NEW YORK CITY — Greystone has provided a $114.5 million bridge loan for the acquisition of a portfolio of nine affordable housing buildings totaling 753 units in Queens. Known as The State Preservation Portfolio, the elevator-served properties feature a mix of studio, one- and two-bedroom units, as well as covered parking. Information on specific income restrictions was not disclosed. The borrower is a partnership between national affordable housing owner-operator Iris Holdings Group and the New York City Department of Housing Preservation and Development. The partnership will use a portion of the proceeds to fund capital improvements and preserve the buildings’ affordability status.
PORTSMOUTH, N.H. — JLL has arranged a $96.8 million construction loan for Prescott Post, a 360-unit multifamily project that will be located in the southern New Hampshire city of Portsmouth. The site spans 26 acres, about 10 percent of which will be preserved as green communal space. Prescott Post will feature three- and four-story residential buildings that will house a mix of unit types. Amenities will include multiple clubrooms, coworking spaces, an indoor/outdoor fitness suite with a yoga studio, outdoor kitchens, fire pits and a dog run with a pet washing station. Brett Paulsrud, Andrew Gray and Hugh Doherty of JLL arranged the loan through Truist Bank on behalf of the developers, a partnership between Boston-based Eastern Real Estate and The Kane Co. Completion is slated for late 2027.
NEW JERSEY — EQT Real Estate has purchased a portfolio of 11 industrial buildings totaling 893,625 square feet in Northern New Jersey. Known as the New Jersey Value-Add Industrial Portfolio, the collection of buildings is located between Exits 2 and 14 off the New Jersey Turnpike. The portfolio was fully leased at the time of sale and has a weighted average remaining lease term of about four years. John Plower, Ryan Cottone, Nicholas Stefans and Jason Lundy of JLL represented the undisclosed, institutional seller in the transaction. The sales price was also not disclosed.
MEDFORD, MASS. — Locally based developer The Davis Cos. is underway on construction of The Clayborn, a 289-unit multifamily project located north of Boston in Medford. The 7.9-acre site formerly housed a self-storage facility. Designed by CUBE 3 Architects, The Clayborn will offer studio, one-, two- and three-bedroom units as well as six townhomes. The Clayborn will also have an affordability component, although specific income restrictions were not disclosed. Amenities will include a pool, fitness center, playground, golf simulator and putting green, coworking space, dog park and a rooftop deck. Plumb House is the general contractor for the project, which is expected to be complete in 2027.
DOWNINGTOWN, PA. — Locally based developer Hankin Group has broken ground on a 160-unit multifamily project in Downingtown, a western suburb of Philadelphia. The project is an expansion of the 70-acre River Station development and will consist of two buildings that will have 67 and 93 units. Residences will come in one- and two-bedroom formats and will range in size from 765 to 1,217 square feet. Residents will have access to amenities such as a pool, coffee bar, fitness center, sports court, golf simulator, demonstration kitchen, business center and a county-wide trail system. Completion of the first building is slated for summer 2026.
PHOENIX — ViaWest Group and Barings have received $107 million in construction financing for ReDiscover Logistics Park, an industrial development located at 2402 W. Beardsley Road in Phoenix. Kevin MacKenzie, Jason Carlos and Lilley Kroll of JLL Capital Markets arranged the loan through a life insurance company. Situated on 43.5 acres, ReDiscover Logistics Park will offer 808,448 square feet of industrial space spread across four individual buildings ranging from 189,280 square feet to 212,000 square feet with clear heights of 32 to 36 feet, designed to accommodate a diverse range of manufacturing and distribution tenants. The development will incorporate flexible space configurations, a 200-foot shared truck court depth, FM Global compliant sprinkler systems and 980 parking spaces. Construction is underway, with completion slated for first-quarter 2027.
AURORA, COLO. — Essex Real Estate Capital Advisors has sourced a $71 million loan for the refinancing of Denali Logistics Park, a Class A industrial asset in Aurora. Blair Butler and Matt Perigard of Essex arranged the nonrecourse, interest-only bank loan loan for Hines, which developed and owns the property. The three-year, floating-rate loan was used to retire the construction debt in a cash-neutral transaction. The loan also included future funding to draw upon for leasing, securing the property’s long-term capitalization, allowing Hines to continue to execute its leasing plan and fully stabilize the asset. Denali Logistics Park features three buildings totaling 759,620 square feet. The two front-park rear-load buildings and one cross-dock building each have different depths, allowing for devisability to accommodate tenants ranging from 30,000 square feet to 200,000 square feet. Additionally, the property includes secured trailer parking that is available to all tenants and an onsite basketball court.
LOS ANGELES — Concord Capital Partners has purchased The View, a 13-story, 168-unit Class A apartment property in Los Angeles’ Koreatown neighborhood, from an undisclosed seller for $52.1 million, or $310,000 per unit. Located at 3460 W. 7th St., The View features 12 studios, 120 one-bedroom/one-bath units and 36 two-bedroom/two-bath units with oversized floor plans, modern interiors and city views. JLL represented the seller and secured acquisition financing for the buyer.
PHOENIX — Millburn & Co. has acquired Alta Biltmore, an apartment community in Phoenix’s Camelback Corridor submarket, from a national multifamily developer for an undisclosed price. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the transaction. Constructed in 2024, Alta Biltmore offers 215 apartments, a central courtyard with a resort-style pool and spa, tanning deck and a rooftop terrace with barbecue grills, covered seating and panoramic mountain views. The resident clubhouse features an entertainment kitchen and a speakeasy as well as a 24/7 fitness center with cardio and weight training equipment and a separate yoga studio. Additional amenities include micro-offices, private conference suites, bike storage and repair shop and electric vehicle charging stations.
PLEASANTON, CALIF. — JLL Capital Markets has directed the sale of Tri-Valley GMP, an industrial biomanufacturing facility located at 4698 Willow Road in Pleasanton. An undisclosed seller sold the asset to Cannae Partners and REALM for $8.5 million. Erik Hanson of JLL led the transaction. The cGMP facility previously served as Gritstone bio’s Tri-Valley hub until its February 2025 vacancy. The 42,620-square-foot property benefits from improvements totaling more than $325 per square foot invested into the current build-out, transforming it into a state-of-the-art laboratory and manufacturing complex featuring 12 production rooms, ISO 5+ cleanroom space and comprehensive quality assurance and quality control laboratories.