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Society-at-Laurens
FinanceNewsSouth CarolinaSoutheast

Southern Land Co. Refinances Charleston Development

by Lynn Peisner

CHARLESTON, S.C. — Walker & Dunlop has arranged a $75 million loan for Southern Land Co. to refinance construction debt used to develop Society at Laurens, a 148-unit community in Charleston that opened earlier this year. Walker & Dunlop’s Walker Layne, Matt Wallach and Stephen West arranged a three-year bridge loan through Aareal Capital. Society at Laurens is comprised of studios and one-, two- and three-bedroom units as well as penthouses. Amenities include a heated saltwater pool and a hot tub situated on a second-floor deck with views of Charleston …

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westbeth
Affordable HousingDevelopmentNew YorkNewsNortheast

Merchants Capital Secures Funding for Westbeth Artists Housing Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for the recapitalization and redevelopment of Westbeth Artists Housing, a 384-unit, historic, mixed-use affordable housing development in New York City. A state-sponsored program, Homes and Community Renewal Multifamily Preservation (HCR), also contributed $63 million. Chase is also a financing partner, but details about the company’s contribution were not released. The rehab will replace roofing, elevators, windows and radiators; restore the building’s façade; renovate 32 apartments; and install energy-efficient updates, including green roofs. Westbeth Artists Housing is owned by …

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Residences-Rocky-Point
DevelopmentFloridaNewsSoutheast

Joint Venture to Develop $187 Million Tampa High-Rise

by Lynn Peisner

TAMPA, FLA. — Costis-Lifsey Development and American Land Ventures will develop a 21-story, 252-unit tower on the site of Rusty Pelican, a restaurant and wedding venue that opened in 1978. The site is in Rocky Point, a neighborhood on an island in Tampa Bay. The project is being designed by the architecture firms Cube 3 and RSP Architects in tandem with the civil engineering firm Kimley-Horn. Construction is expected to begin in early 2027 and to be completed by mid-2028. The new development, currently called Residences at Rocky Point, will …

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Mansions-Riverside-Tulsa
Company NewsNews

Morgan Properties Agrees to Acquire Dream Residential REIT in $354 Million Deal

by Lynn Peisner

CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, an investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT s an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. It owns 15 garden-style communities totaling more than 3,300 units located primarily in three …

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Aston-Residences
CaliforniaDevelopmentFinanceNewsWestern

Affinius Provides $92 Million Construction Loan to Helio Group for Culver City Project

by Lynn Peisner

CULVER CITY, CALIF. — Affinius Capital has provided a $92 million construction loan for the development of Aston Residences in Culver City, 10 miles west of Los Angeles. Helio Group, a Los Angeles-based developer, estimates completion by the first quarter of 2028. The eight-story building will include 190 units and 5,200 square feet of ground-floor retail. Most of the units (160) will be one-bedrooms, and the remaining 30 are two-bedrooms. Amenities include a fitness center, clubroom, indoor pickleball court, hot and cold plunge pools, bicycle parking and an outdoor kitchen. …

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Milestone-Group-Casa-Brera
FloridaInvestment SalesNewsSoutheast

Milestone Group Buys Community in Lake Worth, Florida

by Lynn Peisner

LAKE WORTH, FLA. — The Milestone Group has acquired Casa Brera at Toscana Isles in Lake Worth for an undisclosed figure. The 206-unit community features one-, two- and three-bedroom units and such amenities as a resort-style pool, a private movie theater, a fitness center, dog park, multi-purpose sports court and a clubhouse. Hampton Beebe and Avery Klann of Newmark marketed the property on behalf of the undisclosed seller.

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Fox-and-Grouse-Phase-II
DevelopmentFinanceMidwestMinnesotaNews

Grego, Eagle Partners Lock in $56 Million for Second Phase of Minneapolis-Area TOD

by Lynn Peisner

EDEN PRAIRIE, MINN. — Greco and Eagle Ridge Partners have secured $55.6 million in debt and equity financing to complete the second phase of The Fox & The Grouse in Eden Prairie, 18 miles southwest of Minneapolis. JLL Capital Markets arranged the package, consisting of a $39.1 million, three-year, floating-rate loan through MidWestOne Bank and $16.5 million in joint venture equity from Amstar Group. The six-story community will offer a mix of studios and one-, two- and three-bedroom units, with a quarter of the units designated as affordable with rents …

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LC-Line-and-Low
FinanceNewsSouth CarolinaSoutheast

Lifestyle Communities Lands $110 Million ReFi for Charleston Mixed-Use Project

by Lynn Peisner

CHARLESTON, S.C. — Dwight Mortgage Trust has provided a $110 million bridge loan to Ohio-based developer Lifestyle Communities. The loan will refinance existing construction debt, cover transaction costs and fund remaining construction expenses for LC Line and Low, a 277-unit mixed-use development in Charleston. Dwight Capital’s Brandon Baksh, Noah Greenwald and Talisse Thompson led the transaction. Amenities at the new property include a resort-style pool, a clubhouse, fitness center with saunas and cold plunges, coworking spaces and a parking deck. On-site retail and dining include The Goat Restaurant & Bar …

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Wild-Pines
Affordable HousingBerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges Acquisition Financing for Naples, Florida, Deal

by Lynn Peisner

NAPLES, FLA. — Interface Properties has acquired Wild Pines of Naples from an undisclosed seller and undisclosed total sales price. Berkadia arranged $26.6 million in acquisition financing, which includes a $20.6 million senior loan and an additional $6 million supplemental through Freddie Mac. Senior Managing Director Mitch Sinberg, Director Michael Basinski and Managing Directors Scott Wadler, Brad Williamson and Matt Robbins led the Berkadia team. Half of the community’s 200 units are income-restricted, but specifics weren’t disclosed. The property was built in multiple phases between 1968 and 2001. Wild Pines …

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Archstone
Investment SalesNewsWashingtonWestern

AvalonBay Sells Seattle Asset for $63.3 Million

by Lynn Peisner

REDMOND, WASH. — AvalonBay (NYSE: AVB) has sold Archstone Redmond Lakeview Apartments, a 166-unit community in Redmond, 15 miles west of Seattle to TruAmerica. CBRE arranged the $63.3 million sale. Archstone Redmond Lakeview Apartments was built in 1987 on the Lake Sammamish waterfront. The property has one- and two-bedroom units with private patios, walk-in closets and fireplaces. It also has direct access to a private dock with 45 income-generating boat slips. Community amenities include a renovated clubhouse, fitness center, canoe parking, a pet area and an outdoor deck with views …

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