Multifamily

Terra Receives $291M Financing Package for Centro City Mixed-Use Development in Miami

by Channing Hamilton January 3, 2025

MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022. A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital. Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month. Residents will have access to …

January 3, 2025

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $78M Construction Loan for Luxury Apartment Development in Davie, Florida

by John Nelson January 3, 2025

DAVIE, FLA. — The Estate Cos. (EIG), a South Miami-based multifamily developer, has received a $78 million construction loan for its luxury apartment development in the north Miami suburb of Davie. Banesco Bank provided the loan for Phase I of Soleste Reserve, an eight-story property situated on 2.5 acres that features a selection of floor plans ranging from 500 to 1,100 square feet. The new complex will include 94 studios, 165 one-bedroom units, 68 two-bedroom units, seven three-bedroom units and 13 additional live-work apartments on the ground level. The Class A rental community will also include a resort-style pool and pool deck, an open-air rooftop terrace, gym, business center and resident’s lounge. The 347-unit project will take approximately two years to complete. EIG has plans to further develop an eight-story sister project adjacent to Soleste Reserve at 5081 S.W. 48th St.

January 3, 2025

Acquisitions Louisiana Multifamily Southeast

Audubon Sells Local on Severn Apartments in Metairie, Louisiana for $17.6M

by John Nelson January 3, 2025

METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.

January 3, 2025

Development Loans Multifamily New York Northeast

Slate, White Oak Provide $70M Construction Loan for Queens Multifamily Project

by Taylor Williams January 3, 2025

NEW YORK CITY — Slate Property Group and White Oak Real Estate Capital have provided a $70 million construction loan for a multifamily project in the Long Island City area of Queens. The building at 41-08 Crescent St. will rise 26 stories and house 184 units, 70 percent of which will be subject to income restrictions. In addition, the building will offer 9,000 square feet of retail space and a 41-space parking area. Skyline Capital arranged the 20-year, floating-rate loan on behalf of the developer, Watermark Capital Group. Construction is roughly midway complete and scheduled for a spring 2026 completion.

January 3, 2025

Development Massachusetts Multifamily Northeast Seniors Housing

Wingate, WL Development Break Ground on 69-Unit Seniors Housing Project in Needham, Massachusetts

by Taylor Williams January 3, 2025

NEEDHAM, MASS. — A partnership between regional owner-operator Wingate Living and WL Development has broken ground on a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units and amenities such as a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. The property is 75 percent preleased and is slated for a spring 2026 completion.

January 3, 2025

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $10.2M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams January 3, 2025

NEW YORK CITY — Ariel Property Advisors has arranged a $10.2 million acquisition loan for a four-unit apartment building in Manhattan’s Flatiron District. The address of the 8,900-square-foot building was not disclosed. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged the nonrecourse loan, which was structured with an interest rate that is equivalent to 5.5 percent above the 30-day average SOFR rate and a 75 percent loan-to-cost ratio. The borrower and direct lender were also not disclosed.

January 3, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $24.5M Sale of Apartment Community in Forest Lake, Minnesota

by Kristin Harlow January 3, 2025

FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.

January 3, 2025

Development Multifamily Texas

StreetLights Residential Delivers 276-Unit Multifamily Project in Austin

by Taylor Williams January 2, 2025

AUSTIN, TEXAS — Dallas-based developer StreetLights Residential has delivered The Maris, a 276-unit multifamily project in Austin’s Lakeline neighborhood that represents Phase IV of the Presidio development. Phase I (The Michael) and Phase II (The Elizabeth) were completed in 2016 and 2019, respectively. Phase III, The Asher, opened in 2023. The Maris features studio, one-, two- and three-bedroom floor plans ranging in size from 517 to 1,684 square feet. Amenities include a pool, fitness center, coworking spaces and a game room. SLR Construction served as general contractor for The Maris, construction of which began in October 2022. Monthly rental rates at the property range from $1,241 to $3,815, according to Apartments.com.

January 2, 2025

Loans Multifamily New York Northeast

JLL Arranges $290M Recapitalization of Downtown Brooklyn Apartment Building

by Taylor Williams January 2, 2025

NEW YORK CITY — JLL has arranged the $290 million recapitalization of 505 State Street, a 440-unit apartment building located in downtown Brooklyn. Completed earlier this year, the building offers one-, two- and three-bedroom apartments with an average size of 659 square feet, as well as 28,752 square feet of retail space. Amenities include a fitness center, yoga studio, rooftop pool, communal lounges, a screening room and dedicated workspaces. Details on any changes in the equity component of the capital stack were not disclosed, but the transaction did include the origination of a five-year, fixed-rate senior loan through insurance giant New York Life. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan on behalf of the borrower, Alloy Development.

January 2, 2025

Development Loans Multifamily New Jersey Northeast

TYKO Capital Provides $245M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 2, 2025

JERSEY CITY, N.J. — TYKO Capital has provided a $245 million construction loan for The Greyson, a 622-unit multifamily project in Jersey City. The Greyson will be a 28-story building in the city’s Journal Square neighborhood that will offer studio, one-, two- and three-bedroom units. The property will also house 44,551 square feet of office space and 2,965 square feet of retail space. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and other communal gathering spaces. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres.

January 2, 2025

Newer Posts

Older Posts