CAMBRIDGE, MASS. — JLL has arranged a $23 million loan for the refinancing of a 65-unit apartment building in Cambridge. The seven-story building at 1008 Mass Ave. was completed in 1999 and offers studio, one- and two-bedroom units, as well as ground-floor retail space. Amenities include a fitness center and a sundeck. Anthony Cutone, Madeline Joyce and Michael Schwarze of JLL arranged the loan through Manulife / John Hancock Life Insurance Co. The borrower was not disclosed. Boston Residential Group provided support for the transaction.
HOLLAND, OHIO — Evergreen Real Estate Group has broken ground on Green Oaks of Holland, a four-story, 120-unit affordable assisted living community in Holland near Toledo. Site work is underway, with completion and opening anticipated in March 2027. Located at 6650 N. Mall Drive, Green Oaks of Holland will feature 67 studio and 53 one-bedroom apartments. Assisted living provider Gardant Management Solutions will manage the property, which will be licensed as a residential care facility by the Ohio Department of Health (ODH) and approved as a Medicaid-assisted living service provider through the Ohio Department of Aging (ODA). The project is one of the first purpose-built affordable assisted living developments to break ground in Ohio, according to Evergreen, and is being completed in partnership with Ohio Housing Finance Agency (OHFA), Ohio Department of Medicaid, ODA and ODH. Each unit will offer a kitchenette with a sink, refrigerator and microwave, with the flexibility to be upgraded to a full kitchen if needed. Units will also include a full private bathroom with a shower and grab bars, living and/or bedroom space, individual heating and air conditioning and an emergency alert system. Amenities will include a large dining room with a commercial kitchen providing …
TAMPA, FLA. — Related Urban Development Group and the Tampa Housing Authority will host a ribbon cutting ceremony on Thursday, Feb. 19, for Canopy at West River, a new 384-unit affordable housing community in Tampa. Delivered in two phases, the community spans four towers and offers a mix of one-, two-, three- and four-bedroom floorplans. Amenities at the complex include a community room with a kitchenette; game room with a TV; business center with computer/internet access; fully equipped fitness centers; smart home technology; electric vehicle (EV) charging stations; and a future NFL Alumni Obstacle Course that “reinforces the development’s focus on active living.” Situated within the larger West River mixed-use development, The Canopy at West River apartments are reserved for residents earning between 22 percent and 80 percent of the area median income (AMI), with long-term affordability supported through a combination of Project-Based Vouchers (PBV), Rental Assistance Demonstration (RAD) programs, National Housing Trust Fund (NHTF) financing and Low-Income Housing Tax Credits (LIHTC).
FRISCO, TEXAS — California-based investment firm Bascom Group has sold Capitol at Stonebriar, a 424-unit apartment community in Frisco. Developed in 2017 by JPI and acquired by Bascom Group shortly thereafter, Capitol at Stonebriar features one-, two- and three-bedroom units that are furnished with granite/quartz countertops, espresso cabinetry, kitchen islands and individual washers and dryers. Private balconies are available in select residences. Amenities include a pool, fitness center, business center, coffee bar, dog park, outdoor grilling and dining stations, clubroom and an indoor-outdoor lounge. Brian Murphy, Brian O’Boyle Jr. and Richard Furr of Newmark represented Bascom Group in the transaction. David Schwarz, also with Newmark, arranged acquisition financing on behalf of the undisclosed buyer. The property was 91 percent occupied at the time of sale.
NEW YORK CITY — A partnership between Slate Property Group, Xenolith Partners, nonprofit organization Comunilife Inc. and the New York City Department of Housing Preservation and Development (HPD) has unveiled plans for a 600-unit affordable housing project in the Inwood area of Upper Manhattan. Designed by Magnusson Architecture and Planning PC and known as La Ostra, the development will also include a marine science and STEM education center that will be operated by the Billion Oyster Project and BioBus. La Ostra will also feature a new indoor–outdoor field house, social services facilities and roughly an acre of publicly accessible, open waterfront space along the Harlem River. Proposed facilities beyond the residential component include an outdoor classroom, a pavilion with a seating area and movable furniture, a central lawn and a stone amphitheater. Information on floor plans and income restrictions of the affordable housing units was not announced.
ELIZABETH, N.J. — A partnership between Florida-based LeCesse Development Corp. and New Jersey-based MAS Development Group has broken ground on ECCO, a 258-unit multifamily project in Elizabeth, located just outside of Newark. The four-story building will offer studio, one- and two-bedroom units that will be furnished with Italian cabinetry, quartz countertops, tile backsplashes, walk-in closets and various pieces of smart-home technology. Amenities will include a pool, fitness center, coworking space, golf simulator, outdoor theater and a game room with a wet bar. ECCO will also have about 35,000 square feet of retail space. Baker Barrios is the project architect, and March Associates Construction is the general contractor. JLL arranged $63.2 million in construction financing from Bank OZK and $20.15 million mezzanine placement from PGIM for the project, completion of which is slated for late 2027.
PITTSBURGH — Nonprofit owner-operator Beacon Communities has begun an affordable housing redevelopment project in downtown Pittsburgh. The project involves The May Building, 12-story structure at 111 Fifth Ave. that was originally completed in 1908 for the May Drug Co. The building was converted from office to an 87-unit apartment complex with studio and one-bedroom units in 1974. This latest redevelopment will convert 66 of those residences into affordable housing and also upgrade the building’s exterior elements, mechanical/utility systems and common spaces.
LYNNWOOD, WASH. — Integral NW has completed the disposition of Allegro Lynnwood, an apartment community located at 16525-16605 Ash Way in Lynnwood. The Housing Authority of Snohomish County acquired the asset for $77.5 million. Bryon Rosen, Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter, David Karson and Chris Moyer of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Allegro Lynnwood features 240 studio, one- and two-bedroom apartments delivered in two phases — Allegro Ash Creek in 2019 and Allegro at The Woods in 2025. Community amenities include a resort-style outdoor pool and spa, a fitness center, resident clubhouse with social and work-from-home spaces, a dog park, secure underground parking and lofted ceilings in select homes.
DENVER — Livmark Communities and Kensington Development have started the construction of Stellar at Link 56, the first residential phase of Link 56, a master-planned, mixed-use project in Denver’s northeast corridor. Situated within a 15 to 20-minute walk from the 61st & Peña light rail station, Stellar at Link 56 will feature 215 apartments spread across 13 buildings. The unit mix will include two- and three-bedroom garden-style, walk-up apartments and two-story carriage house-style townhomes. Community amenities will include a resort-style pool and hot tub, a fitness room, yoga studio, sauna, golf simulator, outdoor grilling areas, fire pits and a dog spa. At full build-out, Link 56 will feature 1,900 residential units, 250,000 square feet of commercial space and 27 acres of parks and open space.
CREST HILL, ILL. — Greystone has provided an $89.2 million first loan and a $5.6 million second loan to finance the acquisition of Woodlands of Crest Hill, a 730-unit multifamily property in Crest Hill. Eric Rosenstock of Greystone originated the loan on behalf of the buyer, Bayshore Properties. The financing includes an $89.2 million nonrecourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization as well as five years of interest-only payments. The second is a nonrecourse, fixed-rate DUS Lender Affiliate mezzanine loan with a 10-year term and full-term interest-only payments. Built in 1969, the property features studio, one- and two-bedroom units along with a clubhouse, fitness center, business center, pool and outdoor volleyball courts. The sales price is about 16 percent more than what Osso Capital paid for the complex in 2023, according to Crain’s Chicago Business.