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Linx Plaza Apartments in Mobile, Alabama
AlabamaFinanceNewsSoutheast

L2 Investments Secures $14.7 Million to Refinance Two Properties in Mobile, Alabama

by Channing Hamilton

MOBILE, ALA. — L2 Investments has acquired $14.7 million to refinance two properties in Mobile comprising a total of 334 units. Alex Jaffa and Michael Muller of Eastern Union brokered the transaction. The lender was Arbor Realty Trust. Eastern Union arranged a $9.2 million loan for the refinancing of Linx Plaza Apartments, which comprises 214 units across 16 buildings on a 109,000-square-foot site. Linx Plaza Apartments was constructed in 1976. Eastern Union also arranged $5.5 million to refinance Plantation Apartments, a 120-unit community that was built in 1977. Plantation Apartments …

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A 3D render of the redevelopment of Mazza Gallerie in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Tishman Speyer Secures $150 Million to Redevelop Mazza Gallerie Mall in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan for the redevelopment of Mazza Gallerie, a former shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the loan. Mazza Gallerie will be converted into a mixed-use community with 320 apartment units, over 800 parking spots and 90,000 square feet of retail space. The mall’s 70,000-square-foot retail concourse will be anchored by a T.J. Maxx. The project’s residential component and first retail openings are expected to complete in 2025. Davis Construction and Smoot Construction are …

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The Keys at Wildwood in Oxford, Florida
Build-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Blue Vista Acquires 190-Unit BTR Development in Oxford, Florida

by Channing Hamilton

OXFORD, FLA. — Blue Vista Capital Management has acquired The Keys at Wildwood, a BTR development situated on 19 acres in Oxford, which is in central Florida. The project is currently being developed in partnership with Belleair Development and Mize & Sefair Development. The Keys at Wildwood will offer 190 single-story, three-bedroom units including features such as in-unit laundry, private patios, and dedicated parking spots. The new community is the sixth built-to-rent community Blue Vista has acquired or developed since 2020. 

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The Reserve at Sugarloaf in Duluth, Georgia.
GeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Brokers $91 Million Sale of Reserve at Sugarloaf Apartments Near Atlanta

by Channing Hamilton

DULUTH, GA. — Cushman & Wakefield has brokered the sale of The Reserve at Sugarloaf in the Atlanta suburb of Duluth. Olen Properties acquired the asset for $91 million. Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield arranged the transaction on behalf of the seller, an institutional client of New York Life Real Estate Investors. Built in 2002, The Reserve at Sugarloaf offers 333 units, as well as amenities such as an indoor-outdoor fitness center, pool, pet park, internet café and car care center. 

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499 President St. in Brooklyn, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …

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A 3D render of Atlantica at Daytona in Daytona, Florida.
DevelopmentFinanceFloridaNewsSoutheast

Joint Venture Secures $77 Million to Construct Atlantica at Daytona in Daytona Beach, Florida

by Channing Hamilton

DAYTONA BEACH, FLA. — A joint venture between Sovereign Properties and Invest Capital Group has secured $77 million in construction financing to develop Atlantica at Daytona, a garden-style community in Daytona Beach. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL Capital Markets arranged the three-year, 75 percent loan to cost, construction loan through Broadshore Capital Partners. Atlantica at Daytona will offer 341 one-, two- and three-bedroom units, and is slated for completion in October 2024. Amenities will include a pool, BBQ grill station, outdoor summer kitchen, dog park, co-working space, game …

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A 3D render of Sackett Place and Society Brooklyn in Brooklyn, N.Y.
DevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $520 Million Capitalization for Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture between Property Markets Group and Carlyle has secured $520 million in financing for the development of Sackett Place and Society Brooklyn. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL Capital Markets arranged the $335 million construction loan, and also secured the project’s $165 million limited partnership equity. Sackett Place and Society Brooklyn comprises two high rise towers in in Brooklyn’s Gowanus neighborhood. Once completed in 2025, the property will offer 517 units and 10,000 square feet …

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Village at Pioneer Park in Peoria, Arizona.
ArizonaBuild-to-RentDevelopmentFinanceNewsWestern

Empire Group Secures $120.5 Million in Financing for Two BTR Communities Near Phoenix

by Channing Hamilton

PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park. Empire Group also received $42 million …

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Vinty in Elizabeth, N.J.
FinanceNew JerseyNewsNortheast

LeCesse Development Corp., MAS Development Group Secure $97.3 Million Financing for Vinty in Elizabeth, New Jersey

by Channing Hamilton

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group has secured $97.3 in financing for Vinty, a 267-unit mixed-use development in Elizabeth. Michael Klein, Steven Klein, Gerard Quinn and Benjamin Morgenthal of JLL Capital Markets arranged the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management. Delivered in 2022, Vinty offers studio, one- and two-bedroom apartments, as well as 32,000 square feet of ground-floor retail space. Amenities include a fitness center, yoga studio, pool, outdoor summer kitchen and theater, lounge, a golf simulator, dog park and co-working …

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A 3D render of The River Rapids in Miami, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

ROVR Development Buys $23.5 Million Site for Development of 10.2-Acre Community in Miami, Florida

by Channing Hamilton

MIAMI, FLA. — ROVR Development has acquired 6.2 acres in Miami for $23.5 million to build The River Rapids, a 1,600-unit community in Miami. The development site for the property now comprises 10.2 acres. ROVR Development expects to complete The River Rapids in five phases. The first two phases of the project, Tides and Moorings, will deliver 600 units across two buildings. Tides and Moorings are currently under permit approval to move forward on construction. The next three phases will deliver an additional 1,000 units. A development timeline has not …

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