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Reserve-at-Spring-Creek-Richardson
Investment SalesNewsTexas

MG Properties Buys Reserve at Spring Creek in Richardson, Texas

by Lynn Peisner

RICHARDSON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Reserve at Spring Creek, a 458-unit community in Richardson, 17 miles northeast of Dallas. IPA’s Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Jack Windham represented the seller, an affiliate of Lone Star Funds, and procured the buyer, MG Properties. Brian Eisendrath, Cameron Chalfant and Harry Krieger of IPA Capital Markets arranged an undisclosed amount of financing. Developed in 2019 on 17 acres, Reserve at Spring Creek has a fitness center, clubhouse, resort-style pool and a business …

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East-Peoria-Redevelopment
DevelopmentFinanceIllinoisInvestment SalesMidwestNews

Eastern Union Arranges $15.9M Loan for Adaptive Reuse Project in East Peoria, Illinois

by Lynn Peisner

EAST PEORIA, ILL. — Eastern Union has arranged a $15.9 million acquisition and construction loan for the conversion of a former assisted living facility into a 246-unit multifamily property located at 500 Centennial Drive in East Peoria. The financing was arranged by Joe Siegfried of Eastern Union. The borrower was The H&A Group of South Bend, Indiana, a real estate investment and development company focused on value-add and adaptive reuse projects across multiple asset classes. The loan was provided by Genesis Capital, which is based in Sherman Oaks, California. Originally …

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Alliance-Residential-Carmina-Plant-City
DevelopmentFloridaNewsOperationsSoutheast

Alliance Residential Opens The Carmina in Plant City, Florida

by Lynn Peisner

PLANT CITY, FLA. — Alliance Residential Co. has opened The Carmina, a 360-unit community at 3202 Elsanta St. in Plant City. The development is comprised of one- and two-bedroom units and such amenities as a resort-style pool, 24-hour package locker system with cold storage, fitness center, business center with coworking space, a dog park and a clubroom with TV, pool table and entertainment kitchen. Residents will also be privy to a service called Refresh Retreat, which provides rotating weekend amenities, such as towel service, a sunscreen and aloe bar or …

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Wolf-Point-West-Chicago
FinanceIllinoisMidwestNews

JLL Arranges $141.8M Refinancing for Wolf Point West in Chicago

by Lynn Peisner

CHICAGO — JLL has arranged a $141.8 million refinancing loan for Wolf Point West, a 509-unit, 48-story tower in Chicago’s River North neighborhood. The borrower/owner is Hines in partnership with AFL-CIO Building Investment Trust, Magellan Development Group and the Joseph P. Kennedy Trust. New York Life Insurance Co. was the lender for the three-year, floating-rate loan. JLL’s team was led by Danny Kaufman, Medina Spiodic, Rebecca Brielmaier and Youngsoo Yang. Wolf Point West opened in 2016 and is a LEED Silver-certified building with 24-hour door staff, an outdoor pool with …

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1000-Ocean-Parkway-Brooklyn
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $23.5M Sale of Brooklyn Property

by Lynn Peisner

NEW YORK CITY — Marcus & Millichap has arranged the sale of 1000 Ocean Parkway, a 122-unit apartment building in the Midwood neighborhood of Brooklyn. The property sold for $23.5 million, or $192,623 per unit. Marcus & Millichap’s Matt Fotis represented the seller, the Cohen family, and procured the buyer, David Brecher, chief executive of Brooklyn-based FM Home Loans. The property is located on the corner of Ocean Parkway and Avenue J. Built in 1964 and renovated in 2021, 1000 Ocean Parkway has two elevators, a doorman, laundry facilities and …

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ConnecticutFinanceNewsNortheast

Newmark Arranges $115.6M Refinancing for Two Southeastern Connecticut Assets

by Lynn Peisner

EAST LYME, CONN. — Newmark has arranged a $115.6 million Freddie Mac loan to refinance The Cove at Gateway Commons and Sound at Gateway, two communities less than half a mile apart in East Lyme along Connecticut’s southeastern shore. Newmark’s Avi Kozlowski led the transaction. Sound at Gateway Commons offers garden-style studio- to three-bedroom units, while The Cove at Gateway Commons consists of one-, two- and three-bedroom apartments and townhomes with attached garages.

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Newnan-Crossing-Newnan
DevelopmentGeorgiaNewsSoutheast

Wood Partners Breaks Ground on Alta Newnan Crossing in Metro Atlanta

by Lynn Peisner

NEWNAN, GA. — Wood Partners has broken ground on Alta Newnan Crossing in Newnan, 40 miles southwest of Atlanta. Alta Newnan Crossing features 274 apartment units in a mix of one-, two- and three-bedroom layouts as well as seven townhomes, each with three bedrooms, two bathrooms and a two-car garage. Amenities include a clubhouse, fitness room, package room, coworking space, a courtyard and resort-style pool. The site will also provide connectivity to the LINC Trail, Newnan’s multi-use path system. Completion is slated for fall 2027.

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The-Arbor-NYC
Investment SalesNew YorkNewsNortheast

PGIM Buys The Arbor in The Bronx for $73.5M

by Lynn Peisner

NEW YORK CITY — PGIM, the investment management business of Prudential Financial (NYSE: PRU), has acquired The Arbor, a 127-unit community in the Riverdale neighborhood of the Bronx for approximately $73.5 million. The transaction marks the 10th acquisition with the PGIM Real Estate Fund. PGIM partnered with Fetner Properties in the deal through a sale and leaseback with the seller, Columbia University. To date, PGIM has deployed $260 million through the fund, representing approximately $632 million in gross property value.

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Evolve-Crossing-Burlington
DevelopmentFinanceNewsNorth CarolinaSoutheast

Northmarq Arranges $38M for Construction of Evolve Crossing in Burlington, North Carolina

by Lynn Peisner

BURLINGTON, N.C. — Northmarq has arranged $38 million in construction financing for Evolve Crossing, a 210-unit community Evolve Cos. is developing in Burlington. Northmarq’s Chris Hammel arranged the loan through lender CrossHarbor Capital Partners. Evolve Crossing will be a garden-style community featuring one-, two- and three‑bedroom units with such amenities as a resort-style pool with lounge, outdoor kitchens, parking, coworking space, a gym with a yoga studio and a dog park with pet spa station. Completion is slated for 2028. Evolve Cos. is a Greensboro, North Carolina-based investment and development …

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Pointe-Grand-Interbay-Tampa
Affordable HousingDevelopmentFloridaNewsSoutheast

Hillpointe Obtains $67M in Financing, Breaks Ground on Tampa Affordable Housing Development

by Lynn Peisner

TAMPA, FLA. — Hillpointe has secured $67 million in construction financing and broken ground on Pointe Grand Interbay at Tampa, a 408-unit community in South Tampa. Built under the state’s Live Local Act, an affordable housing law that gives developers zoning, height and density incentives for projects that include workforce or affordable housing, the residences, all two-bedroom, two-bath floor plans, will be reserved for renters earning no more than 80 to 120 percent of area median income. Hillpointe Construction, the Winter Park, Florida-based firm’s in-house general contractor, is leading the …

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