Wednesday, June 3, 2026
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DevelopmentMarylandMultifamilySoutheast

St. John Properties, Somerset Break Ground on $148M Multifamily Community in Baltimore County

by John Nelson

MIDDLE RIVER, MD. — St. John Properties Inc. and Somerset Cos. LLC have broken ground on Aspen at Greenleigh, a $148 million luxury apartment development in Middle River. The 335-unit property will be situated within the 1,000-acre Greenleigh mixed-use community on the north side of Baltimore County. Set for completion in late 2027, Aspen at Greenleigh will offer studio, one-, two- and three-bedroom apartments ranging in size from 599 to 1,669 square feet. Indoor amenities will include a fitness center with yoga studio, multimedia center with oversized viewing screen and adjacent kitchen and bar, a billiards room, business center with a conference area, a pet spa with wash station and an indoor dog park. Outdoor amenities will include a heated saltwater pool with sunning decks, hospitality bar, bike storage and repair room, Zen garden and a courtyard with cabanas, a fireplace and a TV. The design-build team, which is pursuing LEED Gold certification for the development, includes Architects Collaborative (architect), Aumen Asner Inc. (interior design), KTGY (architect), Kline Engineering (structural engineer), Phillips Gradick (MEP engineer) and Stahly Engineering & Associates (civil engineer). St. John Properties’ multifamily construction division is serving as the project’s general contractor. Bozzuto Management will provide property …

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FloridaLoansMultifamilySoutheast

Berkadia Arranges $82.1M Refinancing for Apartment Community in Nokomis, Florida

by John Nelson

NOKOMIS, FLA. — Berkadia has arranged an $82.1 million loan for the refinancing of Render Legacy Trail, a 450-unit apartment community located at 15560 Render Way in Nokomis, a suburb of Sarasota. Patrick McGlohn, Brian Gould, Hunter Wood, Natalie Hershey and Patrick Cunningham of Berkadia arranged the loan on behalf of the borrowers, Crescent Communities and FCP. Benefit Street Partners provided the three-year loan, which features two one-year extension options. Render Legacy Trail was completed in 2024 and features one-, two- and three-bedroom apartments averaging 934 square feet in size, as well as a saltwater pool, outdoor grilling and dining areas, 24-hour fitness center, coworking spaces, pickleball courts, EV charging stations and direct access to the 18.5-mile Legacy Trail that connects Sarasota to Venice, Fla.

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AcquisitionsAffordable HousingLoansMidwestMultifamilyOhio

Lument Provides $28M FHA Loan for Ohio Affordable Housing Property

by Kristin Harlow

LORAIN, OHIO — Lument has provided a $28 million HUD/FHA Section 221(d)(4) loan on behalf of TFG Housing Resources and Raise Up for the acquisition and substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, about 25 miles west of Cleveland. The transaction utilized a component of the Rental Assistance Demonstration (RAD) program that allows for blending RAD with Section 18 of the National Housing Act to fund the preservation of aging affordable housing. Lument’s Joey Hague led the transaction. The units were converted through the RAD program in conjunction with 4 percent Low-Income Housing Tax Credits through the Ohio Housing Finance Agency. In addition to the FHA mortgage, Lument Securities served as the underwriter for $9.2 million in tax-exempt bonds. Originally built in the 1950s as three separate communities, Leavitt Homes, Westview Terrace and Westgate Apartments have historically operated as public housing. As a result of the RAD conversion utilizing FHA financing, the properties now operate as one and are being rebranded as Western Horizon. Post renovation, all units will be assisted by project-based rental assistance with rents restricted to 60 percent of the area median income. TFG Housing Resources is a Columbus-based real estate developer …

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DevelopmentMidwestMissouriMultifamily

HDA Completes Design of 38-Unit Condo Development in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Architect HDA has completed the design of Forsythia on the Park, a luxury condominium development in Clayton. The four-story, 155,500-square-foot building is positioned adjacent to Shaw Park and features 38 two- and three-bedroom residences. The open layouts feature private terraces. Amenities include a resident lounge anchored by a fireplace, a technology-equipped community room and services such as a 24-hour concierge and guest valet parking. The development is now open.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Builds $18.8M Fire Station in Otsego, Minnesota

by Kristin Harlow

OTSEGO, MINN. — Kraus-Anderson has completed a new $18.8 million fire station for the City of Otsego in metro Twin Cities. Designed by Wold Architects and Engineers, the 35,000-square-foot station features a central location for rapid response and community-centered spaces for educational events and engagement activities. The project includes large apparatus bays, gear storage and well-planned workflows for quick mobilization. Living quarters accommodate 24-hour staff. Dedicated training areas include new classrooms and spaces that allow firefighters to refine skills and host community safety programs such as CPR training and workshops. The project incorporates eco-friendly materials, energy-efficient lighting and water-saving fixtures. Construction began in June 2025.

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IllinoisLoansMidwestRetail

Gantry Secures $12M Loan for Refinancing of Shopping Center in Moline, Illinois

by Kristin Harlow

MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.   

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AcquisitionsCaliforniaMultifamilyWestern

Pacific Urban Investors Acquires 140-Unit Multifamily Community in San Diego

by Amy Works

SAN DIEGO — Palo Alto, Calif.-based Pacific Urban Investors has purchased Casas by the Sea, an oceanfront multifamily property in the Bird Rock/La Jolla neighborhood of San Diego. Terms of the transaction were not disclosed. Situated adjacent to Tourmaline Beach, Casas by the Sea features 140 studio, one-, two- and three-bedroom apartments spread across four residential buildings and two single-family homes. The property was built in 1970. Approximately 86 percent of the units offer ocean views.

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DevelopmentNevadaOfficeWestern

Moonwater Capital Breaks Ground on 220,000 SF Halo Tower Office Property in Southwest Las Vegas

by Amy Works

LAS VEGAS — Developer Moonwater Capital has broken ground on Halo Tower, an eight-story Class A office property in southwest Las Vegas. Completion and occupancy is planned for third-quarter 2028. Situated on Sunset Road adjacent to the 215 Beltway, Halo Tower will feature 220,000 square feet of office space with 28,571-square-foot floor plates, 15- to 17-foot lobby heights and an indoor-outdoor rooftop boardroom and amenity deck with panoramic views of the Las Vegas Valley. Martin-Harris Construction is serving as general contractor for the project. Brad Peterson, Tanner Peterson, Justin Witt and Grace Ordonez of CBRE will handle marketing and leasing for the property.

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PSRS-Ben-Ave-Apts-LA-CA
CaliforniaLoansMultifamilyWestern

PSRS Arranges $6.8M in Construction Financing for Affordable Housing Project in North Hollywood

by Amy Works

LOS ANGELES — Regional brokerage firm PSRS has arranged $6.8 million in construction financing for an affordable housing project on Ben Avenue in the North Hollywood neighborhood of Los Angeles. The property will feature 40 affordable apartments. To secure bank approval for the project’s first-time developers, PSRS reworked the ownership structure to bring in a sponsor, MOBBIL Inc., to take a nominal equity position and strengthen the track record. Michael Warner of PSRS secured the two-year, interest-only construction loan, which features a 65 percent loan-to-value ratio.

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8781-Cuyamaca-St-9822-Buena-Vista-Ave-Santee-CA
AcquisitionsCaliforniaRetailWestern

CBRE Brokers $3.7M Sale of Multi-Tenant Retail Property in Santee, California

by Amy Works

SANTEE, CALIF. — CBRE has arranged the sale of a multi-tenant retail building located at 8781 Cuyamaca St. and 9822 Buena Vista Ave. in Santee. Affiliates of Calgary Development sold the asset to Burggraf Family Trust for $3.7 million. Situated on 1.1 acres, the property features 16,390 square feet of retail space and was 90 percent leased at the time of sale. Reg Kobzi, Michael Peterson and Lane Robertson of CBRE represented the seller, while William Strocco Jr. of St. Rocco Properties represented the buyer in the deal.

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