Development

IPA Arranges $93.5M Construction Loan for Office-to-Residential Conversion Project in Manhattan

by Taylor Williams January 15, 2026

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $93.5 million construction loan for an office-to-residential conversion project in Manhattan. The 13-story, 147,101-square-foot office building at 830 Third Ave. was built in 1958 and renovated in 1994 and includes 7,121 square feet of ground-floor retail space. The borrower, a joint venture between Namdar Realty Group and Empire Capital Holdings, plans to convert the property into a 188-unit apartment complex with 124 studios, 60 one-bedroom units and four two-bedroom units. Marko Kazanjian, Max Herzog, Max Hulsh and Andrew Cohen of IPA arranged the financing through Deutsche Bank on behalf of the developer.

January 15, 2026

Development Loans New Jersey Northeast

Univest Bank Provides $19.6M Construction Loan for Industrial Conversion Project in Parsippany, New Jersey

by Taylor Williams January 15, 2026

PARSIPPANY, N.J. — Univest Bank & Trust Co. has provided a $19.6 million construction loan for an industrial conversion project in the Northern New Jersey community of Parsippany. The project will convert the 156,000-square-foot, vacant office building at 7 Campus Drive into a 128,150-square-foot industrial facility with a clear height of 36 feet, 23 dock doors, two drive-in doors and103 car parking spaces. John Alascio, Chuck Kohaut, T.J. Sullivan and Mary Shin of Cushman & Wakefield arranged the debt. The borrower is a partnership between Saxum Real Estate and Penwood Real Estate Investment Management.

January 15, 2026

Affordable Housing Development Mixed-Use Multifamily South Carolina Southeast

FRP Development, Woodfield Begin Vertical Construction on Woven Mixed-Use Project in Greenville

by John Nelson January 15, 2026

GREENVILLE, S.C. — FRP Development Corp. and Woodfield Development have begun vertical construction at Woven, a mixed-use development underway at 1279 Pendleton St. in Greenville’s Village of West Greenville neighborhood. Slated for completion in fourth-quarter 2027, Woven will feature 214 one-, two- and three-bedroom apartments, including some workforce housing units. The project will also include 13,000 square feet of commercial space, public parking and more than 40,000 square feet of public open space, including a pocket park. The developers received $42.9 million in construction financing from Bank of Texas for the project. The design-build team includes general contractor CF Evans, architect Housing Studio and interior designer Shelton Taylor + Associates.

January 15, 2026

Development Florida Southeast Student Housing

BCDC, 908 Group to Break Ground on 511-Bed Student Housing Development Near FSU

by John Nelson January 15, 2026

TALLAHASSEE, FLA. — A joint venture between BCDC and 908 Group is set to break ground on Chapter House FSU, a 511-bed student housing development located at 601 W. Madison St. and 506 W. Gaines St. near the Florida State University (FSU) campus in Tallahassee. The two-building community will offer 129 units alongside 4,000 square feet of ground floor retail space. The development team for the project includes Humphreys & Partners, Culpepper Construction and Moore Bass Consulting. Asset Living has been tapped to manage the community upon completion. Pacific Life is serving as lender on the project with Marble Capital providing preferred equity. Further details on the community, including a timeline for completion, were not released.

January 15, 2026

California Development Retail Western

Federal Realty Underway on Redevelopment of 925,000 SF Shopping Center in La Mesa, California

by Amy Works January 15, 2026

LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.

January 15, 2026

Acquisitions California Development Multifamily Western

JPI Closes on Development Site for 394-Unit Multifamily Project in Murrieta, California

by Amy Works January 15, 2026

MURRIETA, CALIF. — JPI has closed on Parcel A at the intersection of Jefferson Avenue and Murrieta Hot Springs Road in Murrieta for the development of a multifamily property. Slated for delivery in second-quarter 2028, the four-story, garden-style community will feature 394 one-, two- and three-bedroom apartments, a fitness center with indoor workout space and stretching room, resident clubhouses and a covered logia with various lounge spaces, TVs and games. Additional amenities will include swimming pools, a lap pool, two hot tubs, multiple private cabanas, an outdoor kitchen with barbecues, outdoor fireplaces, community co-workspace, a pet spa, a large dog park, bicycle storage and repair space and electric vehicle parking.

January 15, 2026

Development Florida Hospitality Loans Southeast

PACE Loan Group Provides $32.2M C-PACE Loan for Hyatt House Hotel in Orlando

by John Nelson January 14, 2026

ORLANDO, FLA. — PACE Loan Group (PLG) has provided a $32.2 million C-PACE loan for the development of Hyatt House, a 274-room extended stay hotel located at 6469 Westwood Blvd. in Orlando. The borrower is a joint venture between New York-based firms GFI Hospitality and LCP Group. The C-PACE loan will cover energy efficient HVAC systems, elevators, windows, high-efficiency plumbing, lighting and mechanical systems. The hotel will have direct access to the Orange County Convention Center upon completion, as well as an onsite restaurant, bar and a fitness center. About 60 percent of the hotel rooms will come equipped with a full kitchen. Crescent Hotels will operate and manage the Hyatt House hotel upon completion. The project team includes general contractor Cleveland Construction and architect Behar Peteranecz Inc.

January 14, 2026

Oxford-at-the-Boulevard-Phase-II-Corinth

Development Loans Multifamily Texas

Dwight Capital Provides $31M HUD-Insured Construction Loan for North Texas Multifamily Project

by Taylor Williams January 14, 2026

CORINTH, TEXAS — New York City-based Dwight Capital has provided a $31 million, HUD-insured construction loan for a 172-unit multifamily project that will be located in the North Texas city of Corinth. The project represents Phase II of a larger development known as Oxford at the Boulevard and will consist of five garden-style residential buildings, four parking garages, a dog park and onsite storage units. Phase I of Oxford at the Boulevard delivered 193 units. Brandon Baksh and Brian Yee of Dwight originated the nonrecourse loan through HUD’s 241(a) program for the borrower, Oxford Enterprises.

January 14, 2026

Development Industrial Texas

Stream Realty Partners Breaks Ground on 217,120 SF Industrial Project in North Houston

by Taylor Williams January 14, 2026

HOUSTON — Stream Realty Partners has broken ground on Summit Grove Business Park, a 217,120-square-foot industrial project in North Houston. The development will consist of two rear-load buildings spanning 125,600 and 91,520 square feet. Building features will include 32- and 36-foot clear heights, respectively, and a combined total of 78 dock-high doors. Project partners include E.E. Reed (general contractor), Ware Malcomb (architect) and Halff (civil engineer). Completion is slated for late summer. Stream will also handle leasing of the property.

January 14, 2026

Affordable Housing Development Multifamily New Mexico Western

Dominium Breaks Ground on 312-Unit Turquoise Trail Affordable Housing Community in Santa Fe

by Amy Works January 14, 2026

SANTA FE, N.M. — Dominium has broken ground on Turquoise Trail, a 312-unit affordable housing community in Santa Fe. The low-income housing tax credit property will be constructed by Weis Builders and will be comprised of 13 three-story buildings containing 120 two-bedroom, 132 three-bedroom and 60 four-bedroom homes, 300 of which will be reserved for households earning no more than 60 percent of the area median income (AMI). The remaining 12 units will be set aside for families earning up to 50 percent of AMI. Amenities will include a clubhouse, fitness center, playground and grilling and lounge areas. Additional development partners include Freddie Mac, PNC Bank, Deutsche Bank, Colliers Securities, Housing New Mexico, New Mexico Mortgage Finance Authority and Santa Fe County. A completion date was not disclosed.

January 14, 2026

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