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Avison Young Brokers $38 Million Sale of Dolphin Square Development Site in Miami

by Channing Hamilton August 15, 2023

MIAMI — Avison Young has arranged the sale of a 7.9-acre development site at 1556 110th Ave. in Miami. Boca Raton, Fla.-based Procacci Development Corp. sold the asset for $38 million. The buyer was not disclosed. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller. The site is approved for a 690-unit, 10-story project called Dolphin Square. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 15, 2023

Quantum at Flagler Village in Fort Lauderdale, Florida

Finance Florida News Southeast

Walker & Dunlop Arranges $150 Million Refinancing for Quantum at Flagler Village in Ft. Lauderdale, Florida

by Channing Hamilton August 14, 2023

FT. LAUDERDALE, FLA. — Prime Group US and PMG Asset Services have secured a $150 million loan to refinance Quantum at Flagler Village, a mixed-use development in Fort Lauderdale. Joe Hercenberg of Walker & Dunlop led the team that secured a refinancing of the newly completed project’s construction loan in its initial lease-up. The lender was not disclosed. The loan features a fixed-rate, 60-month term. Walker & Dunlop also arranged the construction loan for the project four years ago. Quantum at Flagler Village comprises 337 apartments and 20,884 square feet …

August 14, 2023

Development Illinois Midwest News

McHugh Construction Tops Out 73-Story Rental Tower in Chicago

by Channing Hamilton August 11, 2023

CHICAGO — McHugh Construction has topped out 1000M, a 73-story tower at the western edge of Chicago’s Grant Park. 1000M will offer 738 apartments in studio to four-bedroom layouts. The community’s 80,000 square feet of indoor and outdoor amenity space will include an observation deck on the 73rd floor. The high-rise was designed by the late German Architect Helmut Jahn and his company, Jahn. McHugh Construction is the general contractor for the project. Kara Mann designed the unit and amenity interiors. Cullen Construction Management is the owner’s representative. The community’s first units …

August 11, 2023

Investment Sales Massachusetts News Northeast

Harbor Group International Sells 1,722-Unit Portfolio in Metro Boston

by Channing Hamilton August 10, 2023

BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:

August 10, 2023

Affordable Housing Development Finance New York News Northeast

Wells Fargo Provides $780.3 Million in Financing for Affordable Housing in Metro New York City

by Channing Hamilton August 9, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay. The developments, which total more than 1,100 units, are currently under construction, …

August 9, 2023

Finance Midwest Missouri News

JLL Arranges $47 Million Refinance for Marlowe in St. Louis

by Channing Hamilton August 8, 2023

ST. LOUIS — JLL Capital Markets arranged a $47 million loan to refinance Marlowe, a 205-unit asset in the Central West End neighborhood of St. Louis. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier worked on behalf of the borrower, Keeley Properties, to secure the four-year, fixed-rate loan through an insurance company. Sound Mark Partners provided preferred equity for the deal. Marlowe was completed in 2022. The community offers studio, one- and two-bedroom units. Amenities include a pool and sundeck, lawn with putting green, 1,600-square-foot pet park, flex workspaces and …

August 8, 2023

An unnamed BTR community Parkland Homebuilders is developing in Centerville, Ga.

Build-to-Rent Development Finance Georgia News Southeast

Forman Capital Provides $22.5 Million to Construct BTR Community Near Warner Robins, Georgia

by Channing Hamilton August 7, 2023

CENTERVILLE, GA. — Forman Capital has provided a $22.5 million lot acquisition and construction loan to Parkland Homebuilders to develop a build-to-rent community in the Warner Robins suburb of Centerville. Parkland Homebuilders is an affiliate of Alpharetta-based Parkland Communities. The developer plans to construct the community in four phases. The first phase of the project will deliver 109 rental homes in two-, three- and four-bedroom layouts. At full build-out, the community will comprise a total of 317 units. A timeline for the project was not disclosed.

August 7, 2023

New Amsterdam Apartments in Amsterdam, New York

Affordable Housing Development Finance Leasing & Marketing New York News Northeast Seniors Housing

State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments

by Channing Hamilton August 4, 2023

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …

August 4, 2023

Development Finance New York News Northeast

JLL Arranges $220 Million in Financing for New York City Office Tower Conversion

by Channing Hamilton August 3, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …

August 3, 2023

Affordable Housing California Development News Western

Community Builders Group, Bridge Financial Advisors to Open $45 Million Pasadena Studios in Pasadena, California

by Channing Hamilton August 2, 2023

PASADENA, CALIF. — A partnership comprising Community Builders Group and Bridge Financial Advisors plan to open Pasadena Studios this August. Pasadena Studios is an affordable housing community that rises six stories in the Los Angeles suburb of Pasadena. The building offers 180 small studio apartments called micro-units. Units are affordable to households earning less than $53,000 annually. Amenities include Wi-Fi connectivity, fitness center, laundry facilities, rooftop deck, a kitchenette and bike storage. The total cost of the project was $45 million. The development team broke ground on Pasadena Studios in …

August 2, 2023

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