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The-Vibe-Miami
FinanceFloridaNewsSoutheast

JLL Arranges $50.8M ReFi for The Vibe in Miami

by Lynn Peisner

MIAMI — JLL Capital Markets has arranged a $50.8 million refinancing fixed-rate, CMBS loan for STRE Management and Lloyd Jones. The sponsors are refinancing The Vibe, a two-building community in Miami’s Little Havana neighborhood. Located at 700 Southwest 1st St., the 194-unit affordable housing community was completed in 2021. The one-, two- and four-bedroom units are reserved for renter households earning 80 to 120 percent of area median income. The property also includes 7,625 square feet of fully leased commercial space. Units are currently 96.4 percent leased. Jesse Wright, Joshua …

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Woodland-North-Coon-Rapids
Investment SalesMidwestMinnesotaNews

Eastham, Bender Partner on Value-Add Acquisition in Twin Cities Metro

by Lynn Peisner

COON RAPIDS, MINN. — Eastham Capital and Bender Cos. have acquired Woodland North Apartments in Coon Rapids, 25 miles north of Minneapolis. The seller and sales price were not disclosed. The 198-unit community marks the 15th joint acquisition between the partners. Built in 1979, the property is currently 94 percent occupied with average asking monthly rents of $1,424. Following recent capital improvements, the business plan calls for additional upgrades across several apartments, including the addition of in-unit laundry and new appliances, along with enhancements to the exterior and amenities. The property …

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The-James-College-Station
DevelopmentNewsTexas

McGrath Breaks Ground on 279-Unit Project in Bryan, Texas

by Lynn Peisner

BRYAN, TEXAS — McGrath Real Estate Partners has begun construction of The James, a 279-unit community within CamWesT Crossing, a 47-acre mixed-use development in Bryan. The James will offer a mix of one-, two- and three-bedroom floor plans, with some first-floor units featuring front porches. Amenities will include a resort-style pool, fitness center, outdoor amphitheater with a stage and Jumbotron TV. CamWesT Crossing is a phased development that calls for office, multifamily and retail uses. Phase I included a four-story office building developed in 2019, while Phase II encompasses The …

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Vine-North-Hills-Raleigh
Investment SalesNewsNorth CarolinaSoutheast

Portsmouth Real Estate Partners and Marcus Partners Acquire Vine North Hills in Raleigh

by Lynn Peisner

RALEIGH, N.C. — Portsmouth Real Estate Partners and Marcus Partners have acquired Vine North Hills at 500 St. Albans Drive in Raleigh. The sales price and seller were not disclosed. The 326-unit community was developed in 2020 and offers studios, one-, two- and three-bedroom units and a resort-style pool, fitness center, indoor and outdoor gathering spaces, coworking offices and fiber internet. The property is located within the 33-acre North Hills Innovation District, part of Raleigh’s 165-acre North Hills mixed-use district. The new owners plan to implement operational changes and a …

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Eastwalk-Braintree
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos., Arch Communities Complete $47M Mixed Income Development in Braintree, Massachusetts

by Lynn Peisner

BRAINTREE, MASS. — Winn Cos. and development partner Arch Communities have completed The Eastwalk, a $47 million transit-oriented development in Braintree, 12 miles south of Boston. The five-story community offers 56 low-income, middle-income and market-rate units. Thirty units are rent restricted at 60 percent of area median income (AMI), and 16 of those units are eligible for low-income project-based rental assistance. Twenty units are considered workforce housing, reserved for households earning up to 120 percent of AMI. The remaining six units are being rented at market rates. The property was …

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The-Dylan-Hercules
Affordable HousingCaliforniaFinanceInvestment SalesNewsWestern

Interstate Equities Buys Bay Area’s The Dylan for $83.5M

by Lynn Peisner

HERCULES, CALIF. — Hercules Development Partners has sold The Dylan in Hercules, 24 miles north of San Francisco, to Interstate Equities Corp. for $83.5 million. JLL arranged the sale on behalf of the seller as well as a $54.3 million Freddie Mac acquisition loan for Los Altos, California-based Interstate Equities. Completed in 2022, The Dylan is a five-story community comprising 217 market-rate units and 15 affordable units. Rent restrictions were not disclosed. The property features studios, one- and two-bedrooms and a lounge with a community kitchen; a sports lounge with …

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Tivoli-Green-Mount-Pleasant
BerkadiaInvestment SalesMidwestNewsWisconsin

Berkadia Arranges Sale of Tivoli Green in Metro Milwaukee

by Lynn Peisner

MOUNT PLEASANT — Berkadia has arranged the sale of and financing for Tivoli Green, a 458-unit luxury community in Mount Pleasant, 27 miles south of Milwaukee. The sales price was not disclosed, but Berkadia described the transaction as “one of the largest single-asset multifamily sales in the state’s history.” Wangard Partners was the seller, and the buyer is Illinois-based Santefort Real Estate Group. Wangard has been retained to provide third-party management services for the community. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee led the transaction on …

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JPE-DC
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Joint Venture Obtains $40M Loan for Office-to-Residential Conversion in Washington, D.C.’s West End

by Lynn Peisner

WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor. JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, …

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Ram-Four-Hialeah-Florida
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges Acquisition and ReFi Loans Totaling $36.7M for Three Florida Deals

by Lynn Peisner

FORT LAUDERDALE, FLA. — Berkadia has arranged three loans for Fort Lauderdale-based Rental Asset Management (RAM) for three Florida properties. RAM obtained a $10.3 million acquisition loan for RAM Four Hialeah, a 54-unit community in Hialeah that was completed in August. The firm also has refinanced two assets: The Devonshire (36) units in Miami Springs with a $3.24 million Freddie Mac loan and Summer Lake Villas in New Port Richey with a $23.2 million Freddie Mac loan. The Devonshire was developed in 1964, and Summer Lake Villas was built in …

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Ardor-on-the-Bluffs-Bloomington
MidwestMinnesotaNews

Northmarq Arranges $50M Refinancing for Ardor on the Bluffs in Twin Cities Metro

by Lynn Peisner

BLOOMINGTON, MINN. — Northmarq has arranged a $50 million bridge refinancing loan on behalf of Endres Holdings, owner of the 235-unit Ardor on the Bluffs located at 3701 American Blvd. E. in Bloomington, 11 miles south of Minneapolis. Dan Trebil headed up Northmarq’s Minneapolis-based debt and equity team. The lender was an unnamed insurance company. Completed in December 2024, Ardor on the Bluffs is a six-story luxury property that comprises studios, one- and two-bedroom units along with several lounges and party rooms, a pool, hot tub, fitness center and underground …

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