MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.
PALM COAST, FLA. — Greysteel has arranged $51 million in financing for Evolve Palm Coast, a 256-unit multifamily development underway in Palm Coast, about 27 miles south of St. Augustine via I-95. The financing package includes $37 million in construction financing and $14 million in preferred equity placement. North Carolina-based Evolve Cos. is the developer and borrower. Upon completion, which is scheduled for fall 2025, the property will feature apartments in one-, two- and three-bedroom layouts across 12 three-story buildings. Amenities at the community will include a clubhouse, saltwater pool, gas grills, fitness center, yoga room, dog park and a playground. Jeremy Slocumb and Chris Wilkins of Greysteel led the team that secured the financing. A regional bank provided the three-year, floating-rate construction loan, and an institutional real estate investment fund provided the preferred equity.
ST. LOUIS PARK, MINN. — JLL Capital Markets has brokered the $53.4 million sale of Elan West End in the Minneapolis suburb of St. Louis Park. Built in 2020, the 164-unit apartment complex features studios, one-, two- and three-bedroom units averaging 855 square feet. Amenities include a pool and spa, sky lounge, amenity deck, lounge area with golf and hockey simulator, and a fitness center. Located at 1325 Utica Ave. South, the property is situated in The West End, a prominent shopping, dining, industry and entertainment hub in St. Louis Park. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the undisclosed buyer and seller. Brock Yaffe of JLL arranged $25.5 million in acquisition financing on behalf of the buyer through a life insurance company.
STERLING HEIGHTS, MICH. — Developer Repvblik has opened The Block at Sterling Heights, a 213-unit apartment development in Sterling Heights. The adaptive reuse project transformed the former Wyndham Gardens Sterling Heights hotel into studio and one-bedroom apartments. The multi-million-dollar project began in July 2022. Several months into construction, Repvblik decided to demolish a sprawling section of the building that used to contain the Loon River Café and Sterling Inn Banquet and Conference Center in order to free up more than three acres of street-facing land for future development. Units at The Block range from 315 to 825 square feet. Rents for most apartments range from $795 to $1,300 per month, with large loft apartments renting for $1,500 per month. A significant number of the units will be reserved for those making between 60 and 120 percent of the area median income. Amenities include a fitness center, recreational green space, laundry facility on every floor, mail room, resident lounge and 24-hour emergency maintenance. Future amenities will likely include an outdoor dog park and bike parking. PK Housing and Management is managing the community.
DENVER — Hunt Capital Partners (HCP), in collaboration with faith-based developer Mile High Ministries (MHM), has opened Clara Brown Commons, a four-story, 61- unit affordable multifamily property in Denver’s Cole neighborhood. Located at 3701 York St., Clara Brown Commons comprises 14 one-bedroom/one-bath, 28 two-bedroom/two-bath and 19 three-bedroom/two-bath apartments for low-income families earning up to 20 to 80 percent of the area median income. Apartments feature full-size refrigerators/freezers, electric ranges with recirculating hood, dishwashers, washers/dryers, ceiling fans and coat closets. Community amenities include a conference room, fitness room, children’s playroom, bike storage, mail area, sunroom, balcony and roof patio. Financing for the project included a tax-exempt $15.9 million construction loan and a tax-exempt $6.4 million construction-to-permanent loan, both provided by Pacific Western Bank. MHM provided a $6 million loan, composed of $1.8 million in City of Denver HOME funds, $1.5 million in Colorado Division of Housing HOME funds and $2.7 million in sponsor capital campaign funds. Completion of Clara Brown Commons is the first step of a three-stage plan to enrich the Cole neighborhood in northern Denver. Seventeen Habitat for Humanity townhomes adjacent to the apartment complex will open by end of January. Future phases will provide additional space for community …
DENVER — Colliers Mortgage has provided a Fannie Mae loan for the refinancing of The Everett, a market-rate multifamily property in Denver. Built in 2022, The Everett features 33 studio units with a loft floor, providing separation for bedroom and living areas. Other unit amenities include stainless steel appliances, dishwashers and in-unit washers/dryers. Ray Picone of Colliers’ Denver office secured the five-year loan for the borrower, The Everett LLC. The size of the loan was not disclosed.
CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.
BELLEVUE, WASH. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.
MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.
HTG, Elite Equity Break Ground on $44M Affordable Seniors Housing Community in Leisure City, Florida
LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …