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Sunsweet-Morgan-Hill
CaliforniaInvestment SalesNewsWestern

Keech Properties Buys Silicon Valley’s Sunsweet Apartments for $45M

by Lynn Peisner

MORGAN HILL, CALIF. — Redwood City, California-based Keech Properties has acquired Sunsweet Apartments in Morgan Hill, about 10 miles south of San Jose, California, for $45 million. According to The Mercury News, the seller was Republic Urban Properties, a San Jose-based developer represented in the deal by Northmarq’s Walnut Creek Investment Sales team led by Anthony Pappageorge and Zach LeBeouf. Built in 2020, Sunsweet Apartments is situated on a 1.9-acre site. A resort-style pool, fitness center, clubhouse, electric vehicle charging stations and multiple outdoor gathering spaces complement the 87 studios, …

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1000-W-Jackson-Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Affinius Originates $130.4M Construction Loan for Aldi-Anchored Chicago Project

by Lynn Peisner

CHICAGO — Affinius Capital has originated a $130.4 million construction loan to finance 1000 W. Jackson, a 25-story development in Chicago’s West Loop submarket. The developer is a joint venture between Chicago-based Mavrek Development and Toronto-based Fengate Asset Management, a North American alternative investment manager. John Parrett of CBRE arranged the financing. The project will include 21,500 square feet of retail pre-leased to Aldi and 380 apartments, including 76 units set aside as affordable. Rent restrictions were not disclosed. Floor plans range from studios to three-bedroom units complemented by amenities …

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500-North-Michigan-Chicago
DevelopmentIllinoisMidwestNews

Commonwealth Development Partners Obtains Financing, Breaks Ground on Chicago Office-to-Residential Conversion

by Lynn Peisner

CHICAGO — Commonwealth Development Partners has broken ground on the $162 million redevelopment of 500 North Michigan Ave. in Chicago. JLL arranged a $71.5 million construction loan through Santander Bank and $41.8 million in equity from Washington Capital Management. The project will convert a 25-story office tower, built in 1968, to a 320-unit luxury apartment community in Chicago’s Magnificent Mile district. Twenty percent of units will be designated affordable, rent restricted to 40 to 80 percent of area median income. Connecticut-based Commonwealth Development and partner Triangle Capital Group acquired the …

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5550-Wilshire-Los-Angles
CaliforniaInvestment SalesNewsWestern

Decron Properties Buys Los Angeles Property for $114M

by Lynn Peisner

LOS ANGELES — Locally based Decron Properties has acquired 5550 Wilshire, a 163-unit mixed-use apartment community in the Miracle Mile area of Los Angeles. According to the Los Angeles Business Journal, the seller was private equity real estate investor GID, headquartered in Atlanta. The asset sold for $114 million. Blake Rogers of JLL arranged the transaction. Developed in 2010, 5550 Wilshire offers one-, two- and three-bedroom apartments and townhomes. Amenities include a resort-style pool, hot tub, rooftop lounges, movie theater and parking for 484 vehicles. The property also includes 14,686 …

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The-Emerald-Centerton
ArkansasDevelopmentNewsSoutheast

Capstone Building Corp., EYC and Kalikow Break Ground on $45.1M Project in Northwest Arkansas

by Lynn Peisner

CENTERTON, ARK. — Capstone Building Corp., a multifamily general contractor headquartered in Birmingham, Alabama, has begun construction of The Emerald, a 256-unit community in Centerton in Northwest Arkansas, about 5 miles west of Bentonville. Westbury, New York-based The Kalikow Group and EYC Cos., headquartered in Charleston, South Carolina, are the developers behind the $45.1 million project. Located at the intersection of E. Centerton Blvd. and Womack Road, The Emerald will encompass 312,414 square feet and feature 256 units across nine residential buildings, along with a clubhouse. S. Robert Andron is …

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141-Willoughby-Brooklyn-Northwind-New-York
DevelopmentFinanceNew YorkNewsNortheast

Northwind Group Provides $427M in Loans for Two Office-to-Residential Conversions in New York City

by Lynn Peisner

NEW YORK CITY — Northwind Group has provided $427 million in construction loans for two metro New York office-to-residential projects. For the first project, the real estate private equity firm and debt fund manager originated a $208 million first mortgage construction loan for 141 Willoughby Street, a 24-story tower in Brooklyn. The borrowers/developers are Capstone Equities and BH3 Fund Advisors, who acquired the office property in 2025 and spent the past year in predevelopment planning for the building’s partial conversion to multifamily. Loan proceeds retired existing debt and will finance …

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2121-Virginia-DC
Affordable HousingBerkadiaDevelopmentFinanceNewsNortheastWashington, D.C.

Carr Properties Obtains $92M for Office Conversion in D.C.’s Foggy Bottom

by Lynn Peisner

WASHINGTON, D.C. — Locally based Carr Properties is redeveloping a vacant office building at 2121 Virginia Ave. in Washington, D.C.’s Foggy Bottom neighborhood. Berkadia has arranged a $92 million construction loan through PNC Bank. Carr paid $23.5 million for the property in November 2025. The project was awarded a 20-year property tax abatement through D.C.’s Housing in Downtown program, an incentive aimed at encouraging commercial-to-residential conversions. Carr plans 30 affordable units as part of the roughly 300-unit project. Rent restrictions have not officially been disclosed, but they are expected to …

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Swell-Apartments-Seattle
Affordable HousingFinanceNewsWashingtonWestern

Newmark Arranges $55M Refinancing for Swell Apartments in Seattle

by Lynn Peisner

SEATTLE — Newmark has arranged a $55 million loan on behalf of Mack Real Estate Group, Silverstein Properties and Cantor Fitzgerald to refinance Swell Apartments, a 200-unit community in Seattle. Jordan Roeschlaub, Chris Kramer, Sam Speciale and Lance Tillman arranged the financing with Tokyo-based ORIX, a commercial real estate finance and investment firm. Completed in 2024, Swell Apartments, in Seattle’s Yesler Terrace neighborhood, is comprised of market-rate and affordable units — restricted to tenants earning 60 to 80 percent of area median income — and amenities such as a rooftop …

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Rushmark-West-Falls-VA
DevelopmentFinanceNewsNortheastWashington, D.C.

Rushmark Secures Financing for $136M Development Near Metro D.C. Commuter Station

by Lynn Peisner

FALLS CHURCH, VA. — Rushmark has secured financing to develop a $136 million apartment community in West Falls Church. FCP provided $22 million of preferred equity, and PNC contributed a $92 million senior construction loan. Patrick McGlohn, Brian Crivella, Yalda Ghamarian, Brian Gould, Bill Gribbin and Patrick Cunningham of Berkadia DC Metro led the transaction. Located at the corner of Falls Church Drive and West Falls Station Boulevard, the seven-story community will offer a mix of one- and two-bedroom apartments and such amenities as work-from-home spaces, a clubroom, speakeasy and …

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W-Lobby-Cleveland
DevelopmentFinanceMidwestNewsOhio

ErieView Secures $217.6M in Construction Financing for Cleveland Tower Redevelopment

by Lynn Peisner

CLEVELAND — ErieView Development, led by Cleveland’s Kassouf family, is redeveloping the 40-story Erieview Tower into a 210-room W Cleveland hotel, 215 W-branded rental apartments and renovated office space. Brown Gibbons Lang & Co. served as financial adviser and arranged roughly $217.6 million in financing for the residential and hotel phases. The hotel and apartments are slated to open in late 2027. In 2018, The Kassouf family acquired the largely vacant office tower, built in 1964. The conversion will introduce both Ohio’s first W Hotel and the W brand’s first …

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