Sunday, May 19, 2024
Read the Digital Magazines Subscribe to the Newsletter

Top Story

An unnamed conversion project by Carr Properties in Alexandria, Virginia
DevelopmentNewsSoutheastVirginia

Carr Properties Plans 234-Unit Office-to-Multifamily Conversion in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt Street in the Old Town neighborhood of Alexandria. The buyer plans to convert the asset into a 250,000-square-foot community. The development team for the project includes SK+I Architecture, as well as interior design firm Edit Lab by Streetsense. The community will offer 234 apartments in studio through three-bedroom layouts, a portion of which will be set aside as affordable housing. The property will also feature below-grade parking, 15,800 square feet of outdoor space, a …

Continue Reading
0 FacebookTwitterLinkedinEmail
Westminster Village Arms in Lowell, Massachusetts
Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $94 Million in Financing for 432-Unit Affordable Housing Community in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …

Continue Reading
0 FacebookTwitterLinkedinEmail
Ranch at Moorpark in Moorpark, California
CaliforniaInvestment SalesNewsWestern

Decron Properties Sells Ranch at Moorpark in California to AEW Capital for $133.2 Million

by Channing Hamilton

MOORPARK, CALIF. — Decron Properties has sold Ranch at Moorpark, a 376-unit property in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management acquired the asset for $133.2 million. Ranch at Moorpark is situated at 51 Majestic Court. Amenities include a fitness center, yoga and spin studio, clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.

Continue Reading
0 FacebookTwitterLinkedinEmail
Blu South in Pineville, North Carolina
Build-to-RentDevelopmentInvestment SalesNewsNorth CarolinaSoutheast

JLL Capital Markets Brokers Sale of 551-Unit Build-to-Rent Community in Charlotte Suburb

by Channing Hamilton

PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team. Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature …

Continue Reading
0 FacebookTwitterLinkedinEmail
465 N. Park Dr. in Chicago
FinanceIllinoisMidwestNews

JLL Capital Markets Arranges $127 Million Refinancing for 444-Unit Community in Chicago

by Channing Hamilton

CHICAGO — JLL Capital Markets has arranged the $127 million refinancing of 465 N. Park Dr., a 48-story asset in the Streeterville neighborhood of downtown Chicago. The borrower was a joint venture between MetLife Investment Management and Allstate Investments. JLL represented the borrower to secure the five-year loan through The Northwestern Mutual Life Insurance Co. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier led the JLL Capital Markets Debt Advisory team. 465 N. Park Dr. was built in 2018. The property offers 444 units in studio, one-, two- …

Continue Reading
0 FacebookTwitterLinkedinEmail
Soleste NoMi Beach in North Miami Beach, Florida
DevelopmentFloridaNewsSoutheast

The Estate Cos. Completes 23-Story Soleste NoMi Beach in North Miami Beach, Florida

by Channing Hamilton

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story high-rise development located on Biscayne Bay in North Miami Beach. The project comprises 685,957 square feet. The 1.8-acre waterfront property is situated near beaches, the Oleta River State Park, Aventura Mall and Bal Harbour Shops. Soleste NoMi Beach offers 367 apartments. The property will also include 4,460 square feet of commercial space that will house a Peruvian restaurant called Uma Cantina Peruana. Units come in one-, two- and three-bedroom floor plans ranging from 700 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Palazzo West in Los Angeles
ColoradoInvestment SalesNew YorkNewsNortheastWestern

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

Continue Reading
0 FacebookTwitterLinkedinEmail
Elle at the Medical Center in Houston
Investment SalesNewsTexas

Partnership Acquires Three-Property Portfolio in Houston for $60 Million

by Channing Hamilton

HOUSTON — A partnership between Ascendant Capital Partners and Culver Investment Partners has purchased the Elle Collection, a portfolio of three communities near Texas Medical Center in Houston. The portfolio traded hands for $60 million. The portfolio includes Elle at the Medical Center, Vie at the Medical Center and Plaza Townhomes at the Medical Center. The Elle Collection totals 470 units altogether. The seller was not disclosed. The new ownership plans to implement capital improvement programs at each of the properties.

Continue Reading
0 FacebookTwitterLinkedinEmail
120 East 144th Street in New York City
FinanceNew YorkNewsNortheast

SCALE Lending Provides $150 Million Construction Loan for Residential Tower in the Bronx

by Channing Hamilton

NEW YORK CITY — SCALE Lending has provided a $150 million construction loan for a 13-story development located at 120 East 144th Street in the Mott Haven neighborhood of the Bronx. The borrower, The Beitel Group, will use the funds to complete the construction of the building. Leah Paskus of Landstone Capital Group arranged the loan. Prestige Construction NY will serve as the general contractor for the project. S. Wieder Architect PC is the architect. The Beitel Group originally purchased the site in 2022. The existing building on the property was …

Continue Reading
0 FacebookTwitterLinkedinEmail
Emblem 120 in Woburn, Massachusetts
FinanceMassachusettsNewsNortheast

Mesa West Capital Provides $81 Million Refinancing for Emblem 120 in Boston Suburb

by Channing Hamilton

WOBURN, MASS. — Mesa West Capital has provided an $81 million loan to refinance Emblem 120, a 289-unit property in the Boston suburb of Woburn. The borrower was a joint venture between affiliates of Toll Brothers Inc. and Carlyle. Newmark’s Boston Debt & Structured Finance team of David Douvadjian, Timothy O’Donnell and David Douvadjian arranged the financing. Emblem 120 was developed by Toll Brothers Apartment Living. The property was completed in 2022. Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts
©2023 France Publications, dba France Media Inc.