NEW YORK CITY — Brookstone Developers has begun leasing One Nine Rockwell, a 174-unit apartment complex in Brooklyn’s Fort Greene neighborhood. Designed by Daniel Goldner Architects, One Nine Rockwell offers studio, one- and two-bedroom units and amenities such as a library, coworking lounge, fitness center, sky lounge and outdoor grilling and dining stations. About 30 percent (53) of the units are reserved as affordable housing. MNS Real Estate is leasing the property. Rents start at $3,300 per month for a market-rate studio apartment. Affinius Capital provided $90 million in fresh financing for the property in conjunction with the launch of the leasing campaign.
FORT LAUDERDALE, FLA. — Berkadia has secured an $84 million construction bridge loan for the completion of Astor Park Flagler Village, a 252-unit luxury apartment community located at 333 N.E. 6th St. in Fort Lauderdale. Mitch Sinberg, Scott Wadler, Matt Robbins, Brad Williamson and Patrick Johnson of Berkadia arranged the loan through BridgeInvest on behalf of the developer, Midtown Capital Partners. The borrower will use the floating-rate loan to refinance the property’s existing construction financing and fund remaining completion costs for Astor Park Flagler Village, which topped out in October and is expected to deliver this summer. The 12-story development will offer floorplans ranging in size from 594-square-foot studios to 1,735-square-foot penthouses. Amenities will include a resort-style rooftop pool, bar and resident lounge, dog park, coworking space, 2,389 square feet of retail space on the ground level and a structured parking podium with 318 garage parking spaces.
WILDWOOD, MO. — St. Louis-based developer Mia Rose Holdings LLC, in partnership with Ed Kohn and Greenberg Development Co. LLC, has broken ground on Wildwood Luxury Living. The $57.5 million project will include 188 apartment units and roughly 7,000 square feet of commercial and retail space in Wildwood, a western suburb of St. Louis. The four-story building will total 215,000 square feet. Units will come in studios, one-, two- and three-bedroom floor plans, many with private balconies. Amenities will include green spaces, a pool, fire pits, a fitness center, clubhouse and rooftop terrace. The project site is steps away from Wildwood Town Center. Completion is slated for summer 2027.
HIALEAH, FLA. — Dwight Capital has provided a $67 million HUD 223(f) loan for Emerald Bay, a 311-unit apartment community located in Hialeah, a suburb of Miami. The loan proceeds were used to retire existing debt, cover closing costs, fund a replacement reserve for future capital improvements and unlock equity built up through construction and lease-up. Elliot Haft and Jack Tawil of Dwight Capital arranged the loan on behalf of the borrower, JVC Management. Completed in 2023, Emerald Bay spans seven residential buildings and comprises one-, two- and three-bedroom floorplans that range in size from 766 to 1,537 square feet, according to Apartments.com. Amenities at the complex include a swimming pool, fitness center, coworking space, clubhouse/leasing office, playground, dog park, outdoor common areas, courtyards and walking trails.
WASHINGTON, D.C. — Nuveen Green Capital (NGC) has provided $465 million in C-PACE financing for The Geneva, an office-to-residential conversion project in Washington, D.C. The transaction represents the largest Commercial Property Assessed Clean Energy (C-PACE) financing in history as well as D.C.’s largest office-to-residential conversion to date, according to NGC. The borrower, Philadelphia-based developer Post Brothers, also received a $110 million senior loan from investment firm Mavik, bringing total financing to $575 million. The project’s overall price tag is $750 million, according to The Wall Street Journal. Located at 1825-1875 Connecticut Ave. NW, the 604,000-square-foot office property is comprised of two nine-story towers at the confluence of D.C.’s upscale Kalorama, Dupont Circle and Adams Morgan neighborhoods. The property will be converted into a 15-story luxury apartment building with 429 market-rate units, 42 extended-stay rentals, 61 affordable housing units and 57,000 square feet of commercial space. A timeline for construction was not provided. The $465 million in C-PACE financing was administered through DC Green Bank, which serves as the administrator of the DC PACE program on behalf of the District of Columbia. The DC PACE program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades …
JUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Reatta Ranch, a 300-unit apartment community in Justin, located north of Fort Worth. Built on 17 acres in 2020, Reatta Ranch offers one-, two- and three-bedroom units with an average size of 1,025 square feet. Amenities include a pool, fitness facility, business center and a pet play area. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Shelby Vosburg of IPA represented the seller, Boulder Peak Capital, in the transaction and procured the undisclosed buyer.
HOUSTON — Florida-based real estate private equity firm Eastham Capital has sold Kensington Crossings, a 254-unit apartment complex in northwest Houston. Kensington Crossings offers one-, two- and three-bedroom units that range in size from 759 to 1,317 square feet. Amenities include a pool, business center, pet park, game room and outdoor picnic areas. Eastham Capital acquired the property in 2018 via a joint venture with Mosaic Residential and implemented a value-add program. The buyer was not disclosed.
HOBOKEN AND JERSEY CITY, N.J. — Regional brokerage and debt advisory firm BlueGate Partners has arranged a $150 million permanent loan for The Devan, a 336-unit apartment building located along the Hoboken-Jersey City border. Completed in 2024, The Devan offers studio, one-, two- and three-bedroom units and amenities such as a fitness center, library/media room, coworking lounges, courtyard with a pool and a dog run. Mark DeLillo of BlueGate Partners arranged the financing on behalf of the borrower, a partnership between URSA Development Group and Fields Grade. The direct lender was not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has placed a $6.1 million loan for the refinancing of two rent-stabilized apartment buildings totaling 26 units in the Park Slope area of Brooklyn. The buildings include ground-floor retail space. Matthew Dzbanek and Matt Swerdlow of Ariel originated the five-year loan, which carried an interest rate of 5.81 percent, through an undisclosed agency lender. The borrower was also not disclosed.
GLENDALE, ARIZ. — JLL Capital Markets has arranged the sale of Thunderbird Senior Living, a seniors housing community in Glendale. Terms of the transaction were not disclosed. JLL’s Seniors Housing Capital Markets team represented the undisclosed seller and procured the undisclosed buyer in the deal. Most recently renovated in 2018, Thunderbird Senior Living consists of 13 interconnected three-story buildings offering 285 independent living, 40 assisted living and 20 memory care units. All residences include a dedicated kitchen, private bathrooms and bedrooms. Community amenities include an art room, beauty salon/barber shop, bistro, game room, heated outdoor pool, library, living room/lounges, nature trails, sun decks and a theater. Stellar Senior Living will continue to operate the property, which is situated on 7.8 acres at 5401 W. Dailey St.