TAYLOR, MICH. — Bernard Financial Group has arranged a $7 million permanent loan for the refinancing of a 236-unit multifamily property in Taylor, about 16 miles southwest of downtown Detroit. Joshua Bernard arranged the loan through a life insurance company on behalf of the borrower, Taylor Park Apartments LP.
NEW YORK CITY — Charney Cos., Tavros and Incoco Capital have received $785 million in construction financing for the development of 175 Third Street, the fifth building at the $1 billion Gowanus Wharf campus in Brooklyn. Apollo and Affinius Capital are providing $600 million in debt, and RXR is providing $185 million in equity. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL secured the financing on behalf of the borrowers. Upon completion, 175 Third Street will mark the largest building at the development, which is situated within the Gowanus area of Brooklyn. Charney and Tavros purchased the site in May for $160 million. The residential building will total roughly 1.1 million square feet across 27 stories and will house approximately 1,100 units. Of the residences, 25 percent will be designated as permanently affordable housing. Bjarke Ingels Group designed the property, which will also feature a 28,000-square-foot public waterfront esplanade in collaboration with the New York City Department of Parks & Recreation. Additionally, Life Time has signed an 85,000-square-foot lease at the building for a three-story fitness club and spa. “Securing this financing with Apollo, Affinius and RXR validates both the strength of 175 Third Street and our long-term commitment to this …
HOUSTON — Lument has provided a $14.4 million Fannie Mae acquisition loan for Aspen Forest, a 144-unit, garden-style multifamily property in northwest Houston. Built in 1985 and renovated in 2020, Aspen Forest comprises 36 buildings that exclusively house two-bedroom units. Ted Nasca of Lument originated the loan, which carries a fixed interest rate, five-year term with partial interest-only payments and a 30-year amortization schedule. The borrower is Cube Equity Group.
KALAMAZOO, MICH. — BWE has arranged a $37 million bridge loan for The Exchange, a 15-story apartment building in Kalamazoo. BWE’s Chris Carroll, Cathy Bronkema and Max Miller originated the financing from a debt fund on behalf of the borrower, a local commercial and residential property developer. Delivered in December 2020, The Exchange features ground-floor retail space, structured parking and luxury apartment units. Amenities include a roof deck, outdoor patio, fitness center, clubroom, package handling room and bike storage.
KENOSHA, WIS. — CBRE has brokered the $7.1 million sale of Bayside Townhomes, a 32-unit multifamily community in Kenosha. CBRE’s Matson Holbrook, Gretchen Richards and Sean Beuche represented the seller, Bayside Townhomes LLC. Campbell Creek Communities LLC was the buyer. Bayside Townhomes is located at 1523 Sheridan Road, proximate to Carthage College and the Lake Michigan waterfront. The property, which features three-bedroom floor plans averaging 1,500 square feet, was fully occupied at the time of sale.
BOILING SPRINGS, S.C. — Berkadia has arranged the sale of Villas at Lawson Creek, a 202-unit, garden-style apartment community located at 9159 Asheville Highway in Boiling Springs, a northern suburb of Spartanburg, S.C. Charleston-based Matheson Capital purchased the property from Omaha, Neb.-based Momentum Housing for an undisclosed price. Caleb Troop, Thomas Colaiezzi, Matt Robertson and Drew Kwiatkowski of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2009, Villas at Lawson Creek features one-, two- and three-bedroom apartments ranging in size from 652 to 1,444 square feet. Amenities include a swimming pool, fitness center, grilling and picnic areas, laundry facilities, car care center, movie lounge and additional storage units.
NEW YORK CITY — A partnership between local owner-operator Gilbane Development Co., Strada Development LLC and the Center for Urban Community Services (CUCS) has unveiled plans for a $170 million affordable and supportive housing project in The Bronx. Designed by Magnusson Architecture and Planning PC and known as 1920 Turnbull, the 22-story building will be located in the borough’s Castle Hill/Soundview submarket and will house 228 affordable housing units, including 137 permanent supportive housing units for formerly homeless individuals and families. CUCS will operate a 3,500-square-foot office within 1920 Turnbull to facilitate residents’ access to onsite social support services such as case management, behavioral health support, benefits assistance, employment services and connections to community resources. Additional amenities will include outdoor recreation space, a fitness room, community room and onsite laundry facilities. Site remediation and a groundbreaking are scheduled to take place in the coming weeks, with completion slated for 2029.
NEW YORK CITY — Developer Nasser Freres has received a $375 million construction loan for JFK Boulevard, an 840-unit apartment tower that will be located in the Journal Square area of Jersey City. The building will offer studio, one-, two- and three-bedroom units, 10 percent of which will be designated as affordable housing. Amenities will include a spa, fitness center, multi-sport court, coworking and library lounges, game and screening rooms, an outdoor pool with sun decks, dog run, pet spa and a rooftop lounge. In addition, JFK Boulevard will feature 50,000 square feet of retail space that will be anchored by an organic grocer. Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the floating-rate, interest-only loan through Madison Realty Capital. Completion is slated for early 2029.
PHOENIX — Scottsdale, Ariz.-based Alliance Residential has sold Broadstone Seventh Street, a 258-unit multifamily property in north central Phoenix, to a leading global investor for an undisclosed price. Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the transaction. Completed in 2024, Broadstone Seventh Street features studio, one- and two-bedroom floor plans with 9- and 10-foot ceilings, wood-style flooring, in-unit washers and dryers, quartz countertops, illuminated vanity mirrors and SmartRent Home technology. Community amenities include a residential clubhouse with an kitchen and billiards, a two-story fitness center, a resort-style pool and spa with private cabanas, barbecue grills and an outdoor ramada.
EVERETT, WASH. — Jackson Square Properties has sold Latitude, a 108-unit multifamily property in Everett’s Lake Stickney neighborhood, to Bridge Housing for approximately $25.4 million. Developed in 1986 on 4 acres, the property features one- and two-bedroom apartments spread across six residential buildings and a standalone clubhouse. Community amenities include a courtyard with a barbecue area and firepit, fitness center and a fenced-in dog park. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the San Francisco-based seller and procured the buyer, also based in San Francisco.