Sunday, February 8, 2026
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LoansMidwestMultifamilyOfficeOhio

Trez Capital Provides $37.3M Construction Loan for Office Conversion Project Near Cincinnati

by Kristin Harlow

SPRINGDALE, OHIO — Trez Capital has provided a $37.3 million construction loan for the conversion of two office buildings into multifamily space in Springdale, a northern suburb of Cincinnati. The borrower, Trinity Square Holdings LLC, plans to build 129 apartment units and 97 rental townhomes. The vacant office buildings were constructed in the early 1980s. Brett Forman and Scott Mehlman of Trez Capital originated the loan. The Warren County Port Authority is investing approximately $8 million in the project.

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DevelopmentIndianaIndustrialMidwest

Dayton Street Partners Buys Land in Northwest Indiana, Plans 538,000 SF Spec Industrial Development

by Kristin Harlow

PORTAGE, IND. — Dayton Street Partners LLC has purchased 42 acres in the Northwest Indiana town of Portage. The developer plans to build a 538,000-square-foot speculative industrial development known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller, which sold three assembled land sites. Chase and Hill will also be retained to market the project for sale or lease.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Krab Kingz Opens Restaurant in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — Krab Kingz has opened at EastPort Plaza, which is located within the central Illinois town of East Peoria. The seafood restaurant specializes in Southern-style seafood boils and offers fresh king crab, snow crab and blue crab. The menu also features other seafood options such as shrimp, lobster and salmon. The East Peoria location will be the first Krab Kingz restaurant in central Illinois. Rimmon McNeese is the franchisee. Peoria-based Cullinan Properties Ltd. owns and manages EastPort Plaza, a retail center that is home to tenants such as Erie Insurance, Mobil Gas, The Galley Restaurant, Maloof Realty and Edward Jones.

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AcquisitionsIllinoisMidwestMultifamily

Becovic Acquires Apartment Building in Chicago for $2.2M

by Kristin Harlow

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Clark Rogers in Chicago’s Rogers Park neighborhood for $2.2 million. The 19-unit apartment building is located on North Clark Street and includes eight parking spaces. Chicago Real Estate Resources represented the undisclosed seller, while Becovic Realty represented the buyer.

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DevelopmentLife SciencesNortheastPennsylvania

Spark Therapeutics to Open $575M Life Sciences Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — Spark Therapeutics, a locally based firm that devises and delivers gene therapy solutions, will open a 500,000-square-foot life sciences facility in Philadelphia’s University City neighborhood, a project that represents a $575 million capital investment. The facility will be part of a 1 million-square-foot campus at the intersection of 30th and Chestnut streets. Spark Therapeutics has entered into a 99-year ground lease with Drexel University to develop the project. Construction is scheduled to begin in the fourth quarter of 2022.

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DevelopmentMultifamilyNew YorkNortheast

Cammeby’s, Rybak to Develop 499-Unit Multifamily Property on Coney Island

by Taylor Williams

CONEY ISLAND, N.Y. — A joint venture between two locally based firms, Cammeby’s International Group and Rybak Development, will build a 499-unit multifamily property on Coney Island. The property, which will house 40,368 square feet of commercial space, will be developed as part of the Neptune/Sixth mixed-use redevelopment. Units will come in one-, two- and three-bedroom formats, with 30 percent of the residences to be designated as affordable housing. Demolition work is underway at the site, and vertical construction is scheduled to begin in the second quarter of 2022.

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DevelopmentMultifamilyNew JerseyNortheast

KRE Group, Russo Development Begin Leasing 345-Unit Apartment Community in Northern New Jersey

by Taylor Williams

ROCKAWAY TOWNSHIP, N.J. — A partnership between two New Jersey-based firms, KRE Group and Russo Development, has begun leasing Rock Pointe, a 345-unit apartment community in Rockaway Township, located west of New York City in Morris County. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, tot lot, walking trails, outdoor grilling areas, fitness center, conference facility, game room, package lockers and a dog park. Rents start at $2,100 per month for a one-bedroom unit. Move-ins are slated to begin in mid-January.

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DevelopmentFeaturesMultifamilySeniors Housing

The Future of Seniors Housing is All About Lifestyle, Say InterFace Panelists

by Jeff Shaw

PHILADELPHIA — Operators in the seniors housing industry have long been awaiting the incoming demographic wave of baby boomers reaching retirement age. Every day in the U.S., 10,000 people turn 65, and the number of older adults will more than double over the next several decades to top 88 million people and represent over 20 percent of the population by 2050. The oldest boomers are now 76. But this wave of customers will have very different desires than existing seniors housing residents, according to Tod Petty, chief operations officer at Lloyd Jones Senior Living. “We know demographics and psychographics are rapidly changing. Think of the success of The Villages [a famous retirement community in Florida]. They’re drawn to live their best life. It is the last hurrah for many people to be relevant.” Petty’s comments came during a panel titled “The Development Outlook: Experts Analyze the Smartest Plays for Developers in 2022” during France Media’s InterFace Seniors Housing Northeast conference. The event was held in Philadelphia on Dec. 2. Petty moderated the panel, which also included Stephen Bailey, senior vice president of new business development, Kendal Corp.; Michael Gordon, senior vice president of acquisitions and development, EPOCH Senior Living; Scott …

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AcquisitionsMassachusettsNortheastOfficeRetail

Newmark Brokers $5.6M Sale of Office, Retail Building in Boston

by Taylor Williams

BOSTON — Newmark has brokered the $5.6 million sale of a 9,947-square-foot office and retail building located at 50-52 Broad St. in Boston. The property was originally built in 1853 and is known as The Architectural Building. Robert Griffin, Michael Greeley Joseph, Alvarado, George Demoulas and Casey Valent of Newmark represented the seller in the transaction. Matthew George of Newmark procured the buyer. Both parties requested anonymity.

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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

NOLA’s Apartment Market Remains Stable as Occupancy Gains Momentum

by John Nelson

Like the rest of the country, metro New Orleans is slowly coming out of the COVID-19 fog. The uncertainty of these uncharted waters caused a lot of anxiety for multifamily owner and operators. Although there were some challenges, the market has survived the pandemic surprisingly well. The overall vacancy factor for the city is in the 5 to 6 percent range and should compress further given the modest pipeline of new inventory coming on line. The highest vacancy rates reported are in Algiers (15 percent) and East New Orleans (12 percent) where the majority of service and tourism workers lived and the most affected by COVID-19. It should be noted that we feel this downturn in occupancy is temporary and is showing signs of recovery as our tourism industry slowly rebounds. The Downtown/Warehouse district also experienced increased vacancies as residents fled the urban market for the suburbs with communities reporting vacancy rates as high as 15 percent. As the height of COVID-19 dissipated, the submarket rebounded strongly with many communities reporting 92 to 95 percent occupancy. Although previous years have seen a host of new developments enter the Downtown submarket, currently there are only two communities in the pipeline that …

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