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A 3D render of Callia, a contemporary style apartment complex in Phoenix.
ArizonaDevelopmentNewsWestern

Toll Brothers, The Davis Cos. Open Callia in Phoenix

by Channing Hamilton

PHOENIX — A joint venture between Toll Brothers Apartment Living and The Davis Cos. has opened Callia, a 403-unit community in Phoenix’s midtown neighborhood. The project broke ground in 2021, with resident occupancy beginning in October 2022. Development was financed through a construction loan facility from Pinnacle Financial Partners and Trustmark. Callia is situated on an 8.2-acre site. The community was designed by Phoenix-based architect Biltform and interior designer Streetsense. Callia offers studio, one-, two- and three-bedroom apartments, as well as nine live-work units. Community features include surface parking and …

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The pool at Villa Annette
CaliforniaDevelopmentFinanceNewsWestern

Dwight Mortgage Trust Provides $36.3 Million Bridge Loan for New Inland Empire Development

by Lynn Peisner

MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of …

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Gindi Capital and Avery Hall's Brooklyn development
DevelopmentNew YorkNewsNortheast

Gindi Capital, Avery Hall Lock in $110 Million in Construction Financing For 193-Unit Development in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …

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Cantabria Bradenton community
DevelopmentFloridaInvestment SalesNewsSoutheast

Wolfson Sells Florida BTR Development for $59 Million

by Lynn Peisner

BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold Cantabria in Bradenton to an institutional buyer for $59 million. According to the Florida Division of Corporations, the buyer is Star Lake Fund III, an affiliate of JP Morgan Investment Management. Wolfson built Cantabria Bradenton in conjunction with publicly traded home builder Lennar. The property sits on 36 acres and consists of 184 units, including 172 attached townhomes and 12 detached single-family homes. The three- and four-bedroom single-family and townhouse units are equipped with attached garages and …

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A 3D render of the Italic, a contemporary style high-rise building.
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

American Lions Secures $350 Million to Build The Italic In New York City

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …

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The pool at Spring, with the property behind it.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring in Phoenix for $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit garden-style property in Phoenix, from Living Well Homes for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA) represented the seller. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets, and patios or balconies. The average unit size is 830 …

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A 3D render of Michigan Street Commons in Milwaukee.
Affordable HousingDevelopmentFinanceMidwestNewsWisconsin

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

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One of six properties sold in LA county in May 2023
CaliforniaInvestment SalesNewsWestern

Los Angeles 155-Unit Portfolio Sells for $53.6 Million

by Lynn Peisner

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. There were three buyers whose identities were not disclosed. All three buyers assumed existing debt on the assets. The JLL Capital Markets investment sales and advisory team representing the seller was led by Managing …

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Oxenfree rendering
Build-to-RentCompany NewsDevelopmentMidwestNewsSoutheastTexas

Core Spaces Launches Build-to-Rent Brand, Plans 8,000-Unit Pipeline

by Lynn Peisner

CHICAGO — Core Spaces, a Chicago-based developer that was founded in 2010 and specializes primarily in student housing, is debuting a build-to-rent brand called Oxenfree. The company also operates out of an Austin, Texas, office. The first two projects will be developed in Princeton, Texas, and Nashville, Tennessee, and will be completed by approximately 2024. Oxenfree properties will also be constructed in Denver, Dallas, Austin and San Antonio, Texas, Tampa and Orlando, Florida, Charlotte and Raleigh, North Carolina, and Chicago. The communities will be developed as single-family and townhome-style dwellings. The …

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Loma Villas
CaliforniaDevelopmentInvestment SalesNewsWestern

The Mogharebi Group Arranges $21.5 Million Sale of New Asset in San Bernardino  

by Lynn Peisner

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed, 70-unit community in the Inland Empire city of San Bernardino. Loma Villas features a mix of studio, one- and two-bedroom floor plans that include enclosed patios or balconies. Amenities include a pool and spa, a fitness center, dog park and grilling and picnic areas. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner and developer. The buyer is a Southern California-based private investor.

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