LOS ANGELES — TruAmerica Multifamily and Oaktree Capital Management, both based in Los Angeles, have received a loan for approximately $255.3 million to refinance four multifamily properties. JLL Capital Market’s debt advisory team represented the borrower and was led by President Kevin Mackenzie and Managing Directors Annie Rice and Brandon Smith. The JLL team arranged a five-year, floating-rate loan through a national bank. The portfolio includes three Florida properties: Arbors at Carrollwood in Tampa and Audubon Park and Alcove Orlando in Orlando. In Arizona, the portfolio features Luxe Scottsdale. The properties were built between 2001 and 2017.
Multifamily
COLORADO SPRINGS, COLO. — The Garrett Cos., as developer and contractor, has begun construction on a multifamily development in Colorado Springs. Ware Malcomb’s Denver and Chicago offices are providing architecture and civil engineering services for the project. Situated on 7.2 acres at the intersection of Barnes Road and Rio Vista Street, the garden-style property will offer 163 apartments in a mix of one-, two- and three-bedroom layouts. Each unit will have a full-sized washer/dryer. Community amenities will include a resort-style pool and spa with cabanas, a fitness center, dog park, clubhouse with lounge, billiards and arcade games and coworking and private office spaces.
INDIANAPOLIS — Keystone Group is adding 57 new luxury apartments to its $124 million office-to-residential conversion project at 220 Meridian Tower, the former AT&T office located near Monument Circle in Indianapolis. Scheduled for completion in summer 2026, the additional units will range from studios to two-bedroom floor plans. Construction has commenced, following AT&T’s lease that ended on May 31. Plans call for additional outdoor deck amenities, including a dog park, and six units that will feature private patio spaces. With these additions, a total of 273 units will be brought to market. As part of the continued development, 220 Meridian Tower will also welcome Harmony Steakhouse, an Indianapolis-based Japanese-style steakhouse slated to open this month.
MANAHAWKIN, N.J. — New Jersey-based developer Walters has completed the lease-up of Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. Leasing began last fall. The four-building property, which is now fully occupied, offers one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, children’s play area, basketball court and a clubhouse with a computer workstation. Residents also have access to afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and other social services.
NEW YORK CITY — Charney Cos. and Tavros have unveiled plans to build 175 Third Street, a 1 million-square-foot apartment tower in Brooklyn’s Gowanus area. The 27-story building will feature more than 1,000 units, approximately 250 of which will be designated as affordable housing. The development cost, including the land purchase, is estimated at roughly $1 billion, according to the New York Post. The project marks the fifth building on four different sites in the new Gowanus Wharf development by Charney and Tavros. Catalyzed by the major Gowanus rezoning in 2021, the new development will feature a public park along the Gowanus Canal. According to a release, the project will contribute to the rehabilitation of the canal while supporting the continued evolution of the industrial Brooklyn neighborhood. Bjarke Ingels Group (BIG) designed the new tower along with dencityworks | architecture. BIG previously completed a design for the same site in 2023 for a different owner. Charney and Tavros purchased the site in May for $160 million. “Our design for 175 Third Street in Gowanus is conceived as a three-dimensional neighborhood of building blocks stacked to frame a central park cascading down toward the canal waterfront,” says Bjarke Ingels, founder and …
OKLAHOMA CITY — Red Oak Capital Holdings has provided a $5.7 million bridge loan for Penn Grand Apartments, a 105-unit multifamily complex in Oklahoma City. Located in the downtown area, the property consists of 14 two-story buildings on a 3.7-acre site. Nick Jans, Thomas Gorski and James Myatt of Red Oak Capital originated the two-year loan, which was placed by Sean Reilly of Regions Bank. The borrower, Gideon Properties, an investment firm that specializes in distressed assets, will use the proceeds to retire existing debt and rehabilitate units that were damaged by fire.
TruAmerica Multifamily Acquires Chase Heritage Apartments in Sterling, Virginia for $72M
by John Nelson
STERLING, VA. — TruAmerica Multifamily has purchased Chase Heritage Apartments, a 236-unit community located at 1212 Chase Heritage Circle in Sterling, a suburb of Washington, D.C. McDowell Properties sold the garden-style property for $72 million. Robert Dean and Jonathan Greenberg of Institutional Property Advisors’ (IPA) Mid-Atlantic office represented the seller in the transaction. Built in 1986, Chase Heritage has had multiple renovations completed since 2021, mostly on the exterior and amenity areas including the pool area, clubhouse and fitness center. TruAmerica Multifamily plans to renovate the property’s interiors and enhance amenity offerings during its ownership.
Mesa West Capital Provides $50.4M Refinancing for Ames Apartments in Metro Charleston
by John Nelson
SUMMERVILLE, S.C. — Mesa West Capital has provided a $50.4 million loan for the refinancing of The Ames, a new Class A apartment community located in Summerville, a suburb of Charleston. Walker Layne and Austin Sneed of Walker & Dunlop arranged the financing on behalf of the borrower, Woodfield Development, which delivered the 304-unit property in 2024. Pamir Niaz led Mesa West Capital’s New York-based origination team in the deal. The Ames is located at 3800 Zephyr Road within the Nexton master-planned community and features a mix of studio, one-, two- and three-bedroom layouts. Amenities include a resort-style pool with poolside cabanas and grilling stations, an outdoor amphitheater, resident lounge, fitness center, pickleball courts and a dog park.
ROSELLE PARK, N.J. — Greystone has provided an $80 million bridge loan for the refinancing of Meridia Roselle Park 10, a 325-unit apartment community located in the Northern New Jersey borough of Roselle Park. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 582 to 952 square feet. Drew Fletcher and Miryam Reinitz-Kops of Greystone originated the loan, which was structured with a two-year term and a floating interest rate, on behalf of the borrower, Capodagli Property Co.
ROSELLE PARK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $4.1 million sale of a 24-unit apartment complex located in the Northern New Jersey community of Roselle Park. The three-story building at 336 E. Westfield Ave. houses six studios, 17 one-bedroom units and a rental house with onsite parking for tenants. About half (13) of the units were recently renovated with new kitchens and bathrooms, and the property also recently received a new roof and common area upgrades. Andrew Scheinerman and Jeff Squires of Kislak brokered the deal. Both parties were limited liability companies that requested anonymity.