NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is …
Top Story
NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real …
KNOXVILLE, TENN. — PPR Capital Management has purchased Highline at Knoxville, a build-to-rent (BTR) community in Knoxville, for $87 million. The acquisition includes both Phase I and Phase II of the project. Phase I consists of 110 single-family rental (SFR) units, which are currently in lease-up. Phase II, which is slated to be delivered in tranches between 2026 and 2027, will add 151 townhomes and detached SFR homes. BTR Group is the general contractor for the project. Greystar is the property manager. PPR Capital Management partnered with Center Creek Capital …
DALY CITY, CALIF. — Wells Fargo has provided a total of $162.9 million in financing for Phase II of Midway Village, an affordable housing project in Daly City, roughly 8 miles south of San Francisco. MidPen Housing Corp. is the borrower and developer. Phase II of Midway Village will consist of 113 units of affordable housing within one mid-rise building. Wells Fargo also provided financing for the first phase of the project, which features 147 units. Phase I of the community opened in fall 2023. The community will be rent …
GREENSBORO, N.C. — Crescent Communities has broken ground on HARMON Jefferson Village, a 130-unit build-to-rent townhome community situated on 16 acres in Greensboro. The community will offer three- and four-bedroom townhomes ranging from 1,650 to 2,165 square feet. HARMON Jefferson Village is set to open in summer 2025. Residents will have access to amenities such as a pool with a pavilion and grilling station, event lawn for gatherings and trailhead access for outdoor recreation. An account managed by Heitman LLC is the equity partner on the project. The development team …
BRUNSWICK, GA. — ARK Homes For Rent has completed Walker Point, an affordable build-to-rent community situated on 25 acres in Brunswick, a city located on the southeast coast of Georgia. Walker Point features 237 townhomes in two-, three- and four- bedroom layouts. Leasing has begun at the community, and immediate occupancy is available. Each unit offers granite countertops, energy-efficient stainless-steel appliances and laundry room with washer and dryer included. Shared amenities include a clubhouse with a fitness center, yoga room, pool, outdoor lounge with barbeque and dining area and a dog park. …
PALMDALE, CALIF. — Northmarq has arranged the sale of Chaparral Apartments, a 296-unit property in Palmdale, 60 miles north of Los Angeles. A Florida-based real estate investment firm sold the asset to a Los Angeles-based real estate investment firm for $71 million. Chaparral Apartments includes 16 two-story garden-style buildings, totaling 213,664 square feet, on an 18.2-acre site. The unit mix includes 72 studios, 164 one-bedroom units and 60 two-bedroom units. Apartments feature fireplaces, balconies or patios, walk-in closets and energy-efficient appliances. Residents have access to amenities such as two pools, three …
SAN MARCOS, TEXAS — The Empire Group has received a $58 million construction loan for Village at Centerpoint Station, a build-to-rent (BTR) project in San Marcos, roughly halfway between San Antonio and Austin, Texas. Kyle McDonough, George Maravilla, David Stull and Noah Schott of Tower Capital originated the financing on behalf of the developer. Village at Centerpoint Station will consist of 270 single-family rental units on a 24-acre site in the Tech Corridor of Texas. The average unit size will be 1,047 square feet. Each residence will feature a private …
NEWARK, N.J. — Co-developers LMXD and MCI Collective have received $120 million in construction financing for Museum Parc, a 250-unit mixed-income, mixed-use development located in downtown Newark. Merchants Capital arranged the financing, which consists of a $58 million Freddie Mac nine percent low-income housing tax credit forward permanent loan and a $62 million construction loan from Merchants Bank. Museum Parc will consist of a six-story building and a 12-story structure. Twenty percent of the residences at Museum Parc will be income-restricted. Forty-five units will be reserved for households earning at …
NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story rental tower in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise asset from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not disclosed, but Walker & Dunlop stated that the transaction was done at a valuation of $420 million for the tower. Located at 333 Schermerhorn St., Hub comprises 750 units in studio, one- and two-bedroom layouts. The building was …