PATCHOGUE, N.Y. — PGIM has provided a $19.2 million mezzanine loan for the construction of Carriage House, a 262-unit multifamily project that will be located in the Long Island community of Patchogue. Carriage House will be a two-building development in which 20 percent of the units will be reserved as affordable housing. Information on floor plans and amenities was not disclosed. The development will also include the construction of a 30,000-square-foot riverwalk and park area. The borrower is a partnership between Asia Capital Real Estate and Nord Development.
LAKE WORTH, FLA. — Berkadia has arranged a $57 million bridge loan for the refinancing of Astor Sound at Lake Worth, a 230-unit apartment community in South Florida’s Palm Beach County that is nearing completion. Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Patrick Johnson of Berkadia secured the two-year loan through Infinity Collective on behalf of the borrower, Midtown Capital Partners. Located at 2201 Tenth Ave. in Lake Worth, Astor Sound is situated on a 6.5-acre site next to a canal. The property will offer one-, two- and three-bedroom floorplans that range in size from 715 to 1,160 square feet. Amenities will include a resort-style pool and pavilion with a summer kitchen, fitness center, outdoor entertainment area, dog park/spa, resident coworking lounge, coffee bar, game room, conference room and an outdoor trail.
DURHAM, N.C. — Walker & Dunlop has secured the refinancing of Plat 4 at Research Triangle, a 240-unit apartment community located at 5510 Primary Drive in Durham. Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Michael Ianno and Stanley Cayre of Walker & Dunlop’s New York City office arranged the floating-rate, interest-only loans through ACRE on behalf of the borrower, Buckingham Cos. The financing of Plat 4 at Research Triangle was executed in tandem with the refinancing of Buckingham’s Plat 10 at the Ranch in Loveland, Colo., with both transactions totaling $110 million. Built in 2023, Plat 4 offers a mix of studio, one-, two- and three-bedroom residences, as well as a pool, fitness center, lounge, car care center and a dog park.
MORGANTOWN, W.VA. — Centurion Property Group has acquired U Club Sunnyside, a 534-bed student housing community located near the West Virginia University campus in Morgantown. The new ownership plans to rebrand the property as The View at Morgantown and implement capital improvements following the acquisition. The seller and terms of the transaction, which was brokered by JLL, were not released. Developed in 2016, the property offers units in a mix of two- and four-bedroom configurations. Shared amenities include a resort-style pool, hot tub, fitness center, community kitchen, barbecue grills and dedicated study spaces.
By Lisa Lim, member, real estate & housing specialist, Rosenberg & Estis PC On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (BBB) into law. The legislation represents one of the nation’s most sweeping tax, spending and regulatory shakeups in decades, touching everything from border enforcement to energy. The passing of the bill also marked a significant step in addressing the nation’s worsening housing crisis, as well as the need for community reinvestment. Policymakers have long debated the best ways to incentivize the construction of affordable housing, spur economic development and preserve historic buildings. The BBB was designed, in part, to meet those goals by expanding and permanently extending key federal tax credit programs, including the Low-Income Housing Tax Credit (LIHTC), the New Market Tax Credit (NMTC) and the Historic Tax Credit (HTC). In this article, we address what each of the legislative impacts are for each of those programs and assess their ramifications on the broader U.S. housing market. Low-Income Housing Tax Credits At the most basic level, the BBB gives states more money to support affordable housing by permanently increasing the amount of Low-Income Housing Tax Credits (LIHTCs) they receive by 12 percent. These …
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.
NORTH PROVIDENCE, R.I. — CBRE has negotiated the sale of Residences at Brentwood, a 240-unit apartment complex in North Providence. Built in 1987, the property offers one- and two-bedroom units with an average size of 692 square feet. Amenities include an indoor and outdoor pool, fitness center and a clubhouse. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Massachusetts-based Taymil Partners, in the transaction. The buyer was FPA Multifamily.
FOLSOM, CALIF. — Northmarq has provided a $53.7 million Fannie Mae loan for the refinancing of Fairmont at Willow Creek, a garden-style apartment community in Folsom. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao of Northmarq originated the financing for the borrower, CWS Capital Partners. The transaction was structured with a five-year term and full-term interest-only payments. The loan features a 70 percent loan-to-value ratio and a 35-year amortization for sizing purposes. Located at 200 S. Lexington Drive, Fairmont at Willow Creek features 260 one- and two-bedroom apartments with custom kitchens, in-unit washers/dryers and private patios or balconies. Community amenities include a clubhouse, swimming pool, spa, fitness center and dog park.
LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles. John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager. The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease. Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage. In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project.
TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Manulife Investment Management has completed The Mark Tallahassee, an 860-bed student housing development near the Florida State University (FSU) campus in Tallahassee. The development team for the project included Dwell Design and Landmark Construction. Located at 675 W. Lafayette St., the development comprises three mid-rise buildings offering 202 fully furnished units ranging in configurations from studio to six-bedrooms. The property also offers VIP penthouse-style units with upgraded technology and appliance packages, as well as oversized common rooms with pool tables. Amenities include an 8,900-square-foot rooftop clubhouse with a pool and sun shelf overlooking the Doak S. Campbell football stadium; a fitness center with a cold plunge and sauna; 24-hour study lounge; gathering space with a grilling station; fire pits and a Jumbotron; and an additional outdoor fitness center. The Mark Tallahassee was fully leased ahead of FSU’s 2025-2026 academic year.