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Multifamily

DevelopmentLoansMultifamilySoutheastVirginia

Berkadia Arranges Construction Financing for $144M Apartment Development in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has arranged construction financing for a new $144 million multifamily development located at 3200 W. Moore St. in Richmond. The financing comprises a senior construction loan from TD Bank and an equity investment from Red Cove Capital. Brian Crivella, Brian Gould, Bill Gribbin, Yalda Ghamarian, Hunter Wood, Drew White, Carter Wood and Cole Carns of Berkadia arranged the financing on behalf of the borrower, a joint venture between Hoffman & Associates and DeBartolo Development LLC. Situated in the Scott’s Addition neighborhood of Richmond, the property will feature 366 apartments and 18,000 square feet of retail space on the ground level. The community will feature 10,000 square feet of amenities, including multiple courtyards and terraces and a pool deck, as well as lounge, dining and event spaces. Demolition on the project began last month.

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DevelopmentFloridaMultifamilySoutheast

Resia Opens 420-Unit Apartment Community in Miami

by John Nelson

MIAMI — Resia has opened Resia Golden Glades, a 420-unit apartment community located at 15955 N.W. 6th Ave. in Miami. The property features prefabricated bathrooms and kitchens with full electrical and plumbing that Resia developed off-site at its manufacturing facility in Fairburn, Ga. Situated on Miami’s northern end, Resia Golden Glades offers a mix of one-, two- and three-bedroom units with private balconies or patios. Monthly rental rates range from $2,115 to $3,905, according to Apartments.com. Amenities include a 24/7 fitness center, swimming pool, clubhouse, playground, an onsite management team, coworking spaces, EV charging stations, a mini market and a 705-car parking garage.

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Loma-Dallas
DevelopmentMultifamilyTexas

Mintwood, MSquared Break Ground on 370-Unit Multifamily Project in Dallas

by Taylor Williams

DALLAS — A partnership between two developers, Dallas-based Mintwood Real Estate and New York City-based MSquared, has broken ground on Loma, a 370-unit multifamily project in the Oak Cliff area of Dallas. Approximately half (187) of the residences will be reserved as affordable housing for households earning between 50 and 80 percent of the area median income. Information on floor plans was not disclosed. Amenities will include a pool, rooftop sky lounge, sauna, coworking spaces, children’s play areas, fitness center and a dog park. WDG Architecture is designing the project, which is being developed in partnership with the Dallas Public Facility Corp. A tentative completion date was not announced.

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AcquisitionsMississippiSeniors HousingSoutheast

SLIB Negotiates Sale of 140-Unit Seniors Housing Community in Ocean Springs, Mississippi

by John Nelson

OCEAN SPRINGS, MISS. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing community located in Ocean Springs along the Mississippi Gulf Coast. Totaling 140 units, the property features 18 independent living apartments, 60 assisted living residences and 62 memory care units. According to SLIB, the community was stabilized at the time of sale. The seller, the partnership that developed the asset, is exiting the seniors housing sector. A Southeast-based owner and operator with an existing presence in the state acquired the community for an undisclosed price. Daniel Geraghty and Bradley Clousing of SLIB brokered the transaction on behalf of the seller.

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West-Tower-Seattle-WA
DevelopmentLoansMultifamilySeniors HousingWashingtonWestern

Horizon House Secures $600M in Financing for Seniors Housing Project at Seattle Campus

by Amy Works

SEATTLE — Nonprofit organization Horizon House has secured bond financing for a development project at its senior living campus in the First Hill neighborhood of Seattle. Ziegler arranged the financing, completing the successful pricing of Horizon House’s $600 million Series 2025AB bonds through the Washington State Housing Finance Commission. The bonds are scheduled to close in December.  The existing senior living campus currently features 377 independent living apartments and 90 assisted living and memory care residences. The bonds will be used to fund a new, 33-story tower at the property, dubbed the West Tower. Upon completion, the project will add 202 independent living apartments, replacing a West Wing built in the 1980s. Apartment sizes within the West Tower will range from 861 to 2,206 square feet, with one- and two-bedroom layouts. Amenities at the building will include underground parking, resident gardens, a garden lounge, event spaces and a rooftop dining and lounge space.  The bonds include short-term, fixed-rate Series B bonds to be repaid at roughly 80 percent occupancy and long-term, fixed-rate Series A bonds amortizing over 36 years through Jan. 1, 2061.  “This financing package will directly support resident well-being, staff excellence and our mission to serve both middle-market and …

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OscarJames-San-Francisco-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Jonathan Rose Cos. Opens $133M Affordable Housing Community in San Francisco

by Amy Works

SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. The project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor and conventional lender. The two-building complex features 49 one-bedroom, 31 two-bedroom, 23 three-bedroom, eight four-bedroom and one five-bedroom unit. The apartments are reserved for families earning between 30 and 50 percent of the area median income. The John Stewart Co. is the property manager. According to Bayview Senior Services, Oscar James Residences represents the agency’s second multifamily housing development focused on rebuilding the Hunters Point Shipyard to give back to the descendants of shipyard workers and their neighbors. The shipyard was established in 1870 and purchased by the U.S. Navy in 1940. The Navy conducted studies on the impact of nuclear weapons at the site before it was decommissioned in …

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WaltonLofts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Clarion Partners Sells 136-Unit Walton Lofts Apartment Building in Seattle

by Amy Works

SEATTLE — Clarion Partners has sold Walton Lofts, a 136-unit high-rise property located at 75 Vine St. in Seattle’s Belltown neighborhood. The Schuster Group developed the building in 2015. CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper represented Clarion. Neither the buyer nor the sales price was disclosed, but Clarion purchased the property in 2016 for about $76 million. Walton Lofts includes studios, one- and two-bedroom units. Amenities include a rooftop lounge with panoramic views of Elliott Bay, the Olympic Mountains and downtown Seattle, a library and a fitness center.

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Ellison-Ridge-Vancouver-WA.jpg
DevelopmentMultifamilyWashingtonWestern

Ethos, Vance Begin Development of 222-Unit Multifamily Project in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Ethos Development and Vance Development have broken ground on Ellison Ridge, an apartment property located in Vancouver. Totaling 200,000 square feet, the two- and three-story multi-building property will feature 222 apartments, a pool, fitness center, community kitchen and living room, children’s play area and pickleball court. Twenty percent of the units will be available to residents earning no more than 80 percent of the area median income through the Clark County, Wash., multifamily tax-exemption program. Leeb Architecture of Portland, Ore., designed the project, while Vancouver-based Team Construction is serving as general contractor. Portland-based Ethos Commercial Advisors provided debt advisory services.

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DevelopmentMidwestMissouriMultifamily

MBG Underway on 151-Unit Luxury Multifamily Community in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — MBG is underway on construction of Vivienne, a luxury property with 151 townhomes and apartments in the St. Louis suburb of Clayton. Keely Properties is the developer. Designed by Trivers, the 252,002-square-foot, mid-rise property will include nine townhomes and 142 apartments. A second-level entertainment and patio space will feature an outdoor pool, outdoor kitchen, fire pits and barbecue grills. Other amenities will include a 3,600-square-foot fitness center, coworking space, indoor lounge, dog park, dog spa, indoor sauna, conference room and speakeasy room. Completion is slated for summer 2026.

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Homestead-Gateway-Jersey-City
Affordable HousingDevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Goldman Sachs Alternatives Provides $200M in Financing for Jersey City Mixed-Income Project

by Taylor Williams

JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York. The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans. The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days. Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment. “Mixed-income developments like Homestead Gateway demonstrate …

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