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A 466-Unit Project from Saxum Real Estate in Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

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Metro Edgewater in Miami
FinanceFloridaNewsSoutheast

JLL Capital Markets Negotiates $115 Million in Financing for Metro Edgewater in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has arranged $115 million in financing for Metro Edgewater, a 279-unit high-rise development in the Edgewater neighborhood of Miami. The building rises 32 stories and offers one-, two- and three-bedroom units averaging 955 square feet in size. Units feature walk-in closets, stainless steel appliances, hardwood and plank vinyl flooring, quartz countertops, and balconies. Amenities include a pool with cabanas and dry beds, fitness center, clubroom, a sky lounge, dining room and coffee bar. The borrower was a consortium consisting of Lujeni Corp., Camino Capital Management …

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Timber Creek in Charlotte, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

S2 Capital Acquires 352-Unit Timber Creek in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — S2 Capital has acquired Timber Creek, a 352-unit property in the Collingwood neighborhood of Charlotte. Financial terms of the transaction were not disclosed. Located at 1100 Falls Creek Lane, Timber Creek offers studio, one- and two-bedroom apartments. Amenities include a pool, grilling station, clubhouse, fitness center, dog park and nature trail. S2 Capital plans to make exterior renovations to buildings and outdoor amenities, as well as upgrade unit interiors. The asset will be rebranded as “The Marley.”

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39 High Street in Jersey City, New Jersey
FinanceNewsNortheast

JLL Arranges $18.6 Million Loan to Refinance 83-Unit Property in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — JLL has negotiated an $18.6 million loan to refinance an 83-unit complex in the Journal Square neighborhood of Jersey City. JLL’s Matthew Pizzolato, Max Custer and John Cumming arranged the fixed-rate loan through a life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group. The six-story complex was built earlier this year at 39 High Street. Units come in studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace.

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West Side Square in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

West Side Square Development Fund Breaks Ground on 447-Unit Mixed-Use Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund has begun constructing West Side Square, a mixed-use development located at 66 Broadway in Jersey City. West Side Square will offer 477 apartments, as well as 9,814 square feet of ground-floor retail space. Units will come in studio, one, two and three-bedroom floor plans. Planned amenities include a deck with a swimming pool, grilling stations, outdoor lounge areas, a dog run, fitness center, co-working spaces and a community room for private events. West Side Square Development Fund will oversee the construction …

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Sullivan Parke in Forks Township, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Ashley Development Corp., Black Bear Asset Management Sell Sullivan Parke in Forks Township, Pennsylvania for $35.5 Million

by Channing Hamilton

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.

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Los Robles Apartments in Thousand Oaks, California
CaliforniaInvestment SalesNewsWestern

Institutional Property Advisors Brokers $171.3 Million Sale of Two Properties in Thousand Oaks, California

by Channing Hamilton

THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property, 399-unit portfolio in Thousand Oaks. FPA Multifamily purchased the assets from Decron Properties for $171.3 million. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer. The properties included in the portfolio are Los Robles Apartments and The Retreat at Thousand Oaks. Los Robles Apartments is a 32-building property that offers studio, one- and two-bedroom apartments. Units average 882 square feet in size. Amenities …

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224 W. 124th St. in New York City
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures. The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. …

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42 West Broad Street in Mount Vernon, New York
FinanceNew YorkNewsNortheast

JLL Arranges $93 Million Loan to Refinance 42 West Broad Street in Mount Vernon, New York

by Channing Hamilton

MOUNT VERNON, N.Y. — JLL Capital Markets has arranged a 93 million loan to refinance 42 West Broad Street, a high-rise community in Mount Vernon. The borrower was a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. Kellogg Gaines and Geoff Goldstein led the JLL Debt Advisory team. Canadian institutional lender Otera Capital provided the loan. Situated in Mount Vernon’s Fleetwood neighborhood, 42 West Broad Street comprises 249 units across 16 stories. Units come in studio, one-, two- and three-bedroom …

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Margo at The Society in San Diego
CaliforniaInvestment SalesNewsWestern

Decron Properties Acquires Margo at The Society in San Diego for $125.5 Million

by Channing Hamilton

SAN DIEGO — Decron Properties has purchased Margo at The Society, a 240-unit property located at 201 Del Sol Drive in San Diego, for $125.5 million. The seller was not disclosed. The acquisition was completed through a 1031 exchange. Decron Properties sold two assets in Thousand Oaks, California — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvested a portion of those funds into Margo at The Society.  Margo at The Society comprises 240 apartments in one-, two- and three-bedroom layouts. Units …

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