Former Parking Garage to be Reimagined as a 200-Unit Residential Community via HUD Construction Loan

Lowe Enterprises today announced the opening of The Garey Bldg., a 320-unit apartment community developed on a 2.9 acre site spanning from 1st to 2nd Streets east of Alameda Street in the burgeoning Arts District of downtown Los Angeles. The development is a joint venture between Lowe Enterprises, Megatoys, which has owned the property for more than 20 years, and institutional investors advised by J.P. Morgan Asset Management.

FirstBank, one of the nation’s largest privately held banks and Colorado’s second largest bank, is financing a $24.3 million loan for DeLo Apartments, LLC. The loan will help build a 115,000 sq. ft. luxury apartment complex, featuring 130 units in the newly redeveloped Downtown East Louisville neighborhood (referred to as “DeLo”).

MORGAN, a leader in upscale multifamily development, construction and property management, has opened its latest Pearl luxury apartment community. Situated in southwest Austin at Rialto and Southwest Parkway, Pearl Lantana contains 444 units with one, two and three bedrooms that range from 660-1576 square feet.

Solaire, San Francisco's newest luxury apartment tower and addition to the city's iconic skyline, is now open. The 32-story, 409-unit luxury high-rise complex at 299 Fremont Street welcomed its first residents last month, according to its development group which includes Multi-Employer Property Trust (MEPT), its real estate advisor Bentall Kennedy, and international real estate development firm, Golub & Company. Solaire residents enjoy stylish green design and top-notch amenities in a key location in San Francisco's SoMa (South of Market) District near the under-construction Transbay Transit Center.

Greystone, a New York-based real estate development, lending and advisory company, announced the closing of $28.25 million in financing for the construction of 1501 SW 37^th Avenue, a mixed-use apartment tower in Miami. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.

Philadelphia City officials, business, labor and arts leaders, and representatives of Apartment Investment and Management Company (Aimco) formally opened the Park Towne Place Museum Residences at a ribbon-cutting ceremony yesterday afternoon.

Newport Property Construction, Ltd. has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including high-end luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie, Florida. The South Florida firm was contracted by Starwood Capital Group after the leading global investment firm acquired a portfolio of 23,262 apartment units in a deal reported in October 2015. In South Florida, Starwood now owns 33 properties with 10,742 units.

Baton Rouge, LA based Ventures Development Group, LLC, has closed its $29 million loan and commenced construction on the development of a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie, Texas. The location is virtually equidistant to Fort Worth and Dallas, offering immediate access to all major roadways within just minutes.