NEWPORT NEWS, VA. — Merchants Capital has arranged $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable housing property located in Newport News. Merchants Capital secured a $62.8 million HUD 221(d)(4) loan and $35 million in equity bridge loans provided by Merchants Bank, an affiliate of Merchants Capital. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. The current owner and developer, Vitus Group, is leading the rehabilitation of the property, which will include exterior improvements like a new playground, connections to an adjacent park and walking path, and fresh roofing, siding and exterior doors and windows. In-unit repairs will include the replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. Stuart Gardens comprises 109 two-story buildings. All residential units are reserved for families earning 60 percent of the area median income (AMI) under a Section 8 Housing Assistance Payment (HAP) contract. Built in 1941 by the Defense Homes Corp. during World War II, the property has been designated as a historic property by the Virginia Board of Historic Resources. Upon …
ALEXANDRIA, VA. — A public-private partnership between Fairstead, Harkins, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has topped out the $120 million redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. Upon completion, the six-story, 295,000-square-foot mixed-use project will feature 207 affordable housing residences reserved for families earning between 30 and 80 percent of the area median income (AMI). As part of the building initiative, the project includes efforts to record and preserve the stories of current and former residents, with a goal of capturing at least 10 oral histories. Key archaeological findings will be showcased in brochures and interpretive signage across the community. Planned for completion in 2027, the project will feature community gathering spaces, a new neighborhood food hub operated by ALIVE!, as well as other amenities designed to support residents and the broader Alexandria community like a new creative studio for podcast recording, a game room with free high-speed internet access, an interior courtyard and energy- and water-efficient design strategies developed in partnership with the Virginia Center for Housing Research at Virginia Tech.
MIAMI BEACH, FLA. — A partnership between local developer Terra, RG Development Group, GV Development and LORE Development has received a $507 million construction loan for 1250 West Avenue, a new residential tower that will be located in Miami Beach. TYKO Capital provided the financing for the waterfront project, which will rise 28 stories along Biscayne Bay. The tower will offer 106 for-sale condos, including two penthouses, sales of which are expected to begin in 2027. The development will feature ground-level and rooftop pools, as well as a spa and a padel court. The development will also include underground parking, ground-floor retail space and tropical landscaping themes integrated throughout the property. Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay. “Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” says David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm.” “Miami Beach continues to be one of the most supply-constrained …
DALLAS — JLL has arranged a loan of an undisclosed amount for Standard at Royal Lane, a 300-unit apartment community in northwest Dallas. The newly constructed property sits on a 12.4-acre site and offers one-, two-, three- and four-bedroom units, with some apartments being subject to income restrictions. Amenities include two pools, dual fitness centers, a business centers and a theater room. Kyle Spencer, Dan Kearns, Christian Johnston and Aidan Flanagan of JLL arranged the loan through TPG Real Estate Credit on behalf of the owner, LDG Development.
NASHUA, N.H. —Lansing Melbourne Group, a North Carolina-based owner-operator, has recapitalized The Flats on High Street, a 156-unit multifamily property in the southern New Hampshire city of Nashua, via an equity investment from a subsidiary of Dallas-based Leon Capital Group. The amount was not disclosed, but Leon Capital provided the funds in conjunction with another equity investment in a student housing property in Binghamton. Combined, the two equity investments roughly $19 million. The Flats on High Street is located in the city’s downtown area and offers studio, one- and two-bedroom floor plans. Amenities include outdoor grilling areas, a pet spa, resident lounge, outdoor gaming area and a business center.
UNIVERSITY CITY, Mo. — National real estate developer Subtext has opened LOCAL on Delmar, a new mixed-use residential community in University City, located about eight miles west of downtown St. Louis. Situated at the western edge of the Delmar Loop entertainment district and less than half a mile from Washington University in St. Louis, the development transforms a long-underutilized site into a mixed-use destination featuring apartments, resident-focused amenities, collaborative workspaces and retail. The 398,225-square-foot development features 259 residences offered in studio, one-, two- and three-bedroom floor plans ranging from 398 to 1,090 square feet. Amenities at LOCAL on Delmar include a rooftop pool with sun shelf and hot tub; poolside cabanas, fire pits and grilling stations; a wellness suite with sauna, meditation, and private fitness rooms; a 24-hour fitness center with group yoga and barre studio; outdoor training space with functional fitness equipment; and dedicated workspaces with private and group conference rooms. Other special features of the property include a clubroom and game lounge; lobby lounge with coffee bar; reserved parking garage with electric vehicle charging; bike and scooter room with charging and repair stations; and roommate matching services with by-the-bed leasing options. Residents are within an eight-minute walk of Washington …
ST. FRANCIS, WIS. — Pre-leasing has begun at The Bluffs on Lake, M&R Development’s new 478-unit luxury apartment community located on a bluff overlooking Lake Michigan in St. Francis, Wis., approximately five miles south of downtown Milwaukee. M&R is co-developing the Class A rental project with Campbell Capital Group LLC. Situated on a 21-acre site at 3700 S. Lake Drive, The Bluffs on Lake is a two-phase project. Upon completion, the development will comprise two buildings spanning four and five stories, along with one level of underground parking and 8,000 square feet of ground-floor retail space, some of which is earmarked for a restaurant with outdoor seating. Move-ins for the 278 apartments in the first phase of The Bluffs on Lake are expected to begin in early December. Construction on the second phase, which will offer 200 units, is expected to begin in early 2027. Residences at The Bluffs on Lake range from convertible one-bath apartments to three-bedroom, two-bath floor plans. Units will feature 602 square feet to 1,274 square feet, with monthly rents varying from $1,674 to $3,932. RMK Management Corp. is overseeing leasing and property management for the community. The Bluffs on Lake will offer some distinct amenities that M&R is introducing for the …
JACKSONVILLE AND ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged $100 million in bridge financing for two multifamily properties in North Florida: The Pointe at Davis Creek, a 288-unit, garden-style community located at 12175 Philips Highway in Jacksonville, and The Bradley St. Augustine, a 250-unit, garden-style community located at 350 Bay Laurel Drive in St. Augustine. Matthew Lawton, Travis Anderson, Melissa Quinn, Gregg Shapiro, Dan Kearns, Kelsey Bawcombe, Streeter Simmons and Rob Rothaug of JLL secured floating-rate construction take-out financing through TPG Real Estate Credit on behalf of the borrower, Waypoint Residential. Both properties were delivered in the first quarter of 2025 and feature amenity packages such as resort-style swimming pools with tanning ledges and cabanas; 24-hour fitness centers with yoga/spin studios; pet spas; outdoor gathering areas with fire pits and grilling stations; resident lounges with coffee bars and coworking spaces; and onsite leasing and management offices. Unit interiors include floorplans with walk-in closets, gourmet kitchens with granite countertops and islands, vinyl plank flooring, energy-efficient stainless steel appliances, full-size washers and dryers and private patios/balconies.
GREAT FALLS, VA. AND QUEENSTOWN, MD. — Cushman & Wakefield has brokered the $89 million sale of two assisted living and memory care facilities in Virginia and Maryland. The portfolio includes The Residence at Colvin Run, a 62-unit community built in 2022 and located at 1131 Walker Road in Great Falls, and Queenstown Landing, a 68-unit community built in 2021 and located at 120 Shoreway Drive in Queenstown. The facilities were 94 percent occupied at the time of sale. Joshua Jandris, Brett Gardner, Robert Bracci and Evan Jakobsze of Cushman & Wakefield represented the sellers — Buvermo Investments, SHA Capital, Verity Commercial and INDIE — in the transaction. The buyer, Westlake Village, Calif.-based LTC Properties, retained IntegraCare to operate the properties.
WASHINGTON, D.C. — Jemal Real Estate Strategies and DivcoWest have formed a joint venture to complete an office-to-residential conversion project in Washington, D.C.’s West End district. Madison Realty Capital provided a $40 million loan to fund the acquisition and predevelopment costs. Upon completion of the project, the existing 342,000-square-foot office building located at 1255 23rd St. NW will feature approximately 323 apartments, as well as up to 36 affordable units. Roughly 22,000 square feet of ground-floor retail space will remain in place. Additional project details will be announced as plans advance. The project team includes FILLAT+ Architecture and CBG Building Co.