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Welz-Brooklyn
DevelopmentFinanceNew YorkNewsNortheast

Slate Property Group Secures $64 Million Refinancing for Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Slate Property Group has secured a $64 million loan to refinance The Welz, a 162-unit community located at 159 Boreum St. in East Williamsburg, Brooklyn. Starwood Capital is providing the refinancing package. Daniel Fromm of Newmark represented Slate and co-owner Avenue Realty Capital (ARC) in the transaction, securing the three-year, floating-rate loan. Slate and ARC developed the property, opening it in February. It is currently 96 percent leased. Loan proceeds will be used to retire the existing construction loan, cover closing costs and complete the asset’s …

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Rev3-Athens
Build-to-RentGeorgiaNewsSoutheast

Trilogy Investment Co. Acquires For-Sale Townhome Site, Plans BTR Conversion

by Lynn Peisner

ATHENS, GA. — Trilogy Investment Co. (TIC) has acquired REV3 at Mill Creek, a townhome development project in Athens originally planned as a for-sale community. Trilogy will convert the property to rentals and complete the project by approximately November of this year. TIC has two additional for-sale-to-rental conversion deals expected to close in the next 90 days. Each home will offer three bedrooms and two and a half or three bathrooms, with open-concept layouts, stainless steel appliances, smart home technology and attached garages. Amenities will include walking trails, open green …

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Mainstreet-Coconut-Creek
DevelopmentFloridaInvestment SalesNewsSoutheast

Joint Venture Closes on $68 Million Land Sale for South Florida Mixed-Use Development

by Lynn Peisner

COCONUT CREEK, FLA. — A joint venture, consisting of Rosemurgy Properties, 13th Floor Homes, Schmier Property Group and Giles Capital Group, has closed on the $68 million purchase of 170 acres in Coconut Creek for the development of Mainstreet, a mixed-use community that will serve as the South Florida city’s future downtown core. Mainstreet will encompass 12 development blocks with a projected build-out value at approximately $1 billion. The multi-phase project will include approximately 80,000 square feet of grocery-anchored retail space, dining and civic amenities. The residential component of the …

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The-Morgan-Jersey-City
FinanceInvestment SalesNew JerseyNewsNortheast

Toll Brothers Sells Jersey City High-Rise

by Lynn Peisner

JERSEY CITY, N.J. — A joint venture that includes Toll Brothers Apartment Living has sold The Morgan at Provost Square to Rockpoint. JLL represented the seller and secured acquisition financing for Rockpoint. Terms of the sale were not disclosed. The Morgan at Provost Square is a 38-story high-rise built in 2016 that includes 417 units in studios and one-, two- and three-bedroom floor plans as well as penthouse units on the top floor. The Morgan at Provost Square is 97 percent occupied. Amenities include a rooftop pool with Manhattan-skyline views, …

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The-Clayborn-Medford-Mass
Affordable HousingDevelopmentMassachusettsNewsNortheast

The Davis Cos. Breaks Ground on Industrial Conversion Project in Greater Boston

by Lynn Peisner

MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …

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Whisper-Creek-Lakewood
ColoradoInvestment SalesNewsWestern

Brixton Capital Buys Whisper Creek in Southwest Denver

by Lynn Peisner

LAKEWOOD, COLO. — Brixton Capital has acquired Whisper Creek in Lakewood, a Denver suburb, eight miles west of downtown. The Denver Business Journal reports that CWS Capital Partners sold the asset for $79.5 million. Built in 2002 by Fairfield Residential, Whisper Creek is a 272-unit community with a resort-style pool, 24-hour fitness center, a clubhouse, business center, grills, a pet park and a playground. Solana Beach, California-based Brixton has engaged Greystar to manage the property. Tony Nargi with JLL Capital Markets secured acquisition financing.

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Aster-&-Links-Sarasota
FinanceFloridaNewsSoutheast

Affinius Capital Originates $204 Million Loan to Refinance Aster & Links in Sarasota

by Lynn Peisner

SARASOTA, FLA. — Belpointe OZ (NYSE: OZ) has received a $204 million loan from Affinius Capital to refinance Aster & Links, a 424-unit newly completed community in Sarasota. Lantern Real Estate Advisors + Partners arranged the loan. The property is comprised of the Aster building with 243 units and the Links building with 181 units and is anchored by a 50,300-square-foot grocery store leased to Sprouts Farmers Market. Amenities include rooftop lounges, resort-style pools, coworking spaces, courtyards, fitness centers, catering kitchens, clubrooms and 24-hour concierge services. The project was completed …

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Ballston-Rendering-Arlington
DevelopmentFinanceNewsNortheastWashington, D.C.

FCP Contributes $47.1 Million to Joint Venture Development in D.C. Metro

by Lynn Peisner

ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …

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WoodLofts-Shenandoah
DevelopmentFinanceNewsTexas

Houston JV Secures Construction-to-Permanent Loan for Woodlands-Adjacent Project

by Lynn Peisner

SHENANDOAH, TEXAS — Johnson Capital Multifamily, a Dallas-based, LLC subsidiary of Oak Real Estate Partners, has closed a construction-to-permanent loan of an undisclosed sum for a joint venture to build WoodLofts, a 229-unit project 30 miles north of Houston. The loan, financed through FHA’s 221(d) multifamily mortgage insurance program, carries a fixed interest rate of 5.55 percent. The structure combines both construction and permanent financing into a single package. The developer is Woodlofts Shenandoah, a joint venture between Buckhead Investment Partners and Juniper Investment Group, both based in Houston. The …

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Piazza-Alta-Phase-II-Philly
DevelopmentFinanceNewsNortheastPennsylvania

Post Brothers Receives $170 Million in Construction Financing for Second Phase of Philadelphia Piazza Project

by Lynn Peisner

PHILADELPHIA — Affinius Capital has originated a $170 million construction loan to finance development of Piazza Alta Phase II, a 431-unit project in Philadelphia’s Northern Liberties neighborhood. Locally based Post Brothers is the developer, and Ackman-Ziff arranged the loan. The community will feature two buildings, one eight and one 16 stories, containing studios and one-, two- and three-bedroom floor plans. Amenities will include a rooftop lap and lounge pool, grilling stations, fire pits, a fitness and yoga center, dry saunas, steam rooms, coworking spaces and bike storage. Post Brothers completed …

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