Multifamily

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

by Amy Works March 22, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.

March 22, 2019

Development Multifamily Seniors Housing Utah Western

Alliance Residential Opens Active Adult Community Near Salt Lake City

by Amy Works March 22, 2019

DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.

March 22, 2019

Illinois Loans Midwest Multifamily Student Housing

Ready Capital Provides $11.9M Acquisition Financing for Student Housing Portfolio in Illinois

by Kristin Harlow March 22, 2019

CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.

March 22, 2019

Acquisitions Massachusetts Multifamily Northeast

CBRE Arranges Sale of 298-Unit Apartment Community in Massachusetts

by David Cohen March 21, 2019

STONEHAM, MASS. — CBRE has arranged the sale of Mave Apartments, a 298-unit apartment community in Stoneham. The sales price was undisclosed. The community opened in 2017 and completed construction in 2018. Amenities include a clubhouse, pool, fitness center, outdoor pavilion area and numerous grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Stoneham Limited Partnership, in the transaction. The buyer was Stoneham Mave LLC.

March 21, 2019

Development Multifamily Texas

Wood Partners Opens 324-Unit Multifamily Property in West Dallas

by Taylor Williams March 21, 2019

DALLAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta Trinity Green, a 324-unit community in west Dallas. Alta Trinity Green features studio, one-, two- and three-bedroom apartments ranging in size from 579 to 1,696 square feet. Amenities include a pool, fitness center, outdoor grilling area, game room, dog park and a rooftop lounge. Wood Partners co-developed the project with Stonelake Capital Partners, the master developer of the surrounding Trinity Green neighborhood.

March 21, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 204-Unit Apartment Community in San Antonio

by Taylor Williams March 21, 2019

SAN ANTONIO — Urbana SA Property LLC has acquired Urbana Apartments, a 204-unit multifamily community in San Antonio. The market-rate property consists of seven two-story residential buildings offering one- and two-bedroom units. Amenities include a pool, fitness center, a business center and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of Fannie Mae acquisition financing for the deal. The loan carried a 12-year term and a 30-year amortization schedule.

March 21, 2019

Development Illinois Midwest Multifamily

Clayco Nears Completion of 149-Unit Apartment Project in Chicago

by Kristin Harlow March 21, 2019

CHICAGO — Clayco is nearing completion of a new 149-unit apartment project known as Upshore Chapter in Chicago. Pre-leasing will begin in May and the first residents are expected to move into the property in July. Amenities include a rooftop terrace, 24-hour fitness center, coffee bar, dog run, bike storage and a Luxer One package system. Monthly rental rates start at $1,460. Approximately 5,300 square feet of ground-floor retail space is available for lease.

March 21, 2019

Development Louisiana Southeast Student Housing

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

by John Nelson March 21, 2019

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in collaboration with the City of Ruston, KTGY Architecture and HGA Engineering. The community is set for delivery in August 2020.

March 21, 2019

Florida Loans Mixed-Use Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams March 20, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

March 20, 2019

Newer Posts

Older Posts

Upcoming Events

Aug
06