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3100-3118-Patrick-Henry-Drive-Santa-Clara
CaliforniaDevelopmentInvestment SalesNewsWestern

Berkadia Arranges $12.5 Million Land Sale in Silicon Valley

by Lynn Peisner

SANTA CLARA, CALIF. — JEMCOR Development Partners and Scaled Projects acquired a 2.5-acre site in Santa Clara for $12.5 million on Dec. 18. Jason Parr and Scott MacDonald of Berkadia San Francisco arranged the sale. The site is adjacent to Levi’s Stadium, home of the San Francisco 49ers, and is zoned for high-density residential development within the city’s Patrick Henry Drive Specific Plan Area. The plan was adopted by the Santa Clara City Council in 2022 with the goal to redevelop a series of office parks, some developed in the …

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Alexan-Access-Lynnwood
Investment SalesNewsWashingtonWestern

Trammell Crow Sells Seattle Metro Alexan Access to Bell Partners for $145 Million

by Lynn Peisner

LYNNWOOD, WASH. — Bell Partners has acquired Alexan Access in Lynnwood for $145 million. JLL Capital Markets arranged the sale as well as an $83.2 million Fannie Mae acquisition loan. The seller was Trammell Crow Residential. Located at 2727 Alderwood Mall Blvd., about 16 miles north of Seattle, Alexan Access was built in 2023 and includes 383 units as studios, one-, two- and three-bedroom floor plans across four buildings. A resort-style pool and hot tub, a sky lounge with a rooftop deck, coworking spaces, a fitness center with a second-level …

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Brickell-Starlite-Miami
DevelopmentFinanceFloridaNewsSoutheast

JV Receives $250 Million Construction Loan to Build Miami Tower

by Lynn Peisner

MIAMI — Focus, a Chicago-based developer, and Group Fox, an investment and property management company also out of Chicago, have received a $250 million construction loan to build Brickell Starlite in Miami. Affinius Capital was the lender. Cushman & Wakefield arranged the financing. Brickell Starlite is a to-be-built, 39-story, 517-unit luxury property in Miami’s Brickell submarket on the site of the former Starlite Motel. Units will be offered as studio, one-, two- and three-bedroom layouts with 5 percent of the units designated for workforce housing. The development will feature amenities …

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Block-Three-Madison
DevelopmentMidwestNewsWisconsin

Smith Gilbane Breaks Ground on Block Three at Madison Yards

by Lynn Peisner

MADISON, WIS. — Smith Gilbane, a joint venture comprised of developers Gilbane Development Co. and Summit Smith Development, are underway on construction of Block Three, the most recent phase of Smith Gilbane’s Madison Yards project in Madison’s Near West Side neighborhood. The Madison Yards master-planned community is a 21-acre site at the southwest corner of University Avenue and Segoe Road, the former location of the Wisconsin Department of Transportation’s headquarters. The total project includes approximately 500 units, a hotel, Class-A office spaces, 400,000 square feet of medical office space, a …

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Second-&-Second-Minneapolis
Investment SalesMidwestMinnesotaNews

Roundhouse Buys Second + Second in Minneapolis

by Lynn Peisner

MINNEAPOLIS — Boise, Idaho-based Roundhouse has acquired Second + Second, a 158-unit property in the North Loop neighborhood of Minneapolis, from Vail, Colorado-based Solaris Group. The Minneapolis/St. Paul Business Journal reports the sales price was approximately $47 million. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented Solaris in the transaction. Second + Second is located at 120 N. Second St. It was developed in 2020 and features studio, one- and two-bedroom floor plans that average 863 square feet. Community and unit amenities include underground parking, a sky lounge, a …

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Latitude-at-the-Commons-Myrtle-Beach
BerkadiaInvestment SalesNewsSouth CarolinaSoutheast

Berkadia Arranges $57 Million Sale of Latitude at the Commons in Myrtle Beach

by Lynn Peisner

MYRTLE BEACH, S.C. — Berkadia has arranged the $57 million sale of Latitude at the Commons, a 288-unit, garden-style property in Myrtle Beach. The seller was Houston-based ApexOne Investment Partners. The buyer’s identity was not disclosed. Trammell Crow Residential developed the property in 2009. Located at 2222 Crow Lane, Latitude at the Commons includes one-, two- and three-bedroom units and amenities such as a 24-hour fitness and wellness center with cardio and weightlifting equipment, a clubhouse with a lounge, a billiard and entertainment room, dog park with a wash station, …

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Overall-Creek-Murfreesboro
FinanceNewsSoutheastTennessee

Denholtz Secures $76 Million ReFi for Overall Creek in Metro Nashville

by Lynn Peisner

MURFREESBORO, TENN. — Denholtz has refinanced Overall Creek in Murfreesboro with a $76 million loan. PCCP was the lender, and Cushman & Wakefield arranged the financing. Red Bank, New Jersey-based Denholtz acquired Overall Creek in 2022. It was developed in 2020. The community, located at 5150 Jack Byrnes Drive, features resort-style amenities including a courtyard with a pool and grilling stations, fire pits, a dog park, a massage room, a tanning bed, business center and a fitness center. The property is currently 94 percent occupied and offers 384 one-, two- …

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1008-Mass-Ave-Cambridge
FinanceMassachusettsNewsNortheast

JLL Arranges $23 Million Refinancing for Metro Boston Property

by Lynn Peisner

CAMBRIDGE, MASS. — JLL Capital Markets has arranged a $23 million loan through Manulife/John Hancock Life Insurance Co. to refinance 1008 Mass Ave, a 65-unit luxury community in Cambridge. The borrower was Boston Residential Group. The seven-story building, constructed in 1999, features 65 studios, one- and two-bedroom apartments along with ground-floor retail space currently occupied by Gibson Sotheby’s International Realty. The property is home to 67 covered parking spaces and amenities including 24-hour concierge services, a fitness center, a seventh-floor deck with panoramic city views and laundry facilities on every …

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Harborside-8-Jersey-City
DevelopmentFinanceNew YorkNewsNortheast

JV Secures $384 Million for Jersey City Waterfront High-Rise Development

by Lynn Peisner

JERSEY CITY, N.J. — Panepinto Properties and AJD Construction have secured $306 million in senior non-recourse construction financing and $78 million in preferred equity for the land purchase and vertical construction of Harborside 8, a 678-unit, luxury waterfront development along the Hudson River in Jersey City.  JLL’s Capital Markets group arranged the floating-rate senior loan through Kennedy Wilson. JLL also arranged the preferred equity through Affinius Capital. The development partners plan to break ground in the first quarter of 2026 with stabilization estimated for the first quarter of 2030. The 65-story …

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Marine-Drive-Apartments-Buffalo
Affordable HousingDevelopmentNew YorkNewsNortheast

The Habitat Co. to Break Ground in Spring on $600 Million Redevelopment of Buffalo Waterfront

by Lynn Peisner

BUFFALO, N.Y. — The Habitat Co. has closed on financing for Marine Drive Apartments in downtown Buffalo. The project will mark the start of a three-phase, $600 million redevelopment of the historic waterfront site, which will include infrastructure work, that will be led by Habitat in partnership with Duvernay + Brooks and Bridges Development, an affiliate of the Buffalo Municipal Housing Authority (BMHA). The Phase I project cost is approximately $208 million. It is financed through public-private partnerships between Enterprise Community Partners, Buffalo-based M&T Bank and New York State Homes …

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