COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.
LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.
ST. FRANCIS, WIS. — M&R Development has completed Phase I of 42 Hundred On The Lake, a 236-unit luxury apartment project in St. Francis, about five miles south of downtown Milwaukee. Located at 4200 S. Lake Shore Drive, the development overlooks Lake Michigan. Units range from 583 to 1,204 square feet. Monthly rents range from $1,208 to $3,350. Pre-leasing has begun for Phase II, with move-ins for those apartments scheduled to begin in June. Amenities include a clubhouse, coffee bar, business center, game room, fitness center, package room, pet spa and two courtyards. The pool is scheduled to open in May. M&R co-developed the project with Campbell Capital Group LLC. RMK Management will oversee leasing and property management.
SAN ANTONIO — California-based Investors Management Group (IMG) has purchased Encore281 Apartments, a 228-unit multifamily property in north San Antonio, for $33 million. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse with a coffee bar, picnic area and a dog park. Sean Sorrell, Greg Toro and Robert Arzola of JLL brokered the deal, the seller of which was not disclosed. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing for IMG, which plans to invest $1.2 million in capital improvements.
BELLEVUE, WASH. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered. The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities in development, including communities in Kirkland and the Eastlake neighborhood of Seattle. Aegis Living Bellevue Overlake is the first community Aegis Living has designed to be fully centered in the scientific benefits of biophilia and the innate connection to nature, a concept that has been shown to elicit a therapeutic response both physical and emotionally, according to Aegis. “We are delighted to open a community that is rooted in nature, bringing the outdoors in and creating an oasis in the city, particularly coming out of a year when the COVID-19 pandemic demonstrated just how important home is,” says Aegis founder, CEO and chairman Dwayne Clark.
POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.
BOULDER, COLO. — Chicago-based The John Buck Co. and Boulder-based Element Properties have broken ground for Platform, a multifamily property within S’PARK, a 6.8-acre mixed-use, mixed-income multifamily development in Boulder. Situated on 1.2 acres at 3350 Bluff St., Platform will feature 86 apartments in a mix of studio, one-, two- and three-bedroom apartments, as well as ground-level retail space. Residents of Platform will also be able to use the amenities of Timber, a sister apartment community located across the street. KTGY is designer for the project, which is slated for completion in summer 2022.
STATE COLLEGE, PA. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities include 30,000 square feet of retail space, private study rooms and a penthouse sky lounge with a kitchen and deck, as well as a spa with a hot tub and sauna.
NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.
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Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth
Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …