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CityHouse Ashburn Station in Ashburn, Virginia

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120 Million

by Channing Hamilton August 22, 2023

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in the Northern Virginia city of Ashburn, approximately 30 miles west of Washington, D.C. Dream Finders Homes sold the property to the partnership for $120 million. The site is approved for the construction of 200 build-to-rent homes. The community will be called CityHouse Ashburn Station. According to the property website, CityHouse Ashburn Station will offer three-bedroom units with an average size of 2,000 square feet. Amenities will include sports courts, …

August 22, 2023

Affordable Housing Development Finance Illinois Iowa Michigan Midwest News North Carolina Southeast Virginia

Woda Cooper Cos. Secures $67 Million for Five Affordable Housing Communities Across U.S.

by Channing Hamilton August 21, 2023

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …

August 21, 2023

Investment Sales News Washington Western

JLL Brokers $125 Million Sale of Radiate Apartments in Redmond, Washington

by Channing Hamilton August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in the eastern Seattle suburb of Redmond. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. David Young, Corey Marx, Ira Virden, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis led the JLL investment sales and advisory team that represented the seller and procured the buyer. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, …

August 18, 2023

Averly Lake Worth in Lake Worth, Florida

Development Finance Florida News Southeast

Meyers Accesso Secures $46.2 Million to Construct Avery Lake Worth in Lake Worth, Florida

by Channing Hamilton August 17, 2023

LAKE WORTH, FLA. — Meyers Accesso has secured $46.2 million in construction financing for the development of Avery Lake Worth, a 200-unit community in Lake Worth. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq’s West Palm Beach debt and equity team arranged the financing through a life insurance company. The lender provided financing with an additional mezzanine loan structure. Avery Lake Worth will comprise two buildings on a 5-acre site. Units will come in studio, one- and two-bedroom layouts. Amenities will include gated access, a clubhouse, fitness center, pool with …

August 17, 2023

Development Georgia Leasing & Marketing News Southeast

CA Ventures Opens 33-Story 903 Peachtree Apartment Tower in Atlanta

by Channing Hamilton August 16, 2023

ATLANTA — CA Ventures has opened 903 Peachtree, a 33-story high-rise building in Atlanta’s Midtown neighborhood. The development team also includes Diamond Realty Investments and Cartel Properties. Cartel Properties is both a development partner and is leading the retail leasing assignment on behalf of the ownership group. Lincoln Property Co. is the property manager. 903 Peachtree offers 427 units in studio, one-, two- and three-bedroom floor plans, as well as 9,000 square feet of retail space. Units feature stainless steel appliances, in-unit washers and dryers, floor-to-ceiling windows and private balconies …

August 16, 2023

Development Florida Investment Sales News Southeast

Avison Young Brokers $38 Million Sale of Dolphin Square Development Site in Miami

by Channing Hamilton August 15, 2023

MIAMI — Avison Young has arranged the sale of a 7.9-acre development site at 1556 110th Ave. in Miami. Boca Raton, Fla.-based Procacci Development Corp. sold the asset for $38 million. The buyer was not disclosed. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller. The site is approved for a 690-unit, 10-story project called Dolphin Square. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 15, 2023

Quantum at Flagler Village in Fort Lauderdale, Florida

Finance Florida News Southeast

Walker & Dunlop Arranges $150 Million Refinancing for Quantum at Flagler Village in Ft. Lauderdale, Florida

by Channing Hamilton August 14, 2023

FT. LAUDERDALE, FLA. — Prime Group US and PMG Asset Services have secured a $150 million loan to refinance Quantum at Flagler Village, a mixed-use development in Fort Lauderdale. Joe Hercenberg of Walker & Dunlop led the team that secured a refinancing of the newly completed project’s construction loan in its initial lease-up. The lender was not disclosed. The loan features a fixed-rate, 60-month term. Walker & Dunlop also arranged the construction loan for the project four years ago. Quantum at Flagler Village comprises 337 apartments and 20,884 square feet …

August 14, 2023

Development Illinois Midwest News

McHugh Construction Tops Out 73-Story Rental Tower in Chicago

by Channing Hamilton August 11, 2023

CHICAGO — McHugh Construction has topped out 1000M, a 73-story tower at the western edge of Chicago’s Grant Park. 1000M will offer 738 apartments in studio to four-bedroom layouts. The community’s 80,000 square feet of indoor and outdoor amenity space will include an observation deck on the 73rd floor. The high-rise was designed by the late German Architect Helmut Jahn and his company, Jahn. McHugh Construction is the general contractor for the project. Kara Mann designed the unit and amenity interiors. Cullen Construction Management is the owner’s representative. The community’s first units …

August 11, 2023

Investment Sales Massachusetts News Northeast

Harbor Group International Sells 1,722-Unit Portfolio in Metro Boston

by Channing Hamilton August 10, 2023

BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:

August 10, 2023

Affordable Housing Development Finance New York News Northeast

Wells Fargo Provides $780.3 Million in Financing for Affordable Housing in Metro New York City

by Channing Hamilton August 9, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay. The developments, which total more than 1,100 units, are currently under construction, …

August 9, 2023

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