Multifamily

NAI James Hanson Brokers Sale of Four Commercial Buildings in Hackensack, New Jersey

by Taylor Williams August 10, 2021

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of four adjacent commercial buildings that are located on the site of a future redevelopment project in Hackensack. The four buildings collectively total about 15,500 square feet. The buyer, Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders, plans to raze the properties and develop a 224-unit multifamily development at the site that will include 4,000 square feet of ground-floor retail space. Anthony Cassano of NAI Hanson brokered the deal. The seller was not disclosed.

August 10, 2021

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Begins Development of $15.5M Affordable Housing Project in Cincinnati

by Kristin Harlow August 10, 2021

CINCINNATI — Fairfield Homes Inc., in partnership with Kingsley + Co. and the Avondale Development Corp., has begun development of Blair Lofts, a $15.5 million affordable housing project in Cincinnati’s Avondale neighborhood. The four-story, 64-unit development will serve residents who earn 30 to 60 percent of the area median income. Located on the corner of Blair Avenue and Reading Road, the project will include a community room, community kitchen, fitness center, onsite storage and onsite parking. Completion is slated for summer 2022. The project received financing through the allocation of federal low-income housing tax credits by the Ohio Housing Finance Agency, with Ohio Capital Corp. for Housing serving as the equity syndicator. Fifth Third Bank is the construction lender. The development also received financial support from the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Children’s Hospital Medical Center. Berardi + Partners is the project architect and Gorsuch Construction is the general contractor. Fairfield Homes will serve as property manager.

August 10, 2021

Development Georgia Loans Multifamily Southeast

AHS Residential Receives $46.5M Loan for Multifamily Development in Metro Atlanta

by Julia Sanders August 9, 2021

DOUGLASVILLE, GA. — AHS Residential has obtained construction financing for AHS Tributary, a 433-unit mixed-use residential community located in Douglasville, a suburb approximately 20 miles west of Atlanta. PNC Bank provided the $46.5 million construction loan to AHS Residential, which broke ground on the project in late June. The community is slated for a first-quarter 2023 delivery. AHS Tributary will offer studio, one- and two-bedroom floor plans in seven five-story buildings. Apartments will feature stainless steel appliances and in-unit laundry. Community amenities include assigned parking, a business center and a multipurpose clubhouse featuring a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with a 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for lease on the second floor. The property will also include a 5,000-square-foot freestanding retail building.

August 9, 2021

Development Florida Loans Multifamily Single-Family Rental Southeast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders August 9, 2021

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

August 9, 2021

Affordable Housing Loans Louisiana Multifamily Southeast

Hunt Capital Invests $8.8M in LIHTC, Historic Tax Credit Equity for Affordable Housing Project in Monroe, Louisiana

by Julia Sanders August 9, 2021

MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …

August 9, 2021

Loans Multifamily Northmarq Texas

NorthMarq Arranges Loan for Refinancing of 338-Unit Apartment Community in South Houston

by Taylor Williams August 9, 2021

HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Orleans at Fannin Station, a 338-unit apartment community located south of downtown Houston. The Class A property features one- and two-bedroom units and amenities such as a pool with cabanas, social lounge with a catering kitchen, clubroom with a flat-screen TV, package lockers with refrigeration capabilities and an internet café. John Burke of NorthMarq arranged the fixed-rate loan, which carried a 20-year term with five years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed life insurance company. The borrower was also not disclosed.

August 9, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 178-Unit Apartment Complex in Killeen, Texas

by Taylor Williams August 9, 2021

KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based investment brokerage firm, has negotiated the sale of Century Oaks, a 178-unit apartment complex located in the Central Texas city of Killeen. The property was originally built in the late 1970s and features an average unit size of 695 square feet. According to Apartments.com, Century Oaks also offers one-, two- and three-bedroom units and amenities such as a picnic area, pet play area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, and Zach Weik of TMG and procured the buyer in the transaction.

August 9, 2021

Loans Lument Multifamily Texas

Lument Provides $13.9M Acquisition Loan for Fort Worth Multifamily Property

by Taylor Williams August 9, 2021

FORT WORTH, TEXAS — Lument has provided a $13.9 million bridge loan for the acquisition of Saddlehorn Vista, a 192-unit multifamily community located about 10 miles west of downtown in Fort Worth. Built in 1985, the garden-style property consists of 96 one-bedroom units, 80 two-bedroom residences and 16 three-bedroom apartments. John Sloot and Colin Cross of Lument originated the loan, and John Brickson of Old Capital Lending arranged the debt. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Saddlehorn Vista was 98 percent occupied at the time of the loan closing.

August 9, 2021

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $47.6M Financing for Two Seniors Housing Properties in Pennsylvania

by Taylor Williams August 9, 2021

ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.

August 9, 2021

East-Park-Apartments-Vineland-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates Sales of Three Multifamily Properties Totaling 88 Units in New Jersey

by Taylor Williams August 9, 2021

WOODBRIDGE, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the sales of three multifamily properties totaling 88 units in various parts of New Jersey. The three assets sold for a combined $9 million. The properties include the 41-unit East Park Apartments in Vineland, located in the southern part of the state; the 30-site Farrell Place Manufactured Home Community in the Philadelphia suburb of Cherry Hill; and a 17-unit complex in the Northern New Jersey community of East Orange. Joni Sweetwood of Kislak represented the sellers and procured the buyers in all three deals.

August 9, 2021

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