Multifamilybiz-com Press Releases

KANSAS CITY, MO - The Cordish Companies and Kansas City Power & Light District celebrated the grand opening of the historic Midland Lofts apartment community yesterday in downtown Kansas City. The transformation of the historic Midland Office Building into 135 apartment homes, Midland Lofts sits in the midst of the burgeoning downtown Power & Light District neighborhood, directly connected to the legendary Midland Theatre and steps away from Cosentino s Downtown Market, Kansas City Live!, T-Mobile Center, Genesis Health Clubs, the KC Streetcar line, dozens of restaurants, shops and entertainment venues, and cultural destinations like the Kauffman Center for the Performing Arts. It is an honor to bring the historic Midland Office Building back to life as Midland Lofts, and […]

NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $41,535,000 Freddie Mac Optigo® loan to refinance a 252-unit multifamily property in Winter Park, FL. The financing was originated by Haig Kilicyan and Donny Rosenberg of Greystone on behalf of White Eagle Group. Crane s Landing, located in Winter Park FL, is a pristine rental community that has been owned and operated by White Eagle since 2016. Community amenities include a clubhouse, business center, billiards room, swimming pool, fitness center, volleyball court, grilling area, and tennis court. The Freddie Mac financing is a seven-year fixed rate mortgage with five years of interest-only payments and a 35-year amortization. Through ongoing investments in property upgrades, White Eagle […]

NEW YORK, NY - Cushman & Wakefield and Greystone jointly announced they arranged the sale of, and provided acquisition financing for, respectively, The Park at Via Corso, a 240-unit multifamily property in Daytona Beach, Florida. The multifamily property was sold from the Blue Roc Premier property portfolio to buyer JACS Properties. Cushman & Wakefield s Mike Donaldson, Nick Meoli, and Joey Blakley represented the seller in the transaction. Greystone s Justin Kantrowitz and Donny Rosenberg originated a Freddie Mac loan to finance the acquisition. "The Park at Via Corso is a value-add community situated in the heart of Daytona Beach that has excellent upside through a proposed community-wide ‘refresh to build upon the seller's prior $2 million in improvements, said Donaldson, […]

PALM BEACH, FL - Forman Capital, a leading private direct real estate lender, provided a $77,805,708 loan to finance the construction of a short-term rental condominium project in Miami. Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is expected to begin before the end of the year. Forman Capital provided a construction loan to River North Property Owner LLC, an entity tied to Alta s main principal and founder, Henry Pino. Principal Ben Jacobson, Chief Investment Officer/Principal Scott Mehlman and Vice President Ty Regnier sourced the loan on behalf of Palm Beach-based Forman Capital. River District 14 features two 16-story towers with 283 fully furnished units, including studios and one and two-bedroom […]

HACKENSACK, NJ - Berkadia JV Equity and Structured Capital, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt, and Matthew Tu, have arranged $29 million in preferred equity for the recapitalization of an existing multifamily portfolio of 568 units in Bound Brook and Hackensack, New Jersey. The assets were built in 2014, 2016, and 2019 by the sponsor and the purpose of the preferred equity was to provide liquidity to the sponsor for the development projects in their pipeline. We are seeing an abundance of preferred equity available within the multifamily space, said Franklin. With our team s deep experience, we are able to get our clients the most competitive terms as we are seeing a very wide variety of pricing and leverage in the current environment. Over the past five months, […]

ATLANTA, GA - Cortland, a vertically integrated, multifamily real estate investment, development, and management company, has formed a programmatic joint venture with Declaration Partners Real Estate (DPRE), a private investment firm anchored by David M. Rubenstein, to invest preferred equity capital in multifamily real estate assets. The venture, which intends to focus on Cortland s key markets, has initial capital of $100 million and is Cortland's first foray into managing a dedicated fixed-income program. Cortland is excited for this new venture with long-term partner DPRE and looks forward to leveraging our mutual multifamily expertise and industry connections to strive for a successful initiative, Cortland President of Investment Management Jason Kern said. We believe this […]

CHICAGO, IL - RMK Management Corp., one of the Midwest s largest market-rate apartment management firms, has been named property manager for HQ Residences in downtown Mount Prospect, Ill., a new rental community in the Chicago suburb from developer Harlem Irving Companies along with Hamilton Partners and T2. Located at 122 E. Northwest Highway, across from the Mount Prospect Metra station, the 87-unit, six-story property includes 81 apartments, six rental townhomes and 3,500 square feet of first-floor retail space. First move-ins took place in July 2024, and the property is currently 40% leased. As a seasoned property manager in Chicago s suburbs, we know exactly how appealing the prime location of HQ Residences will be to renters seeking a walkable lifestyle in a vibrant village like […]

MINNEAPOLIS, MN - Randy Engel from the Colliers Mortgage Memphis office partnered with a repeat client to secure a $9,545,000 Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit multifamily housing property in Memphis, Tennessee. The garden style property is located in East Memphis and offers convenient access to nearby shopping and dining. About Colliers Mortgage: Colliers Mortgage is uniquely positioned to address our clients' financing, funding and capitalization needs across a variety of commercial property types nationwide. We offer services for acquisition, refinancing, construction, rehabilitation, equity bridge and permanent debt. Our professionals collaborate to deliver tailored solutions, providing access to federal agency loan programs, commercial finance options […]

SAN FRANCISCO, CA - Patrick Antrim, Founder and CEO of nectarflow, recently attended the exclusive, invite-only OpenAI Developer Day 2024, a recognition of his leadership in developing cutting-edge AI technologies for the multifamily housing industry. The event, held yesterday in San Francisco, showcased OpenAI's latest innovations, aligning perfectly with nectarflow 's mission to revolutionize the multifamily industry through advanced AI integration. I m honored to have represented nectarflow™ at OpenAI s Developer Day, said Antrim. This event provided an incredible platform to bring back insights on how AI can address the unique challenges of the multifamily industry. It s essential that we harness these advanced technologies to drive efficiency and support growth within the […]

INDIANAPOLIS, IN - The Annex Group, a leading impact housing developer that creates affordable, workforce, student, active adult and market-rate housing communities, announces a grand opening and ribbon cutting event at its newest workforce housing community, The Annex of Bloomington. Located at 228 and 229 South Grant Street in Bloomington, Indiana, The Annex of Bloomington features 102 studio, one, and two-bedroom options within two buildings. Future residents, community members, company partners and the media are invited to join The Annex Group in officially unveiling The Annex of Bloomington, a $23.04 million community. Details of the ribbon cutting ceremony and grand opening include: With a high population of renters and the student population of Indiana University, additional […]

ROSEMONT, IL - Construction is completed at Veranda at Assembly, a 100-unit affordable senior living community in Doraville, Georgia, for adults 55 and older. McShane Construction Company built the residence on behalf of repeat client The Integral Group. Veranda at Assembly offers modern apartments for seniors in a convenient location off Interstate 285 and Peachtree Boulevard, commented Brian Wood, Vice President SE Operations at McShane. We re grateful for the opportunity to work with The Integral Group again and are confident that this building will serve the Doraville community well. Located on the northeast side of Atlanta, the development includes a four-story wood frame building with a masonry and siding exterior designed by architecture firm Dynamik Design. The completion of […]

VIRGINIA BEACH, VA - The long-anticipated Pinnacle on 31st Street is officially open. The Breeden Company, the nationally recognized Virginia Beach-based real estate development firm, is excited to celebrate the grand opening of its newest $66 million luxury multifamily community in the Virginia Beach Oceanfront area. Breeden Construction served as general contractor on the project, and The Breeden Company s Property Management division is managing the property. There is nothing like this property in the sub-market, exclaimed The Breeden Company CEO Tim Faulkner. The amenities are unparalleled. We are also proud to have developed yet another luxury project in Virginia Beach, allowing residents more access to the Oceanfront area and investing more dollars into the City. The property is […]

PHOENIX, AZ - Village of Chandler, a TruVista Development managed by Bryten Real Estate Partners, completed a successful lease up which will result in the sale of the community. Located at 6075 S. Gilbert Road, Village of Chandler is a 109-unit multifamily housing community well-positioned in the highly sought after East Valley location. Currently, 97% of its units are leased. Village of Chandler leased up very rapidly due to the incredible combination of location, floorplans, and community design, said JD Levy, President of TruVista Development, the developer and general contractor. It's rare to find a new community in an already well-developed area such as Chandler, so it s no surprise it drove extremely strong demand from new residents looking for a luxury rental community to call […]

MIAMI, FL - Concord Summit Capital closed $7.8 million in financing for a market-rate rental community under construction in the Charlotte, NC market. Norman Lofts, located at 14801 Statesville Rd. in Huntersville, is approximately 65% complete, with final delivery slated for the first quarter of 2025. Loan proceeds will be used to recapitalize existing construction financing and complete the project. The financing was arranged by Concord Summit Capital advisors Keegan Burger and David Larson, who work in the company s Miami office. Norman Lofts is being developed by Surge Investment Group. Headquartered in Ogden, UT, the development team focuses on Class-B garden-style multifamily development in growing markets. The 45-unit project comprises 20 studios, 20 one-bedrooms and 15 […]

NEW YORK, NY - Greystone Monticello, a bridge lending platform providing comprehensive capital solutions for the multifamily and senior housing sectors, closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas, NV. The purpose of both bridge loans is to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential sale or permanent financing. Greystone Monticello s Senior Managing Director, Darryl Myrose, originated these loans through the firm s Bridge platform. Despite challenging market conditions, we are thrilled to have provided a short term, cash-neutral financing solution to a leading sponsor allowing time to execute the full business plan, adds Mr. Myrose. The transactions, […]

JERSEY CITY, NJ - U.S. Development is helping the last remaining undeveloped pocket of one of Philadelphia s fastest-growing neighborhoods reach its full potential. The company completed construction of The Frankford, a 107-unit project in the city s Fishtown neighborhood. Located at 1120 Frankford Ave. – the gateway to the Heart of Fishtown, Frankford Grand also includes 15,000 square feet of retail space spanning two floors. Apartment leasing is underway at the five-story luxury building spanning two city blocks, with leasing commencing on Sept. 18. The 107 apartments include a mix of 50 studios, 32 one-bedrooms and 25 two-bedrooms. Our vision was to take one of the last undeveloped parcels remaining between Fishtown and Northern Liberties and deliver a dynamic building bridging the […]

CHARLOTTE, NC - RKW Residential, one of the nation s fastest-growing multifamily management firms, commenced the next chapter of its executive leadership to position the firm for even greater success in the years ahead. Joya Pavesi, RKW s longtime EVP of Marketing & Strategy, was promoted to the newly created role of President – Brand & Strategic Services. Additionally, RKW welcomed tenured industry veteran Kevin Owens as President – Property Management. Kevin brings a wealth of experience across the Southeast U.S. and most recently was the Divisional President at RPM, where he oversaw the company s growth from 18,000 to 60,000 units. This innovative leadership structure enables RKW to deploy expertise with precision across all facets of the company. It underscores the […]

CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm specializing in multifamily, today announced it has hired Alex Cohen as an associate. In this role, Cohen will focus on market analysis, asset valuation and business development, working alongside Managing Partner Craig Martin to help Interra build on its significant growth. Alex s keen eye for market trends and metrics, and deep knowledge about the multifamily industry and real estate finance, will ensure he provides sound counsel to our investor clients, said David Goss, co-founder and managing principal of Interra. Because he understands the importance of building and sustaining lasting relationships, Alex will lend support to Interra s continued long-term growth. Prior to joining Interra, […]

LAS VEGAS, NV - Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, has announced that Birchway Tropicana, located near the UNLV campus and Las Vegas Strip, will begin pre-leasing October 1. The first apartment homes will be available for move-in starting in December with full completion of the 284-apartment development projected for May 2025. Birchway Tropicana is designed to deliver residents an exceptional living experience that blends value living with modern comfort, said Billy Cundiff, Greystar Desert Managing Director for Development. With every thoughtful offering, it s set to provide a high-energy, engaging environment where residents can enjoy modern amenities and a strong sense of […]

ATLANTA, GA - Jim Chapman Construction Group (JCCG), a seasoned build-to-rent (BTR) general contractor, announces its partnership with NexMetro, one of the nation s largest BTR developers headquartered in Phoenix. NexMetro s inaugural Atlanta project, South Pine, has started construction in Georgia in South Fulton County. NexMetro, a decade-long player in the BTR industry with projects in Phoenix, DFW, Austin, Denver and Tampa, chose JCCG as its partner for its first Atlanta market project due to the BTR general contractor s expertise and robust track record. South Pine, a luxury leased living neighborhood, is strategically located off I-85 in South Fulton at the Union City exit, offering proximity to Hartsfield Jackson International Airport and Newnan. Positioned at Oakley Industrial […]