Development

JLL Arranges $255M Loan for Refinancing of High-Rise Apartment Building in Jersey City

by Abby Cox August 1, 2025

JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …

August 1, 2025

Acquisitions Development Multifamily Texas

Platte Canyon Capital Buys 268-Unit Allure Apartments in San Antonio, Plans $4.7M Renovation

by Taylor Williams July 31, 2025

SAN ANTONIO — Denver-based investment firm Platte Canyon Capital has purchased Allure Apartments, a 268-unit multifamily complex in San Antonio. The property was developed in phases on an 11.5-acre site on the city’s west side, with the first 116 units constructed in 1984 and another 152 delivered in 2017. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, clubhouse, playground and grilling areas. Platte Canyon acquired Allure Apartments in partnership with an unnamed, Los Angeles-based institutional investment company in an off-market transaction. The new ownership plans to invest about $4.7 million in capital improvements to the property.

July 31, 2025

Development Georgia Southeast Student Housing

Carter, Front Street Break Ground on 521-Bed Student Housing Development Near Wake Forest University

by John Nelson July 31, 2025

WINSTON-SALEM, N.C. — A joint venture between Carter and Front Street Capital has broken ground on Creekside at The Grounds, a 521-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will be part of Phase I of The Grounds, a 100-acre mixed-use project under development by the partnership. The $215 million first phase of construction is also set to include an office building and a retail village. Creekside at the Grounds will offer 229 fully furnished units with bed-to-bath parity. The community will also feature a clubhouse with study rooms and a fitness center, as well as an outdoor swimming pool, kitchen and entertainment area. The project is scheduled for completion in fall 2027. The design-build team includes The Preston Partnership (architect), Brasfield & Gorrie (general contractor) and Stimmel Associates (engineer of record). Carter and Front Street Capital’s financial partners on Creekside are Kayne Anderson Real Estate and Truist Financial Corp.

July 31, 2025

Development Georgia Seniors Housing Southeast

ASC Begins Construction on 377-Unit Seniors Housing Community in Athens, Georgia

by John Nelson July 31, 2025

ATHENS, GA. — Active Senior Concepts (ASC) has broken ground on Celebration Village Athens, a new senior living community in Athens, roughly 80 miles northeast of Atlanta and home of the University of Georgia. Upon completion, the development will total 377 units, with 96 bungalows, 20 independent living cottages, 70 independent living villas, 96 concierge living apartments, 66 assisted living apartments and 29 memory care suites. Celebration Village Athens will also feature a 30,000-square-foot Celebration Club and 4,000-square-foot spa and wellness center. Other amenities will include pickleball and bocce ball facilities, pavilions with grill stations, fire pits, a putting green, walking paths, community gardens and a private lake, as well as onsite wellness programs, chef-prepared meals and a social calendar. The first phase of the project, which will comprise three-bedroom bungalows, is scheduled for completion in 2026. This marks the fifth Celebration Village community in Georgia, with existing properties located in Peachtree City, Snellville, Forsyth and Acworth.

July 31, 2025

Development Loans Multifamily New Jersey Northeast

JLL Arranges $36M Construction Loan for Central New Jersey Multifamily Project

by Taylor Williams July 31, 2025

SAYREVILLE, N.J. — JLL has arranged a $36 million construction loan for Camelot on Main Street, a 142-unit multifamily project that will be located in the Central New Jersey community of Sayreville. The complex will comprise six buildings that will house 134 market-rate units and eight affordable housing units with an average size of 1,068 square feet. Floor plans were not disclosed, but residences will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, pool, lounge area with a coffee bar, parcel room, fire pit, barbecue area, playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the floating-rate loan through Provident Bank on behalf of the developer, Kaplan Cos.

July 31, 2025

Development Multifamily New Jersey Northeast

Connell Co. Tops Out 11-Story Multifamily Project in Berkeley Heights, New Jersey

by Taylor Williams July 31, 2025

BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has topped out RT500, an 11-story multifamily project located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed RT500, which will be one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Upon completion, which is slated for next summer, the building will offer 179 units and amenities such as an outdoor pool, entertainment lounge, game room, fitness center and coworking space.

July 31, 2025

Development Industrial Midwest Office Ohio Retail

IRG Begins Redevelopment of 1.4 MSF Former Joann Headquarters Campus in Hudson, Ohio

by Taylor Williams July 31, 2025

HUDSON, OHIO — Industrial Realty Group (IRG) has begun the redevelopment of the 1.4 million-square-foot former headquarters campus of fabrics retailer Joann in Hudson, located roughly midway between Cleveland and Akron. The 130-acre campus currently features industrial and office space, as well as undeveloped land. IRG plans to redevelop the campus to support uses such as corporate headquarters, distribution, research and development, manufacturing and retail, through both ground-lease and build-to-suit opportunities. In addition, the company will rebrand the campus as Hudson District and has tapped CBRE as the leasing agent. Joann filed for Chapter 11 bankruptcy in 2024 and earlier this year announced that it would begin closing all its retail stores.

July 31, 2025

Affordable Housing Development Indiana Midwest Multifamily

The Community Builders Breaks Ground on 57-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow July 31, 2025

INDIANAPOLIS — The Community Builders (TCB) and the Mapleton Fall Creek Development Corp. (MFCDC) have broken ground on Central@29, a new $19.5 million affordable housing development to be built on the corner of 29th Street and Central Avenue in Indianapolis. The four-story community will feature 57 units in the city’s Mapleton Fall Creek neighborhood. Eleven homes will be reserved for individuals emerging from homelessness. Units will range from 675 to 1,200 square feet. Income restrictions for individuals and families range from $17,000 to $70,000 per year. Residents will have access to supportive services from partners such as Raphael Health Center. In 2023, MFCDC was awarded Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority (IHCDA). Over a 10-year period, the MFCDC will receive $10 million in tax credits to support Central@29. Additional costs will be supported by the Department of Metropolitan Development HOME and Community Development Block Grants, the city’s Housing Trust Fund, the IHCDA Housing Trust Fund, the Indiana Development Fund and development loans sourced through The Urban League and the Indianapolis African American Quality of Life Initiative. Construction of Central@29 is slated for completion by winter 2026.

July 31, 2025

Arizona Development Multifamily Western

HSR, MetLife to Break Ground on 189-Unit Multifamily Project in Scottsdale, Arizona

by Amy Works July 31, 2025

SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz countertops and islands and wine fridges. Amenities include a resort-style pool and hot tub, two open-air courtyards, a fitness center with a sauna and cold plunge, coworking space, a pet spa and dog park and a club room.

July 31, 2025

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily

by Sarah Daniels July 31, 2025

Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …

July 31, 2025

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