NEW YORK CITY — Merchants Capital has arranged $185 million in financing for the acquisition and rehabilitation of Nostrand Houses, a 1,148-unit affordable housing community in Brooklyn’s Sheepshead Bay neighborhood. Nostrand Houses comprises 16 buildings that were constructed between 1949 and 1951 across two contiguous sites. The rehabilitation, which began in October, will be executed in six phases and is expected to last about 60 months. Capital improvements will cover individual apartments and building-wide systems, inclusive of new kitchens and bathrooms, electrified heating and cooling systems, new elevators, improved accessibility, lead and mold remediation and upgraded security systems. Merchants Bank provided the loan for Nostrand House, with $50 million of the total loan provided by the AFL-CIO Housing Investment Trust (HIT), which acted as co-lender on the deal. Joshua Canan and Mathew Wambua led the transaction for Merchants Capital.
PORTSMOUTH, N.H. — A partnership between two regional developers, Cathartes and Tidemark, is nearing completion of Marlo on Mill Pond, a 151-unit multifamily project in Portsmouth, located near the Maine-New Hampshire border. The first 45 units of Marlo at Mill Pond, which are housed within the building at 75 Addorio Way, are now available for occupancy, and the remaining units within the buildings at 85 and 95 Addorio Way are scheduled to open in the winter and early spring, respectively. Marlo on Mill Pond offers studio, one-, two- and three-bedroom units that range in size from approximately 600 to 1,270 square feet. Amenities include a fitness center with a dedicated yoga room, a clubroom with a gaming lounge, conference rooms, outdoor grilling and dining stations and a community café. Rents start at roughly $2,450 per month for a studio apartment.
FREMONT, CALIF. — USA Properties Fund has broken ground on Centerville Plaza, an affordable multifamily community in Fremont. Located at 37358 Fremont Blvd., Centerville Plaza will feature 290 one-, two- and three-bedroom apartments developed in two phases, with the first units available in spring 2028. The first phase will feature a single five-story building with 140 apartments dedicated to households earning 30 percent to 80 percent of the area median income (AMI) for Alameda County, while the second phase will include two buildings offering a total of 150 units that will have a 60 percent AMI rent and income limit. Apartments will include energy-efficient appliances and light fixtures, low-flow sinks, showers and toilets. Community amenities will include a clubhouse with kitchen, fitness center, barbecue areas and a resident resources area with social services provided by LifeSTEPS, as well as 257 parking spaces, including 27 EV chargers. Financing for the $174 million development includes a $12.8 million loan from the City of Fremont, along with tax-credit investor Bank of America and permanent lender Citi Community Capital for the first phase. The Bay Area Housing Innovation Fund provided a $17.1 million loan, and Housing Trust Silicon Valley provided a $10.3 million land acquisition …
HENDERSON, NEV. — Mesa West Capital has provided a $94.2 million construction loan to a joint venture between affiliates of Bain Capital Real Estate and Investcor for a planned seniors housing community in Henderson. The three-year, nonrecourse, floating-rate loan is secured by MorningStar Green Valley, a to-be-built full-continuum senior living community located at 2155 Village Walk Drive. Slated for delivery in October 2028, MorningStar Green Valley will feature 234 independent living, assisted living and memory care residences. Denver-based MorningStar Senior Living will manage the community upon completion. The construction team includes Martin-Harris Construction, DRC Surveying Nevada and Architectural Nexus.
MESA, ARIZ. — The Dinerstein Cos. and PCCP have received $92.1 million in refinancing for Atlas Mesa, a Class A garden-style apartment property located at 5818 E. Baseline Road in Mesa. JLL Capital Markets represented the borrowers in arranging the loan through QuadReal Property Group. Delivered in 2025, Atlas Mesa is a four-story property offering 394 studio, one-, two- and three-bedroom layouts with an average unit size of 991 square feet. Unit amenities include two-toned kitchen cabinets, quartz countertops, wood-style flooring, full-size washers/dryers, indoor air quality systems and stainless steel appliances in select units. Community amenities include an outdoor sky deck and landscaped courtyards, private and group coworking spaces, an indoor/outdoor fitness center, barbecue grills, a pool with a deck, spa and lounge seating, a resident social lounge with full kitchen and TVs, a dog park, pet spa and a bike storage and repair station. Brad Miner, Cameron Cureton, Drew Lydon, Justin Savoie, Andrew Pappas and Jack Kurschat of JLL secured the financing for the borrowers.
ANN ARBOR, MICH. — Marcus & Millichap has negotiated the $26 million sale of Brookhaven Manor, a 134-bed independent living facility in Ann Arbor. Jim Knapp and Justin Knapp of Marcus & Millichap represented the seller and procured the institutional buyer. Constructed in 1988 on 6.7 acres near the University of Michigan and Michigan Health, Brookhaven Manor was renovated in 2015. The property features one- and two-bedroom units, 85 percent of which have been upgraded.
RALEIGH, N.C. — A joint venture between Beacon Partners and Eagle Realty Group has broken ground on Rowan, a 386-room multifamily development located at 301 E. Six Forks Road in Raleigh’s Midtown district. The 12-acre project will comprise 350 apartments and 36 three-story townhomes. Amenities will include a resort-style pool, fitness center, coworking space and a lounge at the top level. Beacon plans to deliver Rowan in early 2029. Bank of America provided an undisclosed amount of construction financing for the project. The design-build team includes LaBella (architect), Level5 Design (interior designer), Wooten (civil engineer) and HK Jordan (general contractor).
By Rich Trepanier, president, Gage Commercial Construction For multifamily property owners, the impact of a fire extends well beyond the physical damage left behind. What begins as an emergency quickly becomes a complex business challenge involving lost revenue, insurance coordination, reconstruction costs and operational disruptions that can continue long after the flames are extinguished. While rebuilding a damaged structure is the most visible part of the recovery process, restoring an income-producing property to normal operations involves a much broader set of considerations. Owners must navigate financial uncertainty, coordinate with multiple stakeholders and make decisions that can influence how quickly a property returns to productive and habitable use. Every choice has a direct impact on the speed, cost and overall success of the recovery. According to the U.S. Census Bureau, Texas is home to five of the 15 fastest-growing cities in the country by population. Inevitably, that means that Texas has a significant concentration of multifamily housing, which theoretically means increased demand for reconstruction services. Across Texas, the complexities of fire reconstruction can be compounded by differences in local building requirements, existing property conditions and the challenges of maintaining operations in partially occupied communities. Financial Impact Goes Beyond Physical Damage Beyond visible …
DALLAS — Locally based developer Larkspur Capital has begun leasing The Juniper, a 219-unit multifamily project in Dallas. The site is located within a Qualified Opportunity Zone at 4003 Commerce St. in the Exposition Park area of Dallas. The site spans 1.4 acres, and the property feature studio, one- and two-bedroom units in addition to townhomes, penthouses and ground-floor retail space. Amenities include a pool, dog park, fitness center, multiple lounges, pickleball courts, outdoor grilling and dining stations and a clubhouse. Corgan designed the project, with Faulkner Design Group handling interior architecture. OHT Partners served as the general contractor. Rents start at roughly $1,600 per month for a studio apartment.
NEW YORK CITY — Berkadia has provided a $219 million Fannie Mae permanent loan for the rehabilitation and preservation of Rangel Houses, a 984-unit affordable housing community in Upper Manhattan. Rangel Houses was originally built on 11 acres in 1951 as Colonial Park Houses and was renamed in 1977 in honor of tenant association president Ralph Rangel. Today, the community comprises eight high-rise buildings that are home to roughly 1,800 people. All units are reserved for households earning 80 percent or less of the area median income, with the majority (954 units) designated for “very low-income” residents. Rangel Houses also features playgrounds and open space, commercial space and specialized centers for seniors and children of varying ages. Matthew Baptiste and Heather Olson of Berkadia originated the financing in partnership with the New York City Housing Authority, the New York City Housing Development Corp. and Goldman Sachs on behalf of the owner, Genesis Cos. The loan was structured with a 15-year term, five years of interest-only payments and a 40-year amortization schedule.
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