Multifamily

Newmark Provides Agency Refinancing for New 350-Unit Apartment Community in Frederick, Maryland

by John Nelson September 19, 2025

FREDERICK, MD. — Newmark has provided a Fannie Mae near-stabilization loan for the refinancing of EDE, a new 350-unit apartment community in Frederick. The amount of the fixed-rate loan was not disclosed. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, interest-only loan on behalf of the borrower, The Goldstar Group. Completed in 2024, EDE features a mix of studio, one-, two- and three-bedroom apartments, as well as a resort-style pool with a sun shelf and daybeds, clubroom, 24-hour fitness center, coworking spaces and a coffee bar.

September 19, 2025

Connecticut Development Loans Multifamily Northeast

3650 Capital Provides $32M Mezzanine Loan for Stamford Multifamily Project

by Taylor Williams September 19, 2025

STAMFORD, CONN. — Miami-based lender 3650 Capital has provided a $32 million mezzanine loan for The Coastline, a 198-unit multifamily project that will be located in the southern coastal Connecticut city of Stamford. The Coastline, which will be located in the city’s downtown area, will rise 13 stories and will include 17 units that will be subject to income restrictions, as well as 4,500 square feet of retail space. The amenity package will consist of a fourth-floor pool and outdoor lounge, a 14th-floor rooftop deck with a dog run, fitness center, a children’s play area, tenant lounge, multiple conference rooms and a bocce ball court. Perkins Eastman is the project architect, and KL Masters Construction Co. is the general contractor. Bank OZK is the senior lender. Newmark arranged the mezzanine loan on behalf of the developer, a partnership led by local developer F.D. Rich Co. Completion is slated for summer 2027.

September 19, 2025

Acquisitions Multifamily New York Northeast

Endeavor Arranges Sale of 328-Unit Apartment Community in Webster, New York

by Taylor Williams September 19, 2025

WEBSTER, N.Y. — Locally based brokerage firm Endeavor Real Estate Group has arranged the sale of the 328-unit Country Manor Apartments in Webster, located outside of Rochester in upstate New York. Built in phases between the late 1960s and early 1970s, the garden-style property offers one- and two-bedroom units and amenities such as a leasing office with a shared conference room, fitness center, pool, picnic areas, tennis courts and a dog park. Manhattan-based private equity firm PH Realty Capital sold Country Manor Apartments to metro Philadelphia-based multifamily owner-operator Morgan Properties for an undisclosed price. James Buckley and Patrick Salvato of Endeavor brokered the deal.

September 19, 2025

Acquisitions Multifamily Washington Western

CBRE Negotiates $94.8M Sale of Seattle Apartment Complex

by Amy Works September 19, 2025

SEATTLE — CBRE has arranged the sale of 8th + Republican Apartments, a mid-rise multifamily community in Seattle’s South Lake Union neighborhood. A confidential institutional investor acquired the property from a confidential seller for $94.8 million. Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper of CBRE represented the seller in the transaction. Completed in 2016, 8th + Republican offers 211 apartments with smart home technologies, solar shades, walk-in closets, wood-style flooring, stainless steel appliances and floor-to-ceiling windows. Community amenities include an outdoor terrace with panoramic views, a fitness center, dog park and spa, a resident lounge and dry cleaning services.

September 19, 2025

Loans Multifamily Washington Western

MMCC Arranges $28.1M in Financing for Sunset Terrace Apartment Community in Renton, Washington

by Amy Works September 19, 2025

RENTON, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $28.1 million in financing for Sunset Terrace, a multifamily property located at 2715 Sunset Lane NE in Renton. Tammy Linden of MMCC arranged the financing with Lument on behalf of the borrower, ST Renton LLC. The transaction was executed as a HUD 223(f) loan with green certification, providing maximum leverage to retire the interim acquisition bridge loan originally arranged by Linden and MMC at the issuance of the temporary certificate of occupancy in July 2023. Sunset Terrace features 211 studio, one- and two-bedroom apartments, live/work units and two commercial tenant suites, totaling 3,986 rentable square feet. Community amenities include in-unit laundry, a fitness center, business center, clubhouse, rooftop deck with barbecue grills, gated garage parking, bike racks and pet-friendly accommodations.

September 19, 2025

California Development Loans Multifamily Western

PSRS Secures $13.4M in Construction Financing for Multifamily Project in San Diego

by Amy Works September 19, 2025

SAN DIEGO — PSRS has arranged $13.4 million in construction financing for the development of a multifamily complex in San Diego. The nine-story development will offer 70 apartments, including 69 studios and a one-bedroom/one-bath unit, with an average unit size of approximately 360 square feet. Financed through a debt fund, Trevan Swierczewski and Alexander Santulis of PSRS secured a nonrecourse loan at a 75 percent loan-to-cost ratio, with a 24-month term and two six-month extension options.

September 19, 2025

Acquisitions Loans Michigan Midwest Multifamily Student Housing

ACRES Capital Provides $30.5M Acquisition Loan for Multifamily Community in Lansing, Michigan

by Kristin Harlow September 19, 2025

LANSING, MICH. — ACRES Capital has provided a $30.5 million first mortgage to finance the acquisition of Gateway Lofts, a student-oriented multifamily community in Lansing. Built in 2021, the property features 181 units across a five-story building. In addition to 9,334 square feet of ground-floor retail space, the community features a fitness center, clubhouse, game room, coffee bar, bike storage, conference room and 204 surface parking spaces. The property is located 0.7 miles from Michigan State University. Vesper was the borrower.

September 19, 2025

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Development, Selfhelp Realty Break Ground on $150M Affordable Housing Project in Queens

by Taylor Williams September 18, 2025

NEW YORK CITY — A partnership between two local owner-operators, Foxy Development and Selfhelp Realty Group, has broken ground on The Perennial, a $150 million affordable housing project that will be located in the Forest Hills neighborhood of Queens. The project is a conversion of the former Parkway Hospital building, which has been shuttered since 2008. Of the 145 total units, 124 will be senior units, 44 residences within which will be reserved for formerly homeless individuals. The remaining apartments will be family units. All residences will be reserved for households earning 50 percent or less of the area median income. Project partners include architect Newman Design, Cityscape Engineering, Suffolk Construction and MEP engineer Mottola Rini. TD Bank provided construction financing for the project, and The Community Preservation Corp. will provide permanent financing. Construction is expected to be complete in late 2027.

September 18, 2025

Acquisitions Alabama Multifamily Southeast

Oakley Group Buys Flats at East Bay Apartments in Fairhope, Alabama for $49.8M

by John Nelson September 18, 2025

FAIRHOPE, ALA. — Birmingham, Ala.-based Oakley Group has acquired Flats at East Bay in Fairhope for $49.8 million. Stoa Group was the seller. Craig Hey of Cushman & Wakefield arranged the sale. Oakley has appointed Arlington Properties to manage the 240-unit community, which is located at 9376 Twin Beech Road on the eastern shoreline of Mobile Bay, about 26 miles south of Mobile. Flats at East Bay was completed in 2024 and features 10 three-story buildings with one-, two- and three-bedroom units and amenities such as a resort-style pool with cabanas, a fitness center, dog park, walking trails, grills, coworking space with conference rooms, fire pit and electric vehicle charging stations.

September 18, 2025

Acquisitions Massachusetts Multifamily Northeast

Hanover Co. Sells 297-Unit Apartment Complex in Hanover, Massachusetts

by Taylor Williams September 18, 2025

HANOVER, MASS. — Houston-based owner-operator The Hanover Co. has sold a 297-unit apartment complex in Hanover, located southeast of Boston. Hanover Crossing Residences was built in 2023 and comprises four four-story buildings that house one-, two- and three-bedroom units with an average size of 934 square feet. Amenities include a pool, entertainment kitchen and social lounge, fitness center, coworking space and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the transaction. The buyer was an affiliate of AEW Capital Management. The sales price was not disclosed.

September 18, 2025

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