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M&T Realty Capital Provides $204.9 Million Loan for Refinancing of Queens Apartment Tower

by Channing Hamilton December 20, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …

December 20, 2024

California Investment Sales News Western

Interstate Equities Corp. Purchases Summerwood Apartments in Santa Clara, California, for $203 Million

by Channing Hamilton December 19, 2024

SANTA CLARA, CALIF. — Interstate Equities Corp. has purchased Summerwood Apartments, a 468-unit property located at 444 Saratoga Ave. in Santa Clara, roughly 5 miles west of San Jose, California. German investment firm DWS sold the asset for $203 million. The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured …

December 19, 2024

Development Finance Florida News Southeast

Terra Obtains Construction Loan for $1 Billion Mixed-Use Project in Miami Suburb

by Channing Hamilton December 18, 2024

SWEETWATER, FLA. — Terra has obtained a $170 million construction loan for Upland Park, a $1 billion mixed-use development in Sweetwater, about 15 miles west of downtown Miami. SCALE Lending, the debt financing arm of Slate Property Group, was the lead lender on the construction loan. Terra is converting Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The developer has formed a public-private partnership with Miami-Dade County for the …

December 18, 2024

Investment Sales News Washington Western

AvalonBay Communities Sells AVA Ballard in Seattle for $105.5 Million

by Channing Hamilton December 17, 2024

SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a 265-unit asset located at 5555 14th Ave. NW in the Ballard neighborhood of Seattle, to an undisclosed buyer for $105.5 million. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction. Built in 2013, AVA Ballard offers studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers. Amenities include a rooftop lounge, barbecues and a dog run; clubroom with media …

December 17, 2024

Development News Texas

Leon Multifamily Secures $134 Million in Construction Financing for Three Developments

by Channing Hamilton December 16, 2024

DALLAS — Leon Multifamily has received $134 million in construction financing for three developments from a combination of regional banks and non-bank financial institutions. The planned communities will total 842 apartment units. Leon Multifamily is a subsidiary of Dallas-based Leon Capital Group. Over the last two years, the company has initiated or completed more than 2,300 units across seven developments.

December 16, 2024

Lake Wood Ranch Apartments in Coeur d'Alene, Idaho

Investment Sales News Washington Western

Hudson Valley Property Group Acquires 22-Property Affordable Housing Portfolio

by Channing Hamilton December 13, 2024

SEATTLE — Hudson Valley Property Group (HVPG) has purchased a 22-property portfolio comprising 4,768 affordable housing units across the western United States. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, which provided most of the equity capital out of its Long Term Value Fund. The sales price was not disclosed. Goldman Sachs served as financial advisor to the seller. Newmark brokered the transaction. The portfolio consists of 13 assets in Washington, seven in Colorado, one in California and one in Idaho. All …

December 13, 2024

Finance New Jersey News Northeast

Northwestern Mutual Provides $115 Million Loan for Refinancing of Ivy & Green in Hackensack, New Jersey

by Channing Hamilton December 12, 2024

HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan. Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed …

December 12, 2024

Development Leasing & Marketing New York News Northeast

Arden Group Opens 22-Story Mixed-Use Community in Manhattan

by Channing Hamilton December 11, 2024

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has opened Forty-Six Fifty, a 22-story mixed-use development situated at 4650 Broadway in the Inwood neighborhood of Manhattan. Handel Architects designed the building. Forty-Six Fifty consists of 222 apartments in studio, one- and two-bedroom floor plans. Thirty percent of units are subject to undisclosed income restrictions. Amenities include a fitness center, resident lounge, screening room and children’s play area. The property also includes 120,000 square feet of commercial space that is leased to a charter school and supermarket.

December 11, 2024

California Investment Sales News Western

Mesirow Acquires Preserve at Melrose in San Diego for $185 Million

by Channing Hamilton December 10, 2024

SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.

December 10, 2024

Development Finance News Texas

Associated Bank Provides $60.4 Million Construction Loan for Affordable Housing Project in Austin Suburb

by Channing Hamilton December 9, 2024

MANOR, TEXAS — Associated Bank has provided a $60.4 million construction loan for Emblem at Tower, a 324-unit affordable housing development located at 12100 Tower Road in Manor, about 15 miles northeast of Austin, Texas. Great Southern Bank joined Associated Bank in the construction loan syndication. Dominium was the borrower. Emblem at Tower will consist of 11 three-story buildings that house a mix of two-, three- and four-bedroom units. The 4-percent LIHTC project will be available to households earning less than 60 percent of the area median income. Residents will …

December 9, 2024

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