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Denizen in Portland, Oregon
Investment SalesNewsOregonWashingtonWestern

Kennedy Wilson Acquires Two Communities in the Pacific Northwest for $110 Million

by Channing Hamilton

SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired Axel and Denizen, two properties located in the Pacific Northwest, for a total of $110 million. The seller was not disclosed. Built in Seattle in 2018, Axle offers 226 units, including eight townhomes. Units come in one- and two-bedroom floor plans. Amenities include a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Denizen was built in 2020 in Portland. The community features 212 studio, one- and …

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800 Grand in Kansas City
DevelopmentMidwestMissouriNews

BR Cos. to Develop $250 Million High-Rise Community in Downtown Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — BR Cos. plans to develop 800 Grand, a $250 million high-rise community located at the southwest corner of Eighth Street and Grand Boulevard in downtown Kansas City. The 25-story building will consist of 300 apartment units, as well as 24,000 square feet of retail and restaurant space. BR Cos. has partnered with local real estate agency Aristocrat Realty on the project. Hoefer Welker designed the community. Clark Construction and JE Dunn are serving as the general contractors. A construction timeline for 800 Grand was not disclosed. …

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Monterra in Tacoma, Washington
Investment SalesNewsWashingtonWestern

Goodman Real Estate Sells Three Communities in Tacoma, Washington for $102.6 Million

by Channing Hamilton

TACOMA, WASH. — Goodman Real Estate has completed the disposition of three properties totaling 557 units in Tacoma’s Parkland neighborhood. American Capital Group purchased the assets for $102.6 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The properties included in the sale were:

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Excel Miami in Miami, Florida
DevelopmentFinanceFloridaNewsSoutheast

Clearline Real Estate Receives $94.5 Million in Construction Financing for 24-Story Tower in Miami

by Channing Hamilton

MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …

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Flora in Chicago
DevelopmentIllinoisMidwestNews

High Street Residential Completes 34-Story Residential Tower in Chicago

by Channing Hamilton

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a 34-story high-rise project located in Chicago’s Fulton Market district. The community offers 368 apartments in a mix of studio, one-, two- and three-bedroom layouts, alongside penthouse units with condominium-like finishes. Residents at Flora have access to interior amenities such as a clubroom, golf and game simulator room, fitness center and yoga studio, dining area with chef’s kitchen, coworking spaces and a sound recording booth. The community also features an outdoor amenity deck on the second …

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Soleste NoMi Beach in North Miami Beach, Florida
FinanceFloridaNewsSoutheast

The Estate Cos. Secures $110 Million Refinancing for Soleste NoMi Beach in Miami Suburb

by Channing Hamilton

NORTH MIAMI BEACH, FLA. — Miami-based developer The Estate Cos. has received a $110 million loan for the refinancing of Soleste NoMi Beach, a 367-unit community in North Miami Beach, roughly 17 miles north of Miami. Brian Gaswirth, Paul Adams and Val McWilliams of JLL Capital Markets arranged the floating-rate loan through Ares Management Corp. Located at 16395 Biscayne Blvd., Soleste NoMi Beach rises 22 stories. The building houses a mix of one-, two- and three-bedroom apartment units with an average size of 914 square feet. Residents have access to amenities such as a …

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The Journal in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

Kushner Nears Completion of $1 Billion The Journal in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a roughly $1 billion project positioned adjacent to the Journal Square PATH station in Jersey City’s Journal Square area. Kushner broke ground on the development in 2022. The Journal consists of two 64-story towers, which have been topped out. Pre-leasing efforts are slated to begin in early 2025. Upon completion, The Journal will consist of more than 2 million square feet, including 1,723 apartments and 45,000 square feet of amenity space. The property includes 40,000 square feet of ground-floor …

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Artwalk Towers in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

KRE Group Receives $175 Million Construction Loan for 49-Story Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …

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The Encore Southpark in Charlotte, North Carolina
FinanceMidwestNewsOhio

BWE Arranges $260 Million Refinancing for 1,500-Unit Portfolio Across Four States

by Channing Hamilton

CLEVELAND — BWE, the commercial finance firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged a $260 million loan for the refinancing of a portfolio of six properties totaling roughly 1,500 units. The company is based in Cleveland. Northwestern Mutual provided the five-year loan, which was structured with a 5.07 percent interest rate, full-term interest-only payments and a 55 percent loan-to-value ratio. The borrower was not disclosed. All properties were constructed within the past decade, and the portfolio had an occupancy rate of approximately 95 percent at the …

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299 Franklin in Redwood City, California
CaliforniaInvestment SalesNewsWestern

Acacia Capital Purchases San Francisco Bay Area Asset for $184 Million

by Channing Hamilton

REDWOOD CITY, CALIF. — Acacia Capital has acquired 299 Franklin, a 304-unit community in Redwood City, 30 miles south of San Francisco, from Nuveen. Walker & Dunlop arranged a Fannie Mae acquisition loan on behalf of Acacia for $113 million. The total sales price was $184 million. Built in 2015, 299 Franklin offers studio, one- and two-bedroom units and 11 townhomes. Amenities include a rooftop deck, fitness center, pool, bike storage and electric vehicle charging stations. According to the property’s website, rents of available units start at approximately $2,723 for …

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