SELMA, N.C. — The NRP Group has kicked off construction on Eastfield Village, a 348-unit, garden-style apartment community located in Selma, roughly 26 miles southwest of Raleigh. The development will anchor the 435-acre master-planned community of Eastfield, which comprises a 3 million-square-foot business park, medical and retail space, three hotels, a variety of senior and workforce housing and entertainment amenities.
Eastfield Village will feature one-, two- and three-bedroom floorplans across 12 three-story buildings. Amenities at the complex will include a resort-style swimming pool with a sundeck, landscaped courtyard, pickleball court, shuffleboard area, fitness center, coworking/business lounge, multiple indoor and outdoor gathering spaces and a dedicated dog park and pet wash station. Additionally, walking trails and green spaces at the complex will connect residents to the broader Eastfield development. First move-ins are expected in late 2026, with full occupancy slated for the fourth quarter of 2027.
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, a 152-unit affordable housing community in Chesapeake, with plans for a $26 million rehabilitation of the property. In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, Fairstead will finance the acquisition and rehabilitation of MacDonald Manor through a federal program that combines elements of HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs to ensure reinvestment in the community, while preserving affordability for residents. Originally built in 1972, MacDonald Manor features three one-bedroom units, 114 two-bedroom units and 35 three-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI).
Renovations are set to commence this fall, with completion scheduled for fall 2027. Interior renovations will include modern lighting and plumbing fixtures, stainless steel appliances and new flooring and paint. Exterior improvements will consist of fresh landscaping, the repair of building facades and upgraded roofs and windows. Enhancements will also be made to the leasing office, maintenance and community buildings, mailboxes and the basketball court, as well as with the addition of a new playground.
Fairstead recently announced the $10 million revitalization of another public housing community in Chesapeake: the 65-unit Peaceful Village.
NEW YORK CITY — Newmark has arranged a $230 million loan for the refinancing of 520-524 Broadway, a mixed-use property totaling 235,000 square feet in the SoHo district of Lower Manhattan. The property consists of two buildings that were both constructed in the early 1900s and that feature a combined 180,000 square feet of office space and 55,000 square feet of retail space that is leased to tenants such as Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Jordan Roeschlaub and Nick Scribani of Newmark arranged the debt through Barings on behalf of the owner, Northwood Investors, a firm with about a dozen offices across the United States and the United Kingdom.
HOUSTON — Colliers has negotiated the sale of an 18,750-square-foot manufacturing building that sits on a 2.3-acre site at 4323 E. Mount Houston Road on the city’s north side. According to LoopNet Inc., the building was constructed in 1981 and features 20-foot clear heights. Jim Pratt of Colliers represented the seller in the transaction. Guy Brown of The Texas Overland Co. represented the buyer. Both parties requested anonymity.
DENTON, TEXAS — Lee & Associates has brokered the sale of a 33,758-square-foot industrial building in the North Texas city of Denton. According to LoopNet Inc., the building at 1506 I-35W was constructed in 1979. John Anderson of Lee & Associates represented the buyer, local investment firm CanTex Capital, in the transaction. The name and representative of the seller were not disclosed.