Hines, in partnership with Simon Property Group, has unveiled new renderings along with the name and brand of the firms’ recently launched residential building, part of the larger mixed-use development around the Briarwood Mall in Ann Arbor, Michigan.
In a subtle nod to the eighth President of the University of Michigan, Harlan Hatcher, the property will be dubbed The Harlan. The Harlan will appeal to a diverse array of renters, including graduate students, young professionals, University faculty and staff, and downsizing homeowners.
The Harlan is designed to be a fully electric building that will draw its power from 20,000 square feet of solar panels on its rooftops. The property will use native plant species, eliminating the need for irrigation water. The Harlan will also incorporate inviting outdoor green spaces in lieu of hardscaping, and 10% of the property’s parking spaces will feature EV charging.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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