NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — Aeon, a Twin Cities-based nonprofit that builds affordable housing, has received $39 million in loans to refinance a portfolio of six affordable housing communities in New Hope, Bloomington and St. Paul. Victor Agusta of BWE originated the Freddie Mac loans on behalf of Aeon. The portfolio includes Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul. The properties total 529 units, all of which are reserved for …
SAGINAW, TEXAS — Marcus & Millichap has arranged the sale of Ashton, a 152-unit property in Saginaw, roughly 8 miles north of Fort Worth, Texas. Ford Braly, Al Silva and Dylan York of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, a local operator. Located at 681 N. Saginaw Blvd., Ashton was built in 1984. The community features one- and two-bedroom apartments with patios or balconies, walk-in closets and fireplaces. Tenants have access to amenities such …
Phoenix Development Co. Receives $27.8 Million in Refinancing for Property in Santa Rosa, California
SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments in Santa Rosa, about 55 miles north of San Francisco. The community consists of 114 apartments across three residential buildings located at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, arranged the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on …
FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $1.3 million sale of Cypress Drive Apartments, a two-story apartment building located at 5195 NE 18th Ave. in Fort Lauderdale’s Coral Ridge Isles neighborhood. The property offers six units in a mix of one- and two-bedroom configurations. Amenities include a pool and an on-site laundry facility. Austin Michels, Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the undisclosed buyer in the deal. The seller was also not disclosed.
BELLWOOD, ILL. — F.H. Paschen has topped off Phase I of the Bellwood Gateway Development, a $43 million workforce housing project in Bellwood, about 15 miles west of Chicago. The four-story, 71-unit community at 2711 and 2712 St. Charles Road is slated to open in Spring 2026. The property will also include 6,000 square feet of ground-floor commercial space. F.H. Paschen broke ground on the project in July 2024. Chicago-based DesignBridge was the architect. Financing sources for the project include TIF financing, workforce housing bonds and a State of Illinois grant …
HOUSTON — Lion Real Estate Group LLC (Lion), a Dallas-based real estate investment and asset management firm, has acquired the Villages of Briar Forest, a 241-unit community in Houston. Located at 14504 Briar Forest Drive, the property was built in 1999 and underwent a partial renovation by the previous owner. Lion will continue upgrading the units and overall community. Planned renovations include updating units with new quartz counter tops, vinyl plank flooring, backsplashes, cabinetry and lighting packages. The already-renovated units will see minor upgrades, including quartz countertops in the bathrooms …
NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story building located at 26-32 Jackson Ave. in the Long Island City area of Queens. The building offers 363 units in studio, one-, two- and three-bedroom configurations, with 109 residences designated as affordable housing. Income restrictions for these units were not disclosed. Rents start at approximately $3,800 per month for a studio. Shared amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and …
SAN RAFAEL, CALIF. — EAH Housing has appointed Kasey Archey to the role of senior vice president of real estate management. In this position, Archey will oversee EAH Housing’s property management department and ensure the viability of the organization’s affordable housing assets in California and Hawaii. Before joining EAH Housing, Archey served as senior vice president of property management for MidPen Housing. Additionally, she served as vice president of property operations at Eden Housing Management. Across her previous roles, she was responsible financial reporting, government and community engagement, capital improvement …
HUMBLE, TEXAS — A joint venture between Fogelman Properties and Thackeray Partners has acquired The Fenwick, a 258-unit community in Humble, roughly 20 miles north of Houston. Formerly known as Advenir at Eagle Creek, the property offers one-, two- and three-bedroom apartments. Monthly rates start at $1,094. The community is currently 91 percent occupied and will be managed by Fogelman. The new ownership plans to renovate the property with updates to the interior units, amenity areas, clubhouse, dog park and landscaping.
NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet. Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team …