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Rainbow Village in Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Housing Trust Group Breaks Ground on $185 Million Mixed-Use Project in Miami

by Channing Hamilton

MIAMI — Housing Trust Group (HTG) has broken ground on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami. Spanning 698,000 total square feet, Rainbow Village will also offer about 12,000 square feet of retail space, 50,000 square feet of amenity space and 442 parking spaces. Located at 2000 NW 3rd Ave., Rainbow Village will offer 30 studios, 163 one-bedroom units, 85 two-bedroom residences, 28 three-bedroom units, and 4 four-bedroom apartments. The community will be reserved for households earning at or below 30, 50, 60, 70 …

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Loden in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Carmel Partners Begins Leasing 569-Unit Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — Carmel Partners has begun leasing Loden, a 569-unit development with 7,483 square feet of retail space located in the Crown Heights neighborhood of Brooklyn. Locally based firm MNS Real Estate will lead leasing and marketing for the development. Loden offers a mix of studio, one- and two-bedroom floor plans. Each apartment is equipped with stainless steel appliances, nickel fixtures and door hardware, quartz countertops and backsplash, washers and dryers and wood-grain plank flooring. The 17-story community features a courtyard and rooftop terrace, both of which feature …

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Sutphin II in Jamaica, New York
DevelopmentFinanceNew YorkNewsNortheast

Dwight Mortgage Provides $148 Million Construction Loan for Project in Jamaica, New York

by Channing Hamilton

JAMAICA, N.Y. — Dwight Mortgage Trust has provided a $148 million loan for the construction of Sutphin II, a 524-unit mixed-income project in Jamaica, roughly 15 miles east of New York City. Steven Hersko of the SHB Group arranged the financing on behalf of the developer, a partnership led by Moshe Braver. The 24-story building will offer 366 market-rate residences and 158 affordable housing units. Income restrictions for the affordable units were not disclosed. Upon completion, however, Sutphin II will quality for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax …

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Society Nashville in Nashville, Tennessee
DevelopmentFinanceNewsSoutheastTennessee

Joint Venture Tops Out $197 Million Development in Nashville, Tennessee

by Channing Hamilton

NASHVILLE, TENN. — A joint venture consisting of PMG, New Valley Realty and RMWC has topped out Society Nashville, 16-story mixed-use development located at 915 Division St. in The Gulch neighborhood of Nashville. Society Nashville will feature 502 apartment units, as well as 8,400 square feet of retail space and 485 parking spaces. The first move-ins at Society Nashville are expected by the end of the year. The developers have received a total of $197 million in financing for the project, including a $162 million construction loan from Square Mile …

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188 South Essex Ave. in Orange, New Jersey
Affordable HousingDevelopmentNew JerseyNewsNortheast

Gateway Receives Site Plan Approval for $350 Million Project in Orange, New Jersey

by Channing Hamilton

ORANGE, N.J. — Gateway Merchant Banking has secured site plan approval from the City of Orange Township Planning Board for the redevelopment of 188 South Essex Ave. The $350 million phased redevelopment project will convert the former Orange Memorial Hospital into a mixed-use development with 1,005 apartment units. Apartments will come in one-, two- and three-bedroom layouts. Up to 20 percent of the units will be set aside as affordable housing units. Additionally, Gateway states that it is pursuing partnerships in order to bring senior and student housing to the …

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425 Montgomery Street in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Partnership Receives Construction Loan for $131 Million Project Near Washington, D.C.

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project converting a former office building in Alexandria’s Old Town neighborhood into a rental housing community. The partnership received an $84 million construction loan from investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The eight-story, 250,000-square-foot project will offer 237 apartments in studio, one-, two- and three-bedroom floor plans. Planned amenities include an outdoor pool and a resident …

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The Forge at Glassworks in Aberdeen, New Jersey
Investment SalesNew JerseyNewsNortheast

Beachwold Residential Acquires Property in Aberdeen, New Jersey, for $57 Million

by Channing Hamilton

ABERDEEN, N.J. — Beachwold Residential has purchased The Forge at Glassworks, a 170-unit community located at 118 Glassworks Blvd. in Aberdeen, roughly 40 miles south of New York City. Ingerman Group sold the property for $57 million. Built in 2017, The Forge at Glassworks offers a mix of one- and two-bedroom apartments, as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Amenities include a lobby and clubroom, pool, fitness center with a sauna and yoga studios, game room and multiple outdoor spaces, such as a …

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The Strand in West Sacramento, California
CaliforniaInvestment SalesNewsWestern

Partnership Acquires Garden-Style Asset in West Sacramento, California, for $126 Million

by Channing Hamilton

WEST SACRAMENTO, CALIF. — A partnership between The Bascom Group LLC and Oaktree Capital Management LP has acquired The Strand, a 408-unit property in West Sacramento. The garden-style asset traded for $126 million. The identity of the seller was not disclosed. The Strand was built in 2021 by MBK Rental Living. The property consists of 39 three-story buildings offering a mix of one-, two- and three-bedroom apartments. The average unit size is 885 square feet. Amenities include two pools with cabanas, a clubhouse, fire pits and gas grills, a spa …

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Pratt Landing in New Rochelle
DevelopmentNew YorkNewsNortheast

Twining Properties to Break Ground on 850,000-Square-Foot Mixed-Use Project in New Rochelle, New York

by Channing Hamilton

NEW ROCHELLE, N.Y. — Twining Properties has received site approval for the construction of Pratt Landing, an 850,000-square foot mixed-use development, from the City of New Rochelle’s Planning Board. The approval, which concludes the entitlement phase of the project, allows for pre-construction demolition, environmental and other site work to begin. Located about 25 miles north of New York City along the Long Island Sound, Pratt Landing will consist of 383 rental apartments, as well as 99 condominiums, a 150-room hotel, 40,000 square feet of restaurant and retail space, 845 parking …

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The Harlow in Minneapolis
DevelopmentMidwestMinnesotaNews

Roers Locks in $89.6 Million to Fund Two Minneapolis Developments

by Lynn Peisner

CHANHASSEN, MINN — Roers Cos. has secured an $89.6 million financing package to fund development of two adjacent apartment communities in Chanhassen, about 20 miles southwest of Minneapolis. The Bennett Apartments, located at 591 W. 78th St., will feature 184 units and 11,853 square feet of retail space. The Harlow Apartments, at 570 Market St., will include 126 units and 3,029 square feet of retail space. The projects are expected to be complete in 2026. Gary Sefcik in Marcus & Millichap’s New York City office arranged the financing. Kayne Anderson …

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