HOUSTON — Walker & Dunlop has arranged a $128.5 million acquisition loan for The Arno, a 168-unit apartment complex located in Houston’s River Oaks neighborhood. Information on floor plans and amenities at The Arno was not disclosed. Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian of Walker & Dunlop originated the financing through Hudson Bay Capital on behalf of the borrower, Sade Real Estate.
AUSTIN, TEXAS — Mesa West Capital has provided a $47 million loan for the refinancing of Bishop Momo, a 274-unit apartment complex in South Austin. Bishop Momo is located within the St. Elmo District, a 275-acre mixed-use redevelopment of a former industrial site. Delivered in 2024, Bishop Momo offers studio, one- and two-bedroom units and amenities such as a pool, lounge, fitness center and a courtyard, as well as 5,835 square feet of ground-floor retail space. Chris McColpin of Newmark arranged the debt. The borrower is United Properties.
ARDMORE, PA. — An affiliate of Piazza Auto Group has broken ground on a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The Plaza at Ardmore will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, outdoor grilling and dining stations, a fitness center and dedicated coworking and private study spaces. The development will also feature 30,000 square feet of ground-floor retail space and 19,000 square feet of outdoor courtyard space. Piazza is partnering with Radnor Property Group on the project, which is being financed by Bank OZK (senior lender) and Affinius Capital (mezzanine lender). Completion is slated for early 2028.
NEW YORK CITY — Merchants Capital has provided $26.3 million in financing for the rehabilitation and conversion (to affordable seniors housing) of Three Arts Club, a 62-unit historic multifamily property on Manhattan’s Upper West Side. Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring female artists. Upon completion of the rehabilitation and conversion, the property will offer housing for residents age 62 and above who earn 50 percent or less of the area median income. In addition, 25 units will be set aside for formerly homeless individuals. The financing consists of an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. The owner is nonprofit organization West Side Federation for Senior & Supportive Housing Inc.
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $3.2 million sale of 16 Groton Street, a 35-unit apartment building located in Hartford’s South End neighborhood. According to Apartments.com, the building was originally constructed in 1920 and houses studio, one- and two-bedroom units that are furnished with stainless steel appliances and granite countertops. The building also recently underwent capital improvements to unit interiors and select common areas. Steve Pappas and Tess Cullen of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
EVANSTON, ILL. — Skender has broken ground on Mt. Pisgah Apartments, a 33-unit affordable housing development in Evanston. The project, led by Housing Opportunity Development Corp. (HODC) in partnership with Skender, Mt. Pisgah Ministries and the City of Evanston, will transform the current church site at 1813 Church St. The one-, two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income. The development will also include 2,250 square feet of ground-floor commercial space, shared community amenities and energy-efficient building features. Mt. Pisgah Apartments will remain under the long-term ownership and management of HODC. Cordogan, Clark & Associates Inc. is the architect. Financing partners include the Illinois Housing Development Authority, City of Evanston, Clocktower Tax Credits, Housing Authority of Cook County, National Equity Fund, Wintrust Village Bank & Trust and ComEd.
NEW PORT RICHEY, FLA. — Dobbins Group, alongside general contractor Capstone Building Corp., has broken ground on Charleston Ridge Apartments, a 230-unit community located at 9949 Elyton Loop in New Port Richey, a northwest suburb of Tampa in Pasco County. The property will comprise four four-story apartment buildings housing 224 units and six two-bedroom townhomes atop 10,000 square feet of commercial space. Amenities will include a fitness center, clubroom, lounge, tenant market, swimming pool, electric vehicle charging stations and smart vehicular and pedestrian access controls. Dobbins Group plans to deliver Charleston Ridge in 2027.
FAIRFAX, VA. — Insight Property Group has broken ground on the redevelopment of the Hunters Branch office property in Fairfax within Northern Virginia. Brian Crivella, Brian Gould, Patrick McGlohn, Bill Gribbin, Yalda Ghamarian, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged equity and construction financing for the $174.6 million project. The lenders, CIBC and Citizens Bank, jointly provided a $107.7 million nonrecourse construction loan. In March, Insight sold a portion of the Hunters Branch property, consisting of two vacant office buildings totaling 400,000 square feet, to Toll Brothers for $17 million. The national homebuilder will develop 76 stacked townhomes on the parcel. Insight will develop the balance of the site into a 452-unit apartment community while preserving 656 parking spaces in the existing garage. Resident amenities will include a fitness center, clubroom, coworking library, private dining space, a pool, outdoor grilling areas, a pet spa and dog park, along with expanded outdoor recreation space tied to the adjacent Hunters Branch Park. The project site is situated a quarter-mile from the Vienna Metro Station. Acquired for $28.9 million in a direct REO (Real Estate-Owned) transaction in November 2024, the original office property was not zoned at the time and …
HUNTINGTON BEACH, CALIF. — JLL and HJ Sims have arranged $252.1 million in tax-exempt and taxable bond financing for the development of The Marisol, a seniors housing community in Huntington Beach. HJ Sims acted as lead book-running manager on the senior bonds and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds. Issued through the California Public Finance Authority, the fixed- and floating-rate financing was structured into Series A senior bonds and subordinate Series B and C bonds. The bonds were divided into three tranches: a Series A $165.7 million tranche, a Series B $74.3 million tranche and a Series C $12.1 million tranche. Located at 2120 Main St., The Marisol is currently under construction and will deliver 214 seniors housing units and a full amenity package in 2028. JLL’s Senior Housing Capital Markets team served as real estate advisor on the project.
LOS ANGELES — Seachange Partners has received $15.6 million in nonrecourse construction financing for two affordable multifamily developments in Los Angeles. Keith Rosso and Jeremy Kanter of Berkadia arranged the financing through Genesis Capital, a private Los Angeles-based residential construction lender. Located at 1723 Corinth Ave. and 3751 Delmas Terrace, the two five-story properties will deliver a combined 79 units of deed-restricted affordable housing. Construction is underway, with completion slated for 2027. Seachange Partners was founded in 2024 by Kyle Jenkins and Cameron Whiting. To date, the firm has initiated four affordable housing development projects in the greater Los Angeles area. The Corinth Avenue and Delmas Terrace developments are Seachange’s inaugural projects.
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