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Pulse Millenia in Chula Vista, California

JLL Capital Markets Arranges $116 Million Sale of Pulse Millenia in San Diego Suburb

by Channing Hamilton February 6, 2024

CHULA VISTA, CALIF. — JLL Capital Markets has arranged the $116 million sale of — and $71.8 million in acquisition financing for — Pulse Millenia, a 273-unit community in the San Diego suburb of Chula Vista. JLL represented the seller, Northwestern Mutual, in the deal. JLL also worked on behalf of the new owner to secure a seven-year, fixed-rate loan through Freddie Mac Multifamily. Built in 2016, Pulse Millenia was the first community to be constructed as part of the $4 billion Millenia, a master planned development in Chula Vista’s …

February 6, 2024

Investment Sales Midwest Minnesota News

JLL Brokers Sale of 258-Unit The Cosmopolitan Apartments in St. Paul, Minnesota

by Channing Hamilton February 5, 2024

ST. PAUL, MINN. — JLL has negotiated the sale of and acquisition financing for The Cosmopolitan Apartments, a 258-unit community located in St. Paul’s historic Lowertown neighborhood. Bigos Management acquired the property from AEW Capital Management for an undisclosed price. JLL represented the seller in the deal. Will Tansey of Felhaber Larson law firm represented the buyer. The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck and McConville Dry Goods Company building in 1911. The building was converted into apartments in 1989, and has since undergone $8 million …

February 5, 2024

Alabama Development Finance News Southeast

Essex Capital, Ascend Property Group Break Ground on $220 Million Mixed-Use Project in Huntsville, Alabama

by Channing Hamilton February 2, 2024

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre, mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is currently underway, following recent news that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated to deliver in late 2025, followed by apartments and office space in early 2026. At full build-out, the first phase of Front Row will comprise …

February 2, 2024

Finance Florida News Southeast

Terra, New Valley Secure $127 Million to Refinance Natura Gardens in Miami

by Channing Hamilton February 1, 2024

MIAMI — Development partners Terra and New Valley have secured $127 million in permanent financing for Natura Gardens, a 460-unit complex in the West Hialeah neighborhood of Miami. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the financing. The funds will be used to pay off and refinance an existing $65 million construction loan, which Bank OZK provided in 2021. Natura Gardens was completed in the summer of 2023. Situated on a 23-acre site, the garden-style community …

February 1, 2024

Development Finance New York News Northeast

Azorim Construction Co. to Develop $133.5 Million Miroza Tower in Yonkers, New York

by Channing Hamilton January 31, 2024

YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …

January 31, 2024

Finance Florida News Southeast

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton January 30, 2024

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements. Grove Central includes …

January 30, 2024

California Development Finance News Western

Gantry Arranges $128 Million Construction-to-Permanent Financing for Legado at the Met in Santa Ana, California

by Channing Hamilton January 29, 2024

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …

January 29, 2024

Avenues at Verdier Point in Charleston, South Carolina

Finance Georgia News North Carolina South Carolina Southeast

JLL Secures $149 Million to Refinance Three-Property Portfolio in the Southeast

by Channing Hamilton January 26, 2024

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

January 26, 2024

Development Finance New Jersey News Northeast

JLL Arranges $150 Million Construction Loan for 426-Unit Development Near Manhattan

by Channing Hamilton January 25, 2024

WEST NEW YORK, N.J. — JLL has arranged a $150 million loan to facilitate the construction of RB3, a 426-unit development to be located across the Hudson River from Manhattan in West New York. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual. The borrower was Canoe Brook Development. RB3 will rise 11 stories within the 200-acre Port Imperial master-planned development. The waterfront property will offer studio, one- and two-bedroom units. Planned amenities include a pool, fitness center, clubhouse, private …

January 25, 2024

An apartment community in Glen Mills, Pennsylvania

Georgia Investment Sales Midwest Missouri News North Carolina Northeast Pennsylvania Southeast

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton January 24, 2024

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

January 24, 2024

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