NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has topped out The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts, the building will ultimately house a mix of 365 market-rate and affordable units. Information on floor plans and amenities, as well as a tentative completion date, was not disclosed.
NEW ROCHELLE, N.Y. — Cappelli Development Co. has begun leasing Encore, a 241-unit apartment building in New Rochelle, a northern suburb of New York City. The 28-story building offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, multi-sport simulator, coworking lounge and a catering kitchen. Rents start at roughly $1,900 per month for a studio apartment.
FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit apartment complex in the Lehigh Valley community of Forks Township, for $35.5 million. Sullivan Parke consists of four buildings on seven acres and features amenities such as multiple fitness centers, lounges and outdoor recreation areas. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer.
WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing (CSH) owns the property. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, which is projected to open in 2025.
ST. LOUIS — Passco Cos. has acquired Cortona at Forest Park, a 278-unit apartment complex in St. Louis. The purchase price was undisclosed. Built in 2014, the Class A community is situated near Forest Park and the Central West End neighborhood. The five-story property is 93 percent leased. Amenities include a pool, fitness center, dog park and pet spa. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Invesco Real Estate. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. With this transaction, Passco has surpassed $4 billion in assets under management, with $250 million designated in the Midwest region.
ROSELLE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG), has acquired Roselle Luxury Apartments in the Chicago suburb of Roselle for an undisclosed price. DMG Capital partnered with JDI Realty and The Wolcott Group, two Chicago-based real estate investment firms, to acquire the 72-unit apartment community. DMG has managed Roselle Luxury Apartments since September 2022. All of the property’s units are two-bedroom layouts. The seller was undisclosed.
By Taylor Williams ATLANTA — Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 have largely followed the same script: “Hunker down.” “Survive till ’25.” “Delay and defer.” In other words, do whatever you have to do to avoid the sting of the 11 interest rate hikes totaling 500-plus basis points that have been enacted over the past 20 months, raising the federal funds rate from near zero percent to its current target range of 5.25 to 5.5 percent. According to data compiled by Walker & Dunlop, the average all-in interest rate on a 10-year, fixed-rate Fannie Mae mortgage — assuming a conservative structure of 55 percent loan-to-value — is roughly 6.25 percent. Since rate hikes began, multifamily lenders across various markets have stated that leverage ratios in the neighborhood of 55 to 60 percent have become the norm, all other factors being held equal. Cloud of Uncertainty Despite some seemingly …
ATLANTA — Greystar has opened NOMIA, a 281-unit high-rise apartment community located in Midtown Atlanta. Amenities at the property, which features residences in studio, one-, two- and three-bedroom layouts, include vending service TULU, complimentary e-scooters through TULU Ride, coworking space, a spa room, rooftop swimming pool and a fitness studio. Additionally, the community will feature activations including wine tasting with Barcelona Wine Bar, instruction by Evolation Yoga Studio, boxing with Pepper Boxing Club, facials by Woodhouse Spa and rooftop spirits provided by Drop to the Rim Bartend. Monthly rental rates at NOMIA begin at $1,680, according to the community website.
COVINGTON, GA. — Brook Farm Group and Emory Equity have broken ground on The Sinclair at Callaway Farm, a 388-unit multifamily project in Covington, roughly 35 miles southeast of Atlanta. Situated adjacent to the 180-acre Covington Town Center mixed-use development, the community will feature two distinct neighborhoods comprising 11 residential buildings and amenities. SilverCap Partners provided preferred equity for the project, with construction financing provided by First Horizon Bank and TrustMark Bank. Completion is expected by the end of 2025.
TEMPLE, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Midtown Apartments, a 128-unit complex located in the Central Texas city of Temple. Built in 1971, the property offers one- and two-bedroom units with an average size of 872 square feet and amenities such as a pool, fitness center, basketball court, clubhouse and a picnic area. Paul Yazbeck of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the buyer. Both parties requested anonymity.
