Thursday, October 16, 2025
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DevelopmentIllinoisLoansMidwestMultifamilyStudent Housing

Cushman & Wakefield Arranges Equity Financing for University of Illinois Student Housing Development with 241 Beds

by Kristin Harlow

CHAMPAIGN, ILL. — Cushman & Wakefield has arranged limited partner (LP) equity financing for the development of 505 S 5th Street, a Class A student housing project in Champaign serving students attending the University of Illinois’ Urbana-Champaign campus. The project will be located adjacent to campus and in the heart of Campustown. The development site is fully entitled and shovel-ready, with groundbreaking slated for this month. Completion is anticipated ahead of the 2026-2027 academic school year. The community will feature 241 beds and amenities such as a fitness center, yoga studio, sauna, study rooms, business center, clubroom and outdoor lounge area. Kristian Brown, Travis Prince, Shawn Lubic, Victoria Marks, Susan Tjarksen and Brendon Urban of Cushman & Wakefield arranged the financing on behalf of Hartman Capital, a Champaign-based firm specializing in student housing at the University of Illinois. Quilvest Capital Partners, a global private investment firm, provided the LP equity.

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32-34-Walker-St.-Manhattan
DevelopmentMultifamilyNew YorkNortheast

Kriss Capital Provides $32M in Financing for Manhattan Adaptive Reuse Project

by Taylor Williams

NEW YORK CITY — Local lender and private equity firm Kriss Capital has provided $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower, a partnership between local firms Urban Capital Group and Prosper Property Group, will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. The design team includes SOMA and Turett Collaborative. Residences will come in three- and four-bedroom floor plans and have an average size of 3,500 square feet. Andy Iadeluca of New Development Capital arranged the debt. GRA Equities and PZ Realty Investments are also partners on the project, construction of which is underway and slated for a mid-2026 completion.

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Chaparral-Apts-Palmdale-CA
AcquisitionsCaliforniaMultifamilyWestern

Northmarq Arranges $71M Sale of 296-Unit Chaparral Apartments in Palmdale, California

by Amy Works

PALMDALE, CALIF. — Northmarq has brokered the sale of Chaparral Apartments, a 296-unit multifamily property in Palmdale. A Florida-based real estate investment firm sold the asset to a Los Angeles-based real estate investment firm for $71 million. Situated on 18.2 acres, Chaparral Apartments consists of 16 two-story garden-style buildings, totaling 213,664 square feet. The unit mix includes 72 studios, 164 one-bedroom units and 60 two-bedroom units. Apartments feature fireplaces, private balconies or patios, walk-in closets and energy-efficient appliances. Community amenities include two swimming pools, three tennis courts, a fitness center, business center, two laundry facilities, a movie theater and a residential lounge, as well as 488 parking spaces, including 283 covered spaces. Steven Goldstein, Jeff Benson and Sam Neumark of Northmarq’s Los Angeles Multifamily Investment Sales represented the seller in the deal.

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Millennium-Apts-Palm-Desert-CA.jpg
CaliforniaDevelopmentMultifamilyWestern

Metonic Real Estate Solutions, WNPM Open 330-Unit Millennium Apartments in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — Omaha, Neb.-based Metonic Real Estate Solutions, as owner, and Irvine, Calif.-based Western National Property Management (WNPM), as property manager, have opened Millennium Apartments at 74699 Technology Drive in Palm Desert. Situated in Coachella Valley, Millennium Apartments offers 330 studio, one-, two- and three-bedroom apartments with contemporary finishes, smart-phone technology, private patios, stainless steel appliances, quartz countertops, plush carpeting in bedrooms, open-concept floor plans and direct-access garages. Common area amenities include a clubhouse, saltwater swimming pool, fitness center with private yoga studio and outdoor exercise lawn, an activity park, a pet park, three conference rooms, a business center, coworking spaces, package lockers and electric vehicle charging stations.

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AcquisitionsCaliforniaDevelopmentIndustrialMultifamilyWestern

Shopoff Realty Buys 13.7-Acre Property in Buena Park, Plans Residential Development

by Amy Works

BUENA PARK, CALIF. — Shopoff Realty Investments, in partnership with a national home builder, has acquired a 13.7-acre property in Buena Park, with plans to re-entitle the parcel for residential use. The property currently features two industrial buildings totaling 370,031 square feet that are occupied by Amway Corp. with a corporate sale-leaseback in place. A total of $49 million in acquisition financing for the project was secured with assistance from Jamie Kline and Kyle White of JLL Capital Markets.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Frontline Development, Woda Cooper Break Ground on $17.6M Affordable Housing Community in Cleveland

by Kristin Harlow

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Two Multifamily Sales in Suburban Chicago Totaling 53 Units

by Kristin Harlow

DOLTON AND OAK LAWN, ILL. — Interra Realty has arranged two multifamily sales in suburban Chicago totaling 53 units. A three-building, 41-unit portfolio in Dolton sold for $3.2 million, while a 12-unit building in Oak Lawn transacted for $1.8 million. Michael Duckler of Interra represented the confidential buyers and sellers in both deals. The Dolton portfolio was nearly fully leased at the time of sale. Half of the units have recently undergone full or partial renovations, including new laminate flooring and updated kitchens. The Oak Lawn asset was fully leased at the time of sale. The price represented one of the highest price-per-unit sales in Oak Lawn in the last decade, according to CoStar data.

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LoansMultifamilyNew YorkNortheastNorthmarq

Northmarq Provides $14M Agency Loan for Refinancing of Upstate New York Apartment Community

by Taylor Williams

ROCHESTER, N.Y. — Northmarq has provided a $14 million Fannie Mae loan for the refinancing of Windsor Gardens, a 296-unit apartment community in Rochester. Built in 1972 and renovated in 2002, Windsor Gardens offers studio, one-, two- and three-bedroom units. Amenities include a fitness center, conference room, clubhouse, video library and onsite laundry facilities. Robert Ranieri of Northmarq originated the 10-year loan on behalf of the borrower, an entity doing business as Windsor Associates LP.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $7.3M Sale of East Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $7.3 million sale of Bennington Arms, a 28-unit apartment building in East Boston. The three-story building at 720 Bennington St. is located in the Orient Heights neighborhood and houses 17 one-bedroom units and 11 studios, half of which were recently renovated. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMarylandSeniors HousingSoutheast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

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