LITCHFIELD PARK AND GOODYEAR, ARIZ. — JLL Capital Markets has arranged a total of $64.3 million for the refinancing of two build-to-rent communities in metro Phoenix. Through ORIX Corp., the JLL team secured $33.1 million for the 153-unit Villas Litchfield in Litchfield Park and $31.2 million for the 151-unit Villas Goodyear in Goodyear. The borrower was an affiliate of Blue Vista Capital Management and Family Development. Delivered in 2025, units at the properties include enclosed backyards with green turf lawns, stainless steel appliances, island kitchens with quartz countertops, wood plank-style flooring and in-unit washers and dryers. Community amenities include pools, 24-hour athletic centers, expansive dog parks with no breed or weight restrictions, organic community gardens with citrus trees, electric vehicle charging stations and grill stations with stainless steel grills. Greystar manages both properties.
DENVER — Livmark Communities and Kensington Development have started the construction of Stellar at Link 56, the first residential phase of Link 56, a master-planned, mixed-use project in Denver’s northeast corridor. Situated within a 15 to 20-minute walk from the 61st & Peña light rail station, Stellar at Link 56 will feature 215 apartments spread across 13 buildings. The unit mix will include two- and three-bedroom garden-style, walk-up apartments and two-story carriage house-style townhomes. Community amenities will include a resort-style pool and hot tub, a fitness room, yoga studio, sauna, golf simulator, outdoor grilling areas, fire pits and a dog spa. At full build-out, Link 56 will feature 1,900 residential units, 250,000 square feet of commercial space and 27 acres of parks and open space.
IRVINE, CALIF. — PSRS has arranged $4.5 million in refinancing for Armstrong Industrial, a light industrial building in Irvine. The 26,195-square-foot property is situated within a larger industrial park and features 105 parking spaces. The undisclosed borrower intends to implement a value-add business plan to convert the facility into a RV and self-storage property. Michael Tanner and David Sarnoff of PSRS secured the nonrecourse loan through a debt fund execution, providing a two-year, interest-only term.
CREST HILL, ILL. — Greystone has provided an $89.2 million first loan and a $5.6 million second loan to finance the acquisition of Woodlands of Crest Hill, a 730-unit multifamily property in Crest Hill. Eric Rosenstock of Greystone originated the loan on behalf of the buyer, Bayshore Properties. The financing includes an $89.2 million nonrecourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization as well as five years of interest-only payments. The second is a nonrecourse, fixed-rate DUS Lender Affiliate mezzanine loan with a 10-year term and full-term interest-only payments. Built in 1969, the property features studio, one- and two-bedroom units along with a clubhouse, fitness center, business center, pool and outdoor volleyball courts. The sales price is about 16 percent more than what Osso Capital paid for the complex in 2023, according to Crain’s Chicago Business.
ST. CHARLES, MO. — LouMin Holdings has acquired Springwell Village, a 57-unit single-family and townhome rental community in the St. Louis suburb of St. Charles. Springwell Village features two- and three-bedroom floor plans. Select homes include basements and there is a combination of attached and detached garages. Amenities include a walking trail, covered community pavilion with barbecue area and pet-friendly outdoor spaces. Capital Eleven Management will assume day-to-day operations.
HERMANTOWN, MINN. — Kraus-Anderson has completed construction of the $24.7 million NorthStar Ford Arena in Hermantown within northeast Minnesota. Designed by DSGW Architecture, the project encompasses a 77,595-square-foot, two-story ice arena addition. The arena includes team spaces, an ice operations center and a 360-degree viewing mezzanine with walking track that is free to use and open to the public. There are nearly 700 individual spectator seats accessible through a south-oriented lobby. For over three decades, the Hermantown Arena has provided a home for youth hockey leagues and teams. It has also served as a gathering place for community members, including school district physical education classes, adult hockey leagues, broomball, fitness organizations and hockey camps. Recognizing the need for expansion, local voters in 2022 approved a city sales tax increase to fund the transformation of the existing arena into the NorthStar Ford Arena.
CHICAGO — Matterhorn Venture Partners (MVP) has formed a joint venture with TPG Angelo Gordon U.S. Real Estate to acquire a portfolio of industrial value-add assets in metro Chicago and surrounding Midwest markets over the next four years. The joint venture has an initial equity commitment of $300 million to deploy across industrial acquisitions in Chicago and surrounding target markets, with total buying power of over $900 million. As part of the new venture, the firms recently acquired two vacant industrial assets totaling $30 million in capitalized value. The first building totals 184,902 square feet in Elk Grove Village, while the second spans 47,175 square feet in Lombard. Brian Colson of Avison Young is handling leasing for the Elk Grove Village property, while Joe Karmin of Transwestern is the leasing agent for the Lombard facility.
By David Steinbach, JLL As artificial intelligence (AI) acceleration, cloud expansion and high-performance computing reshape the digital economy, cities across the U.S. are reevaluating whether they can meaningfully compete for data center investment. St. Louis is increasingly part of that national conversation — and the reasons are structural, not speculative. With competitive power pricing, repurposable industrial infrastructure, developable land and a strengthening policy framework, the region is positioned to capture the next wave of large-scale digital infrastructure. This moment represents more than a real estate opportunity. It’s an inflection point that could redefine the region’s industrial future if public and private stakeholders act in alignment. Cost, infrastructure profile Data center site selection begins with power and connectivity, and St. Louis offers meaningful advantages on both. Missouri’s industrial electricity rates continue to trend below the national average, with the state at 7.69 cents per kilowatt-hour compared with the U.S. industrial average of 8.65 cents per kilowatt-hour, according to the latest EIA data. This is a significant differentiator for large-scale campuses with substantial, long-duration energy needs. The region’s legacy industrial and former generation sites also come with high capacity transmission infrastructure that can be repurposed, reducing both development timelines and the cost …
SAN DIEGO — Golden Columbia, a real estate investment platform sponsored by locally based GANMI Corp., has completed the acquisition of two Class A office properties in downtown San Diego. Together, the buildings total 707,623 square feet. The sales price was not disclosed, but The San Diego Union-Tribune reports the properties traded for $103.5 million. The newspaper also reports that the seller, Regent Properties, purchased the two buildings for a combined $223.5 million in June 2021. The properties include One Columbia Place, a 27-story office tower located at 401 W. A St., and Two Columbia Place, a 12-story office building located at 1230 Columbia St. One Columbia Place comprises 556,943 square feet, and Two Columbia Place spans 150,680 square feet. According to a statement issued by GANMI Corp., long-term plans for One and Two Columbia Place include repositioning the properties into an “experience-driven workplace destination designed to support tenants, employees and the broader downtown ecosystem.” Enhancements at the buildings will be implemented in phases. “People don’t come back to the office for desks alone — they come back for energy, community and convenience,” says Casey Gan, CFO of GANMI Corp. “Our mission at Columbia Place is to build a complete workplace experience by …
WASHINGTON, D.C. — Total commercial mortgage origination volume is expected to reach $805.5 billion in 2026, according to the Mortgage Bankers Association (MBA). The real estate finance organization announced the commercial real estate finance (CREF) forecast at its 2026 Commercial/Multifamily Finance Convention and Expo this week in San Diego. According to the CREF report, originations in 2026 are expected to reflect a 27 percent increase relative to 2025, which saw an estimated volume of $633.7 billion in commercial real estate and multifamily loans. This total would also be the most loan production in the industry since 2022 ($815.6 billion). Of the total, $399.2 billion in volume is predicted for the multifamily sector, which represents a 20.8 increase from 2025’s estimated total ($330.6 billion). Mike Frantantoni, MBA’s chief economist and senior vice president for research and business development, presented the findings, along with Reggie Booker and Judith Ricks, who are both associate vice presidents of CREF Research. “The [commercial real estate] lending market showed strength throughout 2025,” says Ricks. “Commercial originations increased year-over-year during the first six months, and this growth continued in the second half of the year. The multifamily market experienced similar strength throughout the year, and that is …