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Lofts-at-1835-Arch-Philadelphia
FinanceInvestment SalesNewsNortheastPennsylvania

GY Properties Obtains $44 Million Fannie Mae Acquisition Loan for Philadelphia’s The Loft at 1835 Arch

by Lynn Peisner

PHILADELPHIA — Walker & Dunlop has arranged a $44 million Fannie Mae acquisition loan for GY Properties’ purchase of The Lofts at 1835 in Philadelphia. The sale was first announced in November. Originally built in 1928 and redeveloped in 2000, the 17-story, 191-unit building was sold by Brookfield Properties and acquired by an affiliate of locally based GY Properties, which owns a portfolio of assets concentrated in the Mid-Atlantic. According to the Philadelphia Business Journal, the total acquisition cost was $60 million. The new ownership plans to add units to …

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NOVEL-Arlington-Virginia
Affordable HousingBuild-to-RentDevelopmentInvestment SalesNewsNortheastWashington, D.C.

Crescent Communities, Rockefeller Group Partner on D.C. NOVEL Project

by Lynn Peisner

ARLINGTON, VA. — Crescent Communities, in its first partnership with Rockefeller Group, has closed on a land sale for the future development of NOVEL Arlington. Early plans for the community call for 493 apartments and 37 townhomes rented at both affordable and market rates. Rent caps were not disclosed. The site, 5.5 acres at 2480 South Glebe Road, is about 3 miles west of Ronald Reagan Washington National Airport. Two existing hotels on the parcel are expected to be demolished to make way for the LEED Gold-targeted project. Completion is …

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The-Irving-Denver
Affordable HousingColoradoDevelopmentNewsOperationsWestern

ULC Opens Its First Ground-Up Affordable Housing Development in Denver

by Lynn Peisner

DENVER — Urban Land Conservancy (ULC), a Denver-based affordable housing nonprofit, has completed construction and opened The Irving at Mile High Vista in Denver’s West Colfax neighborhood. Located at 3.270 W. Colfax Ave., the 102-unit community serves households earning up to 20 to 80 percent of area median income. With ULC’s ownership of the land through a community land trust, affordability is guaranteed for 99 years. The Irving is adjacent to the Denver Public Library’s Corky Gonzales branch. The architect was Studio Completiva, and the general contractor was Pinkard Construction. …

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Willow-Glen-Illinois
FinanceIllinoisMidwestNews

The Lynd Group Secures $66 Million Refinancing for Willow Glen in Chicago Suburbs

by Lynn Peisner

WILLOW GLEN, ILL. — The Lynd Group has secured a $66 million refinancing for Willow Glen, a 224-unit community in the Chicago suburb of Willow Glen. The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million Barclays-originated CMBS senior loan and an $8 million mezzanine loan provided by Ghisallo Capital. Lynd Development, in partnership with West Point Builders, built the project, which opened in 2023.  Willow Glen consists of 188 apartment units and 36 three-story townhomes. Amenities include a clubhouse …

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Residences-at-Prairiefire-Overland-Park
FinanceInvestment SalesKansasMidwestMissouriNews

Northmarq Arranges $65.7 Million Loan for Acquisition of Residences at Prairiefire in Overland Park, Kansas

by Lynn Peisner

OVERLAND PARK, KAN. — Northmarq has arranged a $65.7 million Freddie Mac acquisition loan for sponsor Price Brothers. The locally based owner/operator has acquired Residences at Prairiefire, a 426-unit community that was built in 2014. Neither a total purchase price nor a seller’s name was disclosed. Units are offered as one-, two- and three-bedroom floor plans. Amenities include a cyber café, business center, a pool and poolside lounge with a TV, outdoor kitchen space, a car-care center and package management services. The community is located in the Prairiefire mixed-used district …

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KeyBank-SLC
Affordable HousingDevelopmentFinanceNewsUtahWestern

KeyBank Secures $43.3 Million for Two Salt Lake City Affordable Housing Developments

by Lynn Peisner

SALT LAKE CITY — KeyBank has secured $43.3 million in financing on behalf of the Housing Authority of Salt Lake City for a redevelopment and an adjacent ground-up affordable housing construction project. The projects include Sunrise Metro, a renovation of an existing 100-unit, four-story structure with the addition of 18 new units to the second floor, and Atkinson Stacks, a 100-unit new-construction building. KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie …

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One-West-End-Charlotte
FinanceNewsNorth CarolinaSouth CarolinaSoutheast

Gordon Capital Secures Loans for Two Townhome Communities in the Carolinas

by Lynn Peisner

CHARLOTTE, N.C. and GREENVILLE, S.C. — Walker & Dunlop has arranged $47.8 million in bridge refinancings for two townhome rental communities in North Carolina and South Carolina. Michael Stepniewski, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Brown, Edward Leboyer and Nicholas Gilhooley arranged two floating-rate, interest-only loans provided by ACRES Capital on behalf of borrower Gordon Road Capital. The properties include One West End, an 86-unit community at 2701 Rozzelles Ferry Road in Charlotte and Maybrook Terraces, a 50-unit community located at 206 N. Leach St. in Greenville.

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Vertical-East-Tucson
ArizonaInvestment SalesNewsWestern

Investors Capital Group Acquires Vertical East in Tucson for $22 Million

by Lynn Peisner

TUCSON, ARIZ. — Vertical Street Ventures has sold Vertical East Apartments in Tucson to Seattle-based Investors Capital Group for $22 million. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller. The property was developed in 2001 and is comprised of two- and three-bedroom floor plans. Community-wide amenities include a pool and hot tub, a picnic area and a dog park.

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Rev3-Asheville
Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Trilogy Investment Breaks Ground on Build-to-Rent Community in Asheville, North Carolina

by Lynn Peisner

ASHEVILLE, N.C. — Trilogy Investment Co. in partnership with Provest Partners has closed on a construction loan and begun construction of REV3 at Pinnacle Meadows, a 73-unit build-to-rent townhome community in Asheville. Trilogy is an Atlanta-based investment and development firm, and Provest Partners is a Korean investment firm. REV3 will feature two- and three-bedroom townhomes, each with a one-car garage. REV3 Homes, a division of Trilogy Investment Co., will serve as the builder for the project. Completion is slated for the second quarter of 2027.

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Bell-Trelago-Maitland
FloridaInvestment SalesNewsSoutheast

Bell Partners Buys Trelago in Greater Orlando for $111 Million

by Lynn Peisner

MAITLAND, FLA. — Bell Partners has purchased Trelago, a 350-unit community in Maitland, eight miles north of Orlando. The property has been renamed Bell Trelago. According to the Orlando Business Journal, the sales price was $111.3 million, and the seller was Kettler Inc. Developed in 2019, Bell Trelago is situated on 20 acres on Lake Hope. It is part of the Trelago mixed-used development that includes 135,000 square feet of retail including a future Trader Joe’s store. Walker & Dunlop arranged the sale. With this acquisition, Greensboro, North Carolina-based Bell …

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