SOMERVILLE AND NEW BRUNSWICK, N.J. — Berkadia has negotiated the sale of a portfolio of two multifamily properties totaling 156 units in Central New Jersey. The Lexington & Jefferson Apartments in Somerville was built in the 1960s and totals 118 units in one-, two- and three-bedroom floor plans. Century Apartments in New Brunswick was completed in 1969 and totals 38 units in studio, one- and two-bedroom floor plans. Nat Gambuzza and Trevor Fiebel of Berkadia represented the seller and procured both New Jersey-based buyers in the transaction. All parties requested anonymity. Berkadia also arranged acquisition financing for Lexington & Jefferson Apartments.
GETZVILLE, N.Y. — Locally based financial intermediary Largo Capital has arranged a $41.8 million construction loan for a 246-unit multifamily project in Getzville, located just north of Buffalo. The project will feature a mix of studio, one-, two- and three-bedroom units in addition to traditional amenities. Ned Perlman of Largo Capital arranged the loan through an undisclosed regional bank. The name of the property and the developer were also not disclosed.
NEW YORK CITY — MonticelloAM has provided $218 million in financing for a skilled nursing portfolio in Kentucky. Comprising 18 facilities, the portfolio totals 1,500 beds across the commonwealth. In addition to a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the undisclosed borrower plans to use to restructure and upsize existing debt, the financing includes a $10 million working capital line of credit that will be used to cover the day-to-day operational needs of the facilities. New York City-based MonticelloAM originally financed the portfolio in May 2024.
ROCKVILLE, MD. — Locally based EYA has purchased Rockshire Village Center, a long-vacant shopping center located on a 7.3-acre site in Rockville, a suburb of Washington, D.C. The firm plans to convert the retail center into a walkable residential neighborhood comprising 60 residential units (31 single-family detached homes and 29 townhomes), as well as 5,200 square feet of commercial/retail space and a community gathering space. Fifteen percent of the residences will be designated as moderately priced dwelling units. Public features of the new neighborhood will include a park, playground, open lawn with seating and recreation areas, pedestrian-friendly streetscape with connections to Rockshire Community Pool and the Carl Henn Millennium Trail, 29 parking spaces for the pool and sitewide landscaping. EYA plans to begin construction in August, with final completion planned for 2027.
TUSTIN, CALIF. — Los Angeles-based Meta Housing Corp. has completed the sale of Coventry Court, a mixed-income seniors housing property in Tustin, to Jonathan Rose Cos. for $83 million. Completed in 2012, Coventry Court offers 240 market-rate and income-restricted apartments for residents age 55 or older. Of the 240 units, 153 are designated as affordable at 50, 60 and 110 percent of area median income (AMI), qualifying the property for a 40 percent tax abatement. The remaining 87 units are rented at market rates. Jim Fisher, Vince Norris, Mike Smith and Tommy Yates of Northmarq represented the seller in the deal.
LOS ANGELES — CBRE has arranged the sale of an apartment building located at 818 Gretna Green Way in the Brentwood neighborhood of Los Angeles. The asset traded for $18 million. The names of the buyer and seller were not released. Adam Peterson and Emil Gurfinkel of CBRE represented both parties in the deal. The property features 27 apartments with in-unit washers/dryers, secure parking and a walkable location near retail and dining options.
ORLANDO, FLA. — A partnership between Development Group Ventures, a subsidiary of Kajima USA and Kajima Corp., and Castle Lanterra have broken ground on a 631-bed student housing development near the University of Central Florida (UCF) campus in Orlando. Additional contributors to the project include PLT America Corp. and Sumitomo Mitsui Trust Bank, which provided financing for the project. Situated within the Quadrangle Business Park, the estimated $95 million project will total 304,969 square feet and comprise five stories. Completion is slated for summer 2027. The development will offer 177 units in one- to six-bedroom configurations. Shared amenities will include a sky lounge with lake views, golf/multi-sport simulator, rock climbing wall, outdoor fitness lawn with a sauna and cold plunge, Jumbotron, resort-style swimming pool, study spaces on each floor, game rooms, an activity kitchen, bicycle storage and a UCF shuttle stop.
BOCA RATON, FLA. — The City of Boca Raton’s Community Redevelopment Agency has approved the community plan submission for Modera Boca, a 306-unit apartment development that will be located at 400 S. Dixie Highway. The developers include Mill Creek Residential and Group P6, who will move forward with the ground breaking in the near future. Planned amenities at Modera Boca will include a pool, lounge, fitness center, coworking spaces, dog park, clubhouse and a Zen garden. In addition to the apartment community, the project will include new pedestrian features along Dixie Highway and a revitalization of a neighboring city park.
EVERETT, MASS. — Greystar has begun leasing Jade, a 325-unit apartment community in the eastern Boston suburb of Everett. Jade offers studio, one-, two- and three-bedroom units that are furnished with oversized windows, stackable washers and dryers, quartz countertops, built-in pantries and spa-like bathrooms. Amenities include a music room with recording equipment, a fitness center with a yoga studio, coworking pods and a conference room, pet spa, clubroom, two courtyards, a pool and outdoor grilling and dining stations. Rents start at $2,295 per month for a studio apartment.
CRANFORD, N.J. — Hartz Mountain Industries has completed Fairways at Cranford, a 250-unit apartment complex in Northern New Jersey. Situated on 13.5 acres, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and custom closets. Amenities include a fitness center, resident lounge, playroom, conference room, gaming area, theater room, landscaped courtyards and grilling stations. Minno & Wasko Architects and Planners designed the property, and March Construction served as the general contractor. Leasing began in January.