FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.
FORT MYERS, FLA. — McDowell Housing Partners, an affordable housing developer and investor with offices in Miami and Dallas, plans to develop Ekos on Evans, a 144-unit community in Fort Myers. The firm recently closed on the acquisition of the 9.3-acre site at 3501 Evans Ave., which is situated less than two miles from downtown Fort Myers. Set for completion in fourth-quarter 2026, Ekos on Evans will feature five garden-style apartment buildings housing one-, two- and three-bedroom units ranging in size from 644 to 1,161 square feet. The units will be income-restricted for households earning 30, 60 and 70 percent of the area median income (AMI). Amenities will include a clubhouse, computer room, fitness room, terrace, grills, swimming pool, playground/tot lot and a dog park. McDowell Housing is receiving $17 million in support through Lee County’s Community Development Block Grant-Disaster Recovery funding, which is designated for areas impacted by Hurricane Ian. The developer is also using 4 percent low-income housing tax credits (LIHTC) to fund the development.
NAVARRE, FLA. — CBRE has arranged a $47 million loan for the refinancing of Elevate Navarre, a 332-unit apartment community located at 1900 Elevate Ave. in Navarre, a beach city situated near Pensacola, Fla. Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the three-year, fixed-rate, interest-only loan on behalf of the sponsor and developer, Branch Properties. Voya Investment Management provided the loan, which the Atlanta-based sponsor will use to refinance its existing construction loan. Built in 2022 adjacent to a Publix-anchored shopping center, Elevate Navarre features 11 three-story residential buildings and a clubhouse/leasing center. The property offers one-, two- and three-bedroom apartments with five different floor plans averaging 893 square feet in size. Amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa and 565 surface-level parking spaces.
LACEY, WASH. — Koelsch Construction, on behalf of Koelsch Communities, has completed Karlo Apartments, a $66.5 million, 227,587-square-foot multifamily development in the Hawks Prairie neighborhood of Lacey. Karlo Apartments offers 188 one-, two- and three-bedroom units designed with a focus on modern craftsmanship and resident-centered living. The development caters to a mix of military families, professionals and long-term residents. Situated on 8.7 acres, the property offers a clubhouse, fitness center, pickleball and basketball courts, a children’s playground and pet play areas.
COVINA, CALIF. — Marcus & Millichap has arranged the sale of Cypress Villa, a multifamily community at 19529 E. Cypress St. in Covina. Forgette Family Trust sold the asset to SRI Properties LLC for $2.8 million. Built in 1984, Cypress Villa offers 11 two-bedroom/one-bath units with central air conditioning and heat, two parking spaces per unit and access to an onsite laundry room. Additionally, each unit is individually metered for gas and electricity. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and procured the buyer in the deal.
JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.
LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …
MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …
BRADFORDVILLE, FLA. — Mesa Capital Partners has broken ground on The Bradbury at Bannerman Village, an apartment community located on a 14-acre site in Bradfordville, a city located north of downtown Tallahassee. The property will be located at Bannerman and Bull Headley roads within the Bannerman Village master-planned community. Situated near a Publix and the Landon Hill for-sale homes, The Bradbury will comprise two-story carriage homes and three-story walk-up buildings. Amenities will include a clubhouse, fitness center, sundry market, resort-style pool with grilling stations, dog park, EV charging stations and garage parking. Cadence Bank and SouthState Bank provided an undisclosed amount of construction financing to Mesa Capital Partners for the project, which will begin leasing in mid-2026 and be fully delivered in early 2027. The design-build team includes general contractor The Crown Group and architect The Coursey Group.
ROYAL PALM BEACH, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Timbercreek Townhomes and Villas, a 20-unit multifamily community located at 100 Sparrow Drive in Royal Palm Beach, about 12 miles west of West Palm Beach. Evan Kristol and Brandon Rex of Marcus & Millichap represented the seller, a private syndicator, and procured the buyer, a California-based investment group, in the transaction. The buyer purchased the community as part of a 1031 exchange. Both parties requested anonymity. Built in 1980, Timbercreek Townhomes and Villas features a gated swimming pool, gazebo and landscaped grounds.