NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
BOSTON — Locally based developer Berkeley Investments has begun leasing The Charley, a 103-unit apartment building located in the Allston area of Boston. The six-story building houses studio, one-, two- and three-bedroom units that are furnished with quartz countertops and in-unit washers and dryers. Select residences have patios. Amenities include a rooftop deck with fire pits, grills and lounge seating, as well as dedicated work areas with a coffee bar, a community patio, fitness center and a dog park. Anja Park Design handled interior design of the project. Rents start at $2,500 per month for a studio apartment.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.
GAINESVILLE, FLA. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also provided a $6.5 million Freddie Mac permanent loan for the project. National CORE also secured additional funding from Red Stone, which provided Low-Income Housing Tax Credit (LIHTC) equity and bonds from the Florida Housing Finance Corp. The property qualifies for tax abatement, which provides tax exemption for nonprofit-owned properties that commit to using it for providing affordable housing for a minimum of 99 years. Hawthorne Heights will serve seniors age 62 and older, with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three apartments for residents earning no more than 22 percent of the area median income (AMI), nine apartments for households earning up to 40 percent of AMI and 74 apartments for households earning 60 percent or below AMI. Completion of Hawthorne Heights is slated for November 2026, and the lease-up period is expected to begin in August 2026. National …
ST. FRANCIS, WIS. — M&R Development has broken ground on a 278-unit luxury apartment complex on a bluff overlooking Lake Michigan in St. Francis, about five miles south of downtown Milwaukee. Named The Bluffs on Lake, the project will offer units ranging from studios to three bedrooms. M&R is co-developing the property with Campbell Capital Group LLC, the same firm it teamed with for the development of 42 Hundred on the Lake, a 236-unit luxury building just south of The Bluffs on Lake that opened in 2021. Located on a 21-acre site at 3700 S. Lake Drive, The Bluffs on Lake will comprise a four- and five-story building with one level of underground parking and 8,000 square feet of first-floor retail space, some of which is earmarked for a restaurant with outdoor seating. First deliveries are targeted for late 2026 with preleasing expected to start that fall. The project will feature a business center, meditation room, Zen Garden, self-service package room and two-level fitness center. A two-story clubhouse will include an entertainment lounge, coffee bar, media room, game room and pet spa. A main outdoor courtyard will comprise an infinity-edge pool, grilling stations and bocce ball court. A second courtyard …
NOVI, MICH. — Robertson Brothers has purchased 1.8 acres of vacant land on 11 Mile Road in Novi. The local developer acquired the site with plans to build a multifamily project. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller.
ATLANTA — In today’s high-cost environment where obtaining development financing remains tricky, seniors housing builders are focused on cutting expenses — whether it be shrinking spaces or eliminating underutilized amenities altogether. That was the major takeaway from the development panel at the 12th annual InterFace Seniors Housing Southeast conference, which took place at the InterContinental Hotel in Atlanta on Wednesday, Aug. 27. The panel, which was titled “When Will Development Rebound? Outlook & Strategies for 2026,” included Richard Ackerman, managing partner of Big Rock Partners; Joe Jasmon, CEO of American Healthcare Management Group; Tod Petty, chief investment officer of Mainstay Senior Living; Leland Rice, president of QSL Management; Bear Mahon, president and CEO of Oaks Senior Living; and Alan Moise, chief investment officer of Thrive Senior Living. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Moise, the panel’s moderator, kicked off the discussion by asking participants for their definition of “rebound.” For Rice, the answer was a return to a mature market with stabilized assets selling at full price. “For a long time, we had seen …
DALLAS — Los Angeles-based lending and investment firm CIM Group has provided a $132.5 million construction loan for an office-to-residential conversion project in Dallas. The project represents the second phase of Peridot, a development that converted 11 floors of office space within the 50-story Santander Tower in the downtown area into 291 apartments with one- and two-bedroom floor plans. This next phase will add another 105 apartments. The borrower is Pacific Elm Properties. Santander Tower also houses the 60-room Mint House luxury hotel on floors 49 and 50, which also represents an office conversion. A tentative completion date for the next phase of Peridot was not disclosed.
JERSEY CITY, N.J. — JLL has arranged the $340 million refinancing of two Jersey City apartment buildings totaling 938 units. The 36- and 48-story buildings are known as 50 and 70 Columbus and were completed in 2007 and 2015, respectively. Both buildings feature studio, one-, two- and three-bedroom units with in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless steel appliances. Amenities include a heated outdoor pool, fitness center, rooftop deck with grilling spaces and a courtyard. Thomas Didio, Thomas Didio, Jr., Gerard Quinn and Michael Mataras of JLL arranged the debt through Truist Financial Corp. on behalf of the owner, a joint venture between Ironstate Development Co. and Panepinto Properties.
MURFREESBORO, TENN. — A public-private partnership between Middle Tennessee State University (MTSU) and The Annex Group has announced plans for Wommack Lane Commons, a 554-bed residence hall project on the MTSU campus in Murfreesboro. The community would replace the existing Wommack Lane Apartments, which were built nearly 50 years ago at the corner of Homecoming Drive and Blue Raider Circle. The partnership will be seeking approval for a ground lease to begin development with the State Building Commission in November. If approved, the community will offer semi-suite and suite-style units with a combination of shared and private bedrooms. Shared amenities will include an entry lounge and lounge space on each floor; a community kitchen and laundry room; private and small group study spaces; and a landscaped courtyard. The development will also include office space. Construction is expected to begin in January 2026 with completion scheduled for fall 2027. The development team includes Smith Gee Studios and SCB. The Annex Group will act as developer, general contractor, facility manager and asset manager for the community, with MTSU providing residence life and leasing services upon completion.