SAN JOSE, CALIF. — Silicon Valley Initiative Partnership has received $74.1 million in financing for the conversion of the historic Bank of Italy building, located at 12 S. 1st St. in downtown San Jose, into a mixed-use residential and retail property. Deutsche Bank provided the financing. Originally constructed in 1926, the 13-story office tower will be transformed into a 126,000-square-foot multifamily and commercial space. The residential portion will feature 109 studio, one- and two-bedroom, market-rate apartments complemented by a fitness center, lounge and an outdoor terrace. Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the financing on behalf of of the borrower.
UPLAND, CALIF. — WMC Commercial Properties has purchased Upland Village Green, a multifamily community in Upland, from an undisclosed seller for $48.5 million. Kevin Green, Joseph Grabiec, Chris Zorbas and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Upland Village Green features 24 residential buildings with electronic access entry gates, a swimming pool, spa and sundeck. Apartments feature open floor plans, private patios or balconies and illuminated ceiling fans.
NEW YORK CITY — The Dermot Co., a locally based owner-operator, has received a $355 million loan for the refinancing of 21 West End Avenue, a 616-unit apartment tower on Manhattan’s Upper West Side. Dermot completed the 48-story building, which includes 127 affordable housing units, in 2016. Residences come in studio, one-, two- and three-bedroom floor plans, and amenities include an indoor pool, fitness center, resident lounge, game room, rooftop terrace, children’s playroom and a pet run. Mizuho Americas provided the financing, specific terms of which were not disclosed.
PORTLAND, ORE. — Guardian has purchased Ladd Tower, an apartment building located at 1300 S.W. Park Ave. in downtown Portland, for an undisclosed price. Josh McDonald and Joe Nydahl of CBRE, along with Jesse Weber and Andrew Behrens of CBRE’s Debt & Structured Finance team, represented the buyer and undisclosed seller in the deal. The 23-story Ladd Tower features 332 Class A apartments and is adjacent to the South Park Blocks and within walking distance of Portland State University, public transit and major downtown employers.
NORTH MIAMI, FLA. — A joint venture between affiliates of Cantor Fitzgerald Asset Management (CFAM), the investment and asset management division of Cantor Fitzgerald, and RPM Living, have acquired Biscayne Shores, a 380-unit waterfront multifamily community located in North Miami. Miami-based Integra Investments, in partnership with Andrew Korge of Korgeous Group and David Larson of DCL Capital, developed the property in 2024. The purchase price was $151 million, according to various media outlets. Spanning 8.2 acres, the 15-story tower comprises 288 apartments and 92 townhomes ranging in configuration from studios to three-bedroom units. Biscayne Shores also offers approximately 15,000 square feet of amenity space that includes a fitness center, swimming pool, children’s playroom and a rooftop terrace.
TAMPA, FLA. — Aventon Cos. has broken ground on Aventon Eva, a 270-unit multifamily development located at the intersection of Little and Decubellis roads in Tampa. The developer will begin leasing the three-story, garden-style complex in July 2027. Aventon Eva will offer one-, two- and three-bedroom floorplans, as well as a resort-style swimming pool, clubhouse with dedicated remote workspace, pet spa and a 24/7 fitness center. The property marks Aventon’s third ground-up community in the Tampa Bay region. The project team includes Cormia Design (architect) and Studio 5 Interiors (interior designer).
MT. JULIET, TENN. — Alliance Residential has purchased 10 acres within McFarland Farms, a 110-acre mixed-use project in Mt. Juliet, approximately 17 miles east of Nashville. The Scottsdale, Ariz.-based developer plans to build a 312-unit apartment community on the site. Eric Deems and George Schubert of Atlanta-based Land Advisors Organization represented Alliance Residential in the land transaction. Further details of the multifamily development were not released. In addition to the new apartments, McFarland Farms will include a town center that compromises a mix of 184 townhomes and 175 single-family homes, as well as 35,000 square feet of commercial space for restaurants, retail and entertainment uses; a 4,300-square-foot public greenway; dog park; and a community amphitheater. The five-phase development, which broke ground in early 2025, is being developed by Tulit Investment and is expected to be fully delivered in 2030.
MANSFIELD, CONN. — Locally based brokerage firm Chozick Realty has arranged the $3 million sale of Eagle Court Apartments, a 40-bed student housing building in Mansfield that serves students at the University of Connecticut. Each unit at Eagle Court, which has maintained full occupancy over the past decade, has four bedrooms and comes fully furnished. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. The buyer was also not disclosed.
CHESTER, VA. — Locally based Emerson Cos. and independent developer Philip Roper have delivered The River Apartments, a 201-unit community located at 1350 Meadowville Technology Parkway in Chester. The Class A community is situated near the James River, which runs through downtown Richmond. The property features one-, two- and three-bedroom floorplans ranging in size from 615 to 1,489 square feet. Monthly rental rates range from $1,684 to $2,596, according to Apartments.com. Amenities include a saltwater pool with sundeck, fitness center, grilling stations, landscaped courtyards with fire pits, resident lounge and coworking/conference space. Burke & Herbert Bank provided an undisclosed amount of construction financing to the development team. The design-build team include 2PA (architect), Highmark Engineering (civil engineer), KBS (general contractor), Focus Design (interior designer) and Cite Design (landscape architect). Capital Square Living operates The River Apartments.
DAYTONA BEACH, FLA. — Walker & Dunlop has provided a $53.7 million Freddie Mac loan for the refinancing of OnShore, a 636-bed student housing community located near Embry-Riddle Aeronautical University in Daytona Beach. Delivered in 2020, the community offers 210 units alongside shared amenities including a fitness center, study areas, an infinity pool and a flight simulator. Will Baker, Mike Shropshire, William Shell and Doug McDaniel of Walker & Dunlop originated the seven-year, floating-rate loan with a four-year interest-only period on behalf of the borrower, a partnership between L3 Campus and Aureon Partners. Austin Kinn of TSB Capital Advisors also consulted on the transaction on behalf of the borrower.
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