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MG Properties Buys Colorado Townhome-Style Property for $67.2 Million

by Lynn Peisner April 20, 2023

CASTLE ROCK, COLO. — Continental Properties has sold Springs at Castle Rock to MG Properties, which has rebranded the property Ridge at Castle Rock. The community is located in Castle Rock, which is approximately 35 miles south of Denver. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller and arranged a $67.2 million Fannie Mae loan for MG Properties. The 204-unit, townhome-style property was 96 percent occupied when the deal closed on April 13. Units are made up of studios, one-, two- and three-bedroom …

April 20, 2023

Company News Development Florida News Operations Southeast

Merrimac Selects Altman to Manage $90 Million Broward County Project

by Lynn Peisner April 20, 2023

PLANTATION, FLA. — Merrimac Ventures has selected the Altman Management Co. (AMC), a division of The Altman Cos., to manage Leena Plantation in Plantation. The 306-unit property is under development by Fort Lauderdale-based Merrimac and is scheduled to open this summer. Leena Plantation is comprised of one- to three-bedroom units. The $90 million project broke ground in 2021 and consists of two six-story buildings. Amenities include a club room, pool, covered terrace, barbecue grilling stations, two exterior courtyards, a fitness center, a coworking and business center with private offices and …

April 20, 2023

Affordable Housing California Development News Western

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner April 19, 2023

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

April 19, 2023

Arizona Development News Western

Mill Creek Breaks Ground on Modera Reserve in Scottsdale

by Lynn Peisner April 18, 2023

SCOTTSDALE, ARIZ. — Mill Creek Residential has broken ground on Modera Reserve, a 360-unit community in the Kierland neighborhood of North Scottsdale. The project is Mill Creek’s second in Arizona. First move-ins are estimated for spring 2025. Modera Reserve will offer studio, one-, two- and three-bedroom floor plans, averaging 938 square feet in size. The property is designed around three courtyards and 10,000 square feet of interior amenity space, which will include a fitness center, digital package room, coworking spaces, a resident lounge and a clubroom with a pool table. …

April 18, 2023

California Investment Sales News Western

The Mogharebi Group Arranges Sale of Northbrook Apartments in Fresno

by Lynn Peisner April 18, 2023

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the $11.4 million sale of Northbrook Apartments in Fresno. Robin Kane, Brendan Kane and Gordon Larkin of TMG’s Fresno office represented the Monterey, California-based owner/developer in the transaction. Offered on the market for the first time in about 24 years, the 92-unit asset was acquired by a family office based in the Central Valley area of California. Northbrook Apartments were built in 1972 on about six acres. The asset is a single-story, garden-style apartment community with a mix of one- and …

April 18, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

The Brook rendering in Glen Allen, Virginia

Development News Southeast Virginia

Middleburg Communities, Resmark Secure Land for 310-Unit North Richmond Project

by Lynn Peisner April 12, 2023

GLEN ALLEN, VA. — Middleburg Communities has acquired a 13.5-acre land parcel in Glen Allen to develop a 310-unit apartment and townhome project. Glen Allen is about 15 miles north of Richmond, Virginia. Construction on the project, called The Brook, will begin later this month, with a completion-date estimate of late 2024. According to Middleburg, The Brook is one of only a few multifamily projects to be built in the North Richmond area in the past two decades. Middleburg is managing the development, and The Remark Cos. is an investment …

April 12, 2023

Finance Indiana Midwest News

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner April 11, 2023

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

April 11, 2023

The development site for Pinnacle at Tropical Pointe.

Affordable Housing Development Florida News Southeast

Pinnacle Secures $72.3 Million in Financing for Pinnacle at Tropical Pointe Near Miami

by Channing Hamilton April 7, 2023

PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs. Pinnacle at Tropical …

April 7, 2023

Affordable Housing Development Massachusetts News Northeast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner April 6, 2023

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

April 6, 2023

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