BLACKSBURG, VA. — A joint venture between Cardinal Group Development and PGIM has broken ground on a 493-bed student housing development near the Virginia Tech campus in Blacksburg. Located at 501 S. Main St., the community will offer 215 units across two five-story buildings and 50 three-story townhomes. The property will also feature 17,456 square feet of retail space on the ground level. Shared amenities are set to include a pool and hot tub, fitness center, clubhouse and collaborative study lounges. Each townhome will offer a private rooftop terrace and two-car garage. The project is scheduled for completion ahead of Virginia Tech’s 2027-2028 academic year.
KNOXVILLE, TENN. — Dwight Mortgage Trust has provided a $53 million bridge loan for the refinancing of South Banks, a 230-unit, garden-style apartment community located in Knoxville. The community, which comprises 118 one-bedroom apartments and 112 two-bedroom units, is situated along the Tennessee River near downtown Knoxville and the University of Tennessee. The property also features 3,000 square feet of commercial space, a fitness center, saltwater pool, outdoor kitchen, resident lounges, coworking spaces and a rooftop gathering area. Josh Hoffman and Jonathan Pomper of Dwight Mortgage Trust originated the loan on behalf of the owner, locally based Dominion Group.
FORT WORTH, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Vista Del Sol, a 54-unit apartment building in South Fort Worth. Vista Del Sol offers one- and two-bedroom units, as well as an onsite leasing office and laundry facilities. Greg Miller of TMG represented the seller in the transaction, and Chase Davis, also with TMG, represented the buyer. Both parties requested anonymity.
ALAMEDA, CALIF. — Northmarq, on behalf of Alameda Point Redevelopers LLC, has arranged $54 million in financing for Storehouse Lofts, a residential mixed-use property located at 2350 Saratoga St. in Alameda. Storehouse Lofts is an adaptive reuse project that converted a former military warehouse into a modern 197-unit live-work community. Each unit is loft-style with open floor plans and high ceilings. Additionally, the 187,466-square-foot property features a gym, wellness center and roof deck, as well as a brewery and restaurant as commercial tenants. Dan Baker and Jason Szuminski of Northmarq secured the 10-year, fixed-rate loan through Northmarq’s correspondent relationship with Freddie Mac. The transaction refinances the original construction loan for the property, which is more than 95 percent leased.
SALT LAKE CITY — Owner and operator Stellar Senior Living has added six new communities to its management portfolio. The Utah-based company will now operate Granite Gate Prescott, Ariz.; The Forum at Desert Harbor in Peoria, Ariz.; The Gardens of Scottsdale and Pueblo Norte in Scottsdale, Ariz.; The Forum at Tucson in Tucson, Ariz.; and Montebello on Academy in Albuquerque, N.M. Stellar will manage the properties on behalf of Diversified Healthcare Trust, which owns the communities. “These communities are located in markets we know and trust, and they complement our existing portfolio,” says Ray Henderson, partner and senior vice president of Stellar. “Each addition expands our presence in high-growth regions and reinforces our ability to deliver the quality care and vibrant lifestyle that define Stellar.”
AURORA, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Fox Valley Villages, a 420-unit apartment community in Aurora, for $93.2 million. The buyers plan to preserve long-term affordability for more than half of the apartments in the community. With this acquisition, Standard and Vistria jointly own 836 units in the Aurora/Naperville submarket. Situated on 21 acres, Fox Valley Villages includes 18 three-story buildings as well as a freestanding clubhouse, fitness center and maintenance garage. Additional amenities include two pools, a soccer field, dog park and barbecue areas. The property features 208 one-bedroom units and 212 two-bedroom residences and is 97 percent occupied. Standard and Vistria plan to invest more than $8 million in building improvements and renovations.
CARMEL, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $57 million fixed-rate loan with a national life insurance company for the refinancing of The Steadman Apartment Homes, a newly completed multifamily property in the Indianapolis suburb of Carmel. The loan proceeds will be used to refinance outstanding construction debt. Completed in 2024, the property was 60 percent leased as of March 2025. The Steadman features 263 units, with floor plans averaging 1,007 square feet. Amenities include a fitness center, coworking and conference rooms, a pet spa, community lounge, game lounge, golf simulator, dog park, rooftop lounge, pool, outdoor courtyard and coffee bar. Indianapolis-based Cityscape Residential was the borrower. Samantha Miller and Greg Halvorson of KBREC arranged the financing.
MINNEAPOLIS — Lupe Development and Wall Cos. have broken ground on a new affordable housing community in the Hiawatha neighborhood of Minneapolis. The four-story, 95-unit building will rise on the site of a former City of Minneapolis Public Works maintenance and storage facility. Named Snelling Yards, the development will feature generously sized units for families earning 30 to 80 percent of the area median income, with 13 units reserved for veterans experiencing homelessness. The building will share amenities with The Hillock, the neighboring, 100-unit active adult community managed by Ecumen. Completion of Snelling Yards is slated for fall 2026. The project received funding from the city, Hennepin County and Minneapolis Public Housing Authority. Allianz Investment Management provided tax-exempt bond financing and a construction bridge loan. R4 Capital is the low-income housing tax credit investor.
NEW YORK CITY — Affinius Capital has funded a $46 million loan for the refinancing of The Dome at 210 Greenpoint, a 70-unit apartment building in Brooklyn. The property offers studio, one-, two- and three-bedroom units along with 6,200 square feet of retail space. According to StreetEasy, amenities include a fitness center, rooftop deck, bike room, package room and onsite laundry facilities. Henry Bodek of Galaxy Capital arranged the loan on behalf of the borrower, New York-based developer The Jay Group, which will also use proceeds to fund leasing costs.
NEW YORK CITY — Greystone has provided $30 million in Freddie Mac financing for Sloane Chelsea, a 266-unit apartment building in Manhattan. Originally built in 1930 and renovated in 1996, Sloane Chelsea offers a mix of studio, one-, two- and three-bedroom units and amenities such as a fitness center, laundry facilities and private storage space. Recent upgrades to the property include renovations to 180 units and a planned elevator modernization. Robert Meehan led the transaction for Greystone. The borrower was not disclosed.