28 — September 2026 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Castle Lanterra sells Meridian Obici multifamily community
For The Keys, a 96-unit multifamily property in PA Greystone’s Bryan Grover originates $17M in financing
HILADELPHIA, PA — Greystone has pro- vided a $17,362,000 loan to refinance The Keys, a 96- unit multifamily property with ground-floor retail space in Philadelphia. The financ - ing was originated by Bryan Grover at Greystone. The Keys is located at 7127 Keystone St. in Philadelphia and consists of a five-story, 100,508 s/f building constructed in 2023. The property includes 96 multifamily units and 9,549 s/f of retail space. The property offers a mix of studio, one-bed- room and two-bedroom resi- dences, as well as amenities that include a fitness center, game room, co-working space, package room, bike room, roof deck and covered parking. The property also benefits from a Philadelphia real estate tax abatement. P
The Keys
“The Keys is a multifamily as - set with strong occupancy, and Freddie Mac financing was an excellent fit for the property,” said Grover. “Greystone’s deep Agency lending capabilities
enable us to deliver efficient, long-term financing solutions that help our clients execute their business plans and position their properties for continued success.” MAREJ
LaSalle & Camber form JV to acquire three- property industrial portfolio on Long Island
LONG ISLAND, NY — La- Salle Investment Manage- ment (LaSalle) announced a joint venture partnership to acquire a three-property industrial portfolio totaling over 270,000 s/f on Long Island. The off-market transaction presented a rare opportunity to invest in 100% leased, high- performing infill assets in one of the nation’s most-compet- itive and supply-constrained logistics corridors. The portfolio is anchored by two investment-grade ten- ants representing the global logistics and national defense sectors. Financial terms of the transaction and exact property locations remain undisclosed. “This acquisition fits our strategy of targeting highly infill industrial assets in sup - ply-constrained markets with strong fundamentals,” said Jeff Shuster, president of La- Salle Value Partners . “This is a unique opportunity to ac - quire a high-quality industrial portfolio in Long Island ben - efiting from high barriers to
entry, minimal new supply and proximity to one of the nation’s densest consumer populations. We are acquiring the portfolio at an attractive basis below replacement cost with strong investment grade tenancy, and we see meaningful op- portunity for value creation as we execute our business plan alongside Camber.” “The portfolio provides a rare balance of credit-backed income stability and long-term asset strength,” said Camber’s Christopher Bellapianta . “Its functional layout and prime infill locations position the port - folio to perform exceptionally well over time within a highly supply-constrained market.” The assets are strategically positioned across the following two prime infill submarkets: • JFK Airport Submarket: This nearly 46,000 s/f facil - ity features 32 loading docks, two drive-in doors, 16-foot clear heights and tremendous parking for the market. Offer - ing loading positions on three sides, it serves as a critical
staging facility for inbound air freight and ground distribution across NYC and Long Island. • South Shore/Suffolk Coun - ty, NY: Featuring two separate buildings of 100,230 s/f and 124,500 s/f, respectively, the former is equipped with a combination of drive-in and tailgate docks, 20.5-foot clear heights and ample parking. The latter features much of the same, including 28-foot clear heights and generous parking. Ideally situated in the high- population-density New York metropolitan region, the portfo- lio offers immediate transpor- tation connectivity via major Long Island Expressways and Southern State Parkway as well as proximity to John F. Kennedy International and LaGuardia airports. The sur - rounding demographic profile grants direct access to over 11 million people across New York City’s five boroughs as well as Long Island – rendering it one of the most-affluent and consumption-heavy trade areas in the United States. MAREJ
Meridian Obici
regional economies. “Meridian Obici exemplifies our strategy of identifying high-quality multifamily as - sets in growing markets and creating value through dis- ciplined asset management and strategic execution,” said Elie Rieder , founder and CEO of CL. “We are pleased to have delivered strong perfor- mance for our partners while benefiting from the contin- ued economic expansion and population growth across the Hampton Roads region.” Throughout CL’s hold peri - od, the property benefited from Suffolk’s continued growth and its location within the broader Hampton Roads econ- omy. The region is supported by a diverse employment base that includes major military installations, shipbuilding op- erations, port and logistics in- dustries, healthcare systems, financial services firms, and distribution centers. MAREJ
SUFFOLK, VA — Castle Lanterra (CL) announced the sale of Meridian Obici, a 224-unit, class A multifamily community located in Suffolk within the Hampton Roads metropolitan area. Completed in 2016, Merid - ian Obici is a highly ameni - tized multifamily community featuring a resort-style salt- water swimming pool, fitness and business centers, resident entertainment spaces, outdoor kitchens, detached garages, storage units, and a dog park. The property is situated along Suffolk’s North Main St. cor - ridor, providing residents with convenient access to retail, dining, and essential services. CL acquired Meridian Obici in October 2018 for $32 mil - lion, or $143,000 per unit, which allowed the company to own a recently constructed, stabilized class A asset at an attractive basis within one of Virginia’s fastest-growing
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