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A bird's eye view of the Beacon in Jersey City.

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton March 14, 2023

JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …

March 14, 2023

A 3D render of the ONE at Mountain Vista, a predominantly white multifamily complex with gray and brown accents.

Arizona Development News Western

Talos Holdings Breaks Ground on $85.3 Million Development in Mesa, Arizona

by Channing Hamilton March 14, 2023

MESA, ARIZ. — Scottsdale, Arizona-based Talos Holdings has broken ground on The ONE at Mountain Vista in Mesa, Arizona, which is 19 miles east of Phoenix. Northmarq’s debt and team of Brandon Harrington and Tyler Woodard secured $85.3 million in construction financing for the development, including a $59.2 million senior construction loan from a life insurance company and $26 million of preferred equity from a real estate private equity firm. The combined senior construction loan and preferred equity is 80 percent loan-to-cost. The ONE at Mountain Vista is expected to …

March 14, 2023

Rendering of The Alice in Princeton, New Jersey

Affordable Housing Development New Jersey News Northeast

WinnCompanies Breaks Ground on $63 Million Mixed-Income Project in Princeton, New Jersey

by Lynn Peisner March 13, 2023

PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property. The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median …

March 13, 2023

A 3D render of Palladium Oak Grove, a cream, black and brown multifamily building.

Development News Texas

Palladium USA, Fort Worth Housing Finance Corp. Break Ground on $60 Million Mixed-Income Project in Fort Worth

by Channing Hamilton March 10, 2023

FORT WORTH, TEXAS — Palladium USA and the Fort Worth Housing Finance Corp. (HFC) will break ground on April 6 on Palladium Oak Grove in Fort Worth. The total cost of the project is approximately $60 million. Funding sources include $25.6 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and issued by the Texas Department of Housing and Community Affairs. PNC Bank provided more than $23 million of equity. The property was designed by Cross Architects. Treymore Construction is the general contractor teaming up with the Fort …

March 10, 2023

A rendering of HARMON Legacy Trail in Sarasota

Development Florida News Southeast

Crescent Communities Breaks Ground on Market-Rate and BTR Projects in Sarasota, Florida

by Lynn Peisner March 9, 2023

SARASOTA, FLA. — Crescent Communities started construction of a multifamily community, RENDER Legacy Trail, and a build to rent (BTR) community, HARMON Legacy Trail, in Sarasota on March 1. The development sites are adjacent and will be part of the same neighborhood. RENDER, a joint venture with FCP, includes 450 units, in one- to three-bedroom floor plans. A self-service package area, 24-hour fitness center and co-working lounges are some of the amenities. HARMON Legacy Trail consists of 76 townhomes in three- and four-bedroom configurations. Both properties have direct access to …

March 9, 2023

Development Finance Illinois Midwest News

The Habitat Company Secures Financing for Phase II of $200 Million Mixed-use Ogden Commons in Chicago

by Kari Lloyd March 8, 2023

CHICAGO — Chicago-based The Habitat Company has secured financing for the second phase of Ogden Commons, a $200 million mixed-use, mixed-income project in the North Lawndale neighborhood on Chicago’s west side. Upon completion, the development will offer over 350 mixed-income units and 120,000 square feet of commercial and retail space. The development will be known as OC Living. With financing in place, construction has already started on OC Living’s first phase, a 92-unit building that will consist of 90 percent affordable units with the remaining units offered at market-rate. Planned …

March 8, 2023

Rendering of Mosby Avalon Park near Tampa

Build-to-Rent Development Florida News Southeast

Middleburg Communities Buys Land, Breaks Ground on Two Tampa Projects Totaling $165 Million

by Lynn Peisner March 7, 2023

WESLEY CHAPEL, FLA. — Middleburg Communities has closed on two land parcels for two development projects in Wesley Chapel, about 25 miles northeast of Tampa, Florida. Mosby Avalon Park will be a 338-unit multifamily community, and Hamlet Avalon Park is a build-to-rent (BTR) project with 260 single-family homes, duplexes and townhomes. Construction will begin immediately on Mosby. Middleburg expects to break ground on Hamlet Avalon Park by approximately the second quarter of this year. The Mosby portion of the development is $85.5 million, and Hamlet Avalon Park will cost $79.5 …

March 7, 2023

Development News North Carolina Southeast

RXR Secures Site for $3 Billion Mixed-Use Project in Research Triangle

by Lynn Peisner March 6, 2023

APEX, N.C. — RXR has acquired a 1,000-acre development site in Apex, about 15 miles west of Raleigh, North Carolina. The New York City-based developer will build a $3 billion mixed-use project called Veridea on the site. Development plans include the construction of a new 340,000-square-foot campus in partnership with Wake Technical Community College as well as a new elementary school. In the first phase, RXR will develop about 1,000 multifamily units, and Lennar will develop 1,100 townhomes and single-family homes. Phase I also will include about 750,000 square feet …

March 6, 2023

Development News Southeast Tennessee

Chartwell and Southstar Break Ground on $500 Million Mixed-Use Project in Nashville Suburb

by Lynn Peisner March 3, 2023

FRANKLIN, TENN. — Chartwell Hospitality and Southstar, a developer active in Middle Tennessee, have begun construction of a $500 million, 22-acre mixed-use project called Aureum in Franklin, which is about 30 miles southwest of Nashville. The first phase will consist of 355 units for sale and for rent, which Chartwell Residential, an affiliate of Chartwell Hospitality, will develop. At completion, the development will consist of office space, retail and entertainment venues, along with two hotels to be developed by Chartwell Hospitality. In addition, Aureum, which is Latin for gold, will …

March 3, 2023

Development New York News Northeast

Cantor Fitzgerald and Silverstein Properties Close $165 Million Construction Loan for 345-Unit Property in New York City

by Kari Lloyd March 2, 2023

NEW YORK CITY — Cantor Fitzgerald and Silverstein Properties have closed on $165 million in construction financing for the development of a 63,000-square-foot lot located at 44-01 Northern Blvd. in the Astoria neighborhood of Queens. The loan was provided by Banco Inbursa. Silverstein Properties commenced construction on the project in early 2022 and the property is expected to open in the spring of 2024. The property is planned to deliver 345 units and 24,000 square feet of retail space. The development plans to allocate 25 percent of the rental …

March 2, 2023

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