Wednesday, January 8, 2025
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Union at A2 in Ann Arbor, Michigan
DevelopmentMichiganMidwestNews

The Annex Group to Build $82 Million Affordable Housing Community in Ann Arbor, Michigan

by Channing Hamilton

ANN ARBOR, MICH. — The Annex Group plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will offer one-, two- and three-bedroom floor plans. Union at A2 will be available to residents earning at or below 70 percent of the area median income. Planned amenities include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million …

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Malt Drive in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

TF Cornerstone Begins Leasing 1,386-Unit High-Rise Project in Queens

by Channing Hamilton

NEW YORK CITY — TF Cornerstone has begun leasing Malt Drive, a 1,386-unit high-rise community in the Long Island City neighborhood of Queens. The development consists of two buildings. The South building at 2-20 Malt Drive rises 33 stories and comprises 575 units. The adjacent North building houses 811 apartments across two towers at 2-21 Malt Drive. Apartments come in studio, one- and two-bedroom layouts. Thirty percent of units will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include …

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Marlowe Opus Station in Minnetonka, Minnesota
DevelopmentMidwestMinnesotaNews

Associated Bank Provides $55 Million Construction Loan for 269-Unit Project in Minneapolis Suburb

by Channing Hamilton

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for Marlowe Opus Station, a 269-unit development located at 10702 Red Circle Drive in Minnetonka, approximately 13 miles west of Minneapolis. Greystar is the developer of the project. Edward Notz of Associated Bank originated the loan. Demolition is currently underway on the vacant office building on the site. A at Marlowe Opus Station will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. …

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OC Living in Chicago
DevelopmentIllinoisMidwestNews

Habitat Breaks Ground on Next Phase of OC Living at $200 Million Mixed-Use Development in Chicago

by Channing Hamilton

CHICAGO — Habitat, a locally based developer and property manager, has broken ground on OC Living Phase A2, the second residential building to be built at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Phase A2 of OC Living will feature 75 units, 82 percent of which will be set aside as affordable housing. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 apartments will have market-rate rents. Units will come in studio, one- and two-bedroom floor plans. The building will rise …

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Magnolia at Spring Hill in Spring Hill, Florida
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges Construction Financing for 162-Unit Build-to-Rent Development in Metro Tampa

by Channing Hamilton

SPRING HILL, FLA. — JLL Capital Markets has arranged a $32 million construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent community in Spring Hill, 40 miles north of Tampa, Florida. Agador Spartacus Development was the borrower. Magnolia at Spring Hill will offer two-bedroom flats and two- and three-bedroom townhome-style units with an average size of 1,144 square feet. Planned amenities include a pool, pickle and basketball courts, playgrounds, a fitness studio and outdoor kitchen. Development is expected to complete in late 2025. JLL arranged the non-recourse loan through a …

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LUKA on the Common in Boston
FinanceInvestment SalesMassachusettsNewsNortheast

Walker & Dunlop Arranges $137 Million Acquisition Financing for LUKA on the Common in Downtown Boston

by Channing Hamilton

BOSTON — Walker & Dunlop has arranged a $137 million Fannie Mae acquisition loan for LUKA on the Common, a 30-story high-rise community in Boston. San Francisco-based investor Carmel Partners purchased the asset, which was formerly known as AVA Theater District. The seller was Virginia-based AvalonBay Communities. LUKA on the Common is situated on a 21,344-square-foot site in the city’s downtown area. The 398-unit community was built at 45 Stuart St. in 2016, and situated in proximity to Boston Common Park, the Charles River, Boston Harbor and the city’s theater …

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Ophelia in Pittsburgh
Affordable HousingDevelopmentNewsNortheastPennsylvania

Greystar, ECHO Realty Break Ground on Mixed-Use Development in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …

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South Creek in Chapel Hill, North Carolina
DevelopmentNewsNorth CarolinaSoutheast

Beechwood Carolinas Begins Constructing 120-Acre Mixed-Use Project in Chapel Hill, North Carolina

by Channing Hamilton

CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use project in Chapel Hill. The development site is located at 119 US Highway 15 501 S. Once completed, the project will offer 92 apartments, as well as 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. Planned amenities include a fitness center, multiple club and lounge areas, dog park, fire pits, electric vehicle charging stations and bike parking spaces. Beechwood Carolinas …

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Havens at Palm Bay in Palm Bay, Florida
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Stellar, AARE Secure $52.7 Million Construction Loan for Build-to-Rent Community in Palm Bay, Florida

by Channing Hamilton

PALM BAY, FLA. — Stellar Communities and Adam America Real Estate have secured LP equity and a $52.7 million non-recourse construction loan for Havens at Palm Bay, a 266-unit build-to-rent project located in Palm Bay in Florida’s “Space Coast” region. Max La Cava, Pier Barinci and Shane Ciacci of JLL Capital Markets arranged the financing. Havens at Palm Bay will offer single-story units in one-, two- and three-bedroom floor plans. Planned amenities include a pool, clubhouse, children’s playground, dog park, self-storage and detached parking. The development is slated to complete in 2026. …

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An unnamed 30-story, 405-unit project in Atlanta.
DevelopmentFinanceGeorgiaNewsSoutheast

Lalani Ventures, Exact Capital to Develop $160 Million Mixed-Income Community in Atlanta

by Channing Hamilton

ATLANTA — Locally based Lalani Ventures has formed a joint venture with New York City-based Exact Capital to develop a $160 million high-rise project located in the Five Points neighborhood of Atlanta. The tower will comprise 405 apartment units across 30 stories. The unit mix will include 163 affordable housing units that will be restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments.  The tower will be situated within Underground Atlanta, a shopping and entertainment district in downtown Atlanta …

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