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Village at Pioneer Park in Peoria, Arizona.
ArizonaBuild-to-RentDevelopmentFinanceNewsWestern

Empire Group Secures $120.5 Million in Financing for Two BTR Communities Near Phoenix

by Channing Hamilton

PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park. Empire Group also received $42 million …

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Vinty in Elizabeth, N.J.
FinanceNew JerseyNewsNortheast

LeCesse Development Corp., MAS Development Group Secure $97.3 Million Financing for Vinty in Elizabeth, New Jersey

by Channing Hamilton

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group has secured $97.3 in financing for Vinty, a 267-unit mixed-use development in Elizabeth. Michael Klein, Steven Klein, Gerard Quinn and Benjamin Morgenthal of JLL Capital Markets arranged the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management. Delivered in 2022, Vinty offers studio, one- and two-bedroom apartments, as well as 32,000 square feet of ground-floor retail space. Amenities include a fitness center, yoga studio, pool, outdoor summer kitchen and theater, lounge, a golf simulator, dog park and co-working …

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A 3D render of The River Rapids in Miami, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

ROVR Development Buys $23.5 Million Site for Development of 10.2-Acre Community in Miami, Florida

by Channing Hamilton

MIAMI, FLA. — ROVR Development has acquired 6.2 acres in Miami for $23.5 million to build The River Rapids, a 1,600-unit community in Miami. The development site for the property now comprises 10.2 acres. ROVR Development expects to complete The River Rapids in five phases. The first two phases of the project, Tides and Moorings, will deliver 600 units across two buildings. Tides and Moorings are currently under permit approval to move forward on construction. The next three phases will deliver an additional 1,000 units. A development timeline has not …

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A 3D render of EDEN at Tradition in Port St. Lucie, Florida
DevelopmentFinanceFloridaNewsSoutheast

EDEN Living Secures Joint Venture Equity for 214-Unit BTR Development in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — EDEN Living has received joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie. Max La Cava, Kenny Cutler and Shane Ciacci of JLL Capital Markets JLL worked on behalf of EDEN Living to secure the joint venture equity. The community is currently slated for completion in 2025, and will feature two and three-bedroom townhome units with attached garages and private backyards. EDEN at Tradition is part of Tradition, an 8,300-acre master-planned development that includes office, retail, single-family, …

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South Pier at Tempe Town Lake in Tempe, Arizona
ArizonaDevelopmentFinanceNewsWestern

McBride Cohen Secures $53.2 Million in Financing for South Pier at Tempe Town Lake in Tempe, Arizona

by Channing Hamilton

TEMPE, ARIZ. — The McBride Cohen Co. has secured a $53.2 million mezzanine debt investment to develop the first phase of South Pier at Tempe Town Lake, a waterfront project on Tempe Town Lake in Tempe. The mezzanine debt investment loan was originated by Pearlmark on behalf of Pearlmark Mezzanine Realty Partners and a commingled investment vehicle managed by Waterton. Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities. Waterton is a property investment and management company with a focus on multifamily, senior living …

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A 3D render of the Thread in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Community Three Development Secures $17 Million to Develop The Thread in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Community Three Development has secured $17 million in construction financing for The Thread, the second phase of a redevelopment project in Washington, D.C. The project involves the conversion of the Grimke School building and surrounding properties into a mixed-use development. Clearwater Capital Management arranged the financing, which includes a senior loan from City First Bank and C-PACE financing facility from Stonehill PACE. Community Three Development completed the first phase of the redevelopment in July 2021. The property currently includes the African American Civil War Museum, the headquarters …

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Sea Park Apartments in Brooklyn, New York
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Joint Venture Acquires $150M Sea Park Apartment Complex on Coney Island in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — Tredway, Gilbane Development Co. and ELH Mgmt. have jointly acquired Sea Park Apartments, an affordable community in Brooklyn’s peninsular neighborhood of Coney Island. The sale price was not disclosed, but several media sources are reporting the property traded hands for $150 million. Berkadia and Deutsche Bank are the lenders. ELH Mgmt will serve as property manager. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors arranged the sale on behalf of the undisclosed seller. Sea Park Apartments comprises 816 apartments across three buildings. Of the …

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The Station at Savannah Quarters in Pooler, Georgia
GeorgiaInvestment SalesNewsSoutheast

Stoneweg US Acquires 244-Unit The Station at Savannah Quarters in Savannah, Georgia Suburb

by Channing Hamilton

POOLER, GA. — Stoneweg US has acquired The Station at Savannah Quarters, a 244-unit asset located in the Savannah, Georgia suburb of Pooler. Built by Tynes Development 2019, The Station at Savannah Quarters comprises three residential buildings, a leasing center, a clubhouse, four carriage buildings and 34 garage stalls. Units come in one-, two- and three-bedroom floor plans. Stoneweg US plans to renovate the property through an ESG and value-add program, including EV chargers, installation of solar panels to the clubhouse, new pool cabanas and turf installation for cornhole toss. The …

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Summit Square Apartments in Lee's Summit, Missouri
Investment SalesMidwestMissouriNews

Avanti Residential Acquires $80 Million Summit Square Apartments Near Kansas City, Missouri

by Channing Hamilton

LEE’S SUMMOT, MO. — Avanti Residential has purchased Summit Square Apartments from NorthPoint Development for $80 million. Built in 2018, Summit Square is a 308-unit community in the Kansas City, Missouri suburb of Lee’s Summit. According to Apartments.com, the property offers one- and two-bedroom floor plans, as well as amenities such as a fitness center, car wash, pool, clubhouse, a lounge and media center. Mac Crowther and Whittaker Potts of Newmark represented NorthPoint Development in the transaction.

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Atelier Dallas in Dallas, Texas
DevelopmentFinanceNewsTexas

ZOM Living Secures $109 Million Refinancing for Atelier Dallas in Dallas Arts District

by Channing Hamilton

DALLAS — ZOM Living has secured a $109 million refinancing for Atelier Dallas, a residential tower in Dallas’ Arts District. Atelier Dallas broke ground in 2018 and was designed by architecture firm Stantec. The building comprises 10 penthouses, 53 lofts and 364 high-rise units. Amenities include a pool, yoga lawn, outdoor lounge with a grilling area, fitness center, co-working space, wine lockers and a pet spa. The property also offers 15,000 square feet of retail space and two levels of underground public parking. Atelier Dallas is located in walking distance …

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