METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.
NEW YORK CITY — Slate Property Group and White Oak Real Estate Capital have provided a $70 million construction loan for a multifamily project in the Long Island City area of Queens. The building at 41-08 Crescent St. will rise 26 stories and house 184 units, 70 percent of which will be subject to income restrictions. In addition, the building will offer 9,000 square feet of retail space and a 41-space parking area. Skyline Capital arranged the 20-year, floating-rate loan on behalf of the developer, Watermark Capital Group. Construction is roughly midway complete and scheduled for a spring 2026 completion.
NEEDHAM, MASS. — A partnership between regional owner-operator Wingate Living and WL Development has broken ground on a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units and amenities such as a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. The property is 75 percent preleased and is slated for a spring 2026 completion.
NEW YORK CITY — Ariel Property Advisors has arranged a $10.2 million acquisition loan for a four-unit apartment building in Manhattan’s Flatiron District. The address of the 8,900-square-foot building was not disclosed. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged the nonrecourse loan, which was structured with an interest rate that is equivalent to 5.5 percent above the 30-day average SOFR rate and a 75 percent loan-to-cost ratio. The borrower and direct lender were also not disclosed.
FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
AUSTIN, TEXAS — Dallas-based developer StreetLights Residential has delivered The Maris, a 276-unit multifamily project in Austin’s Lakeline neighborhood that represents Phase IV of the Presidio development. Phase I (The Michael) and Phase II (The Elizabeth) were completed in 2016 and 2019, respectively. Phase III, The Asher, opened in 2023. The Maris features studio, one-, two- and three-bedroom floor plans ranging in size from 517 to 1,684 square feet. Amenities include a pool, fitness center, coworking spaces and a game room. SLR Construction served as general contractor for The Maris, construction of which began in October 2022. Monthly rental rates at the property range from $1,241 to $3,815, according to Apartments.com.
NEW YORK CITY — JLL has arranged the $290 million recapitalization of 505 State Street, a 440-unit apartment building located in downtown Brooklyn. Completed earlier this year, the building offers one-, two- and three-bedroom apartments with an average size of 659 square feet, as well as 28,752 square feet of retail space. Amenities include a fitness center, yoga studio, rooftop pool, communal lounges, a screening room and dedicated workspaces. Details on any changes in the equity component of the capital stack were not disclosed, but the transaction did include the origination of a five-year, fixed-rate senior loan through insurance giant New York Life. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan on behalf of the borrower, Alloy Development.
JERSEY CITY, N.J. — TYKO Capital has provided a $245 million construction loan for The Greyson, a 622-unit multifamily project in Jersey City. The Greyson will be a 28-story building in the city’s Journal Square neighborhood that will offer studio, one-, two- and three-bedroom units. The property will also house 44,551 square feet of office space and 2,965 square feet of retail space. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and other communal gathering spaces. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres.
JERSEY CITY, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $12.6 million sale of Lofts on Garfield, a 35-unit apartment building in Jersey City. Lofts on Garfield is a conversion of a former vacant warehouse that according to LoopNet Inc. was originally built in 1953. Information on floor plans and amenities was not disclosed. David Ferber and Jordan Anhalt of Matthews represented the buyer and seller, both of which requested anonymity, in the transaction.
MIAMI — Neology Development Group has obtained a $63.5 million bridge loan from Starwood Property Trust to pay off the construction loan for Fourteen Main Street Residences, a multifamily development located along downtown Miami’s historic 36th Street. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia arranged the financing on behalf of Neology and American Opportunity Zone Advisors, a group led by Peter Linneman. Berkadia also arranged the original $57.5 million construction loan through Churchill Real Estate to fund Neology’s third project in Miami’s Allapattah neighborhood. Upon completion, the development will feature 237 units that will range in size from 450 to 1,000 square feet across two buildings named the Highrise and Midrise. The 14-story Highrise will include studio, one- and two-bedroom floor plans, and the five-story Midrise will include two-bedroom walk-up homes and two-bedroom apartment units. The development will also include ground-level retail space. Amenities will include a multipurpose lobby, coworking spaces, outdoor movie screen, 12,000-square-foot rooftop pool and clubhouse, poolside cabanas, fitness and wellness center, yoga and cardio studio, dog park, bike storage, smart package lockers, parking garage with electric vehicle charging stations and a rideshare lobby. Fourteen Main Street Residences is on track to receiving …
