29th Street Capital (29SC) buys Solaire Apartments, a 232-unit Class A property in Silver Spring, MD

Solaire Apartments, Silver Spring, MD

Silver Spring, MD – 29th Street Capital (29SC) acquired Solaire Apartments, a 232-unit Class A property in Silver Spring, Maryland. 29SC plans to rebrand the property to “Maven at Wheaton” and will make property upgrades by renovating apartment units, and modernizing interior and exterior amenity areas. The price was not disclosed.

 The six-floor building features a 24-hour fitness center, swimming pool and sundeck, community room, and a courtyard patio with grilling station.

 “Built in 2014, Solaire Apartments is a high-quality transit-oriented property within a short walk of both Wheaton Metrorail Station and Westfield Wheaton Mall,” said Brian Berry, Senior Vice President Mid-Atlantic for 29SC.

 

 Brian Berry

“We look forward to executing on our business plan and continuing to expand in the Washington DC region.”

 Brian Crivella, Walter Coker, Bill Gribbin, and Yalda Ghamarian from Berkadia represented the seller.

Haven Residential, the 29SC-owned property management company, will oversee management and leasing.

 Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide.

 Yalda Ghamarian 

 Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units.

  In the last year, 29SC has acquired 16 multifamily assets across the United States that contain over 4,500 units. The firm continues to actively pursue new opportunities.

  

 CONTACT:

 Julia Eich

Director of Marketing and Communications

+1.847.977.0876 

| julia.eich@havenresidential.com

 29SC.com

 

 

Forman Capital Acquires $24 Million Note Secured by Miami-Dade County Development Site

 

Ben Jacobson (left) and Brett Forman

MIAMI, FL and PALM BEACH, FL–– Forman Capital, a creative and entrepreneurial direct lender based in South Florida owned by veteran real estate financing professionals Brett Forman and Ben Jacobson, has acquired a $24.1 million fully performing loan secured by a 7.3-acre development site at 2301 NW 33rd Ave. in Miami, Florida.

The transaction closed on April 25 and Forman is actively pursuing similar opportunities to purchase and finance existing notes – in addition to providing short and medium-term construction financing - and has a robust pipeline of pending deals. 

Lissette Calderon

In September 2022, TCG PL33 LLC, an affiliate of Miami-based Neology Life Development Group, led by Lissette Calderon, acquired the property for $32.1 million with the loan supplied by Hermitage Palmer Land LLC.

“We appreciate our continued partnership with Ben, Brett and the Forman Capital team,” Calderon said. “We have a shared passion for enhancing once-overlooked areas of Miami-Dade County through thoughtful and impactful developments.”

Neology plans a significant mixed-use development with much-needed attainable housing and commercial space over three phases. The site is zoned for up to 1,800 residential units. 

“This was a great opportunity to acquire a fully performing loan with a high-quality relationship borrower,” said Jacobson. “It also puts us in the best possible position to hopefully finance the project’s future construction.

 Neology Life Development Group, 
1951 NW South River Drive
 Miami, FL 33125

"We are thrilled to expand our long-term relationship with a best-in-class developer, Lissette Calderon, and support another one of her world-class projects in an emerging area of Miami.”

Charles Foschini, a senior managing director at Berkadia arranged the transaction.  Forman Capital financed the loan with all equity and closed in just 30 days.

Forman Capital provides short and medium-term construction financing, mezzanine debt, preferred equity, and joint venture equity across a variety of real estate asset classes and geographies. 

From 2016 to the end of 2022, Forman was a 50/50 partner in a joint venture with a Canadian asset manager where his team originated and managed $2.2 billion in commercial real estate transactions.  

The company currently has $75 million in pending deals set to close over the next 60 days.

Charles Foschini

“While short-term construction financing has been our primary focus over the past several years, we also see an opportunity to beef up our balance sheet by buying existing loans,” said Forman. “We are well funded and have the ability to be flexible and close quickly.”

In 2021, Jacobson and Forman originated a $78.2 million construction loan for Neology to finance construction of a 14-story rental tower in the Miami neighborhood of Allapattah.    

 

 Contact:

 

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.formancap.com.

JLL Capital Markets arranges $32 million construction financing for The Virginia apartments in Seguin, TX

 

Alanna Ellis

 SEATTLE, WA – JLL Capital Markets has closed the $32.125 million construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.

The Virginia, 3501 North Austin Street, Seguin, TX

JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.

 The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.

 

With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet.

Jeff Lepley

 

Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more.

 

A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.

 

Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio.

Alex Sheaffer

Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson. The site provides convenient access to downtown Seguin, which houses the bulk of the retail options.

 

Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Contacts:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Ware Malcomb Promotes David Nighswonger to Director, Regional Operations in Denver Office

 

David Nighswonger

DENVER, CO, April 27, 2023 – Ware Malcomb, an award-winning international design firm, today announced David Nighswonger, PE, has been promoted to Director, Regional Operations based in the firm’s Denver office. In the role, Nighswonger will oversee operations for the civil engineering team firmwide. 

“David has excelled at the firm, exemplifying strong leadership and business acumen that contributes directly to the growth of our civil engineering practice,” said Chris Strawn, Principal for Ware Malcomb. “He has continued to improve the efficiencies of the department across the firm, with the right focus on processes and talent.”

Since joining Ware Malcomb in 2016, Nighswonger has managed numerous civil engineering projects and has overseen preparation of construction documents and construction administration for the firm’s public, commercial, residential, education and retail projects.

 He has been instrumental in expanding the civil engineering team from having team members in three offices to team members in twelve in just the past four years.

Chris Strawn,

A registered Civil Engineer in Colorado, Nighswonger brings more than 31 years of civil engineering experience to the team, including fifteen years serving as a Development Engineering Manager and Public Works Director for the city of Thornton, CO, a city of more than 140,000 residents.

 In his career, he has managed and directed a wide variety of capital improvement projects including roadways, drainage, water distribution, and wastewater collection. His experience includes leading public meetings, working with neighborhood groups, stakeholders, permitting agencies, and public agencies such as metro wastewater, urban drainage, and school districts.

Nighswonger has a Bachelor of Science in Civil Engineering from Southern Methodist University.

 Contacts:

Rachel Devany

VP Public Relations,

KCOMM for Ware Malcomb

rachel@kcomm.com

Maria Rodgers, Director, PR & Communications

 949.660.9128

 mrodgers@waremalcomb.com

 Maureen Bissonnette, Principal, Marketing, 949.660.9128

mbissonnette@waremalcomb.com