CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.
CHICAGO — U.S. Bank has provided a $17.4 million equity investment in a 78-unit affordable housing multifamily project in Chicago. Park Place Family will be located at the intersection of West 50th Street and South Millard Avenue. Brinshore Development LLC and Back of the Yards Neighborhood Council will develop the project. The development is estimated to cost $27 million. The units will range from one to three bedrooms. Two units will be built for vision- or hearing-impaired residents, and four units will be accessible for handicapped residents. Eligible tenants will earn between 50 and 60 percent of the area’s median income. Rents will range from $546 for a one-bedroom unit to $960 for a three-bedroom unit. Site preparation is underway, and completion is slated for February 2017.
NEW YORK — Greystone has closed an $88.6 million multifamily transaction for the acquisition and rehabilitation of 20 aged apartment communities totaling 793 residences in Tennessee. Greystone arranged the transaction on behalf of the owner and operator, The Hallmark Cos. Inc. Greystone worked closely with the Tennessee Housing Development Agency, as well as the USDA’s Rural Housing Service National Office and Tennessee State Office. The financing, which combined both public and private funding, included $28 million in tax-exempt bonds issued by The Health, Educational and Housing Facilities Board of Sevier County, Tennessee. Stifel, Nicolaus & Co. Inc. facilitated the bond issuance. Other capital sources included more than $16 million of Low Income Housing Tax Credits, the assumption of $21.8 million of original USDA Section 515 debt, $21.9 million of senior debt and $830,000 in additional funds.
LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.
COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.
KANSAS CITY, MO. — Berkadia has brokered the sale of Northeast View Apartments located at 222 Garfield Ave. in Kansas City. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Trinity-Northeast View LLC of Chicago sold the property to California-based Kci-Northeast View. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City. Additionally, Berkadia brokered the sale of Arbor Crossings located at 834 Sheridan Road in Muskegon Township, Mich., approximately 46 miles north of Grand Rapids. Built in 1995, the 18-unit property sold for $4.25 million and offers one-, two- and three-bedroom floor plans. Arbor Crossings is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College. Read Property Group of New York bought the property from Sterling Group Inc. of Mishawaka, Indiana.
LOS ANGELES – A local investment firm has acquired a three-property multifamily portfolio in the Hollywood Park area of Los Angeles for $24.8 million. The portfolio contains a total of 150 affordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to manage the properties as a scattered-site portfolio. Kitty Wallace and Rob Shiels of Colliers International represented the seller.
ST. PAUL, MINN. — Dominium has secured provisional approval to rehabilitate the historic Fort Snelling Upper post in St. Paul. The approximately $100 million project will be financed through a combination of low-income housing tax credits as well as federal and state historic tax credits, among other sources. The final product will add a projected 190 affordable housing units. The project is in response to strong demand for more affordable housing in the market. Research from Dominium shows Hennepin and Ramsey counties have only 34 apartments affordable and available for every 100 residents making less than $20,000 a year. Located near the Minneapolis-St. Paul International Airport, the Upper Post of Fort Snelling was a major hub for military activity throughout the late 19th century and much of the early 20th century. It served as an induction and training center during both world wars. The site, which was designated a national historic landmark in 1960, was turned over to the Minnesota Department of Natural Resources in 1971. Dominium recently completed the rehabilitation of St. Paul’s Schmidt Brewery on West 7th St. Dominium also is in the process of completing the $175 million renovation of the Minneapolis Pillsbury A-Mill, a national historic landmark, …
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …
FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.