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The-Danforth-Seattle
Investment SalesNewsWashingtonWestern

Kennedy Wilson JV Acquires Seattle High-Rise for $173 Million

by Lynn Peisner

SEATTLE — Kennedy Wilson has partnered with Japan-based companies Kenedix and Hulic Co. to acquire The Danforth in Seattle for $173 million. A Whole Foods is the sole ground-floor retail tenant in the 265-unit community. Vanbarton Group, which has owned the asset since 2019, was the seller. Beverly Hills, California-based Kennedy Wilson has a 10 percent interest in the deal and invested $6.6 million of equity in the venture. Kennedy Wilson also will serve as asset manager for the partnership, receiving an undisclosed fee for that service. The Danforth is …

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Eastchester-Gardens-Bronx
Affordable HousingDevelopmentNew YorkNewsNortheast

Financing Secured, Construction Underway on $391 Million Renovation of NYC Mid-Century Affordable Housing Community

by Lynn Peisner

THE BRONX, N.Y. — Construction is underway on the renovation of Eastchester Gardens in The Bronx. The redevelopment of the 10-building, 877-unit public-housing community, built in 1950, will be complete by approximately 2028. The total renovation cost is $391 million. Merchants Capital secured $231 million in financing, which includes a $221.7 million, 30-year Freddie Mac CME (Commercial Markets Execution) permanent loan. Merchants also provided approximately $9.3 million in additional financing, including a $23.8 million Fannie Mae tax-exempt bond credit, $18.7 million in 4 percent Low-Income Housing Tax Credit equity and …

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The-Perrin
DevelopmentFinanceFloridaNewsSoutheast

Empira Group Secures $111 Million Loan, Breaks Ground on The Perrin in Miami

by Lynn Peisner

MIAMI — Newmark has arranged a $111 million construction loan, funded by Goldman Sachs, for the construction of The Perrin in Miami. The borrower and developer, The Empira Group, has broken ground on the 26-story, 310-unit project in the Brickell neighborhood. Construction is slated for completion in 2028. The project will include 2,500 square feet of ground-floor retail, 380 parking spaces and a mix of studio to three-bedroom units. Amenities include a fitness center with a yoga room, coworking spaces, a resort-style pool with cabanas and grills and a rooftop …

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Miami-CEDARst
DevelopmentFloridaNewsSoutheast

CEDARst Breaks Ground in Miami’s Little River Neighborhood

by Lynn Peisner

MIAMI — CEDARst Cos. has broken ground on a mixed-use project in Miami that will include 191 units and 8,000 square feet of ground-floor retail in Miami’s Little River neighborhood. Completion is slated for May 2027. Units are designed in a mix of 52 studios as well as 84 one-bedroom, 43 two-bedroom and 12 three-bedroom floor plans. The property will also offer 302 parking spaces and a host of amenities, including coworking lounges, a golf simulator with two hitting bays, an indoor pickleball court, a pool deck, dry sauna, cold …

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Jair Lynch
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Jair Lynch Secures Loans, Tax Credit Equity for D.C. Mixed-Income Development

by Lynn Peisner

ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction. The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 …

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HSR-Sandy-Springs
DevelopmentGeorgiaNewsSoutheast

High Street Residential, Third & Urban Break Ground on Mixed-Use Project Near Atlanta

by Lynn Peisner

SANDY SPRINGS, GA — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co. (TCC), alongside partner Third & Urban, has broken ground on Hillcrest, an 8-acre mixed-use development in the Atlanta suburb of Sandy Springs. Completion is slated for 2027. The project will include 362 apartment units, 30 for-rent townhomes, approximately 18,000 square feet of retail space and a central greenspace plaza. Hillcrest is located adjacent to the $230 million City Springs mixed-use development and is situated on land acquired from the Sandy Springs United Methodist Church, which …

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NOVO Apartments
Affordable HousingDevelopmentFinanceInvestment SalesNews

Community HousingWorks Completes L.A. Metro Acquisition, Plans Affordable Conversion

by Lynn Peisner

ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about …

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Mayla-Cypress-Creek
BerkadiaDevelopmentFinanceFloridaNewsSoutheast

Grover Corlew Secures $92 Million to Develop Mayla Cypress in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Grover Corlew, a Boca Raton, Florida-based developer, has secured a $92 million construction loan to build Mayla Cypress, a 312-unit community in the Cypress Creek submarket of North Fort Lauderdale. Berkadia Managing Director Scott Wadler, Vice President Patrick Johnson, Senior Managing Director Mitch Sinberg, along with Brad Williamson and Matthew Robbins, managing directors of Berkadia Miami and Boca Raton, arranged the three-year construction loan provided by Affinius Capital. The deal closed on May 30. Mayla Cypress is situated on a 3.7-acre site Grover Corlew assembled in …

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mosaic-pooler-renderings
DevelopmentFinanceGeorgiaNewsSoutheast

Berkadia Arranges $60.8 Million for Bayline’s Mosaic Pooler Development

by Lynn Peisner

POOLER, GA. — Berkadia has arranged approximately $60.8 million in construction financing for Bayline Group’s Mosaic Pooler project. The 333-unit community will open by approximately May 2026. Located in Mosaic Town Center, a 170-acre, mixed-use development about 10 miles west of Savannah, Georgia, the community will provide a mix of one-, two-, and three-bedroom units. An affiliate of Bayline Group acquired the 12-acre site at 800 High Ave. in 2023. Bank OZK provided a $47.5 million three-year, floating-rate loan. Berkadia also lined up $13.3 million in preferred equity through FCP. …

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The-Ames
FinanceNewsSouth CarolinaSoutheast

Mesa West Funds $50.4 Million ReFi for Woodfield

by Lynn Peisner

SUMMERVILLE, S.C. — Woodfield Development has secured $50.4 million to refinance The Ames in Summerville. Walker & Dunlop’s Charleston Capital Markets team, led by Walker Layne and Austin Sneed, arranged the loan while Mesa West Capital provided the funds. Woodfield developed the 304-unit property and opened it last year. It is located in Nexton, a mixed-use community in Summerville, 25 miles northwest of Charleston. The Ames includes floor plans ranging from studios to three-bedrooms. Community amenities include a resort-style pool with poolside cabanas and grilling stations, an outdoor amphitheater, a …

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