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The-Raye-at-Vermella-New-Brunswick
DevelopmentFinanceNewsNortheast

JLL Arranges $162 Million Loan for Russo Development’s Raye by Vermella

by Lynn Peisner

NEW BRUNSWICK, N.J. — Russo Development has secured permanent financing for The Raye by Vermella, a 534-unit community in New Brunswick. JLL Capital Markets arranged the $162 million loan, which was funded by Wells Fargo. The first phase of construction includes 262 units and is 65 percent leased, with full stabilization expected by the fourth quarter of this year. In Phase II, the developer will build 262 additional units. A construction timeline wasn’t disclosed, but Russo expects Phase II will be stabilized by the third quarter of 2027. JLL Capital …

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Broadstone-Marina-Bay-Tampa
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Alliance Residential Opens Bayfront Broadstone Property in Tampa

by Lynn Peisner

TAMPA, FLA. — Alliance Residential Co. has completed development of Broadstone Marina Bay, a 325-unit community in Tampa’s Westshore Marina district with waterfront views. The community is anchored by a waterfront clubhouse whose standout amenity is a fully equipped multimedia production space with professional recording gear, Blackmagic-brand cinema cameras, editing suites and industry-grade instruments, designed for resident music, video and podcast production. The club also is home to a bayfront saltwater pool with cabanas, a rooftop lounge, a waterfront putting green, a dog park, yoga and bocce ball lawns, a …

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Ekos-at-Arbor-Park-II
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners Breaks Ground on Second Phase of Ekos at Arbor Park

by Lynn Peisner

NORTH PORT, FLA. — McDowell Housing Partners has begun construction of the second phase of Ekos at Arbor Park, an affordable housing community in North Port, about midway between Sarasota and Fort Myers. Phase I was reserved for seniors, while the second phase, which will include 66 units, will be reserved for families earning at or below 70 percent of the area median income. Completion is slated for the fourth quarter of 2026. Phase I was completed in May of this year. Ekos at Arbor Park Phase II will include …

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1901-South-Charles-Baltimore
BerkadiaInvestment SalesMarylandNewsNortheast

Berkadia Arranges $73 Million Trade for Baltimore Portfolio

by Lynn Peisner

BALTIMORE — Benefit Street Partners sold a two-property portfolio in Baltimore to FPA Multifamily for $73 million on Sept. 11. The combined occupancy rate on that date was 95 percent. Berkadia DC Metro and Berkadia Richmond represented the seller with a team led by Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns. The seller is based in New York, and the buyer, which assumed a HUD loan in the acquisition, is headquartered in San Francisco. The portfolio consists of The Lofts, built in 2012, and …

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Alvera-at-the-Meadows
Investment SalesNewsUtahWestern

Gelt Venture Partners Acquires 142-Unit Property in American Fork, Utah

by Lynn Peisner

AMERICAN FORK, UTAH — Gelt Venture Partners (GVP) has acquired Alvera at the Meadows in American Fork, about midway between Provo and Salt Lake City. The seller was a joint venture between Woodbury Corp., Garbett Homes and Cirrus Group. The 142-unit property was developed in 2021 on about 4 acres. It features a mix of one-, two- and three-bedroom floor plans and such amenities as a pool and hot tub, a fitness center, clubhouse, package lockers and a playground. GVP is planning property upgrades during its hold. Brock Zylstra and Daniel …

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65-E-Wacker
DevelopmentFinanceIllinoisMidwestNews

JV Closes Financing for Historic Redevelopment in Chicago Loop

by Lynn Peisner

CHICAGO — Chicago-based developer Mavrek along with capital partner ACRES Commercial Realty Corp. have secured the financing needed to begin redevelopment of the Millinery Mart at 65 E. Wacker Place. The building opened in 1928 and, as its first use, served as centralized operations for the city’s hatmakers. In recent years, the 24-story Art Deco building has been occupied primarily by offices with ground-floor retail and restaurant space. Mavrek will redevelop the historic property into a 252-unit luxury apartment complex called Wacker Place. The contractor is McHugh Construction, and the …

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Canvas-at-Woodbury
Build-to-RentInvestment SalesMidwestMinnesota

Watermark, PCCP Sell Two BTR Properties in Minneapolis Metro

by Lynn Peisner

WOODBURY, MINN. — A joint venture between Watermark and PCCP has sold two build-to-rent communities in Woodbury, 23 miles east of Minneapolis. The sales price and the identity of the buyer were not disclosed. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the sellers, who are the properties’ original developers, in the transaction. Canvas at St. Croix is located at 11483 Crestbury Drive. Completed in 2024, the 89 units feature attached garages, and amenities include a clubhouse, multipurpose room and a resort-style pool. The 81-unit Canvas at Woodbury, located …

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Presidium-Waterford-Austin
DevelopmentNewsTexas

Presidium Opens North Austin Project

by Lynn Peisner

AUSTIN, TEXAS — Dallas-based developer Presidium has completed construction of Presidium Waterford, a six-story, 283-unit community in Austin, about four miles south of The Domain, a mixed-use destination in North Austin. Residents will be able to take advantage of smart-home controls, including thermostats, lighting and unit access, through one smartphone app. Amenities include a resort-style pool, outdoor fireplaces, a water volleyball court, a courtyard with fire pits, a hammock grove, coworking lounges and a fitness center with spin and yoga studios connected to an outdoor lawn. The property also features …

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Westbend-Residences-Fort-Worth
DevelopmentNewsTexas

Trademark Begins Construction of Westbend Residences in Fort Worth

by Lynn Peisner

FORT WORTH, TEXAS — Trademark Property Co., a locally based mixed-use developer, is underway on the construction of Westbend Residences in Fort Worth’s University District. Completion is slated for the first quarter of 2027. The 321-unit property is being developed on 3.5 acres along the Trinity Trails, which make a loop around the Trinity River. The seven-story community will feature ground-floor restaurant space, two resort-style pools, a fitness center, a dog spa and a two-story parking garage. The project has been designed to meet National Green Building Standards to qualify …

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River-House-San-Antonio
Investment SalesNewsTexas

Hixon Properties Sells San Antonio River Walk Asset

by Lynn Peisner

SAN ANTONIO — Newmark has arranged the sale of River House in San Antonio. Locally based, private real estate investment company Hixon Properties, the seller, developed the community in 2015. According to the San Antonio Business Journal, OTH Capital out of Austin, Texas, acquired the 261-unit asset, which was 95 percent occupied at the time the deal closed. River House is located on the city’s pedestrian River Walk, less than half a mile from the San Antonio Museum of Art. Community amenities include an infinity-edge pool, a rooftop terrace and …

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