ALLENTOWN, PA. — Greystone has provided a $20.8 million Fannie Mae loan for the refinancing of Wynnewood Greens, a 206-unit multifamily property located in the Lehigh Valley city of Allentown. Built in 1975, Wynnewood Greens comprises 18 three-story buildings that house one-, two- and three-bedroom units. Amenities include outdoor picnic areas and onsite laundry facilities. Avi Lifshitz and Aviel Hematian of Greystone originated the seven-year, nonrecourse loan, which was structured with a fixed interest rate and full-term interest-only payments. The borrower, S&S Properties, purchased the asset in 2008.
FRANKLIN PARK, ILL. — General contractor F.H. Paschen has broken ground on an 80-unit seniors housing community in the western Chicago suburb of Franklin Park, which is part of Leyden Township. Evergreen Real Estate Group is the developer for the project, which is named Leyden Senior Apartments. The four-story residential building will also feature the new Carl Fiorito Senior Center, a one-story community center that will complement the apartments. Designed by Weese Langley Klein Architects and scheduled to open in summer 2026, the development is a collaborative effort between Leyden Township, Evergreen, owner Leyden Apartments LP and F.H. Paschen. Evergreen will also serve as property manager. The project site is 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue. The development is financed through multiple sources, including the Illinois Housing Development Authority, Bank of America, Hudson Housing, Leyden Township and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering.
DALLAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire a portfolio of six multifamily properties totaling 1,844 units in the Dallas-Fort Worth (DFW) metroplex for $431.5 million. The seller is BSR REIT, and the deal is expected to close in the second quarter. The properties — Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly — were all built between 1995 and 2021 and range in size from 216 to 349 units. AvalonBay acquired the portfolio in conjunction with two Austin-area communities that sold for $187 million.
HUNTSVILLE, ALA. — Rockefeller Group and T2 Capital Management have begun leasing Vista at Councill Square, a 332-unit apartment development in downtown Huntsville. Designed by Matheny Goldmon Architecture + Interiors and OKW Architects, the six-story property will feature a mix of studio, one-, two- and three-bedroom apartments, including a few two-level townhomes. Monthly rental rates at Vista at Councill Square will begin at $1,403. Amenities will include two dedicated coworking spaces on the first and sixth floors, a fitness center with a yoga and meditation room, hospitality unit available for residents’ guests to rent nightly, EV charging stations in the garage, a game room and lounge, bike storage, pet spa and a rooftop pool deck.
LILBURN, GA. — Locally based multifamily development and management firm RangeWater Real Estate has partnered with the City of Lilburn and Dallas-based The Meridian Group to develop a 269-unit apartment community in Lilburn, a northeast suburb of Atlanta in Gwinnett County. RangeWater acquired the four-acre site at 45 Railroad Ave. in Old Town Lilburn near Lilburn City Park. RangeWater and its partners worked closely with the Downtown Development Authority on the project, which will include a public-private parking garage. The unnamed property will offer studio, one-, two- and three-bedroom apartments, spanning in size from 537 to 1,578 square feet. Amenities will include a boutique gym and wellness facility, coworking space, dog spa, resident bar, lounge with vaulted ceilings, swimming pool, outdoor grills, gardens for resident al-fresco dining, a public/private amphitheater-style courtyard and a trailhead for Camp Creek Greenway Trail. The development team plans to break ground this spring and wrap up construction in late 2026.
COLUMBIA, S.C. — Stratus Development Group has broken ground on Pickens Corner, a 60-bed student housing development located at 480 S. Pickens St. near the University of South Carolina campus in Columbia. Located in the city’s Rosewood neighborhood, Pickens Corner will offer townhomes featuring three bedrooms and three-and-a-half bathrooms. Completion on the project is scheduled for August 2025.
NEW YORK CITY — Newmark has arranged a $275 million loan for the refinancing of 63-67 Wall Street, an apartment complex in Lower Manhattan that comprises 816 units across two buildings. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., and 63 Wall Street was built in 1928 as the headquarters for Brown Brothers Harriman & Co. The buildings were converted into apartments in 2006 and 2004, respectively. Units come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and a business center. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the financing on behalf of the owner, a partnership between Boston-based real estate private equity firm Rockpoint and investment and management firm Brooksville Co. Apollo Global Management provided the loan. The partnership acquired the buildings in 2016 and has since invested in capital improvements.
PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.
LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.
EVERETT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sunrise Lane, a multifamily property in Everett. Weidner Apartment Homes sold the asset to an undisclosed buyer for $35.1 million, or $268,130 per unit. Sunrise Lane offers 131 apartments, a large resident clubhouse, swimming pool, spa and barbecue areas. Units come in one-, two- and three-bedroom layouts averaging 1,020 square feet. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the transaction.