New Construction and Development

Berkadia announces it has arranged $78.19 million in construction financing for The Julia Residences (formerly No.16 Residences), a 323-unit attainable luxury mid-rise apartment community in the Fruit Packing district of Allapattah, in Miami, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by developer Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.

The “The Julia,” a $100 million, 14-story residential tower named for real estate pioneer and “Mother of Miami” Julia Tuttle, will deliver 323 apartments, offering “attainable luxury” to Miami’s growing urban population

MIAMI, Fla. – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $78,197,393 construction loan for a 323-unit mid-rise apartment building in Miami’s emerging Allapattah neighborhood.  The borrower is Neology Life, a development company led by Lissette Calderon, who has focused her work transforming the Miami River district.

Los Angeles, CA – Parkview Financial announced today it has provided a $50 million construction loan to Ming’s Garden Realty, LLC for the development of a 13-story, 143-unit condominium project with 40,034 square feet (sf) of ground floor commercial space located at 2601 4th Street in the Astoria neighborhood of Queens, NY. The project is within walking distance of a ferry station, which provides easy access to the Cornell Tech Campus on Roosevelt Island, Mid-Town and the Lower East Side of Manhattan. Construction recently commenced with completion anticipated for fall 2023.

Partnership begins first project after closing site purchase and securing capital commitment from Morgan Stanley Real Estate Investing

Coral Gables-based Coral Rock Development Group today unveiled plans for Buena Vida, a Little Havana-based workforce/affordable housing mixed-use project.

Hawaii Governor David Ige, Hawaii Housing Finance and Development Corporation (HHFDC) Executive Director Denise Iseri-Matsubara, and members of the development team ceremonially broke ground recently on the $88 million, 20-story Kokua Senior Living affordable apartment community. The event included a traditional Hawaiian blessing ceremony led by Kahu Kordell Kekoa.

Greystone, a leading national commercial real estate finance company, today announced that it has simultaneously arranged a $14 million ground lease and a $21 million leasehold construction loan for The Young Companies. The ground lease proceeds were provided by Haven Capital and the leasehold construction loan was provided by RMWC to finance the development of four-story mixed-use residential development with 75 apartments and 7,300 SF of commercial space located at 600 North Avenue in New Rochelle, NY. The Greystone Capital Advisors team led by Drew Fletcher and Matt Klauer served as exclusive advisor in arranging the financing on behalf of the Sponsor.

Young Companies’ CEO, Robert Young, is a lifetime resident of New Rochelle and one of the area’s premier developers of high-quality multifamily housing. The Illustrator distinguishes itself through its best-in-class finishes and amenities and its unique location in a supply-constrained submarket with access to New Rochelle’s excellent public schools. In addition, the project is directly across the street from The Young Companies’ The Rockwell, the 114-unit property with ~25k SF of retail that Young Companies completed at the end of 2020. Together, the projects will provide more than 200 residential units and revitalize the corridor along North Avenue between the MetroNorth stop and the college district.

“We are proud to have worked with Young Companies, Haven, and RMWC to deliver a creative full-stack debt solution that provides 90% loan-to-cost non-recourse financing during a challenging economic environment. The Illustrator will raise the bar for urban living in New Rochelle,” said Mr. Klauer.

“Greystone Capital Advisors delivered a fantastic execution, and we are very happy to have launched a relationship with Haven and RMWC,” said Mr. Young. “This complex execution required careful collaboration and I’m delighted with the results. The Illustrator is a significant addition to our portfolio and will further the continued development of New Rochelle.”

“It was a pleasure working with Greystone, Young Companies, and RMWC to use our Haven ground lease structure to maximize funding proceeds at the lowest possible cost,” said Joe Shanley, Head of Acquisitions, Haven Capital.

Marc Brooks, managing director of RMWC, shared, “RMWC is pleased to bring its flexible construction financing capabilities to this exciting project. We look forward to working with The Young Companies, a sponsor with deep roots in the New Rochelle market. We are also grateful to have completed our first closing with Greystone, who brought together a complicated capital structure and enjoyed working closely with Haven Capital throughout the closing process.”

 

 

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