Rendering of Saxum's first phase of a multifamily project in Philadelphia
DevelopmentNewsNortheastPennsylvania

JLL Arranges $77.5 Million for Saxum’s First Phase of Philadelphia Project

by Lynn Peisner

PHILADELPHIA — JLL Capital Markets has arranged a $77.5 million construction loan on behalf of Saxum Real Estate for the first phase of an unnamed multifamily development in Philadelphia. The Summit, New Jersey-based firm will build 279 units in this first phase, followed by an additional 187 units in Phase II. The seven-story project is located in the Northern Liberties area of Philadelphia. The development also will include 15,000 square feet of retail. JLL worked on behalf of Saxum Real Estate to secure the three-year, floating-rate loan through a U.S. …

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A 3D render of Vermeer, a 13-story grey and white building.
DevelopmentNewsNortheastWashington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

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Henley Riverside, a blue and brown and white multifamily complex with a pool at the center.
Investment SalesNewsTexas

Treeline Real Estate Partners Sells Henley Riverside in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale

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New YorkNewsNortheastPeople News

Newmark Selects Chad Lavender as President of Capital Markets

by Channing Hamilton

NEW YORK CITY — Newmark Group has hired Chad Lavender as president of capital markets for the firm’s operating businesses in North America. Lavender will serve on the company’s executive committee and corporate management steering committee. In this role, Lavender will oversee the strategy and revenue growth of Newmark’s capital markets business assets, including multifamily, office, industrial, retail and alternative investment classes. Lavender previously served as Newmark’s vice chairman and co-head of healthcare and alternative real estate assets group. Prior to joining Newmark, Lavender held roles as co-head of HFF’s national …

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FloridaNewsSoutheast

Northmarq Opens New Florida Office, Hires David Gahagan as Managing Director

by Channing Hamilton

WEST PALM BEACH, FLA. — Northmarq is opening a debt and equity office in West Palm Beach, which will be led by new hire David Gahagan. Gahagan’s title will be managing director, and he will collaborate with Northmarq’s Miami and Fort Lauderdale offices. Gahagan previously served as senior director at Walker & Dunlop for nine years and senior vice president of Grandbridge Real Estate Capital’s South Florida office. Earlier in his career, he held production roles with Legg Mason Real Estate Services.

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The swimming pool at Plum Meadow, surrounded by buildings.
Investment SalesNewsTexas

NeuRock Capital Sells Three-Property Portfolio in Dallas-Fort Worth

by Channing Hamilton

DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.

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A bird's eye view of the Beacon in Jersey City.
FinanceNew JerseyNewsNortheast

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …

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Affordable HousingNewsSoutheastTennessee

LDG Breaks Ground $79.6 Million Affordable Project in Nashville

by Lynn Peisner

NASHVILLE, TENN. — LDG Development has broken ground on Ewing Heights in North Nashville. The affordable housing project will deliver 180 two- and three-bedroom apartments as well as 10 three- and four-bedroom townhomes for families earning between 40 and 80 percent of area median income (AMI). Amenities include a fitness and business center, a pool and a dog park. Completion is slated for mid-2024. The estimated development cost for Ewing Street is $79.6 million. Financing for the project was secured by 4 percent Low-Income Housing Tax Credits (LIHTC) and tax-exempt …

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