Wednesday, June 25, 2025
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Multifamily

LoansMidwestMinnesotaMultifamily

Dwight Mortgage Trust Provides $49.2M Bridge Loan for Moment Apartments in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $49.2 million bridge loan to refinance Moment Apartments in downtown Minneapolis. The 222-unit luxury apartment complex rises 10 stories with 14,713 square feet of ground-floor retail space that is leased to Starbucks and New Horizon Academy. There are seven studios, 159 one-bedroom units and 56 two-bedroom apartments. Amenities include a fitness center, pet play area, business center, golf simulator, coworking space, sauna, pet spa, swimming pool, conference rooms, grilling stations and outdoor terraces. Loan proceeds will be used to retire existing debt, fund reserves and cover transaction-related costs. Daniel Malka and Jonathan Pomper of Dwight originated the financing on behalf of the borrower, Sherman Associates.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $3.9M Bulk Condo Sale in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Kiser Group has brokered the $3.9 million sale of 35 condominium units in a bulk transaction in Rosemount, a suburb of Chicago. The value-add asset was 97 percent occupied at the time of sale and provides convenient access to Chicago O’Hare International Airport, Rivers Casino and the Rosemont Fashion Outlets. Andy Friedman and Jake Parker of Kiser brokered the sale, which involved multiple sellers. The buyer was a local investor.

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Arboretum-at-Farmingville
DevelopmentMultifamilyNew YorkNortheast

BRP Cos. Completes 292-Unit Multifamily Project in Farmingville, New York

by Taylor Williams

FARMINGVILLE, N.Y. — BRP Cos. has completed Arboretum at Farmingville, a 292-unit multifamily project on Long Island. The 62-acre site at 20 Maple Lane is located within the Town of Brookhaven and includes a public park with walking trails and picnic areas. The development consists of 82 two-bedroom flats, 82 lofts, 63 two-bedroom townhomes, 14 three-bedroom townhomes and 51 three-bedroom single-family houses, with 30 units reserved for workforce housing. The amenity package comprises a fitness center with a yoga room, pool and cabana area, clubhouse with an entertainment kitchen, courts for tennis, pickleball and bocce ball, a putting green, playground, dog run and a business center with conference rooms. Santander Bank financed construction of the project, which began in summer 2022, and Basis Investment Group was the preferred equity investor. Rents start at $3,495 per month for a two-bedroom, market-rate apartment.

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60-S.-Broadway-White-Plains
AcquisitionsDevelopmentMultifamilyNew YorkNortheast

CBRE Brokers $27M Sale of Multifamily Development Site in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — CBRE has brokered the $27 million sale of a multifamily development site in White Plains, located north of New York City. The site at 60 S. Broadway spans 3.6 acres on the eastern edge of the downtown area and is approved for the development of two high-rise buildings totaling 814 units. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE represented the seller, Quarterra Multifamily Communities, in the transaction. The buyer was an affiliate of New York-based investment and development firm Stagg Group. A construction timeline was not disclosed.

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LoansMultifamilyNortheastPennsylvania

Red Oak Capital Provides $9.2M Bridge Loan for Philadelphia Multifamily Project

by Taylor Williams

PHILADELPHIA — Red Oak Capital Holdings has provided a $9.2 million bridge loan for Ridge Avenue Apartments, a 32-unit multifamily project in Philadelphia. The five-story building includes 8,000 square feet of ground-floor retail space and offers amenities such as a fitness center and a rooftop terrace, as well as off-street parking. The borrower, an affiliate of local development and management firm Vich Properties LLC, will use the proceeds from the two-year, interest-only loan to retire existing debt and complete construction of the project.

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AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Berkadia Brokers $31M Sale of Build-to-Rent Community in Metro Charlotte

by John Nelson

INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.

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Artistry-Design-District-Houston
DevelopmentMultifamilyTexas

McGrath Real Estate Completes 400-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — Locally based developer McGrath Real Estate Partners has completed a 400-unit multifamily project in Houston’s Design District. Artistry Design District offers studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, built-in desks, walk-in closets, stainless steel appliances and individual washers and dryers. Amenities include a pool, fitness center, resident lounges, a communal kitchen, coworking spaces and a pet park. Artistry Design District also features a stage for live music and other entertainment events. Move-ins are underway, and the property is now 57 percent occupied.

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DevelopmentLoansMultifamilyTexas

S3 Capital Provides $46.5M Construction Loan for Denton Multifamily Project

by Taylor Williams

DENTON, TEXAS — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided a $46.5 million construction loan for a 306-unit multifamily project in the North Texas city of Denton. Phase I of the garden-style development will consist of three 12-story buildings, and the property will ultimately offer amenities such as a pool, fitness center, business center and a dog park. The sponsor is national developer Landmark Cos. Information on floor plans and a construction timeline was not disclosed.

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219-E.-42nd-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheastOffice

Metro Loft, DWREI Receive $720M in Financing for Manhattan Office-to-Residential Conversion Project

by Taylor Williams

NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.

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Zaterra-Apts-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

PB Bell, PCCP Sell Zaterra Multifamily Property in Chandler, Arizona for $137.5M

by Amy Works

CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

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