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Multifamily

DevelopmentFloridaLoansMultifamilySoutheast

Grover Corlew Obtains $92M Construction Financing for Mayla Cypress Apartments in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Grover Corlew, a Boca Raton, Fla.-based developer, has obtained a $92 million construction loan to build Mayla Cypress, a 312-unit apartment community in the Cypress Creek submarket of north Fort Lauderdale. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the three-year construction loan through Affinius Capital. Mayla Cypress is situated on a 3.7-acre site Grover Corlew assembled in 2022. The developer anticipates the project’s completion date will be approximately May 2027. Straticon is the general contractor. Amenities at Mayla Cypress will include a billiards bar with an adjacent speakeasy; a courtyard; resort-style pool with cabanas; two-story, 24-7 fitness center with a cardio mezzanine level and a yoga room; coworking and event/conference space; sundry store; and package rooms. Last year, Grover Corlew completed another Mayla-branded property in nearby Pompano Beach, Fla.

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GeorgiaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Secures $33M Refinancing for Massell Apartments in Cartersville, Georgia

by John Nelson

CARTERSVILLE, GA. — Walker & Dunlop has secured a $33 million loan for the refinancing of The Massell, a newly delivered apartment community located at 1230 Joe Frank Harris Parkway in Cartersville, a northwest suburb of Atlanta. Stephen Farnsworth and Hanes Dunn led the Walker & Dunlop team that arranged the loan through ACRE on behalf of the borrowers, Norhaven Partners and Coro Realty. The non-recourse loan features a floating interest rate, five-year term and full-term interest-only payments. The Massell is a 210-unit, garden-style community that features a clubhouse with a coworking area, 24/7 fitness center, resort-style swimming pool with sundeck, grilling stations and a pet park.

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Shoregate-Bay-Shore
LoansMultifamilyNew YorkNortheast

JLL Arranges $140M Loan for Refinancing of Long Island Apartment Community

by Taylor Williams

BAY SHORE, N.Y. — JLL has arranged a $140 million loan for the refinancing of Shoregate, a 418-unit, newly constructed apartment community located in the Long Island community of Bay Shore. The four-story, transit-oriented property houses 334 market-rate units and 84 affordable apartments, as well as 1,650 square feet of retail space. Amenities include a pool and patio area, fitness center, outdoor barbecue stations, dog washing area, a rooftop deck, indoor golf simulator and courts for bocce ball and pickleball. Kellogg Gaines, Geoff Goldstein and Michael Gigliotti of JLL arranged the loan through Truist Financial Corp. on behalf of the borrower, a partnership led by Tritec Real Estate Co.

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The-Declan-Weehawken
DevelopmentMultifamilyNew JerseyNortheast

Rockpoint Begins Leasing 298-Unit Declan Apartments in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.

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Vintage-Farms-Murrieta-CA
CaliforniaDevelopmentMultifamilyWestern

R.D. Olson, MBK Rental Living Begin Construction on 330-Unit Vintage Farms Multifamily Project in Murrieta, California

by Amy Works

MURRIETA, CALIF. — R.D. Olson Construction, on behalf of MBK Rental Living, has broken ground on Vintage Farms, a $80 million residential village in Murrieta. Vintage Farms will offer 330 market-rate and luxury apartments spread across 11 buildings and 15 standalone garages on 15 acres. Located at 28749 Clinton Keith Road, Vintage Farms will offer studio, one-, two- and three-bedroom apartments and 15 standalone garages, ranging from seven to 16 stalls, offering a total of 332 parking spaces. The 449,280-square-foot residential space will include nine 40,320-square-foot buildings with 30 apartments and two 43,200-square-foot buildings with 30 apartments. Built in five phases over 18 months, the community’s first phase will include the development of all amenities, including the clubhouse, pool, hot tub, barbecue areas and walkways, and the first two apartment buildings and two garages. The following four phases will include the construction of two apartment buildings and two to four garages in each phase. The five-phase construction plan will turn over units during each phase to ensure an on-time delivery while minimizing noise disruption to the community. The full project is slated for completion by fall 2026. Project partners include Geotek USA, Forma Engineering, SiteScapes, SummA Architecture, Gouvis Engineering, Tek Systems, …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sale of 102-Unit Multifamily Portfolio in Champaign, Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Interra Realty has arranged the sale of a 102-unit, five-building multifamily portfolio in Champaign for $5.9 million. Constructed in 1970, the apartment properties are located on West Francis Drive and North McKinley Avenue. There is also one single-family house included in the portfolio. The assets are located three miles from the University of Illinois Urbana-Champaign campus. Michael Duckler of Interra represented the confidential buyer in the off-market transaction.

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The-Maxwell-Frisco
AcquisitionsMultifamilyTexas

CONAM Group Acquires 325-Unit Maxwell Apartments in Frisco

by Taylor Williams

FRISCO, TEXAS — The CONAM Group, a San Diego-based investment firm, has acquired The Maxwell, a 325-unit apartment community in Frisco. Completed in 2018, The Maxwell is located within the Canals at Grand Park master-planned community and offers studio, one-, two- and three-bedroom units that are housed within three- and four-story buildings. Amenities include a clubhouse with a coffee bar and conference rooms and a courtyard with grilling stations, fire pits and outdoor TVs. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Time Equities Buys Brooklyn Apartment Building for $13.1M

by Taylor Williams

NEW YORK CITY — New York City-based investment firm Time Equities Inc. has purchased a 38-unit apartment building in the Ditmas Park area of Brooklyn for $13.1 million. Built by Lightstone Management in 2018, the building at 323 E. 19th St. offers one- and two-bedroom units and was fully occupied at the time of sale. According to StreetEasy, amenities include a fitness center, package rooms, a rooftop deck and onsite laundry facilities. The seller was not disclosed. M&T Bank financed the acquisition.

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Leasing ActivityMultifamilyNew JerseyNortheast

Coldwell Banker Completes Lease-Up of 40-Unit Apartment Building in Bound Brook, New Jersey

by Taylor Williams

BOUND BROOK, N.J. — Coldwell Banker New Homes and Coldwell Banker Realty have completed the lease-up of Allure at Vosseller, a 40-unit apartment building located in the Northern New Jersey community of Bound Brook. The building features one- and two-bedroom units and amenities such as a resident lounge, fitness studio, package room and a landscaped outdoor pavilion. Locally based investment and management firm Ferruggia Associates owns Allure at Vosseller.

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DevelopmentGeorgiaLoansMultifamilySoutheast

Berkadia Arranges $60.8M in Construction Financing for Mosaic Pooler Apartments Near Savannah

by John Nelson

POOLER, GA. — Berkadia has arranged $60.8 million in construction financing for Mosaic Pooler, a 333-unit multifamily community located within the Mosaic Town Center mixed-use development in Pooler, a western suburb of Savannah. The borrower, an affiliate of Bayline Group, acquired the 12-acre site at 800 High Ave. in 2023. Bank OZK provided a $47.5 million, three-year, floating-rate loan to Bayline Group. Berkadia also lined up $13.3 million in preferred equity through FCP. Mitch Sinberg, Scott Wadler, Bryan Brown, Robert Falese and Jake Adoni of Berkadia arranged the financing on behalf of Bayline Group. Upon completion, which is slated for May 2026, Mosaic Pooler  will offer a mix of one-, two- and three-bedroom units, as well as three-story carriage houses with garages. Amenities at the property include a fitness center with a yoga room, game room and resident lounge, coworking spaces, a dog park and pet spa, package locker system, electric vehicle charging stations and a resort-style pool with a large outdoor patio, cabanas and grilling stations.

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