Regions
Partnership Formed to Own 275 MF Properties
Gardena, Calif.–Real estate veteran Michael A. Costa, along with El Segundo, Calif.-based Highridge Partners and the financial giant Citibank, have formed a joint venture to own and manage a sizable portfolio of multifamily properites.
DEAL OF THE DAY: KeyBank Provides $39.4M Refi for Construction Loan
Marina del Rey, Calif.–KeyBank Real Estate Capital recently provided $39.4 million in Fannie Mae funding to Golden West Properties.
Newark Residential Redevelopment Plan Bearing Fruit
Newark, N.J.–Developers in Newark, N.J., are on the verge of completing the first redeveloped residential properties in a larger plan to rehabilitate part of Newark’s West Ward.
Investor Buys New Jersey Apartments for $24M, Plans Redevelopment
New York–Phoenix Realty Group (PRG) has bought 548 distressed rental units for $24.2 million in East Orange, N.J.
Property Tours: Dixon Mills
Kristin Hurd, director of sales at The Residences at Dixon Mills, takes MHN on a tour of the property located at 158 Wayne Street in Jersey City, New Jersey.
$100M Suburban Washington, D.C. TOD on the Road to Realization
Washington, D.C.–While the national apartment market took a nosedive, the market in Silver Spring, Md., held its own, and now a new $100 million project has gotten underway to accommodate increasing demand.
DEAL OF THE DAY: HFF Completes $42M Sale of Institutional-Quality Property
North Lauderdale, Fla.–The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of Parrot’s Landing, a 560-unit multi-housing community in North Lauderdale, Fla.
MITS Unveils New Multifamily Data Transfer Standard
Washington, D.C.–The Multifamily Information and Transactions Standards (MITS) initiative has taken another step in its stated goal of creating shared data standards.
DEAL OF THE DAY: NorthMarq Arranges $22M Permanent Loan for Newly Constructed Community
Los Angeles–The Denver regional office of NorthMarq Capital arranged permanent financing of $22 million for The Metro Art Apartments located at 11771 Montana Avenue in the Brentwood District of West Los Angeles, Calif.
$155M Mixed-Use Residential Project to Create Job, Put Spotlight on Downtown Indianapolis
Indianapolis–Undeterred by the economic slump and intent on boosting the local employment rate, a public-private team is proceeding with the development of a $155 million mixed-use residential property in downtown Indianapolis.