Friday, July 25, 2025
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Multifamily

FloridaLoansMultifamilySoutheast

CBRE Arranges Refinancing for Three Multifamily Properties in Florida Totaling $99.7M

by John Nelson

LYNN HAVEN AND TALLAHASSEE, FLA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged three loans totaling $99.7 million for the refinancing for two apartment communities in Lynn Haven and one property in Tallahassee. David Borge of CBRE’s Orlando office secured three 10-year, fixed-rate, non-recourse loans on behalf of the borrower, Tallahassee-based Arbor Properties Inc. The loans included a Fannie Mae loan for Arbor Trace Apartment Homes, a 336-unit multifamily community in Lynn Haven that was built in 2007; a Fannie Mae loan for Arbor Crossing at Buck Lake, a 208-unit multifamily community in Tallahassee that was built in 2017; and a Freddie Mac loan for the construction loan take-out for Arbor Landing at Mill Bayou, a new 178-unit property in Lynn Haven. The loans had full-term interest-only payments and fixed interest rates in the mid-5s, according to CBRE.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Spandrel Development Opens Two North Carolina Apartment Communities Totaling 562 Units

by John Nelson

CHARLOTTE AND RALEIGH, N.C. — Charleston-based Spandrel Development Partners has delivered two apartment communities in North Carolina totaling 562 units. The properties include Enclave at Radius Dilworth, an eight-story multifamily high-rise in Charlotte’s Dilworth district spanning 274 units, and Mira Raleigh, a 288-unit luxury mid-rise community in the state’s capital. Enclave at Radius Dilworth is the first community to open within the Radius Dilworth development, with the other project including a 26-story high-rise called The Overlook. Spandrel’s development partners on the project include Atalaya Capital Management and Partners Group. The firm has begun leasing Enclave and plans to have first move-ins begin in the fourth quarter. Mira Raleigh is situated on the southern border of the city’s central business district, with first move-ins occurring in June. Monthly rental rates range from $1,534 to $3,153 at Enclave and $1,349 to $3,926 at Mira Raleigh, according to Apartments.com.

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LoansMarylandMultifamilySoutheast

Colliers Secures $24.5M Refinancing for Milford Station Multifamily Community in Metro Baltimore

by John Nelson

PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Related Midwest Completes $46.5M Redevelopment of Poplar Place Affordable Housing Community in Springfield

by Kristin Harlow

SPRINGFIELD, ILL. — Related Midwest has completed a $46.5 million redevelopment of Poplar Place, a 100-unit affordable housing community in Springfield. The property opened in 1950. Related Midwest completed the redevelopment through a collaboration with the City of Springfield, the Springfield Housing Authority and Illinois Housing Development Authority. LR Contracting Co., Related’s in-house construction arm, spearheaded the 15-month project, reducing density and fully renovating 75 buildings. The community now comprises 50 single-family and 25 duplex homes, which are fully occupied. Related also created 2.5 acres of green space for social and recreational use. Additionally, a new community center features a kitchen, management office, outdoor playground and walking paths. Financing for the project came from the Illinois Housing Development Authority, Springfield Housing Authority, Heartland Bank and Trust Co., Red Stone Equity Partners and CVS Health. Evan Lloyd Architects designed the redevelopment. Monthly rents range from $800 to $925. Qualified incomes for the income-restricted apartments range from $44,400 to $83,640.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $12M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $12 million sale of The Bel in Chicago’s Lakeview neighborhood. The property at 937-41 W. Belmont Ave. comprises 37 apartment units and two ground-floor commercial spaces. Built in 2019, the transit-oriented development consists of eight studios, 27 one bedrooms and two two-bedroom layouts along with two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs. Joe Smazal and Mark Dykstra of Interra represented the local private buyer. The duo represented the seller, a local private developer, along with colleague Lucas Fryman.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.

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Cornerstone-at-Grassy-Hollow-Manahawkin-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Begins Leasing 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams

MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Completes 32-Unit Multifamily Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has completed Hamilton Passive House, a 32-unit multifamily project in Exton, a western suburb of Philadelphia. The four-story building offers one-, two- and three-bedroom units and represents the first phase of a larger, 156-unit development known as Hamilton at Eagleview. Amenities include a pool, golf and multisport simulator, fitness center, bark park, coffee bar, electric vehicle charging stations, business center with private workspaces and a clubhouse with an entertainment kitchen. Rents start at approximately $2,300 per month for a one-bedroom apartment. Hamilton Passive House will be the first apartment complex in Pennsylvania to have a Phius ZERO designation — a standard for net-zero energy design and the highest certification from Phius, an organization that certifies passive house projects in North America.

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Affordable HousingBuild-to-RentCivicData CentersFeaturesHealthcareHospitalityIndustrialLife SciencesMixed-UseMultifamilyNet LeaseNevadaOfficeRestaurantRetailSelf-StorageSeniors HousingSingle-Family RentalStudent HousingWesternWestern Feature Archive

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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DevelopmentGeorgiaMixed-UseMultifamilySoutheast

Crescent Communities to Develop 300-Unit Apartment Property in Douglasville, Georgia

by John Nelson

DOUGLASVILLE, GA. — Crescent Communities has announced plans for RENDER Douglasville, a new, 300-unit apartment community in Douglasville, approximately 20 miles west of Atlanta. Situated within The Foxfield Cos.’  The Trails mixed-use development, the multifamily development is scheduled for completion in early 2026. RENDER Douglasville will feature amenities including a swimming pool, clubhouse, outdoor spaces and entertainment programming. Project partners include CIBC, Great Southern Bank and Crescent Communities Construction. Phoenix Capital Management is providing financing. In addition to RENDER Douglasville, The Trails also features 60,000 square feet of townhome, hospitality and office space.

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