Development

National Real Estate, KRE Group Top Out 360-Unit Multifamily Project in Philadelphia

by Taylor Williams July 10, 2023

PHILADELPHIA — A partnership between National Real Estate Advisors and New Jersey-based Kushner Real Estate Group has topped out The Noble, a 360-unit multifamily project located at 200 Spring Garden St. in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities including a pool, coworking lounge, party room, juice bar, dog run and 10,000 square feet of public green space. City Fitness will anchor the retail component with a 17,000-square-foot facility. Preleasing will begin in December, and the first units are expected to be available for occupancy in the first quarter of 2024.

July 10, 2023

Affordable Housing Development Hawaii Loans Multifamily Western

Joint Venture Receives Financing for $168.1M Halawa View Affordable Housing Community in Honolulu

by Jeff Shaw July 10, 2023

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing. Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …

July 10, 2023

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer to Develop 237-Unit Affordable Housing Complex in Queens

by Taylor Williams July 10, 2023

NEW YORK CITY — Locally based real estate giant Tishman Speyer will develop a 237-unit affordable housing complex in the Far Rockaway area of Queens. Units will come in studio, one-, two- and three-bedroom floor plans, with the majority (201) reserved for renters earning between 30 and 80 percent of the area median income. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The project will also include 8,000 square feet of retail space and 7,500 square feet of community center space. Completion is scheduled for 2025.

July 10, 2023

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $21M in Financing for Affordable Seniors Housing Project in Morrisville, New York

by Taylor Williams July 10, 2023

MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.

July 10, 2023

Development Kansas Midwest Multifamily Seniors Housing

Brinkmann Constructors Breaks Ground on Sixth Building at Tallgrass Creek Senior Living Community in Overland Park

by Kristin Harlow July 10, 2023

OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on the sixth building at Tallgrass Creek, a senior living community in the Kansas City suburb of Overland Park. The project is being built in partnership with Erickson Senior Living. The five-story building will include 84 units of assisted living and memory care and total 128,000 square feet. Amenities will include a community room, catering room, game room and designated living area. Completion is slated for late 2024.

July 10, 2023

Development Loans Mixed-Use New York Northeast Top Stories

Partnership Receives $297M in Financing for Second Phase of The Peninsula Mixed-Use Project in The Bronx

by Taylor Williams July 10, 2023

NEW YORK CITY — A partnership between Gilbane Development Co., Hudson Cos. and MHANY Management Inc. has received $297 million in financing to develop the second phase of The Peninsula, a mixed-use project in the Hunts Point neighborhood of The Bronx. Construction of Phase II is scheduled to begin later this summer and to be complete in 2026. Phase II of The Peninsula will consist of 359 affordable housing units across two buildings, a 50,000-square-foot public plaza, open green space, a 155-space parking garage and a 20,000-square-foot community center. The site spans a full city block and formerly housed the Spofford Juvenile Detention Center. WXY Studios is the lead architect for the project. The majority (312) of the residences will be reserved for households earning 60 percent or less of the area median income, and the remainder will be set aside for renters that were formerly homeless. Units will come in studio, one-, two- and three-bedroom floor plans. Residential amenities will include a fitness center, children’s play area, tenant lounge and outdoor terraces. The development team is now accepting resident applications. Phase I of the development was completed in 2022 and comprises 183 affordable housing units, a 14,000-square-foot cultural arts …

July 10, 2023

Affordable Housing Development Georgia Multifamily Southeast

Novare Group Opens 286-Unit Multifamily Community in Atlanta

by John Nelson July 7, 2023

ATLANTA — Novare Group, in collaboration with BCDC and ELV Associates, has opened Populus Westside, a multifamily community located in the Upper Westside neighborhood of Atlanta. Situated at 1315 Northwest Drive, the property features 286 units and amenities including outdoor grills, a pet park, clubhouse, fitness center and a swimming pool. An initiative by Invest Atlanta, the City of Atlanta’s economic development arm, as part of a property tax incentive program will make 15 percent of the residences available at reduced rents to individuals and families earning between 60 and 80 percent of the area median income (AMI). The community is located along the proposed extension of the Proctor Creek Greenway, which will offer access to Westside Park and the Atlanta BeltLine. RAM Partners will manage the property, which was designed by Dynamik Design.

July 7, 2023

Development Florida Multifamily Southeast

JQ Group Completes Development of 263-Unit Madison Point Apartments in Metro Miami

by John Nelson July 7, 2023

NARANJA, FLA. — JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a swimming pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.

July 7, 2023

Development Florida Multifamily Southeast

ZOM Living Delivers 214-Unit Multifamily Development in Tampa

by John Nelson July 7, 2023

TAMPA, FLA. — Orlando-based ZOM Living has completed the construction of Azola South Tampa, a 214-unit multifamily community located at 7701 Interbay Blvd. in Tampa. Units range in size from 747 to 2,115 square feet and include apartments in one- and two-bedroom layouts, as well as six townhomes with three bedrooms and two-and-a-half bathrooms. Amenities at the property include a 6,000-square-foot clubhouse, swimming pool, fire pit and a pool courtyard featuring an outdoor billiards table, TVs, seating, a summer kitchen and two grilling areas. Architectural firm LRK designed the community, which is currently 70 percent occupied. Monthly rental rates at the community begin at $1,987.

July 7, 2023

Development Loans Multifamily Texas

Joint Venture Receives $32.1M Construction Loan for Multifamily Project Near San Antonio

by Taylor Williams July 7, 2023

SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has received a $32.1 million construction loan for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. The Virginia will rise three stories and offer one-, two- and three-bedroom units. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL arranged the 15-year, floating-rate loan through an undisclosed regional bank on behalf of the development team. The first phase of the project is slated for a 2024 completion. A second phase is set to deliver in 2025, bringing the total units at the community to 424.

July 7, 2023

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