OAK PARK, MICH. — Bernard Financial Group (BFG) has secured a $14 million permanent loan for a 475-unit multifamily property in Oak Park. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Towers Apartments LP. A life insurance company provided the loan. BFG will provide servicing for the loan.
NEW YORK CITY — JLL has arranged a $19 million loan for the refinancing of a portfolio of five multifamily buildings totaling 42 units in Brooklyn. Known as the Edifice Portfolio, the newly renovated buildings are located at 431-433 Wythe Ave. and 313 S. 4th St. in Williamsburg and 19-21 Columbia Place in Brooklyn Heights. Jillian Mariutti and John Flynn of JLL arranged the loan through City National Bank on behalf of the borrower, local investment firm Edifice Real Estate Partners.
LAS VEGAS — Irvine, Calif.-based investment and development firm The Bascom Group has acquired The Ellison, a 294-unit apartment complex located in the Summerlin/Spring Valley submarket of Las Vegas, for $103 million. The sales price translates to approximately $350,000 per door. The Ellison is situated along I-215 in southwest Las Vegas in an area known as “The Curve.” Several developments are underway in the surrounding area, including the Athletics’ new baseball stadium, Intermountain Healthcare’s Children’s Hospital and expansions of the Roseman Nursing School and UNLV Harry Reid Research & Technology Park. Completed in 2024, The Ellison offers studio, one- and two-bedroom units with an average size of 901 square feet. Amenities include a heated, resort-style pool and spa with a jumbotron screen, as well as a clubhouse lounge, fitness center with dedicated spin and Pilates studios. Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark represented the undisclosed seller in the transaction. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi, also with Newmark, arranged an undisclosed amount of acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom Group. “The Ellison is a notable example of why we keep coming back to Las Vegas,” says Tom Gilfillan, …
GARLAND, TEXAS — New York City-based Dwight Capital has provided a $56 million HUD-insured construction loan for StoneHawk Rosehill, a 269-unit multifamily project in the northeastern Dallas suburb of Garland. The site spans more than seven acres, and the development will offer one- and two-bedroom units, 51 percent of which will be subject to income restrictions. Amenities will include a pool, clubhouse with fitness and business centers, an onsite leasing and management office and outdoor recreation areas, including a landscaped courtyard. Brandon Baksh and Brian Yee of Dwight originated the financing through HUD’s 221 (d)(4) program on behalf of the locally based sponsor, StoneHawk Capital Partners.
SECAUCUS, N.J. — CBRE has negotiated the $47.8 million sale of The Waverton, a 116-unit apartment complex in Secaucus, located across the Hudson River from New Jersey. Completed in 2022, The Waverton offers studio, one- and two-bedroom units, with roughly 20 percent of residences designated as affordable housing. Amenities include a fitness center with a private yoga studio, an outdoor lounge with grilling stations, sundeck, resident lounge with billiards and shuffleboard and a coworking and conference room. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, a joint venture that included Canoe Brook Development as a minority partner, in the transaction. The buyer was not disclosed.
NEEDHAM, MASS. — A partnership between South Carolina-based owner-operator Greystar and the U.S. subsidiary of Japanese developer Haseko has broken ground on a 189-unit multifamily project in Needham, a southwestern suburb of Boston. The site at 100 West St. formerly housed an assisted living facility that has since been demolished, and the new apartment building will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness center, library, lounge, package room with cold storage capabilities, a golf simulator, dog run, playground, community garden and two pocket parks. Completion is slated for fall 2027.
SANTA ANA, CALIF. — Affinius Capital has received $144 million in construction financing for The Carina, an apartment development in Santa Ana. Jamie Kline, Charlie Vorsheck, Nick Englhard and Charlie Paul of JLL Capital Markets secured the three-year, floating-rate loan through QuadReal for the borrower. Located at 2828 N. Main St., The Carina will feature 408 apartments upon completion in October 2028. Construction began in April, with first units scheduled for delivery in May 2028. The nine-story property will offer a mix of studio, one- and two-bedroom apartments with stainless steel appliances, in-unit washers/dryers, quartz countertops, wood plank-style flooring and private balconies. Community amenities will include a resort-style swimming pool on an open-air, fourth-floor deck, an outdoor lounge and kitchen, fitness center, yoga and spin studio, resident game room, individual study rooms and offices, a dog run and wash, and onsite security. Lowe is managing development of the project. Greystar will provide property management for the community.
BERKELEY, CALIF. — Gantry has secured a $14 million permanent loan to refinance a near-term maturity for a student housing property located at 2715 Dwight Way in Berkeley. Situated within walking distance of the University of California Berkeley campus, the asset offers 109 beds in 29 units featuring two-, three- and four-bedroom furnished floor plans with modern kitchens, in-unit washers/dryers and hardwood flooring. Tom Dao, Alex Poulos and Toby Judge of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate, nonrecourse loan was secured from Amalgamated Bank with terms, including introductory interest-only payments transitioning to 30-year amortization, prepayment flexibility and extension options.
NORTH CHARLESTON, S.C. — Walker & Dunlop has arranged a $58 million loan to refinance two multifamily communities in North Charleston: Ellevate St. Ives and Ellevate North Charleston. Walker Layne, Matt Wallach, Stephen West, Austin Sneed and Tyler Roberts of Walker & Dunlop secured the floating-rate, interest-only bridge loan through Bridge Investment Group on behalf of the borrower, Chapel Hill, N.C.-based Eller Capital Partners. Located at 7930 St. Ives Road, Ellevate St. Ives comprises 248 apartments ranging in size from 680 to 1,048 square feet, according to Apartments.com. Amenities at the garden-style complex include a clubhouse, car wash area, fitness center, swimming pool, playground, courtyard and grilling and picnic areas. Ellevate North Charleston, which is situated at 2225 Greenridge Road, offers 192 garden-style apartments and features a mix of amenities such as a resort-style swimming pool, fitness center, picnic area, pet play area, dog park, outdoor grills and tennis courts. Both properties participate in South Carolina’s affordable housing tax abatement program, with 75 percent of units reserved for residents making 80 percent or less of the area median income (AMI), and 20 percent of the apartments reserved for residents making 50 percent or less of the AMI, in exchange for …
PENSACOLA, FLA. — McDowell Housing Partners has broken ground on Ekos at Warrington, a 120-unit affordable housing community located in Pensacola near the Naval Air Station (NAS). The community will serve a mix of income levels, with 10 percent of units reserved for extremely low-income (ELI) households at 40 percent of the area median income (AMI), and the remaining 90 percent of units serving households at or below 60 percent AMI. Also, 50 percent of the total units will be set aside for active-duty military members, veterans and their families, including half of the ELI units that will be reserved for veterans experiencing homelessness. Ekos at Warrington is expected to be completed in the third quarter of 2027. Located at 280 Dogwood Drive, Ekos at Warrington will span four, three-story buildings, along with a standalone clubhouse. The project will provide 72 one-bedroom, 36 two-bedroom and 12 three-bedroom units ranging in size from 631 to 1,197 square feet. Amenities will include onsite management and maintenance offices, a fitness center, community room with a kitchenette and game tables, media/business center with a computer lab, as well as a swimming pool, playground, dog park, barbecue area and a gazebo. The project will meet National Green …