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The-Grand-on-Main
DevelopmentIndianaMidwestNews

BW Development, Skender to Break Ground on $105 Million Mixed-Use Project in Westfield, Indiana

by Lynn Peisner

WESTFIELD, IND. — BW Development will break ground later this year on The Grand on Main, a $105 million mixed-use development formerly dubbed Jersey 32. The builder is Chicago-based construction firm Skender, and the architect is Studio M Architecture and Planning. Completion is slated for 2027. The project, located in Westfield 20 miles north of Indianapolis, will include 216 multifamily units, 51,000 square feet of ground-floor retail and 15,000 square feet of office space. The plan to build a mixed-use site at the intersection of State Road 32 and Poplar …

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Salida_del_Sol
Affordable HousingCaliforniaDevelopmentNewsWestern

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner

SAN JUAN CAPISTRANO — Jamboree Housing Corp. has completed and opened Salida del Sol in San Juan Capistrano. According to Jamboree, a nonprofit, California-based affordable housing developer, the project is the first in the nation to combine affordable housing with a city hall. Located on a 2-acre portion of San Juan Capistrano’s existing city hall site, the 50-unit Salida del Sol is designed around a large open courtyard with a 45,593-square-foot residential building. Forty 557-square-foot units are designated for formerly unhoused individuals and veterans earning up to 30 percent of …

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Peridot-Lounge
DevelopmentFinanceNewsTexas

CIM Group Provides $132 Million Loan for Phase II of Peridot in Dallas

by Lynn Peisner

DALLAS — Pacific Elm Properties has secured a $132 million loan to refinance Santander Tower, a Dallas high-rise that has been converted from an office building to a mixed-use community. A portion of the tower, known as Peridot, was converted to 291 units of multifamily in 2023. The new loan will support construction of the project’s second phase, which will add 105 additional apartments and bring the total Peridot offering to 396 residences upon completion. In addition to the Peridot apartments, the mixed-use Santander Tower offers the Mint House luxury …

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Soleste-on-the-Trail
DevelopmentFinanceFloridaNewsSoutheast

Estate Cos. Secures $60 Million Loan to Build Soleste Property in Palm Beach County

by Lynn Peisner

RIVIERA BEACH, FLA. — The Estate Cos., a Miami-based developer known for its Soleste brand of communities, has secured a $60 million construction loan to build Soleste on the Trail in Riviera Beach. Located approximately five miles north of West Palm Beach and situated aside a lake, the community will be comprised of 255 one- and two-bedroom units. A completion date was not disclosed. Amenities will include a clubhouse, a resort-style pool with cabanas, outdoor barbecue areas, a fitness center with on-demand classes and a yoga studio, a full-service spa, …

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El-Paseo
Affordable HousingInvestment SalesNew MexicoNewsOregonWestern

Guardian Buys $497 Million Post-Compliance LIHTC Portfolio, Extends Affordability

by Lynn Peisner

PORTLAND, ORE. — Portland-based multifamily operator, developer and investor Guardian has acquired a portfolio of 15 affordable housing communities in Oregon and New Mexico, each of which has reached the end of its 15-year LIHTC compliance period. Guardian will convert a portion of the portfolio’s market-rate units to be rent capped at 60 percent of area median income. The acquisition was completed in two separate phases. The first phase included two Portland-area properties totaling 310 units, acquired with capital partner AEW. The second phase included 13 properties and 2,740 units …

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The-Chester
CaliforniaDevelopmentNewsWestern

Kimko, Bozzuto to Add Residential to Historic Bay Area Shopping Center

by Lynn Peisner

DALY CITY, CALIF. — Kimco Realty (NYSE: KIM) and Bozzuto have broken ground on The Chester at Westlake, a 214-unit community located in the Westlake Shopping Center in Daly City, about 10 miles south of San Francisco. The project is part of Kimko’s strategy to incorporate residential into its retail developments. Westlake, a 40-acre, open-air center, opened in 1951 and was acquired by Kimko in 2002. Westlake Shopping Center is described as one of the earliest planned shopping centers in the United States, and neighborhoods were built around the center, …

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Alloy-Block
Affordable HousingDevelopmentNew YorkNewsNortheast

Developers Secure $535 Million to Finance Second Phase of Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Alloy Development and The Vistria Group have closed on $535 million in construction financing for the development of One Third Avenue, a 583-unit mixed-income high-rise that comprises Phase II of the Alloy Block development in Brooklyn. The 62-story community will join buildings developed in the first phase of the project — 505 State Street, a mixed-use community, and 489 State Street, a public elementary school. Once complete, the Alloy Block will be home to a total of 1,000 residences, including approximately 200 affordable housing units. Vistria …

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The-Mix
DevelopmentNewsTexas

StreetLights Residential Breaks Ground at The Mix in Frisco

by Lynn Peisner

FRISCO, TEXAS — StreetLights Residential has broken ground on a multifamily development within The Mix, a $3 billion, 112-acre mixed-use development anchored by a 9-acre park in Frisco along the Dallas North Tollway. The community will feature more than 635 apartments and townhomes in two sections in The Mix. Floor plans will be offered as one-, two- and three-bedroom options. In-unit features include built-in Sonos speakers; screened balconies; intuitive smart home controls, such as locks, thermostats and dimmable lights; and wine refrigerators. Amenities will include coworking lounges, pet wash stations, …

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URBY-Hoboken
DevelopmentFinanceNew JerseyNewsNortheast

PCCP Provides $162 Million Construction Loan for Hoboken Development

by Lynn Peisner

HOBOKEN, N.J. — Locally based Ironstate Holdings has secured a $162 million construction loan provided by PCCP for the development of Hoboken Urby, a 345-unit, transit-oriented development in Hoboken. Completion is slated for early 2028. The 16-story, 418,332-square-foot project will include 307 market-rate units, 38 affordable units and approximately 17,000 square feet of retail space, which will include a café. The site is less than a quarter of a mile from the Hoboken PATH train station. The unit mix will feature 29 studios, 220 one-bedrooms, 61 two-bedrooms and 35 three-bedrooms. …

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Cypress-Point
CaliforniaInvestment SalesNewsWestern

IPA Brokers $100 Million Sale of Ventura County Asset

by Lynn Peisner

VENTURA, CALIF. — Raintree Properties has acquired Cypress Point, a 268-unit property in Ventura, for $100 million. County Center LP was the seller, and Institutional Property Advisors (IPA) arranged the sale. The transaction equates to $373,134 per unit. The property has been owned by the seller, who was the original developer, since 1990. Cypress Point is situated on 14 acres and includes 28 two-story buildings, a barbecue and picnic area, a fitness center, a clubhouse and covered parking. First-floor units feature nine-foot ceilings, and second-floor units have 12-foot vaulted ceilings. …

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