PITTSBURGH — An affiliate of San Antonio-based investment firm LYND Group has acquired Kelly Hamilton Apartments, a 110-unit affordable housing complex in Pittsburgh. The 21-building property is located in the city’s Homewood South neighborhood and offers one-, two- and three-bedroom floor plans. LYND, which plans to implement a capital improvement program, purchased the property through a bankruptcy proceeding in the U.S. Bankruptcy Court for the District of New Jersey.
MIAMI — Miami-Dade County and Related Urban Development Group, the affordable and workforce housing arm of Related Group, have broken ground on The Residences Palm Court, a 316-unit mixed-income and intergenerational housing community in Miami. Home Investment Partnerships Program (HOME) will provide $3.5 million in funding for the redevelopment project. Completion is expected by the end of 2027. Of the total 316 apartments at The Residences Palm Court, 191 will be reserved for elderly residents, while the remaining units will be reserved for low-income and workforce residents. Community amenities will include a fitness center, coworking spaces, multipurpose room, computer lounge, walking paths, bike storage, on-floor laundry stations and a dog park. The property will also include the Jesse Trice Community Health Center onsite that will be available for resident use.
WYOMING, MICH. — Merchants Capital has secured $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a mixed-income workforce housing development in Wyoming near Grand Rapids. Magnus Capital Partners is the developer. Merchants Capital arranged a $30.6 million Freddie Mac 4 percent unfunded forward tax-exempt loan, $16.7 million in 4 percent LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank. Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to a trail system, pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The five-story development will include 162 units restricted for households earning between 40 and 80 percent of the area median income and 38 market-rate units. Phase 1 of HōM Flats at 28 West included 226 units and Phase 2 featured 160 units. Upon completion, Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom apartments and 8,894 square feet of ground-floor commercial space within four elevator-serviced buildings. A childcare center, Grō …
ATLANTA — For many multifamily professionals, 2025 is a year to forget. Paul Berry, president and chief operating officer of Mesa Capital Partners, said that U.S. multifamily investment sales are on track to close out the year at $125 billion, which represents a 25 percent decline from an average pre-COVID year and a little more than a third of 2021’s total (a torrid $354 billion). Andrew Zelman, senior vice president of Southeast investments at Boston-based GID Multifamily, said that owners are doing “everything they can to hold out for a profit.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “As simplistic as this is, sellers will avoid transacting at less than peak values at any cost,” said Zelman, who added that owners are essentially kicking the can down the road by recapitalizing their assets or stopping and starting the marketing process if their pricing expectations aren’t being met. Zelman’s comments came during the opening panel on Tuesday, Dec. 2, at the 2025 InterFace Multifamily Southeast conference, which was held at the InterContinental Buckhead in Atlanta. Co-hosted …
SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. The project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor and conventional lender. The two-building complex features 49 one-bedroom, 31 two-bedroom, 23 three-bedroom, eight four-bedroom and one five-bedroom unit. The apartments are reserved for families earning between 30 and 50 percent of the area median income. The John Stewart Co. is the property manager. According to Bayview Senior Services, Oscar James Residences represents the agency’s second multifamily housing development focused on rebuilding the Hunters Point Shipyard to give back to the descendants of shipyard workers and their neighbors. The shipyard was established in 1870 and purchased by the U.S. Navy in 1940. The Navy conducted studies on the impact of nuclear weapons at the site before it was decommissioned in …
JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York. The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans. The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days. Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment. “Mixed-income developments like Homestead Gateway demonstrate …
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Justice Department, RealPage Settle Lawsuit Over Use of Revenue Management Software in Apartment Rental Pricing
RICHARDSON, TEXAS AND WASHINGTON, D.C. — The U.S. Justice Department’s Antitrust Division has reached a settlement with RealPage Inc. as part of its ongoing enforcement against algorithmic coordination, information sharing and other anticompetitive practices in rental housing markets across the country, according to details disclosed in a North Carolina federal court on Monday. The proposed consent judgment, which still requires court approval before it can be implemented, would help restore free market competition in rental markets for millions of American renters, the Justice Department stated in a press release. “Competing companies must make independent pricing decisions, and with the rise of algorithmic and artificial intelligence tools, we will remain at the forefront of vigorous antitrust enforcement,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. Headquartered in Richardson, Texas, RealPage is a provider of revenue management software and services for the conventional multifamily rental housing industry. In a civil antitrust claim filed in North Carolina in August 2024, the Justice Department and the attorneys general of eight states alleged that RealPage’s revenue management software relied on nonpublic, competitively sensitive information shared by landlords to set rental prices. The plaintiffs also alleged that RealPage’s software included features designed …
WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Whitehall developed by LDG Development LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4 percent low-income housing tax credit equity. LDG Development received Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. The City of Whitehall awarded a 15-year payment in lieu of taxes agreement, granting a Community Reinvestment Area tax exemption. The Franklin County Economic Development & Planning Department also awarded a grant. Additional project financing included a bridge loan from The Affordable Housing Trust for Columbus and Franklin County as well as a partnership through a capital lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families earning 50 percent of the area median income (AMI), 183 units at 60 percent AMI and 66 units at 70 percent AMI. The project will feature one-, …
NEW YORK CITY — Berkadia has provided a $31.8 million Freddie Mac loan for the refinancing of a 92-unit mixed-income apartment building located at 4180 Carpenter Ave. in The Bronx. The unit mix comprises nine market-rate studios and 55 market-rate one-bedroom apartments, along with one affordable studio, 23 affordable one-bedroom units and four affordable two-bedroom residences. The building, which was completed in 2024 and was 98 percent occupied at the time of the loan closing, also houses 8,000 square feet of commercial space that is occupied by Little Stars Daycare. Matt Nihan of Berkadia originated the 10-year, fixed-rate loan on behalf of the owner, New York-based owner-operator Stagg Group.
ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for a redevelopment phase of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community. Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project. KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income housing tax credit (LIHTC) equity. Key Commercial Mortgage Group originated an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million. Upon completion, the senior living community will feature 30 units reserved for residents earning at or below 50 percent of the area median income (AMI); the remaining 118 units will be reserved for seniors earning at or below 60 percent of AMI. All units will be reserved for residents age 55 and older. Amenities at the community will include a lobby, package room, social service office, arts-and-crafts room, fitness center, community room, computer lounge and laundry room. Additionally, 500 square feet of …