News

Walker & Dunlop Arranges Financing for Oceanfront NJ Apartments

New York & Tri-State + Apartment Buildings

(Updated with additional information) Walker & Dunlop, Inc. arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury Class-A apartment community with 170 multifamily units located at 30 Ocean Blvd. in Long Branch, NJ. A Walker & Dunlop Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam...

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Kiser Group Brokers Edgewater Multifamily Deal

Kiser Group has closed a $5.7 million multifamily transaction in Chicago’s Edgewater neighborhood, led by Advisors Jacob Price and Katie LeGrand. The 100% occupied property features a unit mix of one-, two-, and three-bedroom apartments. A former condo deconversion, the building presented a rare opportunity for value-add investors. The buyer was drawn to the property...

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Safehold Acquires Ground Lease on Worcester Multifamily Project

Boston & New England + Apartment Buildings

Safehold Inc. has closed on a ground lease to facilitate the development of The Benjamin, a ground-up, 364-unit, transit-oriented multifamily project at 274 Franklin St. in Worcester, MA. The deal is Safehold’s first with The Michaels Organization, a large-scale national multifamily investor, developer and operator. Michaels, locally based GoVenture Capital and Worcester city officials broke...

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City Council Okays 4,600-Unit Residential Rezoning for Central Brooklyn

New York & Tri-State + Apartment Buildings

The New York City Council on Wednesday approved a rezoning that could add up to 4,600 apartments around Atlantic Avenue in Central Brooklyn. The vote comes eight weeks after the City Planning Commission okayed the Atlantic Avenue Mixed-Use Plan. The rezoning covers a 21-block swath across Prospect Heights, Crown Heights and Bedford-Stuyvesant. Replacing the existing...

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Essex Capital Markets Provides Acquisition Financing for Philadelphia MF

Washington DC + Apartment Buildings

Essex Capital Markets, LLC has closed a $4.15 million acquisition loan for a newly constructed 43-unit multifamily property located in Philadelphia’s University Square neighborhood. Essex Capital Markets Principal Darragh Griffin and Analyst Quinn Keenan arranged the financing on behalf of a private investment group. The property, known as Haverford Lofts, is a boutique, high-end apartment...

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Amazon-Backed Apartment Complex in Central District Breaks Ground

Seattle & Northwest + Apartment Buildings

Acer House, a 121-unit affordable housing development in Seattle’s Central District, officially broke ground recently. The project is backed by a $12.6 million below-market-rate loan from Amazon, part of the company’s Housing Equity Fund, which aims to preserve and create more than 35,000 affordable homes in the Puget Sound, National Capital, and Nashville regions. Acer...

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Corebridge, CBRE IM Recapitalize Class A Multifamily Portfolio

Apartment Buildings

Corebridge Real Estate Investors (CREI) has recapitalized a joint venture with a gross asset value of $670 million. Terms were not disclosed. The portfolio includes six Class A apartment buildings, totaling 1,990 units with a 95% occupancy rate. The new institutional investor, CBRE Investment Management, will hold a 44.5% stake alongside CREI in the properties,...

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500 Acres of Commercial Real Estate Planned for Montgomery County

Texas + Apartment Buildings

AIRIA Development Company will host a grand opening for a 5,700-acre master-planned community in Todd Mission, Montgomery County in early June. Called Colton, the development will be 45 minutes from downtown Houston and College Station. Thanks to its four-mile frontage along SH 249, Colton offers direct access to The Woodlands, Conroe, and surrounding areas. It’s...

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