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Azorim Construction Co. to Develop $133.5 Million Miroza Tower in Yonkers, New York

by Channing Hamilton January 31, 2024

YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …

January 31, 2024

Finance Florida News Southeast

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton January 30, 2024

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements. Grove Central includes …

January 30, 2024

California Development Finance News Western

Gantry Arranges $128 Million Construction-to-Permanent Financing for Legado at the Met in Santa Ana, California

by Channing Hamilton January 29, 2024

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …

January 29, 2024

Avenues at Verdier Point in Charleston, South Carolina

Finance Georgia News North Carolina South Carolina Southeast

JLL Secures $149 Million to Refinance Three-Property Portfolio in the Southeast

by Channing Hamilton January 26, 2024

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

January 26, 2024

Development Finance New Jersey News Northeast

JLL Arranges $150 Million Construction Loan for 426-Unit Development Near Manhattan

by Channing Hamilton January 25, 2024

WEST NEW YORK, N.J. — JLL has arranged a $150 million loan to facilitate the construction of RB3, a 426-unit development to be located across the Hudson River from Manhattan in West New York. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual. The borrower was Canoe Brook Development. RB3 will rise 11 stories within the 200-acre Port Imperial master-planned development. The waterfront property will offer studio, one- and two-bedroom units. Planned amenities include a pool, fitness center, clubhouse, private …

January 25, 2024

An apartment community in Glen Mills, Pennsylvania

Georgia Investment Sales Midwest Missouri News North Carolina Northeast Pennsylvania Southeast

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton January 24, 2024

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

January 24, 2024

2125 N Davidson in Charlotte, North Carolina

Development Finance News North Carolina Southeast

JLL Arranges $132.9 Million in Financing for 389-Unit Development in Charlotte, North Carolina

by Channing Hamilton January 23, 2024

CHARLOTTE, N.C — JLL has arranged a total of $132.9 million in construction financing for a 389-unit project located at 2125 N Davidson in Charlotte’s Mill District. Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL brokered a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. 2125 N Davidson will offer studio, one-, two- and three-bedroom units with an average size of 762 square feet. …

January 23, 2024

Company News Development Leasing & Marketing New York News Northeast Operations

Blackstone to Acquire Tricon Residential for $3.5 Billion, Plans to Take Company Private

by Channing Hamilton January 22, 2024

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Canadian owner-operator Tricon Residential (NYSE: TCN) for $3.5 billion. The deal is expected to close in the second quarter and will take Tricon Residential private. Blackstone will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 …

January 22, 2024

Development Florida News Southeast

LD&D Plans $200 Million Cass Square Mixed-Use Project in Tampa, Florida

by Channing Hamilton January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a residential tower, this summer. The 28-story building will be called DoMo at Cass Square. DoMo at Cass Square will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square …

January 19, 2024

Affordable Housing Development Midwest Minnesota News

Dominium Completes $160 Million Affordable Housing Redevelopment in St. Paul, Minnesota

by Channing Hamilton January 18, 2024

ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, an affordable housing project that repurposed buildings at the historic Fort Snelling site in St. Paul. The complex was developed as part of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Minneapolis-based BKV Group served as the architect. The site comprised 26 buildings across 42 acres, including barracks, an …

January 18, 2024

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