Top Stories

Brookfield, New England Development Acquire Former Naval Station Near Boston, Plan Major Mixed-Use Project

by John Nelson July 7, 2026

WEYMOUTH, MASS. — A joint venture between New York City-based Brookfield Properties and Boston-based New England Development has purchased the site of the former South Weymouth Naval Air Station in metro Boston. The co-developers acquired the 1,400-acre site from Washington Capital Management for $65 million. Brookfield and New England Development are planning a mixed-use redevelopment that would include 6,500 housing units, along with about 2 million square feet of commercial and retail space. The project will span more than 1,400 acres across three municipalities — Weymouth, Rockland and Abington, Mass. The Weymouth City Council has unanimously approved the land reuse plan, which also was approved by the towns of Rockland and Abington. The State of Massachusetts has also expressed strong support for the redevelopment plan. The redevelopment will mark the largest residential and commercial project to date in Massachusetts, according to John Twohig, executive vice president of New England Development. In addition to the commercial and residential components, the proposed project will preserve more than 880 acres of open and restricted space that can be activated for both public recreational use and wildlife preservation. Situated about 16 miles south of Boston in Norfolk and Plymouth counties, the South Weymouth Naval …

July 7, 2026

Acquisitions Multifamily New York Northeast Top Stories

Kennedy Wilson Buys Apartment Community in New York’s Westchester County for $237M

by Taylor Williams July 6, 2026

WEST HARRISON, N.Y. — Kennedy Wilson (NYSE: KW) has purchased Carraway, a 421-unit apartment community in West Harrison, located north of New York City in Westchester County, for $237 million. Kennedy Wilson partnered with Kenedix Inc. and Hulic Co. Ltd. on the acquisition. The seller was not disclosed. The property was 95 percent occupied at the time of sale. Completed in 2021, Carraway houses studio, one- and two-bedroom units with an average size of about 1,000 square feet, as well as onsite parking. Residences are furnished with stainless steel appliances, marble-style kitchen backsplashes, quartz bathroom and kitchen countertops and in-unit washers and dryers. Select residences offer private balconies. Amenities include a pool, fitness center, resident clubroom, private offices and coworking space, a sports simulator, private dining room, chef’s kitchen, pet spa and a children’s playroom. Carraway also features approximately 6,400 square feet of ground-floor retail space. Jose Cruz, Steve Simonelli and Austin Pierce of JLL represented the seller, institutional investors advised by J. P. Morgan Asset Management, in the transaction. JLL also advised Kennedy Wilson in securing acquisition financing for the deal. “Carraway represents a rare opportunity to acquire a high-quality, recently constructed multifamily community in one of the most …

July 6, 2026

Development Mixed-Use Multifamily Top Stories

Landau Properties Breaks Ground on $550M Residential Project in Brooklyn

by Hayden Spiess July 2, 2026

NEW YORK CITY — Landau Properties, in partnership with Third Millennium Group and Midtown Equities, has broken ground on a new residential development located in Brooklyn Heights. Project costs will total an estimated $550 million. The developers received $213 million in financing for the first phase of the development in December 2025. Upon completion, One Montague Place will comprise 46 luxury condominium residences, 90 multifamily units and 40,000 square feet of retail space. Condominiums at the development will span roughly 3,000 square feet and include three bedrooms. AECOM Tishman is leading construction on the project. The project team also includes Zarifi Design, Hill West Architects and Douglas Elliman. “With world-class amenities and stunning skyline views, One Montague Place will redefine luxury residential living in the heart of Brooklyn, and we are honored to break ground on this game-changing project in conjunction with Landau Properties,” says Eric Reid, COO of AECOM Tishman. Completion of the development is scheduled for 2029. Founded in 2022, Landau Properties develops, acquires and operates residential and commercial real estate properties in New York and South Florida. — Hayden Spiess

July 2, 2026

Affordable Housing California Development Multifamily Top Stories Western

Kennedy Wilson, Jamison Plan to Develop 4,000 Affordable Housing Units in Los Angeles

by Kristin Harlow July 1, 2026

LOS ANGELES — Kennedy Wilson and Jamison have entered into a joint venture partnership, with plans to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction projects. The partnership is between Jamison’s newly launched affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development joint venture, Vintage Housing. The first project is the conversion of the former LA World Trade Center office complex at 350 S. Figueroa St. The 400,000-square-foot property will be transformed into 512 affordable housing units and renamed Sky Castle. Units will come in one-, two- and three-bedroom floor plans. Amenities will include community rooms, a dedicated coworking space, resident lounge, onsite storage, laundry rooms and mail parcel rooms. Development on the first phase of Sky Castle is expected to begin in August and will focus on the building’s concourse levels, creating 241 units for families earning between 30 and 80 percent of the area median income. Phase II, planned for the office tower above, will add 271 units. The City of Los Angeles has approved the project under its new adaptive reuse ordinance. “Together, we will develop thoughtfully designed housing for families, seniors and communities through both adaptive reuse conversions …

July 1, 2026

Acquisitions Data Centers Industrial Southeast Top Stories Virginia

Digital Realty Agrees to Buy Blackstone’s Stake in Northern Virginia Data Center Portfolio for $3.5B

by Matthew Auchincloss June 30, 2026

MANASSAS AND STERLING, VA. — Data center firm Digital Realty has agreed to purchase a $3.5 billion equity stake in three data centers located in the Northern Virginia cities of Sterling and Manassas from Blackstone-affiliated funds. The portfolio maintains a gross value of $7.8 billion, reflecting an expected initial stabilized capitalization rate of over 6.5 percent. The portfolio is comprised of three data centers — two in Manassas, one in Sterling — which each contain 96 megawatts of IT capacity. Digital Realty will purchase Blackstone’s 80 percent interest in the Manassas properties and 50 percent interest in the Sterling facility, including assumed debt and remaining capital expenditures to complete the ongoing development. Two of the data centers are expected to stabilize in the first half of 2027 while the third is anticipated to stabilize in 2028. The data centers are all fully leased for 15 years to investment-grade hyperscale customers, and rent will escalate annually by 3.6 percent. The transaction will see Digital Realty pay Blackstone $1.2 billion in cash as well as $2.3 billion in Digital Realty shares for a blended 64 percent equity interest in the properties. Digital Realty was an original partner in the $7 billion joint …

June 30, 2026

Acquisitions Company News Top Stories

Bridgepoint Group Agrees to Acquire Kayne Anderson Real Estate for $1.4B

by Taylor Williams June 29, 2026

LONDON AND BOCA RATON, FLA. — Bridgepoint Group, a private-sector investment management firm based in London, has entered into an agreement to acquire South Florida-based owner-operator Kayne Anderson Real Estate in a deal valued at roughly $1.4 billion. To fund the transaction, Bridgepoint plans to pay $759 million in cash and issue roughly 189 new shares of its common stock at an undisclosed price. The deal is expected to close before the end of the year, subject to shareholder and regulatory approvals. Upon closing, Bridgepoint’s assets under management will total roughly $117 billion across all verticals. According to Bridgepoint, the deal allows the British company to add commercial real estate as a fifth investment vertical to its platform, thus diversifying its holdings and expanding its presence in U.S. markets. The deal also positions nearly half of Bridgepoint’s portfolio to be comprised of real assets. Kayne Anderson Real Estate maintains about $22 million in assets under management, inclusive of debt, across commercial verticals such as multifamily (including seniors and student housing), healthcare and industrial. Upon closing, CEO Al Rabil will continue to lead and guide the business. “For the last 20 years, we have built a scaled real estate platform focused …

June 29, 2026

Loans New York Northeast Office Top Stories

PGIM Provides $222M Loan for Refinancing of Two Office Buildings in Midtown Manhattan

by Abby Cox June 26, 2026

NEW YORK CITY — PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has provided a $222 million loan on behalf of Rudin Management Co. for the refinancing of two office buildings in Midtown Manhattan. The refinancing, funded through PGIM’s core lending strategy, includes a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. The fixed-rate, long-term loans were issued to replace and expand on previous debt held on the properties, which total more than 1 million square feet. “These financings reflect continued lender confidence in high-quality office assets located in premier urban markets,” says Justin Levitt, managing director at PGIM. “The properties are exceptionally well-located with strong tenancy, long-term ownership and enduring relevance within the Midtown Manhattan office market.” Situated in the Flatiron District, 41 Madison Avenue spans 42 stories and totals 524,900 square feet. Completed in 1974, the tower is also known as the New York Merchandise Mart, which serves as a global hub for the tableware, housewares and gift industries. Mark’s Off Madison, an Italian restaurant and bakery, is also located at the property. 641 Lexington Avenue, a 32-story, 426,700-square-foot office tower located in the Midtown East Plaza …

June 26, 2026

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Developers Receive $785M Financing Package for Residential Project in Brooklyn

by Hayden Spiess June 25, 2026

NEW YORK CITY — Charney Cos., Tavros and Incoco Capital have received $785 million in construction financing for the development of 175 Third Street, the fifth building at the $1 billion Gowanus Wharf campus in Brooklyn. Apollo and Affinius Capital are providing $600 million in debt, and RXR is providing $185 million in equity. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL secured the financing on behalf of the borrowers. Upon completion, 175 Third Street will mark the largest building at the development, which is situated within the Gowanus area of Brooklyn. Charney and Tavros purchased the site in May for $160 million. The residential building will total roughly 1.1 million square feet across 27 stories and will house approximately 1,100 units. Of the residences, 25 percent will be designated as permanently affordable housing. Bjarke Ingels Group designed the property, which will also feature a 28,000-square-foot public waterfront esplanade in collaboration with the New York City Department of Parks & Recreation. Additionally, Life Time has signed an 85,000-square-foot lease at the building for a three-story fitness club and spa. “Securing this financing with Apollo, Affinius and RXR validates both the strength of 175 Third Street and our long-term commitment to this …

June 25, 2026

A rendering of the eventual Cincinnati Marriott hotel.

Hospitality Midwest Ohio Top Stories

Skanska Wins $325M Contract to Construct Marriott Hotel in Cincinnati

by Matthew Auchincloss June 24, 2026

CINCINNATI — Multinational construction and development company Skanska has been awarded a $325 million contract with Atlanta-based developer Portman Holdings to construct a 21-story Marriott-branded hotel in downtown Cincinnati. The 700-key, full-service hotel will be located next to the newly renovated First Financial Center convention center. According to the development team, the hotel will be the first “true” Marriott-branded hospitality property in downtown Cincinnati, although hotels bearing Marriott brands such as AC Hotels and Renaissance are already in operation. Amenities will include multiple ballrooms, 62,250 square feet of meeting and event space, 17,445 square feet of outdoor terrace space, restaurant and a hotel bar. Additionally, Portman Holdings has secured $410 million in private funding, according to the Cincinnati Business Courier. Bank OZK provided the senior construction loan and Huntington National Bank provided a bridge loan. The Cincinnati Business Courier also reports that the public funding component of the project was secured in March when the Port of Greater Cincinnati Development Authority approved the sale of $130 million in tax-exempt bonds. The project is a public-private partnership with the public share totaling 46 percent. The port purchased the site, which at the time was a surface parking lot in 2018. Construction is slated to begin in …

June 24, 2026

Development Hawaii Hospitality Loans Top Stories Western

X-Caliber Provides $431M in Financing for Redevelopment of Coco Palms Resort in Hawaii

by John Nelson June 23, 2026

KAUAI, HAWAII — X-Caliber Capital Holdings, a commercial real estate finance firm based in Irvington, N.Y., has provided a financing package totaling $431 million for the redevelopment of Coco Palms, a 32-acre resort destination on the Hawaiian island of Kauai. The property was famously the filming location of “Blue Hawaii,” a 1961 movie starring Elvis Presley, and is listed on the National Register of Historic Places. “Coco Palms holds a unique place in Kauai’s history, and its restoration is an exciting development for the island and its residents,” says Chris Callahan, president and CEO of X-Caliber. The financing includes $185.6 million of conventional financing via an affiliate of X-Caliber, X-Caliber Rural Capital, and $245.4 million of C-PACE financing through CastleGreen Finance, another X-Caliber affiliate. Together, the loans will provide 80 percent of the estimated redevelopment cost and are priced at an “attractive,” blended interest rate. Gabe Mashaal of X-Caliber Rural Capital originated the conventional loan on behalf of the developer, Utah-based Reef Capital Partners. New York City-based Highgate will operate Coco Palms upon completion of the redevelopment, which is planned for 2028. The conventional funds are intended to provide construction-through-stabilization financing for up to five years. The C-PACE funds are …

June 23, 2026

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