CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.
HOUSTON — Locally based developer Fein has broken ground on Echo Lake, a 326-unit apartment community that will be located in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development, and the property is named after the 1.2-acre lake and trail system that will serve as a focal point of the project. Designed by Steinberg Dickey Collaborative and financed by Comerica Bank, Echo Lake will have two- and three-story buildings that will house one-, two- and three-bedroom units and Class A amenities. About 40 percent of units will be townhouse-style residences with attached garages. Fein is developing Echo Lake in partnership with Open House Group, an equity investment that was arranged by John Fenoglio of CBRE. The first units are expected to be available for occupancy in the second quarter of 2026, with full completion slated for mid-2027.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Candle Chase Apartments, a 116-unit apartment complex in southwest Fort Worth that was built in 1969. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 715 to 1,198 square feet. Doug Banerjee and Sterling Warren of Greysteel represented the seller, Epic Capital Partners, in the transaction. The buyer, an entity doing business as Delara Chase LLC, has rebranded the property as Delara Chase Apartments.
SALT LAKE CITY — Berkadia has secured a $31.5 million bridge loan on behalf of Midtown Capital to complete construction of The Astoria, a multifamily community in Salt Lake City. Slated for completion in third-quarter 2025, the 149-unit property is situated in the city’s Fairpark District. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing for the sponsor, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, Fla., and Madrid, Spain. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion. Located at 11 N. 800 West, the seven-story Astoria will feature 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom layouts up to 955 square feet each. The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to SLC International Airport, the Delta Center and downtown Salt Lake City.
NEW YORK CITY — Locally based developer Two Trees Management has completed the lease-up of One Domino Square, a 279-unit multifamily property in the borough’s Williamsburg area. Designed by Selldorf Architects, One Domino Square offers both apartments and condos in a variety of floor plans, including penthouses for the latter component. Amenities include a pool, spa, resident lounges, media room, children’s playroom, private dining room, chef’s kitchen and outdoor grilling and dining stations. The property’s rental units are now 99 percent occupied, with rents starting at $4,770 per month for a studio apartment.
WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has begun leasing 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. Rents start at $3,300 per month for a studio apartment.
CHARLESTON, S.C. — Center Park Group has announced that it is on track to complete the vertical construction of 155 build-to-rent townhomes at Bellerose at Bees Ferry by mid-April. Located within the West Ashley neighborhood of Charleston, the 17-acre, pet-friendly community will offer townhomes that total 1,400 square feet with three bedrooms, two-and-a-half baths and an attached one-car garage. Amenities include a swimming pool with lounge chairs, dog park, an open-air pavilion and walking paths, as well as onsite maintenance and management. Atlanta-based RangeWater Real Estate is the developer. Framing for the project began in October 2023, and Center Park Group has delivered each townhome building with the goal to complete the project in under 18 months. Center Park Group managed construction of the community dog park, the mail kiosk and landscaping, while Linden Construction oversaw construction of the community pool and clubhouse. RangeWater is overseeing property management at Bellerose at Bees Ferry in-house.
FERN PARK, FLA. — Berkadia has provided a $23.2 million Freddie Mac loan to refinance Advenir at Magnolia, a 272-unit multifamily community located in the Fern Park suburb of Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia’s Miami office originated the financing on behalf of the borrower, an entity doing business as Advenir@Magnolia LLC. The five-year, fixed-rate agency loan includes an extended interest-only period and a 60 percent loan-to-value ratio. Situated on 13 acres, Advenir at Magnolia is a two-story, garden-style property that comprises a mix of studio, one- and two-bedroom apartments averaging approximately 800 square feet in size. Amenities at the property include two resort-style pools, two basketball courts, three racquetball courts, a lighted tennis court, grilling stations, a 24/7 fitness center, business center and laundry facilities.
SAN MATEO, CALIF. — Stockbridge and Wilson Meany have received a $170 million first mortgage for Bay Meadows Apartment Collection, a four-property portfolio in San Mateo. The 390-unit portfolio offers a mix of studio, one-, two- and three-bedroom units, averaging 1,035 square feet, and 9,961 square feet of ground-floor retail space. The portfolio includes the 108-unit Field House, built in 2015; the 70-unit Quimby, built in 2017; the 158-unit Russell, built in 2017; and the 54-unit Hawthorne, built in 2024. The portfolio is located within the 83-acre Bay Meadows master-planned community. Bruce Ganong, Chris Handy, Elijah Lax and Tomie Vegą of JLL Capital Market’s Debt Advisory team arranged the five-year, fixed-rate loan through New York Life Real Estate Investors for the borrower.
FARGO, N.D. — Gindi Equities has acquired Amber Valley Apartments in Fargo for an undisclosed price. The acquisition marks the firm’s fourth Fargo market purchase in under 12 months. The seller, Property Resources Group, will continue to manage and service the asset. Constructed in 2001, Amber Valley Apartments comprises 162 units that range from one- to three-bedroom layouts. Gindi plans to launch a renovation program at the property, upgrading both interior spaces and common areas.