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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

Affordable Housing Finance News Texas

NewPoint Provides Loan to Refinance 338-Unit Stadia Med Main Apartments in Houston

by Channing Hamilton August 1, 2023

HOUSTON — NewPoint Real Estate Capital provided a Targeted Affordable Housing loan to Aspen Oak Capital Partners (Aspen Oak) through Freddie Mac. The loan refinanced a NewPoint Bridge Loan that facilitated Aspen Oak’s acquisition of Stadia Med Main Apartments in April 2022. The fixed-rate refinance features a seven-year term and a 35-year amortization schedule. Stadia Med Main Apartments is a four-story, 338-unit property in Houston’s Medical Center/West University submarket. The community offers affordable and market rate units in one- and two-bedroom layouts. Income restrictions for the affordable units were not …

August 1, 2023

Development Florida Leasing & Marketing News Southeast

Terra Completes 460-Unit Natura Gardens Apartments in Miami

by Channing Hamilton July 31, 2023

MIAMI — South Florida-Based developer Terra has completed Natura Gardens, a garden-style community in Miami’s West Hialeah neighborhood. Leasing is now underway for the asset, with rents ranging from approximately $2,000 per month to $3,350 per month. Natura Gardens offers one-, two- and three-bedroom units. Amenities include a two-story clubhouse with a pool and spa, outdoor kitchen and grilling area, children’s playroom, lounge, fitness center, business center and a dog park. Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture. Interior design for the clubhouse and model units was conducted …

July 31, 2023

Investment Sales New York News Northeast

Carlyle Group, Z+G Property Group Acquire 8 Marcy Ave. in Williamsburg, Brooklyn for $97.5 Million

by Channing Hamilton July 28, 2023

BROOKLYN, N.Y. — A joint venture between The Carlyle and Z+G Property Group has acquired 8 Marcy Ave., an eight-story building in the Brooklyn neighborhood of Williamsburg, from Prospect Development for $97.5 million. JLL Capital Markets brokered the deal. The building was delivered in January. The community offers studio, one- and two-bedroom floor plans. Of the total 123 units, 37 are affordable. Income restrictions for these units were not disclosed. The JLL Capital Markets Investment Sales and Advisory team representing the seller included Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, …

July 28, 2023

Development Finance Georgia News Southeast

Rockefeller Group Begins Development of 1072 West Peachtree Mixed-Use Tower in Atlanta

by Channing Hamilton July 27, 2023

ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise development in Midtown Atlanta. Sumitomo Mitsui Trust Bank Ltd. is providing a senior loan to Rockefeller Group to construct the project. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. TVS is the lead architect. The tower will offer more than 350 apartments, as well as 224,000 square feet of office space and 6,300 square feet of street-level retail space. According to Rockefeller Group, the tower is slated …

July 27, 2023

Finance Florida News Southeast

Northmarq Arranges $70 Million in Financing for Two Properties in Miami Lakes, Florida

by Channing Hamilton July 26, 2023

MIAMI LAKES, FLA. — Northmarq has arranged $70 million in financing for two properties in the Miami, Florida suburb of Miami Lakes. The borrower was The Graham Cos. Jeff Robertson of Northmarq’s Fort Lauderdale debt and equity office brokered the 10-year permanent loan through Empower Annuity Life Insurance Co. The properties were built in 1997 and 2000, respectively, and offer a combined total of 500 units. The names and addresses of the communities were not disclosed.

July 26, 2023

Development Florida Investment Sales News Southeast

Trilogy Real Estate Group Acquires Azalea Apartments in Tampa, Florida for $85.8 Million

by Channing Hamilton July 25, 2023

TAMPA, FLA. — Trilogy Real Estate Group has purchased Azalea Apartments, a 289-unit community currently under construction in the Tampa neighborhood of Brandon, for $85.8 million. ZOM Living sold the asset to Trilogy Real Estate Group and will continue to manage its construction through completion. The property is in a qualified opportunity zone and benefits from the provisions of the 2017 Tax Cuts and Jobs Act. Azalea Apartments will offer one-, two- and three-bedroom apartments, with the first move-ins expected to begin this quarter. Each unit includes energy-efficient, stainless steel …

July 25, 2023

The Paseos at Montclair in Montclair, California

California Finance Investment Sales News Western

Archway Equities Acquires Inland Empire Community for $150 Million

by Channing Hamilton July 24, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.

July 24, 2023

Soltra at SanTan Village in Gilbert, Arizona

Arizona Investment Sales News Western

CBRE Brokers $140 Million Sale of Soltra at SanTan Village in Phoenix Suburb

by Channing Hamilton July 21, 2023

GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit community in the southeast Phoenix suburb of Gilbert, from Leon Multifamily for $140 million. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Pkwy. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas.

July 21, 2023

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