News
JLL Arranges $54M Sale of Crown Heights Development Site
JLL Capital Markets arranged the $54.3-million sale of 970 Franklin Ave., a 289,957-buildable-square-foot development site located in Brooklyn’s Crown Heights neighborhood. A JLL team including Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara arranged the sale on behalf of The Continuum Company and procured the buyer, Isaac Schwartz. The site is approved for the...
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MassDevelopment Arranges Financing for Jamaica Plain Conversion
MassDevelopment has issued a $37,630,000 tax-exempt bond on behalf of 361 Centre St LLC, an affiliate of Pennrose, LLC, which will use proceeds to convert the former Blessed Sacrament Church located in Boston’s Jamaica Plain neighborhood into 55 units of affordable housing. The adaptive reuse of the historic church represents a close collaboration between Pennrose and the local...
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Security Properties Closes $400M Seattle MF Portfolio Acquisition
Security Properties has completed one of the largest multifamily acquisitions in the Seattle area so far this year, purchasing a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million. The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts. Eastdil Secured represented the...
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Chicago Approves $29M for South Side Seniors Center
The Public Building Commission of Chicago has approved $29 million for the city’s first regional senior center on the South Side. A request for proposal will be issued for a design-build firm for the two-story, 25,000-square-foot building at 4711–55 S. Calumet Ave. in Bronzeville, reported the Chicago Business Journal. Funding for the project includes $16...
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Bank of Canada Lowers Key Interest Rate to 2.5%
The Bank of Canada reduced its overnight lending rate by 25 basis points to 2.5% on Wednesday, marking the first reduction since March. The U.S. Federal Reserve also cuts its prime rate by 25 bps on Wednesday. The BoC’s widely expected cut came after three straight holds as BoC Governor Tiff Macklem expressed confidence that...
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Tricon Pays $485K/Unit for 2 Phoenix-Area BTR Communities
Two Phoenix-area build-to-rent communities were sold for a combined $44.15 million. Arcadia Capital Group and Platform Ventures were the sellers, and Tricon Residential was the buyer. The blended price per unit was $485,164. Northmarq’s Phoenix Multifamily Investment Sales team, led by Ryan Boyle, Trevor Koskovich, Jesse Hudson and Logan Baca, successfully led the collective sale of a communities totaling 91 homes. The Bower Hudson...
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$540M Galveston Project Under Review
Sachs on the Seawall, a $540 million development project in Galveston, will learn its fate at the end of an upcoming Galveston Planning and Zoning Commission hearing. The new development is set to feature a 216-room Marriott Renaissance Hotel, 150 luxury condominiums and 236 apartment units. It will also offer 70,000 square feet dedicated to...
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Lincoln, Bridge Land Refi for Midtown Atlanta Apartment Project
The duo of Lincoln Property Company and Bridge Investment Group obtained a $43.5 million refinancing loan for Vibe at Echo Street West, a recently delivered multifamily community in Midtown Atlanta. The 292-unit property is part of the larger Echo Street West mixed-use master plan. CBRE’s Blake Cohen led the financing effort. The financing was provided...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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