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Atlanta BeltLine, Invest Atlanta Approve $172 Million Budget for Affordable Housing Development, Trail Construction

by Channing Hamilton June 26, 2024

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. The budget totals $172 million, a 12 percent increase over the 2024 budget. The funding will be directed toward a goal set in 2005 to develop 5,600 units of affordable housing in Atlanta by 2030. The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

June 26, 2024

Development Finance New York News Northeast

Affinius Capital, Kennedy Wilson Originate $160 Million Construction Loan for 340 Nevins Street in Brooklyn, New York

by Channing Hamilton June 25, 2024

NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …

June 25, 2024

Development News Texas

Woodfield Development Breaks Ground on $101 Million Northwest Village in Fort Worth, Texas

by Channing Hamilton June 24, 2024

FORT WORTH, TEXAS — Woodfield Development has broken ground on Northwest Village, a $101 million project in Fort Worth. The asset will be situated within Traditions at Northwest Village, a 47-acre master planned development featuring office, retail and restaurant space, as well as a large public park. Northwest Village will comprise 455 apartments across two buildings on a 15-acre site. Units will come in studio, one-, two- and three-bedroom layouts. The property will also offer five townhome-style units. Planned amenities include private conference rooms and individual offices, a fitness center, …

June 24, 2024

Arizona Development Finance News Western

JLL Capital Markets Arranges $120 Million Construction Financing for Ray Phoenix in Phoenix

by Channing Hamilton June 21, 2024

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …

June 21, 2024

An unnamed project in Charlotte, North Carolina

Development Finance News North Carolina Southeast

Concord Summit Capital Arranges $75 Million Construction Financing for Development in Charlotte, North Carolina

by Channing Hamilton June 20, 2024

CHARLOTTE, N.C. — Concord Summit Capital has arranged $75 million in financing for the development of a community in Charlotte. Daniel Eidson of Concord Summit arranged the financing on behalf of the borrower, whose identity was not disclosed. The borrower plans to use the funds to refinance the existing land loan and complete construction. Once completed, the community will offer amenities such as a pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, a top-floor lounge and kitchen with a bar, garage parking with EV chargers, …

June 20, 2024

Development Illinois Midwest News

Related Midwest Breaks Ground on 635-Unit 400 Lake Shore in Chicago

by Channing Hamilton June 19, 2024

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower waterfront development located in the Streeterville neighborhood of Chicago’s Near North Side. The first phase of 400 Lake Shore will comprise a 72-story tower featuring 635 units. Of the total unit count, 20 percent (127 units) will be designated as affordable housing. Apartments will come in studio, one-, two- and three-bedroom floor plans. LR Contracting Co., Related Midwest’s in-house contracting company, will construct the first building alongside BOWA Construction. Skidmore, Owings & Merrill designed the project. MAWD …

June 19, 2024

Leasing & Marketing New Jersey News Northeast

The LeFrak Organization Begins Leasing 34-Story Bisby in Newport, New Jersey

by Channing Hamilton June 18, 2024

NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story high-rise community situated in Newport, which is situated across the Hudson River from Lower Manhattan. The property offers 385 units in studio, one-, two-, three- and four-bedroom floor plans. Monthly rates begin at $3,445 for a studio apartment. Amenities include a 33,000-square-foot rooftop terrace with a pickleball court, dog run and an outdoor kitchen, as well as a co-working center, golf simulator, content studio and dog spa. The project was designed by Minno & Wasko Architects & Planners. …

June 18, 2024

Investment Sales Nevada News Western

Northmarq Brokers $52.7 Million Sale of Millennium East in Las Vegas

by Channing Hamilton June 17, 2024

LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac. Millennium East …

June 17, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $64 Million Sale of The Livano Deer Valley in Phoenix

by Channing Hamilton June 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Livano Deer Valley, 242-unit community in Phoenix. The Praedium Group acquired the property from LIV Development for $64 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. The Livano Deer Valley was completed in 2023. Amenities include a clubhouse, centralized courtyard with a pool and spa with sundeck. Units feature nine-foot ceilings, stainless-steel appliances, walk-in closets and full-size washers and dryers. The average unit size is 821 …

June 13, 2024

Development News Texas

Texas Rangers, Cordish Top Out 300-Unit One Rangers Way Apartments Near Dallas

by Channing Hamilton June 12, 2024

ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit project in the western Dallas suburb of Arlington. One Rangers Way is the multifamily component of Cordish’s Arlington Entertainment District. The devleopment site is situated less than a mile from Globe Life Field, the home ballpark of the Rangers. The community will offer studio, one- and two-bedroom units. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World …

June 12, 2024

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