NEWINGTON, CONN. — Northmarq has secured $37.5 million in construction financing for the development of The Pike in Newington, a southwest suburb of Hartford. The developer broke ground at the end of 2022. The project completion date was not disclosed. The capital stack included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85 percent loan-to-cost. Financing was secured by Brad Burns, Brandon Harrington, Tyler …
ZIONSVILLE, IND. — Developers Pittman Investors and Scannell Properties have begun work on the first phase of Pittman Farms, a mixed-use development in Zionsville, a northwest suburb of Indianapolis. The 48-acre development will feature a mix of retail amenities and a 400-unit apartment development. The first phase will include land preparation and infrastructure for the entire development and the three-building, four-story, 400-unit apartment development. Planned amenities include a golf simulator, saltwater pool, fitness lab, library, work-from-home space, dog park, covered parking and an outdoor pavilion. Phase one is expected to …
DURHAM, N.C. — Fairfield has acquired Greens of Pine Glen apartments in Durham for an undisclosed price. The 168-unit affordable-housing property includes two- and three-bedroom units that rent for up to 60 percent of the area median income (AMI). With this transaction, Fairfield now owns 750 affordable units in the Raleigh-Durham area. San Diego-based Fairfield owns and/or operates 41,000 units nationwide.
CHARLOTTE, N.C. — Continental Realty Corp. (CRC), a Baltimore-based investment and management company, has purchased Sycamore at Tyvola in Charlotte for $96.3 million. The community is the eighth asset CRC has acquired in North Carolina. The 288-unit, four-story property was designed by Switzenbaum & Associates and opened in 2018. It was 95.5 percent leased at the time of sale. Michael Saclarides of Cushman &Wakefield represented the undisclosed seller. Amenities include a fitness center, clubhouse, event studio, pool, tennis court, putting green and wooded walking trails throughout the site’s 31 acres.
SAN ANTONIO — Brookfield, Wisconsin-based real estate investment firm MLG Capital has acquired Springs at Alamo Ranch in San Antonio. Springs at Alamo Ranch comprises 227,000 square feet and 232 studio, one-, two- and three-bedroom townhome style units. Amenities at the gated-access community include a pool, fitness center and dog park. MLG Capital plans to rebrand the property as Reata Alamo Ranch. According to Apartments.com, monthly rental rates range from $1,076 to $2,654.
ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …
BLOOMINGTON, IND. — Indianapolis-based developer The Annex Group has started work on a 102-unit workforce housing community in Bloomington. The Annex of Bloomington will be located at the corner of Third and Grant St. in an area called the University Village Downtown Character Overlay District. The development is set to include enclosed parking and ground-floor retail space. Construction is scheduled for completion in spring 2023. Project partners include Gilliatte General Contractors, Inc., architect KTGY, engineering firm Smith Design Group Inc. and STAR Financial Bank, which has provided $18.1 million …
LINCOLN, NEB. — Indianapolis-based developer The Annex Group has started work on Union at Middle Creek, a 192-unit affordable housing community in Lincoln. The $34.4 million development will be located at 2643 W. Timberlake Drive, and feature 192 units targeting people who make up to 60 percent of the area median income (AMI). Property amenities will include a clubhouse, fitness center, nature trail, a balcony or patio for all units, and limited private carport parking. The Annex Group will also create a Community Impact Plan specific to Union at Middle …
JERSEY CITY, N.J. — Development partners Park Stone Management and Fields Grade Development Company received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of Blue Gate Partners arranged the loan provided by Lakeland Bank. Located at 244 St. Paul’s Ave., the six-story building is currently 88 percent leased and occupied. Property amenities include a fitness center, yoga studio, coworking space with conference room, outdoor rooftop terrace with barbecues, sun loungers and firepits. The property …
MIDLOTHIAN, VA. — The Bainbridge Cos. has broken ground on Bainbridge Midlothian, a 310-unit community in Midlothian, about 16 miles west of Richmond, Virginia. This is the company’s first project in the Richmond market. The community will offer units in one-, two or three-bedroom floor plans. The developers anticipate a summer 2024 completion. The project cost was not disclosed. Bainbridge Midlothian’s amenities will include a resort-style pool and sundeck, a clubhouse featuring work-from-home spaces, a resident lounge and fitness center, a pickleball court, pet spa, fire pit, grilling stations, a …