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Affordable HousingDevelopmentFloridaNewsSoutheast

Developers Secure $125 Million Loan, Break Ground on Cadence in Miami

by Lynn Peisner

MIAMI — Locally based developer 13th Floor Investments, in partnership with Barings, a subsidiary of MassMutual, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of Cadence in Miami. Now under construction, the 35-story tower will include 432 market-rate apartments. About 54 units will be set aside as workforce housing, but specific income restrictions were not disclosed. Developers estimate the project will be complete by February 2028. Cadence is the third residential building to be constructed within the mixed-use, …

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Sunridge
Build-to-RentCaliforniaDevelopmentNewsWestern

Tricon Residential Opens $60 Million Sacramento-Area BTR Project

by Lynn Peisner

RANCHO CORDOVA, CALIF. — Tricon Residential, a subsidiary of global investment firm Blackstone Real Estate, has completed and opened Tricon Sunridge, a built-to-rent (BTR) community in Rancho Cordova, 14 miles east of Sacramento, California. Blackstone Real Estate invested approximately $60 million to develop the community. Project partners included Sares Regis and Signature Homes. The 114-unit homes are offered as three- or four-bedroom floor plans and feature solar panels, fenced-in backyards and electric-vehicle charging outlets within two-car garages.

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Ekos-on-Evans_New-Playground
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners to Develop LIHTC Project in Fort Myers

by Lynn Peisner

FORT MYERS, FLA. — McDowell Housing Partners (MHP) has secured financing and acquired land for Ekos on Evans, an affordable housing development in Fort Myers. Under the directives of Florida’s 4 percent low-income housing tax credit program, residences will be reserved for tenants earning 30, 60 or 70 percent of area median income. The 144-unit property consists of five garden-style buildings with one-, two- and three-bedroom floor plans. Amenities will feature a clubhouse, computer room, fitness center, terrace, grills, pool, a playground and a dog park. Construction of Ekos at …

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Bradbury
DevelopmentFloridaNewsSoutheast

Mesa Capital Partners Breaks Ground in Northeast Tallahassee

by Lynn Peisner

BRADFORDVILLE, FLA. — Mesa Capital Partners has broken ground on The Bradbury at Bannerman Village 10 miles north of Tallahassee. Mesa Capital Partners’ project is situated on a 14-acre site at Bannerman and Bull Headley roads and will be part of the Bannerman Village master-planned community. This area has slowly been developing in recent years, aiming to be a walkable, bikeable community. The Shops at Bannerman Village, a Publix-anchored center, opened in 2023. The project is also near the Landon Hill for-sale home community. Leasing is scheduled to begin in …

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Telestar Court
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Advantage Capital Arranges Tax Credits For $51 Million D.C.-Area Affordable Housing Redevelopment

by Lynn Peisner

FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …

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ArizonaBuild-to-RentDevelopmentNewsWestern

Porter Kyle Opens Metro Phoenix BTR Project

by Lynn Peisner

GOODYEAR, ARIZ. — Scottsdale, Arizona-based builder and developer Porter Kyle has completed development of The Cleveland, a build-to-rent (BTR) asset in Goodyear, which is in Phoenix’s West Valley. The 100-unit, townhome style property is Porter Kyle’s eighth BTR townhome community. Porter Kyle also is developing The Wayne, another BTR property, in Chandler, Arizona. The developer broke ground on that project in March. The Cleveland offers a resort-style pool, a fitness center, electric-vehicle charging stations in residents’ own garages, a playground, a walking and biking path, outdoor kitchen and barbecue area, …

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Elevate-Navarre
FinanceFloridaNewsSoutheast

Branch Properties Secures $47 Million Refinancing

by Lynn Peisner

NAVARRE, FLA. — CBRE has arranged a $47 million loan, provided by Voya Investment Management, for Branch Properties to refinance construction debt on Elevate Navarre, a new 332-unit community in Navarre, which is a Florida Panhandle city about 22 miles east of Pensacola. Atlanta-based Branch Properties opened the property in 2023. Blake Cohen with CBRE Capital Markets’ Debt & Structured Finance in Atlanta arranged the three-year, fixed-rate, interest-only loan. Elevate Navarre consists of 11 three-story buildings and a clubhouse/leasing center situated on 20 acres. It features one-, two- and three-bedroom …

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Cienega-Heights
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Completes Second Phase Of Affordable Development In Santa Cruz County

by Lynn Peisner

WATSONVILLE, CALIF. — MidPen Housing opened Cienega Heights, an 80-unit affordable housing property in Watsonville, on May 23. Watsonville is about 50 miles south of San Jose. Thirty-nine of the 80 units were designed to serve farmworkers. Watsonville is situated in the Pajaro Valley, where several farms grow crops such as fruits, vegetables and flowers. The units are reserved for residents earning 30 to 60 percent of area median income, or approximately $38,040 to $108,660 per year, depending on household size. Cienega Heights is the second phase of a three-phase …

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Union-at-Pacific-Highway
Affordable HousingDevelopmentNewsOregonWestern

The Annex Group Opens $56 Million Affordable Community in Corvallis

by Lynn Peisner

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing community in Corvallis. Construction of the 174-unit community began in January 2023. Units, offered in one-, two- and three-bedroom floor plans, are reserved for individuals and households earning up to 60 percent of area median income. The property is 99 percent leased. Project partners included Oregon Housing and Community Services; the City of Corvallis; the Linn-Benton Housing Authority; Avenue5 Residential for property management; Structure Development Advisors as the LIHTC consultant; KTGY for architecture; and DEVCO …

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ArizonaDevelopmentNewsWestern

Creation, Crescent Break Ground on 10-Acre Mixed Use Heritage Park in Gilbert, Arizona

by Lynn Peisner

GILBERT, ARIZ. — Co-developers Creation and Crescent Communities have broken ground on Heritage Park, a 10-acre mixed-use development in Gilbert. The site is at the northern end of Gilbert’s Heritage District, a walkable downtown area that has been in various stages of development and redevelopment since 1989. Heritage Park will be a mix of restaurants, retail, multifamily and a town square. It will take up one city block at the intersection of Gilbert Road and Juniper Avenue. The initial phase includes approximately 47,000 square feet of retail and restaurants; NOVEL …

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