NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the New York City Housing Authority’s $419.6 million renovation of Boston Road Plaza, Boston Secor and Middletown Plaza (BBM) in the East Bronx. The three communities total 952 apartments across six residential buildings. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading the renovations. The project is currently underway and is slated for completion in 2026. Units will receive improvements to bathrooms and kitchens, as well …
SAN MARCOS, TEXAS — Utah-based Helu Development has broken ground on The Entrada at San Marcos, a 336-unit affordable housing project located roughly midway between San Antonio and Austin. Helu is developing the community in partnership with American South Capital Partners. Regions Bank originated a HUD 221(d)(4) loan of an undisclosed amount to finance the project’s construction. The Entrada at San Marcos will consist of six three-story buildings on a 14-acre site. Units will come in studio, one- and two-bedroom floor plans. Amenities will include a clubhouse with a fitness …
SAN ANTONIO — The NRP Group and the City of San Antonio opened Los Arcos at Vida on Jan. 29. The 324-unit property is reserved for residents earning between 30 and 70 percent of the area median income. The new development is part of the 600-acre VIDA San Antonio master-planned development led by SouthStar Communities that will be complete in 2026. VIDA will include healthcare, retail and event spaces as well as a mix of housing options, including single-family homes, townhomes and multifamily residences.
READINGTON, N.J. — Berkadia has arranged $11.9 million in low-income housing tax credit equity for Apartments at Three Bridges, an affordable housing development in Readington. Conifer Realty is the developer. Senior Vice President and Head of Acquisitions Chris McGraw of Berkadia Tax Credit Solutions led the financing effort. Apartments at Three Bridges will consist of 80 townhome units across seven buildings. The homes are reserved for tenants earning between 20 and 60 percent of the area median income. Additional financing for the project will include a construction loan through Fulton …
INDIANAPOLIS — Standard Real Estate, Arrow Street Development and Belay Investment Group have sold Wesley Place, a 244-unit property to an undisclosed seller for an undisclosed cost. It was 91 percent leased at the time of sale. The property was developed in 2023 in downtown Indianapolis’ Medical District. It is within walking distance to Indiana University Health Campus, a $4.3 billion expansion and redevelopment that broke ground in 2022 and is expected to be complete, with medical offices and retail, by 2027. A JLL Chicago team of Amanda Friant, Ken …
MIAMI — CBRE has hired Greg Engler as vice chair to the firm’s Florida capital markets team. Engler will collaborate with CBRE’s existing sales and debt teams to increase multifamily business in Florida markets. Engler joins CBRE from Engler Realty Advisors, a multifamily investment sales company he founded in 2022. He also founded Engler Financial Group in 2003, which was acquired by Walker & Dunlop in 2015, after which time he served as executive vice president of investment sales.
NOBLESVILLE, IND. — Old Town Cos. has sold Federal Hill Apartments, a 222-unit property in Noblesville, 23 miles north of Indianapolis, Indiana. Summit Equity Investments acquired the community for an undisclosed price. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller in the deal. Built in 2024, Federal Hill Apartments offers a mix of studio, one- and two-bedroom units with an average size of 863 square feet. Amenities include a fitness center, pool, indoor pet grooming spa, electric vehicle charging stations …
DALLAS — BAI Fund Manager (BOLOUR), an affiliate of Beverly Hills, California-based investment, development and finance company Bolour Associates Inc., has provided financing for the acquisition of a 112-unit affordable housing community in Dallas. John Choi of Concord Summit Capital represented the borrower. Built in 1989, the property is located at 4753 Duncanville Road, roughly 15 miles southwest of downtown Dallas. Units come in one-, two- and three-bedroom floor plans and range from 663 to 1,059 square feet. Income restrictions for the community were not disclosed.
INGLEWOOD, CALIF. — Bell Partners has received a $73 million loan for the refinancing of Bell South Bay, a 264-unit community located at 11622 Aviation Blvd. in Inglewood, about 13 miles southwest of Los Angeles. Justin Nelson and Craig West of Walker & Dunlop’s Capital Markets and Multifamily Finance teams arranged the bridge loan. The financing was provided by accounts managed by KKR. Built on 3.05 acres in 2016, Bell South Bay consists of 264 apartments. Units come in studio, one- and two-bedroom layouts. Amenities include a fitness center and …
PHOENIX — IMT Capital, together with its affiliated property management company IMT Residential, has acquired Marquis at Desert Ridge, a 370-unit property in the Desert Ridge neighborhood of Phoenix. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller, a national investor and operator, in the deal. Built in 2014, Marquis at Desert Ridge offers one- and two-bedroom units. Amenities include a pool and spa area with a sundeck lounge and cabanas, outdoor kitchen and grill stations, fitness center, clubhouse with entertainment kitchen, billiard room and business center. The new …