TACOMA, WASH. — Goodman Real Estate has completed the disposition of three properties totaling 557 units in Tacoma’s Parkland neighborhood. American Capital Group purchased the assets for $102.6 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The properties included in the sale were:
MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …
CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a 34-story high-rise project located in Chicago’s Fulton Market district. The community offers 368 apartments in a mix of studio, one-, two- and three-bedroom layouts, alongside penthouse units with condominium-like finishes. Residents at Flora have access to interior amenities such as a clubroom, golf and game simulator room, fitness center and yoga studio, dining area with chef’s kitchen, coworking spaces and a sound recording booth. The community also features an outdoor amenity deck on the second …
NORTH MIAMI BEACH, FLA. — Miami-based developer The Estate Cos. has received a $110 million loan for the refinancing of Soleste NoMi Beach, a 367-unit community in North Miami Beach, roughly 17 miles north of Miami. Brian Gaswirth, Paul Adams and Val McWilliams of JLL Capital Markets arranged the floating-rate loan through Ares Management Corp. Located at 16395 Biscayne Blvd., Soleste NoMi Beach rises 22 stories. The building houses a mix of one-, two- and three-bedroom apartment units with an average size of 914 square feet. Residents have access to amenities such as a …
JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a roughly $1 billion project positioned adjacent to the Journal Square PATH station in Jersey City’s Journal Square area. Kushner broke ground on the development in 2022. The Journal consists of two 64-story towers, which have been topped out. Pre-leasing efforts are slated to begin in early 2025. Upon completion, The Journal will consist of more than 2 million square feet, including 1,723 apartments and 45,000 square feet of amenity space. The property includes 40,000 square feet of ground-floor …
JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …
CLEVELAND — BWE, the commercial finance firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged a $260 million loan for the refinancing of a portfolio of six properties totaling roughly 1,500 units. The company is based in Cleveland. Northwestern Mutual provided the five-year loan, which was structured with a 5.07 percent interest rate, full-term interest-only payments and a 55 percent loan-to-value ratio. The borrower was not disclosed. All properties were constructed within the past decade, and the portfolio had an occupancy rate of approximately 95 percent at the …
REDWOOD CITY, CALIF. — Acacia Capital has acquired 299 Franklin, a 304-unit community in Redwood City, 30 miles south of San Francisco, from Nuveen. Walker & Dunlop arranged a Fannie Mae acquisition loan on behalf of Acacia for $113 million. The total sales price was $184 million. Built in 2015, 299 Franklin offers studio, one- and two-bedroom units and 11 townhomes. Amenities include a rooftop deck, fitness center, pool, bike storage and electric vehicle charging stations. According to the property’s website, rents of available units start at approximately $2,723 for …
HAPPY VALLEY, ORE. — Cobalt has completed the disposition of Sonder Fields, a 180-unit community located at 14798 SE Parklane Drive in Happy Valley, roughly nine miles southeast of Portland, Oregon. An undisclosed buyer purchased the asset for $58.2 million. Sonder Fields was built in 2023. Spanning 10 acres, the community includes one-, two- and three-bedroom units with an average size of 972 square feet. Amenities include a pool with hot tub, fitness center, dog park, clubhouse lounge, barbeque picnic areas and coworking spaces. Ira Virden, Carrie Kahn and Frank …
REDMOND, WASH. — Lakevision Capital has purchased Parkside Apartments, a 664-unit community located at 15551 NE Turing St. in Redmond, roughly 15 miles east of Seattle. A Texas-based group of investors, previously associated with Lincoln Property Co. Residential and Daiwa House Texas, sold the property for $286 million. Built in 2021, Parkside Apartments spans four buildings on a 4.5-acre site. Apartments come in studio, one- and two-bedroom floor plans. Residents have access to amenities such as two rooftop decks, fitness center, a pet wash station, entertaining suite and game lounge. …
