TEXAS CITY, TEXAS — Wan Bridge, a Texas-based developer of build-to-rent residential communities, has completed a 76-unit project in Texas City, located southeast of Houston. The project represents Phase I of Crystal View at Lago Mar and features two-story, duplex and triplex homes that range in size from 1,429 to 1,883 square feet. Phase II will consist of 75 units that are expected to be delivered by the end of the year. Residents have access to a beach club and the 12-acre Lago Mar crystal lagoon, as well as kayaking and sailboarding rental services. Information on starting rents was not disclosed.
NEW YORK CITY — Developer JCS Realty is underway on construction of Bruckner House, a 365-unit multifamily project in The Bronx. The site is located at 40 Bruckner Blvd. in the Mott Haven neighborhood on the borough’s south side. Bruckner House offers studio, one- and two-bedroom units and amenities such as a fitness center, coworking areas, a movie theater and a rooftop pool and lounge area. Project partners include S9 Architecture and EP Engineering.
BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.
DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.
ST. LOUIS — Brinkmann Constructors has completed 11th and Spruce, a 148-unit apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners was the developer. Located three blocks from Busch Stadium, the project features 3,000 square feet of ground-floor retail space as well as amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. TR,i Architects was the project architect.
NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.
SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.
FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.
ROSENBERG, TEXAS — Locally based developer The Signorelli Co. has broken ground on Phase I of Austin Point, a 4,700-acre master-planned community in Rosenberg, located roughly 30 miles southwest of Houston in Fort Bend County. Upon completion, the development will feature 14,000 homes and 17 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend and Grand parkways at the development site for more convenient access to downtown Houston. Phase I of Austin Point will include the construction of 400 homes that will be built on smaller lots in an alley-loaded format and will range in size from 1,300 to 4,500 square feet.
SEATTLE — Trammel Crow. Co (TCC) and its joint venture partner MetLife Investment Management are near completion of Seattle Metro Logistics, a two-story industrial facility at 44 S. Nevada Ave. in South Seattle. In 2021, the Port of Seattle Commission approved the long-term ground lease for this portion of Port-owned land — known as Terminal 106 — to TCC, allowing for the demolition of the port’s old warehouse and construction of a new light industrial facility, which started in 2022. Slated for delivery this August, the 702,429-square-foot facility will feature 30-foot clear heights, 50-foot by 50-foot column spacing, 350 pounds per square foot floor loading, ESFR sprinklers, 289-foot warehouse depth and truck court depths ranging from 131 feet to 135 feet. The property is designed to suit a broad range of industrial uses, from last-mile and regional distribution to storage, maritime and manufacturing uses. Seattle Metro Logistics will include a parking garage with 701 spaces and a solar-ready roof. Project partners include Nelson Worldwide as architect of record, Lease Crutcher Lewis as general contractor and Bank OZK as construction lender. Andrew Stark and Andrew Hitchcock of CBRE are handling the marketing and leasing of the facility.