BROWNSTOWN TOWNSHIP, MICH. — Friedman Real Estate has brokered the $16.9 million sale of South Glen Apartments in Brownstown, a southern suburb of Detroit. The 159-unit multifamily property is located at 19400 S. Glen Blvd. The sales price represents $106,603 per unit. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed buyer and seller in the transaction.
ANTIOCH, ILL. AND LAKE GENEVA, WIS. — Greystone has provided two Fannie Mae loans totaling $15.4 million for the refinancing of a 253-unit multifamily portfolio in Illinois and Wisconsin. Each of the two garden-style properties received a $7.7 million loan. Geneva Meadows Apartments is a 108-unit community in Lake Geneva, Wis., and Antioch Manor Apartments is a 145-unit property in Antioch, Ill. Kyle Jemtrud and Wilson Molitor of Greystone originated the nonrecourse loans, which feature fixed interest rates, seven-year terms, 30-year amortization schedules and interest-only payments for the entire term of the loan.
JERSEY CITY, N.J. — BHI, the U.S. division of Israel’s Bank Hapoalim, has provided a $35 million construction loan for a 202-unit multifamily project in Jersey City. The development at 277-301 West Side Avenue will be a six-story building that will house 42 studios, 119 one-bedroom units, 32 two-bedroom apartments and nine three-bedroom residences. Ten percent of the units will be reserved as affordable housing, and the building will also feature 5,800 square feet of commercial space. Amenities will include a pool, fitness center, sauna, meditation room, rooftop terrace and outdoor grilling and dining stations. The borrower is Tay Investments.
BOSTON — A partnership between nonprofit developer The Community Builders and social services provider Pine Street Inn has completed The Lyndia, a 202-unit affordable housing project in Boston’s Jamaica Plain neighborhood. Designed by Boston-based RODE Architects, The Lyndia offers 140 units for formerly homeless individuals and 62 income-restricted units, as well as 13,000 square feet of community space. Residents will have access to resources like medical and mental healthcare, vocational and volunteer opportunities.
WESTFIELD, N.J. — A partnership between two New Jersey-based firms, Premier Development and Garden Communities, has begun leasing Parkside at Westfield, a 162-unit apartment complex located about 25 miles southwest of New York City. Designed by BlackBird Group Architects, the garden-style property consists of three buildings that house one-, two- and three-bedroom units that range in size from 985 to 1,944 square feet. Amenities include a fitness center, library, lounge, playground and outdoor grilling and dining stations. Rents start at roughly $3,400 per month for a one-bedroom apartment.
ROYAL PALM BEACH, FLA. — The Lynd Group has secured a $132.5 million bridge loan from MF1 Capital to refinance the construction loan for The Villas at Tuttle Royale, a multifamily project in the Royal Palm Beach suburb of West Palm Beach. New York-based S3 Capital originally provided a $126 million construction loan to Lynd Group in March 2023 for the development. Situated at 11200 Nicole Drive, The Villas at Tuttle spans 26 buildings and comprises 401 units, including 55 townhomes with private two-car garages. The garden-style community offers one-, two-, three- and four-bedroom floorplans up to 2,035 square feet in size. Amenities include a two-story clubhouse with a sauna, fitness and wellness center, coffee bar, private dining areas, game room, community catering space, two lounges, coworking pods, a business center and a panoramic outdoor terrace. Additional outdoor offerings include a recreation deck with a resort-style pool, cold plunge, spas, cabanas, fire pits, pickleball courts, bike path and a playground. The Villas at Tuttle is located within the 200-acre mixed-use Tuttle Royale project.
PORT WENTWORTH, GA. — A joint venture between PCCP LLC and Advenir Azora has secured a 28-acre site in Port Wentworth for the ground-up development of a 250-unit build-to-rent (BTR) residential community. Located at 1100 Meinhard Road, the site is less than 10 miles from the Port of Savannah. The community will feature one- and two-bedroom duplexes, two-bedroom cottages and two- and three-bedroom townhomes with an average size of 1,081 square feet. Amenities at the complex will include a 3,000-square-foot clubhouse and leasing center with a conference room, coffee bar and an Olympic-style pool with gazebos and lounge chairs, as well as a 1,460-square-foot fitness center with a turfed exterior. Additionally, there will be shared green spaces that will comprise pocket parks and playgrounds, a pickleball court and walking trails. The first homes are expected to be delivered in June 2026. This project marks PCCP and Advenir Azora’s second joint venture, following the ground-up development of Leo at Wendell in Raleigh, which is slated for completion in December.
SAN MARCOS, TEXAS — BWE, a Cleveland-based commercial financial services firm, has arranged a $23.5 million acquisition loan for The Edge, a 553-bed student housing property that serves students at Texas State University in San Marcos. The Edge is located less than a mile from campus and offers one-, two-, three- and four-bedroom floor plans across 173 units. Amenities include a fitness center, clubhouse, study areas and a basketball court. Chris Carroll and Max Miller of BWE arranged the financing through Chicago-based Byline Bank. The borrower, Campus Realty Advisors, plans to use a portion of the proceeds to fund capital improvements.
HUNTINGTON, N.Y. — Marcus & Millichap has brokered the $8 million sale of a multifamily and retail property in the Long Island community of Huntington. The three-story, 11,000-square-foot property at 356 New York Ave., which was originally built in 1965 and renovated in 2021, comprises nine residential units and three retail spaces. Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a multifamily community in Phoenix. The funding includes a joint venture equity investment from Origin Investments and construction financing totaling $88 million. Located along the Loop 101 Freeway at 56th Street, Azola Desert Ridge will offer 416 apartments spread across four-story buildings in a garden-style multifamily community that is slated to deliver by third-quarter 2026. Azola Desert Ridge will offer one-, two- and three-bedroom units ranging from 730 square feet to 1,533 square feet, a resort-style pool and deck, a fitness center, dog park, pet grooming salon, a glam room, podcast room, individual offices for residents and a self-service market along with lounge areas. Mike Higgins, Asher Gunter, Matt Pesch and Austin Groen of CBRE Multifamily Equity Advising team represented the sponsor to arrange the joint venture equity investment with Origin Investments.
