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plaza-at-pikes-peak
ColoradoFinanceNewsWestern

Dwight Capital Secures HUD Loan for Plaza at Pikes Peak

by Lynn Peisner

COLORADO SPRINGS, COLO. — Dwight Capital has arranged a $48.3 million loan for Ryan Dunn of Dunn & Associates and Taylor Turano of Denver Land Co. Dunn and Turano will use the HUD loan to refinance an existing mortgage on Plaza at Pikes Peak, a 215-unit property in Colorado Springs. The refinancing qualified for a reduced Green Mortgage Insurance Premium (MIP), which offers a reduction in mortgage insurance premiums for new and existing multifamily properties if they meet various green energy benchmarks. Plaza at Pikes Peak has received a silver …

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Karlyn
DevelopmentFinanceFloridaNewsSoutheast

Marcus & Millichap Arranges $91.4 Million in Construction Financing for Two Southwest Florida Projects

by Lynn Peisner

NAPLES, FLA. — Marcus & Millichap has arranged $91.4 million in construction financing for Plymouth, Minnesota-based Roers Cos. to build two projects in Naples. The properties are the 150-unit Vintana at Vanderbilt, located at 3375 Vanderbilt Beach Road, which is adjacent to The Ritz-Carlton, Naples golf course, and the 159-unit active adult community The Karlyn, which is located at 7576 Immokalee Road about four miles from Vintana at Vanderbilt. Both projects are slated for completion in 2027 and will feature high-end finishes and resort-style amenities. Marcus & Millichap’s New York City-based …

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Charbern-Seattle
Investment SalesNewsWashingtonWestern

JV Acquires Portfolio in Downtown Seattle for $35.2 Million

by Lynn Peisner

SEATTLE — Vista Investment Group and Sky Alps Capital have acquired a three-property, 215-unit portfolio in downtown Seattle for $35.2 million. The seller was an unnamed local investor and property manager who owned the buildings for about 30 years. JLL arranged a Freddie Mac loan for the buyers. The seller was represented by Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Seattle office of Kidder Mathews. The portfolio consists of three properties, all of which were developed in the early 20th century and are located within a …

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Blue-Hill-Watchung
DevelopmentFinanceNew JerseyNewsNortheast

JV Developers Lock in Financing for $102.9 Million Somerset County Project

by Lynn Peisner

WATCHUNG, N.J. — JLL Capital Markets has arranged construction debt and equity for developers building Blue Hill at Watchung, a $102.9 million community in Watchung, 30 miles west of Manhattan. Completion is slated for 2026. The Sterling Properties Group and Danbro Properties are the developers. The property benefits from a 30-year PILOT (payment in lieu of taxes) agreement with the Borough of Watchung. PILOT agreements are government-sponsored incentives for developers to build housing, whereby the property owner pays an agreed-upon annual fee to a municipality versus traditional yearly property taxes. …

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The-Commodore-National-City-CA
CaliforniaInvestment SalesNewsWestern

Gelt Venture Partners Buys Metro San Diego Asset for $40 Million

by Lynn Peisner

NATIONAL CITY, CALIF. — Gelt Venture Partners has acquired The Commodore, a 92-unit property in the San Diego suburb of National City, for $40 million. Built in 2024, The Commodore comprises six three-story buildings with a mix of floor plans that includes studios, one- and two-bedrooms with select units featuring two-story and loft-style layouts. At the time of sale, the property was 96 percent occupied. Units feature in-unit washers and dryers, quartz countertops, tile backsplashes, stainless steel appliances and private balconies. Amenities include a resort-style pool and a hot tub, …

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ZMR Hanley Place
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

ZMR Lands $230 Million Debt-Equity Refinancing

by Lynn Peisner

TAMPA, FLA. — ZMR Capital, a Tampa-based multifamily investment firm founded by Zamir Kazi, has secured $230 million to refinance a portfolio of 1,600 units across Florida, Georgia and Arizona. The financing includes equity from an institutional joint venture and a five-year, fixed-rate Fannie Mae loan. ZMR will complete gradual renovations to each property during its hold period. Henry Stimler and Ricky Warner of Newmark represented ZMR Capital in the transaction. The portfolio includes four properties in Tampa, one in Atlanta and one in Phoenix.

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Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …

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Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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HueHub
Affordable HousingDevelopmentFloridaNewsSoutheast

Miami-Dade County Approves $880 Million Affordable Housing Development

by Lynn Peisner

MIAMI — Miami-Dade County has approved plans for The HueHub, an $880 million, 12-acre development in the West Little River neighborhood that will include 4,032 units of affordable housing. Developers Pablo Castro and Laura Tauber will break ground later this year with completion slated for the second quarter of 2028. The project was approved under the Live Local Act, which is state legislation passed in 2023 to encourage affordable housing projects by granting developers tax incentives and flexibility with permits related to density, height, parking and other building regulations. In …

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