Tuesday, August 4, 2026
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The-Raye-by-Vermella-New-Brunswick
LoansMultifamilyNew JerseyNortheast

JLL Places $162M in Construction Financing for Central New Jersey Multifamily Project

by Taylor Williams

NEW BRUNSWICK, N.J. — JLL has placed $162 million in construction financing for The Raye by Vermella, a 534-unit multifamily project that will be located in the Central New Jersey community of New Brunswick. The Raye by Vermella will consist of two five-story buildings with studio, one-, two- and three-bedroom units that will be developed across two phases. Amenities will include a pool area with a courtyard and grilling stations, a fitness center, package lockers, clubroom, gaming/bar room, podcast rooms, children’s playroom and a pet spa. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the borrower, Russo Development.

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3200-Washington-St.-Boston
AcquisitionsMassachusettsMultifamilyNortheast

Berkeley Investments Sells Boston Apartment Complex for $37.8M

by Taylor Williams

BOSTON — An affiliate of locally based firm Berkeley Investments has sold a 73-unit apartment complex located at 3200 Washington St. in the Jamaica Plain area of Boston for $37.8 million. Built in 2019, the property comprises a five- and six-story building that house studio, one-, two- and three-bedroom units with an average size of 809 square feet, as well as two commercial spaces. Amenities include a landscaped courtyard, roof deck, resident lounge and a fitness center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented Berkeley Investments in the transaction and procured the undisclosed buyer.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $8.9M Sale of Multifamily Development Site in Harlem

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $8.9 million sale of a 55,000-square-foot multifamily development site in Harlem. The site at 7-11 E. 115th St. features 135 feet of frontage and can support 68,000 buildable square feet of residential product under the ‘City of Yes’ initiative, as well as an 88,000-square-foot community facility. Shimon Shkury, Victor Sozio, Alexander Taic, Michael Tortorici and Erik Moloney of Ariel represented the seller, Global Asset Management Inc., in the deal. Hillstone Properties NY represented the buyer, Kodra Construction.

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LoansMultifamilyNew YorkNortheast

HKS Real Estate Arranges $6.9M in Acquisition Financing for Brooklyn Apartment Buildings

by Taylor Williams

NEW YORK CITY — HKS Real Estate Advisors has arranged $6.9 million in acquisition financing across two loans for a trio of apartment buildings totaling 22 units in Brooklyn. The buildings at 104 and 112 Fort Greene Place offer a combined 16 units, while the building at 1094 Dean St. has six units. Derby Copeland Capital provided both loans, which totaled $4.5 million and $2.4 million, respectively. Michael Lee and Jacob Kaufman of HKS arranged the loans on behalf of the borrower, Lloyd Properties.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Odin Properties Breaks Ground on 51-Unit Affordable Housing Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer Odin Properties has broken ground on Sepviva Lofts, a 51-unit affordable housing project that will be located in Philadelphia’s Kensington neighborhood. Sepviva Lofts will be located on the site of a former industrial facility and will offer one-, two- and three-bedroom units. Amenities will include a community room, computer lab, onsite laundry facilities and a playground. Information on specific income restrictions, as well as a tentative completion date, was not announced. Odin is developing the property in partnership with RB Development and Liberty Housing Development Corp.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Madison Communities Opens 253-Unit Apartment Property in Charlotte

by John Nelson

CHARLOTTE, N.C. — Madison Communities, a subsidiary of Madison Capital Group, has opened Madison Ashley Park, a 253-unit apartment community located at 2220 Berryhill Road in Charlotte’s Ashley Park submarket. Situated near I-277 and the city’s FreeMoreWest district, Madison Ashley Park features a mix of studio, one- and two-bedroom floor plans. Monthly rental rates range from $1,271 to $2,746, according to Apartments.com. Amenities include a secure parking deck, clubhouse with a demonstration kitchen, coworking space, fitness center with a yoga studio and a central pool with sun deck, cabanas and loungers. The design-build team includes Humphreys and Partners Architecture and Benco Construction.

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AlabamaBuild-to-RentDevelopmentMultifamilySingle-Family RentalSoutheast

Trilogy, Pinnacle Underway on Phase I of Build-to-Rent Development in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Trilogy Investment Co. and Pinnacle Partners have completed lot delivery and horizontal construction for Phase I of REV3 at The Celeste, a 172-unit build-to-rent (BTR) townhome community on Plummer Road in Huntsville. The development partnership plans to begin vertical construction in the fourth quarter. Trilogy is funding the project in part with its BTR Opportunity Zone fund, which is focused on developments in the Sun Belt region. REV3 at The Celeste will feature three-bedroom townhomes with 2.5 bathrooms, open-concept layouts, stainless steel appliances, LVP flooring, smart home technology and attached garages. Amenities will include a resort-style pool with a shaded cabana, clubhouse with gathering spaces, fitness center and outdoor grilling areas. Trilogy and Pinnacle plan to begin leasing in the second quarter of 2026 and deliver REV3 at The Celeste in third-quarter 2026.

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Affordable HousingDevelopmentLoansLouisianaMultifamilySeniors HousingSoutheast

Churchill Stateside Provides $11M Construction Loan for Seniors Housing Adaptive Reuse Project in New Orleans

by John Nelson

NEW ORLEANS — Churchill Stateside Group LLC has closed an $11 million construction loan for Canal Crossing, a 49-unit affordable seniors housing development in New Orleans. Churchill Stateside provided the tax-exempt loan through Churchill Mortgage Construction LLC. The project, which is being financed in part with low-income housing tax credits (LIHTC), is an adaptive reuse of a historic building at 2640 Canal St. and will be reserved for households age 55 and older. Canal Crossing will feature three units reserved for households earning 30 percent of the area median income (AMI), eight units at 50 percent AMI, 24 units at 60 percent AMI and 14 units at 70 percent AMI. The developer and other details of Canal Crossing were not disclosed.

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AcquisitionsFloridaRetailSoutheast

JLL Negotiates Sale of 38,874 SF Retail Center in Belleair Bluffs, Florida

by John Nelson

BELLEAIR BLUFFS, FLA. — JLL has negotiated the sale of Belleair Bazaar, a 38,874-square-foot, unanchored retail strip center located at 2979 W. Bay Drive in Belleair Bluffs, a suburb of Tampa in Pinellas County. The property features 29,603 square feet of retail space and 9,271 square feet of second-story office space. Jorge Portela, Danny Finkle and Kim Flores of JLL represented the seller, Cardinal Point Management LLC, in the transaction. The buyer was Shannon Waltchack LLC, a retail real estate investment and management firm based in Birmingham, Ala. The sales price was not disclosed. Renovated and repositioned in 2020, Belleair Bazaar’s retail component was 96 percent leased at the time of sale to tenants including Bonefish Grill, Cold Stone Creamery, State Farm and Maggie Mae’s.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $3.9M Sale of Retail Property in Odessa, Florida Leased to Circle K

by John Nelson

ODESSA, FLA. — SRS Real Estate Partners has brokered the $3.9 million ground lease sale of a retail property in Odessa leased to Circle K. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private developer, in the transaction. The buyer, a private investment entity controlled by family members residing in California and Florida, purchased the property to complete a 1031 tax-deferred exchange. The 5,200-square-foot property is situated on 1.7 acres at the northwest corner of State Route 54 and Asturian Parkway and has a 15-year, corporate-guaranteed lease in place. The Circle K serves as an outparcel to a larger development that will feature Ford’s Garage, a three-tenant retail property, offices and apartments.

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