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Cedardale in Federal Way, Washington
Investment SalesNewsWashingtonWestern

Pathfinder Partners Acquires Cedardale in Federal Way, Washington, for $31 Million

by Channing Hamilton

FEDERAL WAY, WASH. — Pathfinder Partners has acquired Cedardale, a 126-unit property in Federal Way, roughly 25 miles south of Seattle. CEP Multifamily sold the asset for $31 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction. Cedardale was built in 1981 on seven acres. The community offers one- and two-bedroom apartments with washers and dryers, wood-burning fireplaces and private decks or patios. The average unit size is 746 square feet. The property features …

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DevelopmentIllinoisMidwestNews

Synergy Construction Group Completes Station 250 in Mundelein, Illinois

by Channing Hamilton

MUNDELEIN, ILL. — Synergy Construction Group has completed Station 250 in Mundelein, about 40 miles north of Chicago. Synergy served as developer and general contractor. Ware Malcomb provided architecture, interior design and full site planning services for the transit-oriented project. Station 250 consists of 166 apartments across four stories. The property features an outdoor pool and 10,700 square feet of indoor amenities, including a coffee bar reception area, fitness center, yoga room, sauna, golf simulator room and coworking lounge.

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Lake Wood Ranch Apartments in Coeur d'Alene, Idaho
Investment SalesNewsWashingtonWestern

Hudson Valley Property Group Acquires 22-Property Affordable Housing Portfolio

by Channing Hamilton

SEATTLE — Hudson Valley Property Group (HVPG) has purchased a 22-property portfolio comprising 4,768 affordable housing units across the western United States. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, which provided most of the equity capital out of its Long Term Value Fund. The sales price was not disclosed. Goldman Sachs served as financial advisor to the seller. Newmark brokered the transaction. The portfolio consists of 13 assets in Washington, seven in Colorado, one in California and one in Idaho. All …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $22 Million Refinancing for Community in New Baltimore, Michigan

by Channing Hamilton

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments, a 776-unit asset in New Baltimore, about 40 miles north of Detroit. According to Apartments.com, the property features amenities such as a pool, fitness center, laundry facilities, playground, clubhouse, business center and conference rooms. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

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DevelopmentNewsTexas

Carbon Shepherd Development Completes 66-Unit Project in Belton, Texas

by Channing Hamilton

BELTON, TEXAS — Dallas-based Carbon Shepherd Development has completed a 66-unit development in Belton, about 60 miles north of Austin, Texas. The property, which is operated under the company’s Woodland Cottages brand, offers one- and two-bedroom floor plans. All units include private balconies or patios, and select residences also feature attached garages. Amenities include a pool, fitness center, clubhouse with a game room and other recreational spaces. Rents start at $2,600 per month for a one-bedroom unit.

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Ivy & Green in Hackensack, New Jersey
FinanceNew JerseyNewsNortheast

Northwestern Mutual Provides $115 Million Loan for Refinancing of Ivy & Green in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan. Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed …

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NewsOperationsPeople NewsTexas

Lion Real Estate Group Adds Deanna Wigley as Vice President of Operations Support

by Channing Hamilton

DALLAS — Lion Real Estate Group (Lion) has expanded its leadership team with the addition of Deanna Wigley as vice president of operations support. In this role, Wigley will supervise the review and evaluation of new supplier partners, ensure that appropriate resources are in place to facilitate sales transactions and oversee information technology services. She will also serve a key role in risk management and training for regional and community managers. Prior to joining Lion, Wigley served as regional vice president at both Allied Orion Group and US Residential Group. …

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CaliforniaNewsOperationsPeople NewsWestern

CalHFA Selects Stephanie McFadden as Director of Multifamily Programs

by Channing Hamilton

SACRAMENTO, CALIF. — The California Housing Finance Agency (CalHFA) board of directors has appointed Stephanie McFadden as director of multifamily programs. In her new position, McFadden will oversee the CalHFA lending team, as well as an asset management division that monitors roughly 18,000 units of affordable housing. Most recently, McFadden was the chief leading officer at Low Income Investment Fund (LIIF), a nonprofit community development financial institution. Prior to joining LIIF, she served as a senior advisor for the Office of Multifamily Production with HUD, a role that was created …

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Company NewsMidwestNewsOhioOperations

TCAM Asset Management Rebrands as MRI Asset Management Services

by Channing Hamilton

SOLON, OHIO — TCAM Asset Management, an affordable housing service provider that was acquired by Solon-based property technology firm MRI Software in 2018, is rebranding as MRI Asset Management Services. The company will continue to provide asset management and consulting services to developers, owners and funders of affordable housing. TCAM Asset Management, now MRI Asset Management Services, was originally established in 2009. The company serves clients for roughly 1,600 properties and 176,000 apartments across 48 states, Washington, D.C. and Puerto Rico.

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Forty-Six Fifty in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Arden Group Opens 22-Story Mixed-Use Community in Manhattan

by Channing Hamilton

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has opened Forty-Six Fifty, a 22-story mixed-use development situated at 4650 Broadway in the Inwood neighborhood of Manhattan. Handel Architects designed the building. Forty-Six Fifty consists of 222 apartments in studio, one- and two-bedroom floor plans. Thirty percent of units are subject to undisclosed income restrictions. Amenities include a fitness center, resident lounge, screening room and children’s play area. The property also includes 120,000 square feet of commercial space that is leased to a charter school and supermarket.

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