Multifamily

NEW YORK CITY — Ariel Property Advisors has arranged a $25.3 million loan for the refinancing of an 82-unit apartment building located at 120-125 Riverside Drive on Manhattan’s Upper West Side. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Matt Dzbanek and Matt Swerdlow led the transaction for Ariel Property Advisors.

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NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.

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HILLIARD, OHIO — A joint venture between Milhaus and Harbor Group International (HGI) has broken ground on Tempo, a 359-unit apartment project in Hilliard, a northwest suburb of Columbus. The development is in the heart of commercial real estate firm Equity’s mixed-use development known as TruePointe, construction of which began in July 2023. Milhaus will lead development of Tempo, with HGI providing 80 percent of the common equity. Tempo will offer floor plans ranging from studios to three-bedroom units. Residents will have access to amenities such as a resort-style pool, courtyard, fitness center, sky lounge, coworking spaces, an onsite dog park, beach volleyball court and outdoor pizza kitchen. Architecture firm MA+ Design, SJL Design Group and The Kleingers Group make up the project team. First Internet Bank provided project financing. Completion is slated for spring 2026.

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SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged a $4.8 million loan for the refinancing of a 129-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Claymoor Properties LP. Securian Life Insurance Co. provided the loan, details of which were not provided.

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CHICAGO — SVN Chicago Commercial has brokered the sale of an eight-unit apartment building in the city’s Avondale neighborhood for $2.2 million. The property is located at 3110 W. Belmont Ave. and features units that average 2,000 square feet each. Paul Cawthon and Angelo Labriola of SVN represented the undisclosed seller. The buyer was based in New York.

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PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border. Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room. Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI.  The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment. Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services. WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds. Commonwealth Development also partnered with Native of One Wind Indigenous …

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CHULA VISTA, CALIF. — Ryan Cos. US and Strata Equity Group have formed a joint venture to develop Millenia Lot 19, an apartment property in Chula Vista, just south of San Diego. The joint venture has received financing and started construction of the 278-unit project. Situated within the Millenia master-planned community, the 340,000-square-foot community will consist of four mid-size buildings and 1,180 square feet of commercial space. Millenia Lot 19 will feature 482 parking spaces, a resort-style pool and spa, rooftop deck with clear views of the Pacific Ocean and Mexico, pet amenities, a fitness center and resident clubhouse. The commercial space of the project will include public co-working space that will be available to the greater community. Additionally, the project will offer bike maintenance and storage facilities, community green areas, electric vehicle chargers in every resident garage, a solar program with panels on both rooftops and carports, and energy-efficient appliances. Ryan is the develop and builder and Ark Architects is the architect of record for the project. The first units of Millenia Lot 19 are slated for delivery by fourth-quarter 2025.

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FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno.  Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

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TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Alamo Apartments, a multifamily building in Tucson. The Twenty Lofts on Tenth LLC acquired the asset from Euclid 35 LLC for $2 million. Located at 824 E. 10th St., the 11,189-square-foot building features 20 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction.

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KATY, TEXAS — Locally based developer Sueba USA has broken ground on Boardwalk Square, a 353-unit multifamily project that will be located west of Houston in Katy. Units will come in studio, one-, two- and three-bedroom formats and range in size from 496 to 2,088 square feet. Residences will be furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities will include a pool, fitness center, spa, outdoor lounge, coworking lounge, package lockers and a catering kitchen. Boardwalk Square represents the second phase of a larger Sueba development, the first phase of which totals 319 units and was completed in late 2021 and subsequently sold in spring 2022. The first units are expected to be available for occupancy in fall 2025.

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