New Construction and Development
Byrnes & Associates, Inc.-led investment group acquires 207 E. Redwood Street with plans to convert hotel into 130-unit apartment building
A group led by Baltimore-based boutique commercial real estate and investment company Byrnes & Associates, Inc. has acquired 207. E. Redwood Street which, after its conversion from an office building to a hotel in 2015, has operated as Hotel RL Baltimore Inner Harbor in downtown Baltimore City. Byrnes & Associates plans to immediately commence with an $18.5 million redevelopment strategy to transform the 10-story hospitality asset into an apartment use, featuring 130 studio, junior one-bedroom and one-bedroom units. The development team includes Brad Byrnes and Kemp Byrnes of Byrnes & Associates; investors Jay Litke and Moe Krohn of Kove Group LLC who will be the general contractors performing all construction activities; and investor/asset manager Brendan Ferrara of Carm Capital LLC. The former owner was RL Baltimore LLC.
Greystone Arranges $287 Million Financing Package for Douglaston Development’s 456-Unit Mixed-Income Rental Development in Brooklyn, NY
Greystone, a leading national commercial real estate finance company, announced it has arranged $287 million in combined construction financing and preferred equity for Douglaston Development’s 1057 Atlantic Avenue, a 474,000-square-foot, 17-story, 456-unit mixed-income multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighborhood. Notably, the project will also be one of the last large-scale new rental housing developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a). Greystone Capital Advisors’ Drew Fletcher, Paul Fried, and Bryan Grover served as exclusive advisors in arranging the financing on behalf of Douglaston Development.
Partnership to develop 214 townhome-style units in rapidly growing master-planned community following successful site acquisition
Construction proceeding on 184-unit Five43 Apartments in Harford County, Maryland, with delivery set for early 2024
Construction is proceeding on Five43 Apartments, an upscale multifamily community situated in the Bel Air section of Harford County, Maryland which, upon its scheduled completion in early 2024, will offer a modern, mid-rise living environment with unique design features highlighted by above-average unit sizes and a full-range of amenities to residents. The project, positioned at the intersection of US 1 and MD Route 543, is a development of Lutherville-based Peak Management, LLC, an affiliate company of Hill Management Services, Inc. Leasing activities are expected to commence this fall.
Residential sales and retail leasing activity remains brisk at 108-acre James Run, new mixed-use community in Maryland
Sales and leasing activity remains ahead of schedule across all asset classes at James Run, a new 108-acre mixed-use development currently under development in Harford County, Maryland by JEN Partners, a New York-based real estate private equity fund. Since initiating residential sales in late 2021, approximately 190 single-family and townhomes have been sold by Ryan Homes, (NVR, Inc), more than 25,000 square feet of retail leasing has been executed and, recently, a land parcel was sold to Park Avenue Lifestyle for the development of a 160-unit independent and assisted living project. Baltimore-based Craftsmen Companies is the development manager for James Run and MacKenzie Commercial Real Estate Services serves as the project’s exclusive leasing broker.
Rental Housing Leader Closes on Ninth Development Project in Charlotte
Apartment Investment: Cymbal DLT Companies Secures $95 Million Loan for Oasis Pointe Residences in Dania Beach
Today, Miami-based real estate development and construction firm Cymbal DLT Companies secured a $95 million loan from an undisclosed senior lender and from Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that is part of the Cymbal DLT Collection of communities in South Florida.
Within 29 months of groundbreaking, Cymbal DLT paid off its $60.3 million construction loan to 3650 REIT and distributed to their equity investors over a 130% return, a return that will continue to grow with ongoing cash flow. The loan will allow Cymbal DLT and their investors to keep the newly built 301-unit community as part of their growing multifamily portfolio. Cymbal DLT has a development and construction pipeline of over $2 billion in South Florida.
Patrick Martin from Related, and Asi Cymbal, Hector Torres, Jacob Nunez, and Jake Fleischer from Cymbal DLT worked tirelessly for months to close this deal.
Christian Uriarte of Torus Capital Group and Gautham Atreya of Cymbal DLT brokered the $95 million loan.
John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.
The 2.4-acre waterfront complex opened 8 months ago and is 97% leased. It serves as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat. The living spaces of the building feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.
An exclusive collection of 14 oceanfront single-family homes redefines laid-back luxury