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JLL Capital Markets Arranges $120 Million Construction Financing for Ray Phoenix in Phoenix

by Channing Hamilton June 21, 2024

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …

June 21, 2024

An unnamed project in Charlotte, North Carolina

Development Finance News North Carolina Southeast

Concord Summit Capital Arranges $75 Million Construction Financing for Development in Charlotte, North Carolina

by Channing Hamilton June 20, 2024

CHARLOTTE, N.C. — Concord Summit Capital has arranged $75 million in financing for the development of a community in Charlotte. Daniel Eidson of Concord Summit arranged the financing on behalf of the borrower, whose identity was not disclosed. The borrower plans to use the funds to refinance the existing land loan and complete construction. Once completed, the community will offer amenities such as a pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, a top-floor lounge and kitchen with a bar, garage parking with EV chargers, …

June 20, 2024

Development Illinois Midwest News

Related Midwest Breaks Ground on 635-Unit 400 Lake Shore in Chicago

by Channing Hamilton June 19, 2024

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower waterfront development located in the Streeterville neighborhood of Chicago’s Near North Side. The first phase of 400 Lake Shore will comprise a 72-story tower featuring 635 units. Of the total unit count, 20 percent (127 units) will be designated as affordable housing. Apartments will come in studio, one-, two- and three-bedroom floor plans. LR Contracting Co., Related Midwest’s in-house contracting company, will construct the first building alongside BOWA Construction. Skidmore, Owings & Merrill designed the project. MAWD …

June 19, 2024

Leasing & Marketing New Jersey News Northeast

The LeFrak Organization Begins Leasing 34-Story Bisby in Newport, New Jersey

by Channing Hamilton June 18, 2024

NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story high-rise community situated in Newport, which is situated across the Hudson River from Lower Manhattan. The property offers 385 units in studio, one-, two-, three- and four-bedroom floor plans. Monthly rates begin at $3,445 for a studio apartment. Amenities include a 33,000-square-foot rooftop terrace with a pickleball court, dog run and an outdoor kitchen, as well as a co-working center, golf simulator, content studio and dog spa. The project was designed by Minno & Wasko Architects & Planners. …

June 18, 2024

Investment Sales Nevada News Western

Northmarq Brokers $52.7 Million Sale of Millennium East in Las Vegas

by Channing Hamilton June 17, 2024

LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac. Millennium East …

June 17, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $64 Million Sale of The Livano Deer Valley in Phoenix

by Channing Hamilton June 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Livano Deer Valley, 242-unit community in Phoenix. The Praedium Group acquired the property from LIV Development for $64 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. The Livano Deer Valley was completed in 2023. Amenities include a clubhouse, centralized courtyard with a pool and spa with sundeck. Units feature nine-foot ceilings, stainless-steel appliances, walk-in closets and full-size washers and dryers. The average unit size is 821 …

June 13, 2024

Development News Texas

Texas Rangers, Cordish Top Out 300-Unit One Rangers Way Apartments Near Dallas

by Channing Hamilton June 12, 2024

ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit project in the western Dallas suburb of Arlington. One Rangers Way is the multifamily component of Cordish’s Arlington Entertainment District. The devleopment site is situated less than a mile from Globe Life Field, the home ballpark of the Rangers. The community will offer studio, one- and two-bedroom units. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World …

June 12, 2024

HōM Flats at 24 East in Holland, Michigan

Affordable Housing Development Michigan Midwest News

Magnus Capital Partners Breaks Ground on $60 Million Workforce Housing Development in Holland, Michigan

by Channing Hamilton June 11, 2024

HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses. Planned amenities include pickleball courts, a …

June 11, 2024

Finance News North Carolina Southeast

BWE Negotiates $35.9 Million Refinancing for Accent Southrail in Charlotte, North Carolina

by Channing Hamilton June 7, 2024

CHARLOTTE, N.C. — BWE has brokered a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender. The financing features flexible prepayment options. Westplan Investors was the borrower. Accent Southrail was built in 2021. The project offers one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with …

June 7, 2024

Serena Vista Apartments in Fountain Valley, California

California Finance News Western

Northmarq Provides $60 Million Refinancing for Two Properties in Orange County, California

by Channing Hamilton June 6, 2024

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach …

June 6, 2024

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