JPI Secures Land, Construction Loan for Dallas Mixed-Income Rental Community
JPI closed both land and construction financing for a new income-restricted housing complex in southern Dallas. Construction begins this month, with completion anticipated in mid-2028.
The Torrington Forest project, planned on nearly 17 acres at 7100 S. Great Trinity Forest Way, calls for the construction of 248 homes, including 222 homes restricted to households earning up to 60 percent of the area median income level and 13 homes at 70 percent of AMI. The community is financed through 4% Low-Income Housing Tax Credits administered by the Texas Department of Housing and Community Affairs. The land is ground-leased to the development partnership by an affiliate of the City of Dallas Housing Finance Corporation (HFC) under a long-term agreement, with HFC serving as the partnership’s general partner.
The four-story development will include amenities such as a fitness center, a swimming pool, a community room, and a business center, with 6.3 acres of the site preserved as open space through a conservation easement.
Other News
North Hollywood Apartments Trade to Locally Based LLC
Marcus & Millichap has finalized the sale of 13103 Barbara Ann St., a 41-unit multifamily property in North Hollywood. The property sold for nearly $5.89 million, or $143,610 per unit, and closed escrow at a 5.7% cap rate based on in-place income. “The property had been under the same ownership for more than 30 years,...
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Charney Companies, Tavros Break Ground on Fifth Gowanus Development
Charney Companies and Tavros recently celebrated the groundbreaking of 175 Third St. in Gowanus, Brooklyn. The 27-story mixed-use tower, the newest addition to the Gowanus Wharf development, will house more than 1,000 apartments, approximately 250 of them affordable. Designed by Bjarke Ingels Group (BIG) and dencityworks, the project will also include a 28,000-square-foot public waterfront...
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JLL Arranges $276M Refi for Newport Beach Seniors Communities
JLL Capital Markets arranged $276 million in refinancing for Vivante Newport Center and Vivante Newport Mesa, a two-property seniors housing portfolio in Newport Beach. Senior managing director Greg Brown, assisted by senior managing director Aaron Rosenzweig worked on behalf of the borrower, an affiliate of Nexus Development, to secure two uncrossed loans for the portfolio....
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout