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Multifamily

615 River Road
DevelopmentLoansMixed-UseMultifamilyNew JerseyNortheastTop Stories

S3 Capital Provides $255M Construction Loan for Mixed-Use Development Along Hudson River in New Jersey

by Abby Cox

EDGEWATER, N.J. — S3 Capital has provided a $255 million construction loan to finance the first phase of a $1 billion mixed-use development located on the Hudson River in the Northern New Jersey city of Edgewater. Galaxy Capital arranged the financing on behalf of the borrower and developer, New York City-based The Maxal Group. The initial phase of the project, dubbed 615 River Road, will be the first building in the planned development, which will ultimately comprise 1,200 residential units and more than 1,000 parking spaces, along with a 2.5-acre public waterfront park to link up with the 18.5-mile Hudson River Waterfront Walkway. A timeline for construction has not been announced. “We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront,” says Shawn Safdie of S3 Capital. “This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.” 615 River Road will include a 25-story luxury apartment building featuring 381 units, ground-floor retail space and parking for roughly 500 vehicles. The property will also include a new public ferry terminal that will provide direct service to Manhattan’s west side. …

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Company NewsSeniors HousingSoutheastTennessee

Brookdale Senior Living, Largest U.S. Seniors Housing Operator, Names Nick Stengle as CEO

by John Nelson

BRENTWOOD, TENN. —Brookdale Senior Living Inc. (NYSE: BKD), the country’s largest seniors housing operator, has named Nick Stengle as its new chief executive officer. Stengle will assume the role, as well as join the Brookdale board of directors, effective Oct. 6. Denise Warren, who has served as interim CEO beginning in April of this year following the departure of president and CEO Lucinda “Cindy” Baier, will step down and reassume her role as non-executive chairman of the board. According to Brookdale, Stengle’s selection was the result of a comprehensive search led by the board’s search committee. Stengle previously served as president and chief operating officer of Gentiva, a role he assumed in 2022. Gentiva, which employs more than 12,000 associates, provides hospice, palliative and home health services at 550 locations across 38 states. Prior to his tenure at Gentiva, Stengle served as executive vice president and chief operating officer for Sunrise Senior Living, leading community operations, sales, marketing and clinical operations for roughly 250 seniors housing communities. His experience also includes an 11-year career with the U.S. Air Force. “While I have enjoyed my time as interim CEO, I am confident Nick has the strategic acumen, vision and leadership skills …

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Presidium-Waterford-Austin
DevelopmentMultifamilyTexas

Presidium Completes 283-Unit Multifamily Project in North Austin

by Taylor Williams

AUSTIN, TEXAS — Texas-based developer Presidium has completed Presidium Waterford, a 283-unit multifamily project in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the six-story building offers studio, one- and two-bedroom units and amenities such as a pool, fire pits, fitness center, office lounges and a bocce ball court. The property also features a courtyard with an outdoor kitchen and multiple social spaces. Rents start at $1,450 per month for a studio apartment. When construction began in spring 2021, the project was planned as Phase I of a larger development. Phase II is now known as Presidium 183 and has 374 units that are currently in lease-up.

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AcquisitionsFloridaMultifamilySoutheast

Mast Capital, AEW Sell 342-Unit Remi on the River Apartments in Miami

by John Nelson

MIAMI — Mast Capital and AEW Capital Management have sold Remi on the River, a new 342-unit apartment community in the Miami River District. Valeris Capital purchased the property for an undisclosed price, though multiple media outlets are reporting the community traded for $108 million. Robert Given, Troy Ballard and Michael Mulkern of CBRE brokered the transaction. Situated along the Miami River, Remi on the River features studios, one-, two- and three-bedroom apartments ranging in size from 465 to 1,334 square feet. Designed by Corwil Architects, the community opened in 2024 and features a resort-style swimming pool, aqua lounge, fitness center, clubroom, access-controlled parking and a resident lounge with coworking spaces.

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Miramar-Harlem
DevelopmentMultifamilyNew YorkNortheast

Partnership Begins Leasing $416M Apartment Complex in Upper Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between LMXD, an affiliate of New York City-based L&M Development Partners, as well as MSquared and Taconic Partners, has begun leasing Miramar, a $416 million apartment complex located at 405-407 W. 206th St. in the Inwood area of Upper Manhattan. The development offers 698 units in studio, one- and two-bedroom floor plans, with private balconies and terraces available in select residences. About half the units are subject to income restrictions, with 40 percent (281 units) reserved as affordable housing for renters earning between 40 and 80 percent of the area median income (AMI), and another 10 percent set aside as workforce housing for households earning up to 120 percent of AMI. Indoor amenities include a fitness center with a yoga studio, coworking lounge with conference space, gaming and media lounges, two private party rooms with wet bars, a multi-sport simulator and a music studio. Outside, residents have access to terraces on both the rooftop and 11th floor that have grilling stations and private dining areas, as well as two landscaped courtyards and an indoor meditation garden on the ground floor. Of the 698 units, 417 are available for immediate occupancy, with market-rate rents starting at …

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LoansMultifamilyNew JerseyNortheast

Greystone Arranges $285.7M Loan for Refinancing of Northern New Jersey Apartment Portfolio

by Taylor Williams

NEW YORK CITY — Greystone has arranged a $285.7 million bridge loan for the refinancing of a portfolio of four apartment buildings totaling 1,018 units in Northern New Jersey. The portfolio comprises the 106-unit Meridia Village Commons in South Orange, the 212-unit Meridia Pompton Lakes, the 402-unit Meridia Linden and the 294-unit Meridia Little Ferry. Other than Meridia Village Commons, each property bears the name of the community in which it’s located. The properties, which collectively house about 30,000 square feet of retail space, were all built between 2022 and 2025. PGIM provided the loan to the borrower, New Jersey-based owner-operator Capodagli Property Co., which also recoups some additional capital under the structure of the deal.

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MultifamilyNew JerseyNortheast

NJEDA Approves $53.3M in Tax Credit Equity for Affordable Housing Project in Atlantic City

by Taylor Williams

ATLANTIC CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved approximately $53.3 million in tax credit equity for Garden Court Apartments in Atlantic City. A developer doing business as Garden Court AC LLC will renovate the property at 1425 McKinley Ave. to preserve the affordability status of 177 units that are housed within 20 two- and three-story buildings. The NJEDA awarded the tax credit allocation, which represents about 85 percent of the total project cost, through its Aspire program, which provides gap financing for mixed-use, transit-oriented residential developments. Gateway Community Action Partnerships is a co-applicant on the project.

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Avondale-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

FCP Acquires 560-Unit Avondale Apartments in Las Vegas

by Amy Works

LAS VEGAS — FCP has entered the Las Vegas market with the purchase of The Avondale Apartments, a multifamily property within the Peccole Ranch master-planned community. Located at 9225 W. Charleston Blvd., The Avondale Apartments offers 560 one-, two- and three-bedroom units in three-story residential buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, fireplaces, in-unit washers/dryers, garden soaking tubs and a gas stove. Community amenities include three resort-style swimming pools, a 4,000-square-foot fitness facility, racquetball court, spin room, two dog parks and a dog washing station. Adam Schmitt, Spence Ballif, Jannie Mongkolakulkit and Justin Neubeck of CBRE represented the buyer in the deal. Maxi Leachman, John Knies and Sallie Ann Seiders of CBRE arranged acquisition financing.

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Affordable HousingDevelopmentLoansMidwestMultifamilyWisconsin

CPC Mortgage Provides $16.4M in Financing for 164-Unit Affordable Housing Project in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — CPC Mortgage Co., a subsidiary of The Community Preservation Corp., has provided a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permeant financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment project in Madison’s Triangle neighborhood. Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will provide 164 affordable housing units at 755 Braxton Place. The project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments and Parkside Highrise and Townhomes — collectively known as the CDA Triangle Sites. Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s low-income housing tax credit syndicator; and Baker Tilly, providing expertise as the project’s consultant. The 10-acre site is shared with the Bayview Foundation and two medical buildings. All of the units will be designated as affordable for households earning at or below 60 percent of the area median income. …

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Market ReportsMidwestMidwest Market ReportsMinnesotaMultifamily

Twin Cities Apartment Market Enters Period of Recalibration

by Kristin Harlow

By Chris Collins, Marcus & Millichap The Minneapolis–St. Paul apartment market is currently experiencing a transformation, shaped by shifting economic conditions, changing demographics and evolving public policy. Having strong fundamentals in past multifamily housing development, the Twin Cities have entered a period of recalibration.  After years of record-breaking development numbers, the construction pipeline has slowed dramatically, while demand remains across the metro. Like many markets, the Twin Cities face affordability challenges, aging populations and regulatory uncertainty. A major factor of the current market is the sharp decrease in new apartment construction. Following a peak in multifamily housing permits of more than 15,000 in 2022, the Twin Cities saw a sharp decline to just 7,400 from April 2024 to March 2025. This steep reduction is largely driven by public policy such as rent control, operating costs and rising construction costs, which now average in the low to mid-$300,000 per unit, while the market value of newly built apartments hovers near $250,000.  As a result, many developers find it financially unfeasible to break ground on new projects without substantial public subsidies. The construction pipeline has declined by more than 50 percent from its peak, and the number of units under construction will …

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