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Prescott-Post-Portsmouth
DevelopmentFinanceNew HampshireNewsNortheast

JLL Arranges $96.8 Million Construction Loan for New Hampshire Development

by Lynn Peisner

PORTSMOUTH, N.H. — JLL Capital Markets has arranged a $96.8 million construction loan through Truist Bank for the development of Prescott Post, a 360-unit project in Portsmouth. The borrowers were Eastern Real Estate and The Kane Co. Construction began in October, and completion is slated for late 2027. Set on 26 acres, the market-rate community will feature approximately 2.7 acres of green and community space as well as such amenities as clubrooms, coworking spaces, an indoor-outdoor fitness area with a yoga studio, outdoor kitchens, fire pits, a dog run with …

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Cove-at-West-Covina
CaliforniaInvestment SalesNewsWestern

Advanced Real Estate Buys L.A. County Asset for $41 Million

by Lynn Peisner

WEST COVINA, CALIF. — Advanced Real Estate has acquired the 138-unit Cove at West Covina for $41 million. The asset was acquired as the first purchase with Advanced’s new opportunity fund. The property features two pools with cabanas, a fitness center, fire pits, garages and an open landscaped area. Advanced plans to complete renovations and upgrades at the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and new paint. These projects will be completed by R3 Construction, which is Advanced Real Estate’s in-house …

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Wrenfield-at-Pleasant-View-Madison
Investment SalesMidwestNewsWisconsin

JVM Realty Acquires Wrenfield at Pleasant View in Madison

by Lynn Peisner

MADISON, WIS. — JVM Realty Corp. has acquired Wrenfield at Pleasant View, a 300-unit community at 8504 Mansion Hill Ave. in Madison. Continental Properties was the seller. Berkadia arranged the transaction. The sales price was not disclosed. Wrenfield at Pleasant View was completed in 2022 and features townhome-style design with private entries across 15 two-story residential buildings. Units are offered as one-, two- and three-bedroom floor plans averaging approximately 1,000 square feet per unit. Amenities include a heated pool, a 24-hour fitness center, a clubhouse with a kitchen, TVs, lounge …

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Noc-Frisco
DevelopmentNewsTexas

Wilks Breaks Ground on First Multifamily Community at Frisco’s Firefly Park

by Lynn Peisner

FRISCO, TEXAS — Wilks Development has broken ground on The Noc, the first residential community at Firefly Park in Frisco. Firefly Park is Fort Worth-based Wilks’ 217-acre mixed-use project that will be developed in three phases over the next 10 years. At completion, Firefly Park will be home to a 45-acre park with playgrounds, hiking and biking trails and ponds; 400,000 square feet of retail, restaurant and entertainment space; approximately 3 million square feet of office space; 230 for-sale townhomes; Aurora at Firefly Park, a 251-unit multifamily high-rise; and The …

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Ravello-Stonebriar-Frisco
Investment SalesNewsTexas

TruAmerica Buys Ravello Stonebriar in Frisco

by Lynn Peisner

FRISCO, TEXAS — TruAmerica has acquired the 216-unit Ravello Stonebriar in the southwest Frisco master-planned community of Stonebriar. The seller was not disclosed, but the property website indicates a former owner was North American Properties. Built in 2018, Ravello Stonebriar features resort-style amenities, including an integrated smart-home access control system. CBRE’s Daniel Baker, Kevin O’Boyle and Chandler Sims represented the seller in the transaction.

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Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Greystone Provides $114.5 Million Bridge Loan for Queens Affordable Housing Redevelopment

by Lynn Peisner

NEW YORK CITY — Greystone has provided a $114.5 million bridge loan on behalf of Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit affordable housing portfolio. The nine properties are located throughout the borough of Queens. Iris Holdings Group partnered with the New York City Department of Housing Preservation and Development to preserve and redevelop the portfolio for families of varying levels of income affordability for the next 40 years. Iris Holdings Group will be updating building systems and enhancing accessibility features.

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Provenza-St.-Pete
BerkadiaFloridaInvestment SalesNewsSoutheast

Berkadia Arranges $93 Million Sale in St. Petersburg, Florida

by Lynn Peisner

ST. PETERSBURG, FLA. — Berkadia has arranged the sale of Provenza at St. Pete, which Houston-based Hilltop Residential has acquired and rebranded Palmera Gateway. Momentum Real Estate Partners of Miami was the seller. The asset traded for approximately $93 million. The 308-unit property, 95 percent occupied at the time of sale, was built in 2014 in the Carillon Park mixed-use master-planned development. The garden-style community offers a mix of one-, two- and three-bedroom units ranging from 655 to 1,376 square feet with attached and detached garages available. Amenities include a …

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Field-Building-Chicago
DevelopmentIllinoisMidwestNews

City of Chicago OK’s Adaptive Reuse of Field Building

by Lynn Peisner

CHICAGO — The Chicago City Council has approved plans for the redevelopment of the Field Building at 135 S. LaSalle St. in Chicago’s Central Business District. A joint venture among Riverside Investment & Development, AmTrustRE and DL3 Realty is developing the project, which is backed by a budget of $241.5 million. Financing for the development includes $98 million in city subsidies and historic tax credits. Developers will convert 624,000 square feet of vacant office space into 386 units of studios, one- and two-bedrooms. The building also will feature 92,000 square …

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Davis-Gardens-Pensacola
BerkadiaFloridaInvestment SalesNewsSoutheast

Berkadia Brokers Sale of Two Pensacola Properties

by Lynn Peisner

PENSACOLA, FLA. — Berkadia has arranged the sale of Atwood Oaks and Davis Gardens, two vintage communities totaling 211 units approximately 2 miles apart in Pensacola. Atlanta-based Tioga Capital acquired the 136-unit Atwood Oaks, while an undisclosed LLC out of Cantonment, Florida, purchased the 75-unit Davis Gardens. Berkadia’s David Etchison and Andrea Kendrick led the transaction. Built in 1972, Atwood Oaks at 1857 Atwood Drive comprises  one- and two-bedroom units and such amenities as a pool, a dog park, a courtyard and on-site maintenance. Completed in 1985, Davis Gardens at …

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Atrium-Garden-San-Jose
CaliforniaInvestment SalesNewsWestern

Atrium Garden in San Jose Sells for $18.5 Million

by Lynn Peisner

SAN JOSE, CALIF. — Marcus & Millichap has brokered the sale of Atrium Garden in San Jose for $18.5 million. Neither the buyer’s nor the seller’s identity was disclosed. The 160-unit property offers furnished studio units aimed at short-term rentals for tech-industry workers. Constructed in 2000, Atrium Garden is a four-story building with 159 studios and a one-bedroom manager’s apartment. Studios are furnished with a bed, bedside table and lamp, a lounge chair, a built-in desk and chair, a television, microwave, mini-refrigerator and a stove or hotplate. Amenities include a …

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