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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- …

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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 …

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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 …

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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.

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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 …

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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 …

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Brooklyn Crossing in New York City
FinanceNew YorkNewsNortheast

MT&T Realty Capital Provides $414.8 Million Refinancing for 51-Story Tower in Brooklyn

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $414.8 million Freddie Mac conventional loan to refinance debt on Brooklyn Crossing, a 51-story high-rise community in Brooklyn. M&T Realty Capital is a wholly owned subsidiary of M&T Bank (NYSE: MTB). The borrower was The Brodsky Organization. Brooklyn Crossing features 858 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 258 are dedicated as affordable. Income restrictions for these units were not disclosed. Community amenities include a screening room, rooftop terrace and lounge, fitness center …

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Alexan Pena Station in Denver
BerkadiaColoradoDevelopmentFinanceNewsWestern

Berkadia Arranges $81.2 Million in Joint Venture Equity for Alexan Pena Station in Denver

by Channing Hamilton

DENVER — Berkadia has negotiated $81.2 million in joint venture equity for the development of Alexan Pena Station, a 578-unit development in Denver. Trammel Crow Residential was the sponsor. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital arranged the joint venture equity partnership on behalf of the sponsor. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Alexan Pena Station will comprise 12 buildings on a 20-acre site. The community will offer one-, two- and three-bedroom …

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Unnamed Development in Long Branch, New Jersey
DevelopmentNew JerseyNewsNortheast

Kushner Breaks Ground on $130 Million Development in Long Branch, New Jersey

by Channing Hamilton

LONG BRANCH, N.J. — Kushner has begun constructing a $130 million development in Long Branch, a beachside city in northern New Jersey. Minno + Wasko Architects & Planners designed the property. The first units are expected to be available for occupancy in late 2025. The community will offer 299 units across two four-story buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a pool, fitness center, co-working lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining …

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Mason at Van Dorn in Alexandria, Virginia
BerkadiaFinanceInvestment SalesNewsSoutheastVirginia

Berkadia Provides $157 Million in Acquisition Financing for Mason at Van Dorn Apartments in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …

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