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Citiwalk-Rochester
DevelopmentMidwestMinnesotaNews

Inland, RWD Break Ground on $139M Project in Rochester, Minnesota

by Lynn Peisner

ROCHESTER, MINN. — Inland National Development Co. and Reuter Walton Development (RWD) have broken ground on Citiwalk Apartments, a 342-unit project in downtown Rochester across the street from the Mayo Clinic. The Minneapolis/St. Paul Business Journal reports the land was assembled and purchased for $20 million in April and that the total project cost is $139 million. The community will contain apartments as well as 90 short-term stay units intended to support patients and caregivers who travel to Rochester for treatment. Located at 201 6th Ave., Citiwalk Apartments will feature …

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NEMA-Chicago
FinanceIllinoisMidwestNews

JLL Arranges $332M for Chicago Luxury Tower Refinancing

by Lynn Peisner

CHICAGO — JLL has arranged a $275 million loan and $57 million in mezzanine financing for NEMA Chicago, a 76-story luxury tower at 1210 South Indiana Ave. in Chicago. The property was developed in 2019 by Miami-based Crescent Heights, which is the borrower. The five-year, fixed-rate loan was provided by New York Life Insurance Co., while the mezzanine loan was sourced through PGIM’s real estate business. NEMA Chicago features 70,000 square feet of amenities spanning indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie …

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Alafia-East-New-York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Apex, L+M Obtain $217M to Finance Phase II of Alafia in Brooklyn

by Lynn Peisner

NEW YORK CITY — Apex Building Group and L+M Development Partners have obtained approximately $217 million in financing for the third phase of the Alafia project, an affordable housing community in the East New York neighborhood of Brooklyn. The nonprofits RiseBoro Community Partnership and Services for the Underserved also are partners. The financing package is backed by federal and state affordable housing tax credits, tax-exempt bonds, state subsidies, construction loans from Redstone Bank, funding from Goldman Sachs Urban Investment Group and more. Phase III will consist of two residential buildings …

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Stamford-Urby-Connecticut
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $221M Sale of Stamford Urby

by Lynn Peisner

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has sold Stamford Urby to Pantzer for $221 million. CBRE’s Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, Travis Langer, and Eric Greenberg arranged the sale. Manhattan-based Pantzer has renamed the property The Point Stamford. Maxi Leachman of CBRE secured an undisclosed amount of debt for Pantzer. The property was developed in two phases (2019 and 2023) and features a 5,500-square-foot fitness center, heated pool, an courtyard, coworking spaces, a lobby, café, outdoor fire pits and grills, covered parking, …

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Alexan-Lower-Greenville-Dallas
ColoradoFinanceNewsTexasVirginiaWestern

CBRE Arranges $380.2M Refinancing Loan for Crow Holdings

by Lynn Peisner

DALLAS — Crow Holdings has obtained a $380.2 million refinancing loan for a five-property portfolio totaling 1,549 units in Texas, Colorado and Virginia. Each was developed by Trammell Crow Residential in partnership with Crow Holdings. CBRE’s Dallas-based Andy Scott, Michael Cosby, Kris Lowe, Tom Burns and Bo Beidleman arranged the financing through AllianceBernstein. The assets include Alexan Lower Greenville in Dallas, Alexan Braker Pointe and Alexan Waterloo in Austin, Texas, Alexan Julian in Denver and Alexan Florence in Alexandria, Virginia. Trammell Crow Co. is owned by CBRE. Crow Holdings is …

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The-Hedrick-Kissimme
DevelopmentFinanceFloridaNewsSoutheast

Hedrick Brothers Obtains $56.5M Loan, Breaks Ground on 366-Unit Project in Kissimmee, Florida

by Lynn Peisner

KISSIMMEE, FLA. — Hedrick Brothers Development has obtained a $56.5 million construction loan for The Hedrick at Lake Toho, a 366-unit community along Toho Grande Boulevard in Kissimmee. Construction has commenced, with completion slated for the end of 2028. Pre-leasing is expected to begin in 2027. Located on approximately 22 acres, The Hedrick at Lake Toho will feature a mix of one-, two- and three-bedroom units complemented by a resort-style pool with cabanas and fire pit, clubhouse with coworking and gaming spaces, pickleball courts, a yoga lawn, dog park, pet …

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GoodHomes-Arlington
Affordable HousingDevelopmentInvestment SalesNewsNortheastVirginiaWashington, D.C.

GoodHomes Acquires Metro D.C. Hotel, Plans Multifamily Conversion

by Lynn Peisner

ARLINGTON, VA. — GoodHomes Communities has acquired Arlington Court Suites in Alexandria for $35 million and plans to convert the 187-unit hotel into a 180-unit multifamily community. The KLNB multifamily capital markets team led by Rawles Wilcox, Justin Shay and Dutch Seitz and the HREC Investment Advisors team of Mark Morris and Scott Stephens represented the seller, Arlington Hotel Holdings Inc. GoodHomes is a New York City-based investor that acquires under-performing hospitality and seniors housing assets and redevelops them as workforce housing serving residents earning between 60 and 120 percent …

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CRU-Redmond
Investment SalesNewsWashingtonWestern

Goodman Real Estate Sells Two Metro Seattle Assets for $172M

by Lynn Peisner

SEATTLE — Goodman Real Estate has sold two metro Seattle properties for a combined total of $172 million. CBRE’s Eli Hanacek, Kyle Yamamoto and Natalie Kasper represented the Seattle-based seller in both transactions. Each property was developed in 2024 and sold to undisclosed buyers. CRU at Willows 124 in Redmond traded for $94 million. The 195-unit, six-story building sits on 1.6 acres within a master-planned community adjacent to Willows Run Golf Club. It includes 22,998 square feet of fully leased commercial space across three suites. The property features a mix …

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Beach-Blvd-Jacksonville-Beach
Affordable HousingDevelopmentFloridaNewsSoutheast

Trevato Breaks Ground on $120M Mixed-Use Development in Jacksonville Beach

by Lynn Peisner

JACKSONVILLE BEACH, FLA. — Locally based Trevato Development Group has broken ground on a $120 million mixed-use development at the former Adventure Landing site in Jacksonville Beach. Adventure Landing was an amusement and water park that opened in the 1990s and operated for roughly 30 years. Trevato acquired the property in 2021. The project, which has not yet officially been named, will include 415 units of market-rate and workforce housing, 1,800 square feet of ground-level retail space and a viewing platform overlooking the Intracoastal Waterway. The site is on Beach …

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333-Flower-Los-Angeles
Affordable HousingCaliforniaDevelopmentNewsWestern

Kennedy Wilson, Jamison Team Up to Develop 4,000 Units of Affordable Housing in Los Angeles

by Lynn Peisner

LOS ANGELES — Kennedy Wilson and Jamison have partnered to develop 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction. Specifically, the partnership is comprised of Jamison’s affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development group, Vintage Housing. According to Bloomberg, the development cost is approximately $1.7 billion. The Los Angeles Times reports the partners will deliver the units via 15 separate projects. The team will begin with the conversion of the former L.A. World Trade Center, a 10-story office complex developed in …

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