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Multifamily

Bella-Olivia-Apts-Peoria-AZ
ArizonaLoansMultifamilyWestern

CBRE Secures $116M Refinancing for Three-Property Multifamily Portfolio in Metro Phoenix

by Amy Works

PEORIA, GILBERT AND MARICOPA, ARIZ. — CBRE has secured $116 million in pre-stabilized bridge financing for a three-property multifamily portfolio in the greater Phoenix market. Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Shaun Moothart of CBRE secured an initial two-year, floating-rate term featuring full-term interest-only payments with three extension options on behalf of the owner. The lender was MF1 Capital. The portfolio includes the 112-unit Bella Olivia in Peoria, the 120-unit Woodcrest at Power Ranch in Gilbert and the 209-unit Honeycutt Run in Maricopa. The properties were each built in 2025 and are all currently leased. Each community features a resort-style pool, clubhouse, fitness center and attached one- and two-car garages.

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170-Freeman-St.-Brooklyn
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $34M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $34 million bridge loan for the refinancing of a 67-unit apartment building located in the Greenpoint area of Brooklyn. The newly developed, eight-story building at 170 Freeman St. includes ground-floor commercial space. The unit mix comprises 12 studios, 40 one-bedroom units and 15 two-bedroom apartments. Amenities include a fitness center, study rooms, storage lockers, a resident lounge, pet spa and a rooftop terrace with a grilling station. David Scheer of Dwight originated the debt on behalf of the borrower, Green Street Group Managers LLC.

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The-Reserve-at-Estuary-Weehawken
DevelopmentMultifamilyNew JerseyNortheast

Hartz Mountain Completes 218-Unit Apartment Complex in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has completed The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Leasing began in April, at which point rents started at $3,300 per month for a studio apartment.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Brokers $1.7M Sale of Apartment Building in Summit, Illinois

by Kristin Harlow

SUMMIT, ILL. — Essex Realty Group LLC has brokered the $1.7 million sale of an apartment building located at 7349 W. 57th St. in Summit, a southwest suburb of Chicago. The property features 17 one-bedroom units, 15 of which have been recently renovated. Anthony Citriglia of Essex brokered the sale.

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AcquisitionsAffordable HousingMultifamilyNew MexicoOregonTop StoriesWestern

Guardian Acquires Affordable Housing Portfolio in Oregon, New Mexico for $497M

by John Nelson

PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …

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CIRC-Tucson-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Arranges Sale of 368-Unit CIRC Tucson Apartment Community in Arizona

by Amy Works

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of CIRC Tucson, an apartment property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Terms of the transaction were not disclosed. Built in 1986 on 17 acres, CIRC Tucson offers 368 apartments, two swimming pools, a fitness center, package lockers and electric vehicle charging stations.

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CaliforniaDevelopmentMultifamilyWestern

Kimco Realty, Bozzuto Break Ground on 214-Unit Multifamily Project in Daly City, California

by Amy Works

DALY CITY, CALIF. — Kimco Realty and Bozzuto have broken ground on The Chester at Westlake, a mixed-use development in Daly City. Scheduled to open in winter 2027, The Chester will offer 214 one-, two- and three-bedroom apartments, more than 13,000 square feet of amenities and 9,854 square feet of leasable ground-floor retail space. The community will feature a two-story lobby and two courtyards connected by a clubroom. The west courtyard will serve as an active social hub with an outdoor kitchen and grilling stations, a water feature and ample lounge and dining areas. The east courtyard will feature a covered lounge, fireplace and lush landscaping. Additional amenities will include a 24-hour fitness center and yoga room, collaborative coworking spaces and personal focus areas, a communal bar area with lounge seating and a rooftop sky lounge and patio. Bozzuto Development Co. will serve as lead developer of The Chester, which is located at 99 Southgate Ave. and part of Kimco’s Westlake Shopping Center. The project team includes Bozzuto Management as property manager, BDE Architecture as architect, Kimley-Horn as civil engineer, Vida Design as interior designer, JETT Landscape Architecture & Design as landscape architect and Palisade Builders as general contractor.

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DevelopmentMultifamilyTexas

PPR Capital Management Completes 101-Unit Mixed-Income Housing Project in East Austin

by Taylor Williams

AUSTIN, TEXAS — Pennsylvania-based private equity firm PPR Capital Management has completed The Residences at Rubi, a 101-unit mixed-income housing project in East Austin. The development is valued at $21.7 million. The unit mix will be split evenly between market-rate and affordable units, with the latter component carrying income restrictions between 30 to 70 percent of the area median income. IE2 Construction served as the general contractor for the project, and Avita Property Management is handling lease-up and property management duties.

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247-Hancock-Boston
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

M&T Realty Capital Provides $44.8M in Financing for Mixed-Income Housing Project in Boston

by Taylor Williams

BOSTON — M&T Realty Capital Corp. has provided $44.8 million in financing for 247 Hancock, a 47-unit mixed-income housing project that will be located in the Dorchester area of Boston. The six-story building will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness studio, tenant lounge and rooftop deck. The financing includes a $6.3 million Freddie Mac unfunded forward commitment under the 9 percent Low-Income Housing Tax Credit program, a $19.2 million construction loan and a $19.3 million tax credit equity investment, with the latter two components being executed by M&T Bank. Construction is slated for an early 2027 completion.

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DevelopmentFloridaLoansMultifamilySoutheast

Madison Capital Arranges Equity for $84M Multifamily Development Underway in North Miami, Florida

by John Nelson

NORTH MIAMI, FLA. — Madison Capital Group has arranged preferred equity financing for Urbania NoMi 125th, an $84 million luxury multifamily development in North Miami. The equity source was not released. The developers of the 12-story, 195-unit community include Continua Development and Oldtown Capital Partners. Construction is underway and the development is expected to come on line in 2026. Amenities at Urbania NoMi 125th will include a pool, fitness center, media lounge, outdoor gathering spaces and ground-level retail space.

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