MYRTLE BEACH, S.C. — Greystone has provided a $26 million Freddie Mac loan to Eskay Management for the refinancing of Reserve at Ridgewood, a 180-unit asset in Myrtle Beach. The non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term. Avi Kozlowski of Greystone originated the financing on behalf of the borrower. Reserve at Ridgewood was originally constructed in 1998. The garden-style community consists of 15 residential buildings. Units come in two- and three-bedroom layouts. Tenants have access to …
BRUNSWICK, GA. — Lockwood Cos., an affordable housing developer based in Southfield, Michigan, has opened a new office in Brunswick, about 80 miles south of Savannah, Georgia. According to Lockwood, the office will support the company’s development initiatives to create more affordable housing for families and seniors in the region. Lockwood’s first local project will be a 40-unit affordable housing community for seniors in Albany, a city in southwest Georgia. The company plans to break ground on the project in early 2025.
ATLANTA — FCP has sold Villas at Princeton Lakes, a 210-unit community located at 751 Fairburn Road SW in Atlanta. A partnership between Monday Properties and RSN Property Group purchased the asset for $36.8 million. Travis Presnell and James Wilber of Cushman & Wakefield represented FCP in the transaction. Villas at Princeton Lakes was constructed in 2004. The garden-style community offers one-, two- and three-bedroom floor plans. FCP originally acquired the property in late 2020 for $30 million, including the assumption of an existing mortgage, and implemented upgrades to the property’s …
MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …
CHARLOTTE, N.C. — Boston-based The Fallon Co. has begun development on The Colwick, a 234-unit community in The Cotswold neighborhood of Charlotte. Units will come in one-, two- and three-bedroom layouts. Amenities will include a pool, coworking space, pet spa and dog park, fitness center and yoga studio, courtyard with activity lawn and fireside lounge, social lounge with game room, bike storage and golf simulator. Santander Bank provided an undisclosed amount of construction financing for The Colwick. Locally based EDIFICE Construction is building the project, which is slated to deliver …
All the talk in multifamily circles in 2023 and throughout 2024 has been about the impending “maturity wall” of loans set to expire. This wall, many have said, would stir up a wave of distress that would create “generational buying opportunities” from the fallout of the overleveraged, floating-rate acquisitions and new developments delivered at the top of the market. How has that played out? Buying opportunities haven’t yet materialized, and the multifamily investment sales market remains flatlined. How can that be given the record number of trades at the top …
ST. AUGUSTINE, FLA. — TriBridge Residential has acquired Exchange at St. Augustine, a 312-unit property in St. Augustine, about 40 miles south of Jacksonville, Florida. The garden-style community rises three stories at 250 Moultrie Landing Blvd. Amenities include a pool, fitness center, walking paths and a package locker room. JLL Capital Markets represented the seller, Varden Capital Properties (VCP), in the deal. VCP and Tellus Partners developed the property in 2023. Cliff Taylor, Joe Ayers, Ryan Hixon, Tucker Brooks and Mike Scott led the JLL Capital Markets investment and sales …
ATLANTA AND LAWRENCEVILLE, GA. — Advantage Capital has leveraged roughly $53 million in state Low-Income Housing Tax Credits to finance the development of three communities in the Atlanta metropolitan area. The properties total 623 apartments, which will be available to families and seniors earning at or below the area median income. Zimmerman Properties will use the financing to develop The Flats at Stone Hogan, a $99.9 million, 256-unit project, and The Villas at Stone Hogan, a $68.9 million, 192-unit complex for seniors over the age of 55. Both properties are …
NORTH MIAMI BEACH, FLA. — Miami-based developer The Estate Cos. has received a $110 million loan for the refinancing of Soleste NoMi Beach, a 367-unit community in North Miami Beach, roughly 17 miles north of Miami. Brian Gaswirth, Paul Adams and Val McWilliams of JLL Capital Markets arranged the floating-rate loan through Ares Management Corp. Located at 16395 Biscayne Blvd., Soleste NoMi Beach rises 22 stories. The building houses a mix of one-, two- and three-bedroom apartment units with an average size of 914 square feet. Residents have access to amenities such as a …
CHARLOTTE, N.C. — Locally based developer Crescent Communities has broken ground on Novel River District, a 318-unit community in Charlotte. UMB Bank provided an undisclosed amount of construction financing for the project. The community will feature a mix of studio, one- and two-bedroom apartments. Move-ins are slated to begin in early 2026. Novel River District will be the first apartment community within The River District, a 1,400-acre master-planned development that will offer 2,350 apartments and 2,300 single-family homes at full build-out. Crescent Communities is also the developer for The River District. …