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Harbach Lofts in Des Moines, Iowa
FinanceInvestment SalesIowaMidwestNews

JLL Capital Markets Arranges $10.6 Million in Acquisition Financing for Harbach Lofts in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …

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7872 Liberty Drive in Huntington Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $2.4 Million Sale of Property in Huntington Beach, California, in 1031 Exchange

by Channing Hamilton

HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of a five-unit community located at 7872 Liberty Drive in Huntington Beach in a 1031 exchange. The property was constructed in 1979 on 0.2 acres. The two-story building offers garage parking and a laundry facility. The seller was a private investor from Huntington Beach. CBRE’s Dan Blackwell and Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction.

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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DevelopmentGeorgiaInvestment SalesNewsPeople NewsSoutheast

Brook Farm Group Selects Matt Cotton as Vice President of Land Acquisitions 

by Channing Hamilton

ATLANTA — Brook Farm Group, an Atlanta-based development company, has hired Matt Cotton as Vice President of Land Acquisition. Cotton will be based in the company’s Atlanta office. In this role, Cotton will oversee Brook Farm Group’s strategy to identify and acquire new land sites for multifamily development across the southeast. Cotton previously worked in in the Atlanta suburb of Alpharetta as a director of site selection for the Southeast Region of Trilogy Residences. Prior to this, he served as a real estate development manager for Circle K in Charlotte, North …

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927 Daisy Avenue in Long Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Sales of Five Properties in California for $17 Million in 1031 Exchange 

by Channing Hamilton

TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance. The five acquired properties were sourced from different private sellers in Southern California. The properties include: 

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Pointe Grand Warner Robins in Warner Robins, Georgia
BerkadiaFinanceGeorgiaNewsSoutheast

Berkadia Arranges $36.8 Million Loan for Pointe Grand Warner Robins in Warner Robins, Georgia

by Channing Hamilton

WARNER ROBINS, GA. — Berkadia has arranged a $36.8 million loan for Pointe Grand Warner Robins, a 288-unit property in Warner Robins. Located at 1601 Leverette Road, Pointe Grand Warner Robins consists of ten residential buildings and a clubhouse. Each residential building rises three stories. Units come in two-bedroom layouts and are 1,170 square feet in size. Amenities include a pool, fitness center and business center. Berkadia’s Proprietary Lending Group provided the loan, which features a two-year, competitive floating-rate with extensions and full-term interest only. Michael Weinberg and Wesley Moczul …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Negotiates $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.

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CaliforniaDevelopmentNewsWestern

Caribou Industries to Build Mixed-Use Development in Downtown Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to build 3rd & Broadway Promenade, a mixed-use development in downtown Santa Ana. Caribou Industries plans to begin construction in the second quarter of 2024. Gensler is serving as architect. Plans for 3rd & Broadway Promenade call for a 16-story high-rise community, which will offer studio, one- and two-bedroom units and 198 secured homeowner garages. The project will also include a 10-story hotel, an event …

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Woodmont Way at West Windsor in West Windsor, New Jersey
FinanceNew JerseyNewsNortheast

JLL Brokers Refinancing for 443-Unit Woodmont Way at West Windsor Near Trenton, New Jersey

by Channing Hamilton

WEST WINDSOR, N.J. — JLL Capital Markets has arranged permanent financing for Woodmont Way at West Windsor, a garden-style community in West Windsor, 12 miles northeast of Trenton, New Jersey. The borrower, Woodmont Properties, will use the funds to refinance the property. Thomas Didio, Thomas Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal led the JLL Capital Markets Debt Advisory team, which represented Woodmont Properties in the transaction. Woodmont Way at West Windsor was built in 2022. The property comprises 443 units across 13 buildings. Units come in one-, two- and three-bedroom …

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