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Pinnacle 411 in Hollywood, Florida
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle Secures $47.8 Million to Build Second Phase of Affordable Project in Hollywood, Florida

by Channing Hamilton

HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space. Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is …

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Mountain Island in Charlotte, N.C.
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $43.9 Million for Construction of Mountain Island in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …

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ArizonaInvestment SalesNewsWestern

Orion Investment Real Estate Brokers $87.8 Million Sale of Aerie Happy Valley in Phoenix

by Channing Hamilton

PHOENIX — Orion Investment Real Estate has arranged the sale of Aerie Happy Valley in Phoenix. The buyer and seller were not disclosed, but the asset traded hands for $87.8 million. Aerie Happy Valley comprises 214 apartments in a mix of 55 one-bedroom, 101 two-bedroom and 58 three-bedroom units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate brokered the transaction.

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FinanceInvestment SalesNewsTexas

Colliers Provides $16.5 Million Acquisition Loan for The Chandler in Grand Prairie, Texas

by Channing Hamilton

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for the Chandler, a 164-unit community in Grand Prairie, between Dallas and Fort Worth. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which features a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital. The Chandler offers one-, two- and three-bedroom units. Amenities include a pool and a playground.

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Article No. 7 in North Saint Paul, Minnesota
DevelopmentMidwestMinnesotaNews

Tareen Development Partners Breaks Ground on Article No. 7 in North Saint Paul, Minnesota

by Channing Hamilton

NORTH SAINT PAUL, MINN. — Tareen Development Partners has broken ground on Article No. 7, an 82-unit complex in the northeast Minneapolis suburb of North Saint Paul. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, community spaces and underground parking. The development team for the project also includes Bauer Construction, Momentum Design, Sail Management and the City of North Saint Paul. The building is slated for completion in fall of 2024.

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BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges Sale of 348-Unit Broadstone Cavorain Laguna Niguel, California

by Channing Hamilton

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.

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DevelopmentFinanceNewsNorth CarolinaSoutheast

FCP Provides $13.9 Million for Easton at Mountain Island in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit community in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform Easton at Mountain Island will be situated on 20 acres along Garron Point Dr., near the Catawba River and Charlotte Douglas International Airport.

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DevelopmentFinanceNew YorkNewsNortheast

Skyline Developers Breaks Ground on 97-Unit Development in Midtown Manhattan

by Channing Hamilton

NEW YORK CITY — Skyline Developers has broken ground on a 97-unit project located at 18 W. 55th St. in Midtown Manhattan, the central portion of New York City’s Manhattan borough. The building will comprise 152,000 square feet across 26 stories. Goldman Sachs Bank USA provided construction financing for the development. Morris Adjmi Architects designed the building. The project is slated for completion in 2025.

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Lucerne Apartments in Lake Worth, Florida
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers $2.9 Million Sale of Lucerne Apartments in Lake Worth, Florida

by Channing Hamilton

LAKE WORTH, FLA. — Marcus & Millichap arranged the $2.9 million sale of a Lucerne Apartments, a 14-unit apartment property located in Lake Worth. Daniel Cunningham, Evan Richardson, River Rhoads and Dillon Majeski of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, private investor, and secured the buyer, a New York-based private investor. Steve Goldwyn and David Purisch of Marcus & Millichap Capital Corp.’s Fort Lauderdale office arranged $2 million in acquisition financing. The property was built in 1974.

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Investment SalesNewsNorth CarolinaSoutheast

Lucern Capital Partners Sells Thompson Place Apartments in Charlotte, North Carolina for $8.35 Million

by Channing Hamilton

CHARLOTTE, N.C. — Lucern Capital Partners has sold Thompson Place Apartments in Charlotte for $8.35 million. The buyer was not disclosed. According to Apartments.com, the property was built in 1998. Units come in one-, two-, three- and four-bedroom floor plans. Amenities include a playground, pet play area and picnic spaces. Lucern Capital Partners previously acquired Thompson Place Apartments from a long-term family ownership group. The company executed a value-add plan for the community during its hold period.

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