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The development site for Pinnacle at Tropical Pointe.

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

Exterior of Legacy Gateway in Forney, Texas

Development News Texas

Legacy Partners and Resmark Cos. Break Ground on 336-Unit Project in Gateway Mixed-Use Development Near Dallas

by Lynn Peisner April 5, 2023

FORNEY, TEXAS — Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit property in Forney, about 20 miles east of Dallas. The 14-acre project site is located within Gateway, a 2,000-acre mixed-use development that is home to luxury multifamily communities, retail, office and entertainment venues. Legacy Gateway will complete by approximately spring 2025, with an estimated initial occupancy in summer 2024. JHP Architecture is the architect, and BBL Building Co. is the general contractor. Legacy and Resmark acquired the undeveloped parcel with a construction loan …

April 5, 2023

City Line Apartments, a half-brick half-siding multifamily community.

Investment Sales News Southeast Virginia

Community Preservation Partners Purchases City Line Apartments in Newport News, Virginia, for $30.1 Million

by Channing Hamilton April 4, 2023

NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia. CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction …

April 4, 2023

Spring Apartments, a white apartment complex with green and red accents around a pool.

Arizona Investment Sales News Western

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton April 3, 2023

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans. Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

April 3, 2023

Affordable Housing Development Illinois Midwest News

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner March 31, 2023

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

March 31, 2023

A 3D render of Eastrail Flats, a modern rustic style multifamily building.

Development Finance News Washington Western

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton March 30, 2023

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

March 30, 2023

California Investment Sales News Western

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner March 29, 2023

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

March 29, 2023

A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts

Affordable Housing Massachusetts News Northeast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner March 28, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

March 28, 2023

Rendering of CIM Group's upcoming mixed-use project in L.A.

Affordable Housing California Development News Western

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner March 28, 2023

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

March 28, 2023

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