MIAMI, FLA. — CBRE has added a multifamily investment sales team to expand the firm’s presence in Central and North Florida. The team joins CBRE from Cushman Wakefield, and comprises Denny St. Romain (vice chairman), Jubeen Vaghefi (vice chairman), Charles Crapse (senior vice president), Alex Kupp (first vice president) and Scott Peek (first vice president). The team — which will be led by St. Romain and Vaghefi — will focus on institutional multifamily sales, land development sales, structured debt and equity finance and private capital sales.
CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …
MIAMI, FLA. — Lest Group and Opportunity Fundo de Investimento Imobiliário (Opportunity) have formed a new real estate development company, LORE Development Group (LORE). Leste Group is a global independent alternative investment manager. Opportunity is a private investment firm based in Rio de Janeiro, Brazil. The first property to be developed by LORE is a 500-unit community trendy Brickell district. The $500 million project will comprise 442,000 square feet, including 2,000 square feet of ground floor retail. The firm plans to construct more than $1 billion in multifamily projects over …
DULUTH, MINN. — High Point Holdings LLC has acquired Irving School Apartments from Sherman Associates for $3.65 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets led the team representing the seller. Irving School Apartments is a historic, 44-unit community in Duluth, which is a port city on Lake Superior in Minnesota. The property was built in 1895 and is known for its tall chimney. Irving School Apartments offers expansive studio, one-, two- and three-bedroom units.
BRANSON, MO. — Drever Partners has received a $15.7 million loan to refinance The Penleigh-Branson Row, a 325-unit micro apartment complex in Branson. Franklin Templeton provided the CMBS loan, which includes a 10-year term and a 60 percent loan-to-value ratio. The property was converted from a hotel and was leased up in nine months. CoreVest Finance, a division of Redwood Trust Inc., provided the original financing and construction loan for the conversion. Drever Partners is now raising capital for The Penleigh-Live Oak, which will sit adjacent to The Penleigh-Branson Row. …
COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit development in Colorado Springs’ New South End neighborhood. Rob Bova of JLL Capital Markets led the team that arranged the loan. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building will be completed in late 2024.
WEST BADEN SPRINGS, IND. — TWG plans to begin construction on West Baden Lofts, a $9 million affordable housing community in West Baden Springs, this month. West Baden Springs is a town located in southern Indiana’s French Lick Township. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. The 44-unit development will offer two- and three-bedroom floor plans. Units will be reserved for households making 30 to 60 percent …
LARKSPUR, CALIF. — California Landmark has secured $24.6 million to refinance Woodlark Residences, an 80-unit community in Larkspur. Greg Reed, Kristen Croxton and Tina Quirin of Capital One arranged the five-year fixed-rate Freddie Mac loan. California Landmark acquired the property in 2014 and has since invested $3.7 million toward capital improvements, including renovations to all units as well as common areas and amenities. According to Apartments.com, the community currently offers amenities such as a pool, fitness center, grill and picnic area, a lounge and internet access.
LOS ANGELES — Carmel Partners has completed the development of VOX at Cumulus, a 14-acre mixed-use community in Los Angeles on the site of the former Cumulus radio station towers. VOX at Cumulus includes 910 apartment and townhome units, including studios and one-, two- and three-bedroom floor plants. The property also offers 100,000 square feet of retail space anchored by a Whole Foods Market. The project development team also included TCA Architects (architects), DCI (structural engineering), AMPAM (plumbing), PSOMAS (civil), DFDA (mechanical), Seal Electric (electrical) and MLA (landscaping).
BROOKLYN, N.Y. — National Equity Fund, in partnership with Iris Holdings Group, has provided a $12.5 million loan to refinance a portfolio in Brooklyn through the firm’s Workforce Housing Innovation Fund. Iris Holdings Group is managing the development of the portfolio, which is called The Jefferson MacDonough Portfolio. The Jefferson MacDonough Portfolio comprises 56 units across five buildings in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-, two- and three-bedroom units.