REBusinessOnline

RedHill Realty Investors Divests of 168-Unit Apartment Complex in Washington for $34.5M

KENT, WASH. — RedHill Realty Investors has completed the sale of RedHill Pines, a garden-style multifamily community located in Kent. An undisclosed buyer acquired the property for $34.5 million. Located on more than 7 acres off Canyon Drive, RedHill Pines is a 10-building multifamily complex made up of the 98-unit RedHill Pines, which was built in 1980, and the 70-unit RedHill Pines North, which was built in 1988. The adjacent communities share a centralized clubhouse and leasing office. …

Hunt Capital Partners Funds $10.4M in Financing for Affordable Housing Project in Oahu

OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team …

Landmark Properties Developing 780-Bed Student Housing Community Near Colorado State

FORT COLLINS, COLO. — Landmark Properties has started construction of The Standard at Fort Collins, a 780-bed community serving students and young professionals near Colorado State University in Fort Collins. The community is set for completion in fall 2020. The property will offer studio, one-, two-, three-, four- and five-bedroom units. Shared amenities will include a rooftop swimming pool, coffee bar, study lounge, private study rooms, a 24-hour fitness center, clubhouse, grilling …

CCRC in Atlanta Breaks Ground on $115M Expansion

ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans …

Joint Venture Starts Construction of Apartment Community in Augusta

AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to …

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles …

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference …

CIT Group Funds $56M Loan for Acquisition, Renovation of Irving Apartment Complex

IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was …

Greystone Provides $37M Refinancing for Seniors Housing Community in Metro Houston

PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior

NorthMarq Arranges $23.7M Construction Financing for Seniors Housing Property in Cincinnati

CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction …

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