BOSTON — New York City-based Lument has provided a $27 million HUD-insured loan for the refinancing of East Canton Street Apartments, a historic affordable housing property located in the InkBlock neighborhood of Boston. The property consists of four five-story buildings that were originally constructed in the late 1800s and a house total of 80 units. East Canton Street Apartments was converted to HUD-subsidized housing in 1981 and rehabilitated in 2007. Tracy Peters of Lument originated the fixed-rate loan through HUD’s 223(f) program on behalf of the owner, HallKeen Management.
PITTSBURGH — An affiliate of San Antonio-based investment firm LYND Group has acquired Kelly Hamilton Apartments, a 110-unit affordable housing complex in Pittsburgh. The 21-building property is located in the city’s Homewood South neighborhood and offers one-, two- and three-bedroom floor plans. LYND, which plans to implement a capital improvement program, purchased the property through a bankruptcy proceeding in the U.S. Bankruptcy Court for the District of New Jersey.
BURLESON, Texas — Sagora Senior Living has purchased Wilshire Senior Living, a 100-unit community located in Burleson, approximately 15 miles south of Fort Worth. Situated on 25 acres, the property features four-story buildings with independent living apartments, as well as cottages with attached garages. The community, which opened in 2021, also features assisted living and memory care units. Amenities include a theater room, billiards area and a full-service salon. The seller and sales price were not disclosed.
NEWARK, N.J. — Walker & Dunlop has arranged a $250 million financing package for 22 Fulton Street, a multifamily project that will be located within a Qualified Opportunity Zone in Newark’s Military Park neighborhood. The package consists of nearly $119 million in financing that comprises a construction loan, 4 percent Low-Income Housing Tax Credit (LIHTC) equity and LIHTC bridge loan that was provided by the Urban Investment Group at Goldman Sachs Alternatives. The package also includes $20 million in preferred equity and a $100 million forward commitment for a permanent loan, both of which were provided by undisclosed institutional lenders. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the financing on behalf of the borrower and developer, a partnership between SK Development and Berger Organization. The 21-story building will have 396 units, 20 percent of which (80 residences) will be reserved for households earning 60 percent or less of the area median income, as well as 4,700 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans. Construction is expected to commence in the coming months and to be complete in 2028.
BATON ROUGE, LA. — A joint venture between C1 Development and GMH Communities has received approval for a student housing development at 6800 Burbank Drive near the Louisiana State University (LSU) campus in Baton Rouge. The development can span up to 1,000 beds and is set to offer cottage- and garden-style units, as well as townhomes, in two-, four- and five-bedroom configurations. Shared amenities will include a resort-style pool, modern fitness center, resident lounge, business center and study rooms. Construction is expected to begin next fall with completion scheduled for fall 2028.
NORFOLK, VA. — Berkadia has negotiated the sale of Livano Norfolk, a 295-unit apartment community located at 6163 Kempsville Circle in Norfolk. The buyer, Kushner, has rebranded the property as District 757. The seller, LIV Development, delivered the property in 2024. Drew White, Carter Wood and Cole Carns of Berkadia’s Richmond office represented the seller in the transaction. Laura Cathlina and Anna Burns of Berkadia’s Chicago office arranged a Fannie Mae loan for the buyer. The sales price and loan amount were not disclosed. District 757 was 96 percent occupied at the time of sale. The property offers a mix of studios, one-, two- and three-bedroom residences ranging in size from 614 to 1,645 square feet. Amenities include a 12,000-square-foot clubhouse with an entertainment kitchen, lounge areas and gaming spaces, as well as a year-round resort-style pool with sundeck, sky lounge, coworking suites with private offices, business center, EV charging stations and a 24-hour fitness center.
CANTON, GA. — Denver-based Forum Investment Group has purchased The Indigo, a 168-unit apartment community located at 300 Prominence Point Parkway in Canton, a northern suburb of Atlanta in Cherokee County. The seller and sales price were not disclosed. The transaction marks Forum’s first real estate acquisition in nearly five years. Built in 2022, The Indigo features a mix of one-, two- and three-bedroom floorplans ranging in size from 731 to 1,410 square feet, according to Apartments.com. Amenities include a pool, fitness center, grilling and picnic areas and onsite maintenance and package services.
EUGENE, ORE. — CRG and Kenter Capital have broken ground on Chapter Alder, a 15-story student housing property adjacent to the University of Oregon in Eugene. Located at the intersection of 13th Avenue and Alder Street, Chapter Alder will offer 491 beds in 133 fully furnished units in a mix of studio, one-, two-, four- and five-bedroom floor plans. Each residence will feature tech-forward finishes, stainless steel appliances, in-unit laundry and high-speed internet. Slated for delivery ahead of the fall 2027 academic term, the property will feature private and group study spaces, a fitness center, multiple outdoor social areas and a rooftop terrace with a hot tub and cold plunge, as well as an elevated outdoor patio with fire pits and grilling stations. Additionally, the property will offer secure parking, ample bike storage and 2,000 square feet of first-floor retail space. LJC, a subsidiary of CRG’s parent company, Clayco, designed the property.
SPRINGFIELD AND OZARK, MO. — Gorrell Hughes Capital has purchased two multifamily communities in the Springfield metro area: Sunset Woodland Apartments in Springfield and Excelsior Gardens Apartments in Ozark. Together, the properties total 281 units. Gorrell Hughes Capital is a private real estate investment firm focused on acquiring, managing and repositioning Class B multifamily assets.
PELICAN RAPIDS, MINN. — Pelican Valley Senior Living has begun an $8.4 million modernization project that will update the care center and resident rooms, enhance amenities and reimagine community spaces at its senior living property in Pelican Rapids within western Minnesota. Minnesota’s Nursing Home Moratorium Exceptions process approved the project to provide state funding for safety and care-quality upgrades. The Minnesota Department of Health greenlighted the project for an overdue overhaul of the facility’s aging spaces. Wold Architects & Engineers is leading the design. Phase I of the project will renovate part of the former hospital wing to serve as temporary resident housing during construction. Phase II will rebuild 14 resident rooms and expand community areas, including dining, therapy, chapel and social spaces. The project is a collaborative effort between multiple construction and engineering partners. Completion is slated for early to mid-2027.