New Construction and Development

Berkadia announces it has sourced a capital partner for Dallas-based Encore Multifamily, a division of Encore Enterprises, development of a class A apartment community in San Antonio, Texas. The “Encore Lower Broadway” development will be a five-story, 386-unit apartment community built on a 4.2-acre site located on the corner of East Grayson Street and North Alamo Street across from the Pearl District. The site is adjacent to the larger overall Broadway East master-planned development, which will feature 700,000 square feet of office space, 200,000 square feet of high-end retail space developed over multiple phases, a planned W Hotel, and other lifestyle amenities. Groundbreaking on Encore Lower Broadway apartments is expected in August 2021.

Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital partner, which is providing a $15.77 million equity investment on top of a $51 million construction loan from Citizens Bank. Earlier this year, the team also sourced a capital partner for Encore Enterprise’s Encore Chandler project – a 208-unit, class A multifamily development located in a qualified Opportunity Zone in a suburb of Phoenix, Arizona.

Luxury Living Chicago Realty (LLCR) announces Panorama, a new BlitzLake development in Chicago’s Lakeview neighborhood, has hit the 100% leased milestone. The 140-unit luxury apartment building began leasing in January of this year.

AHS Residential is expanding its footprint beyond Florida to help meet the overwhelming demand for rental housing nationwide – and it is starting in Atlanta, Georgia, the fourth-fastest growing metro area in the country, according to the U.S. Census Bureau. 

Mill Creek Residential, a leading multifamily investor and operator specializing in premier rental communities across the U.S., today announced that construction is underway at Modera Skylar Phase II, a contemporary apartment community located in the River District of Downtown Miami. The company first broke ground in February and is now amidst the construction process.  

Fogelman Properties (“Fogelman”), one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to unveil the complete renovation and redesign of 15Seventy, a 489-unit multifamily community located at 1570 Westmeade Drive in Chesterfield, Mo., a suburb of St. Louis.

Greystone, a leading national commercial real estate finance company, announced today that it has arranged a $94 million construction loan for an affiliate of J&L Companies, Inc. (“J&L”) to finance the development of a 12-story, 403-unit Class A multifamily project located at 55 Union Street in the heart of the Ironbound District in downtown Newark, NJ. The construction loan was provided by a four-bank syndicate led by Valley National Bank (“VNB”), with Bank Hapoalim, Abanca USA, and TriState Capital Bank as participants, to finance the project, which also includes 3,000 square feet of retail space and a 196-space parking garage.

 Anthony Tiritilli hired as president of Lynd Opportunity Partners and Hasen Design Build & Development, Inc. to manage LYND’s construction division

Mill Creek Residential, a leading investor and operator specializing in premier rental communities across the U.S., today announced construction is underway at Modera Coral Springs, a luxury mixed-use apartment community positioned in the rapidly emerging heart of the city.

Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on the acquisition and financing of Shoreline Villas, a new $15.6 million affordable housing community in Okaloosa County, just 10 minutes from the Panhandle city of Fort Walton Beach. Apartments at Shoreline Villas will be reserved for income-qualifying residents aged 62 years and older who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $482 to $1,053 per month. Construction has commenced at the property and is scheduled to be delivered in May of 2022.

Berkadia announces it has arranged a $25 million preferred equity facility for a REIT focused on the Build-to-Rent (BTR) space in Texas. Berkadia JV Equity & Structured Capital, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, secured the capital provider.

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