Tuesday, May 13, 2025
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Multifamily

Palladium-City-Skyline-Fort-Worth
DevelopmentMultifamilyTexas

Palladium USA to Develop 243-Unit Mixed-Income Multifamily Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based Palladium USA will develop a 243-unit mixed-income multifamily project in Fort Worth. Select units at Palladium City Skyline, which will be developed in partnership with the Fort Worth Housing Finance Corp. (FWHFC), will be reserved for households earning up to 30, 60, 70 and 80 percent of the area median income. Amenities will include indoor and outdoor children’s play areas, a fitness center, pool and dog run. Arrive Architecture Group designed the project, and Treymore Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs provided a $6 million direct loan for the project, as well as $30 million in tax-exempt bonds and approximately $30 million in 4 percent Low-Income Housing Tax Credits. Regions Bank also provided $27 million in equity and $30 million of long-term debt. Palladium City Skyline’s first units are expected to be available for occupancy in early 2026.

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LoansMultifamilyTexas

PACE Equity Provides $5.1M in C-PACE Financing for Downtown San Antonio Apartment Building

by Taylor Williams

SAN ANTONIO — PACE Equity has provided $5.1 million in C-PACE (commercial property-assessed clean energy) financing for The Travis Building, an apartment building in downtown San Antonio. According to Apartments.com, the Travis Building was redeveloped in 2023 and offers one- and two-bedroom units, as well as amenities such as a fitness center, business center and onsite laundry facilities. The borrower was not disclosed.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 159-Unit Multifamily Community in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — CBRE has brokered the sale of Post House, a 159-unit multifamily community in Evansville, a city on the Ohio River. The sales price was undisclosed. Built in 2020 and located at 215 Vine St., the property features a range of studio, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, dog spa, dog park, fitness center, coworking center and parking garage. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties. Prosperity Commercial Real Estate was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Three Multifamily Properties on Chicago’s Northwest Side for $6.8M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.

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DevelopmentMultifamilyNew JerseyNortheast

Hampshire, Pinnacle Open 40-Unit Apartment Complex in Montclair, New Jersey

by Taylor Williams

MONTCLAIR, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit apartment complex in the Northern New Jersey community of Montclair. The Clair offers studio, one- and two-bedroom units and amenities such as a clubhouse, business center and a rooftop terrace. Minno & Wasko Architects and Planners designed The Clair, construction of which was financed by OceanFirst Bank. Rents start at about $2,400 per month for a studio apartment.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Careful Balance of Business Fundamentals, Quality Care Is Key to Seniors Housing Success, Say InterFace Panelists

by John Nelson

By John Nelson Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead Atlanta on Wednesday, Aug. 28. Panelists were asked by moderator John Lariccia, CEO and founder of WelcomeHome Software, to summarize the state of the seniors housing industry in a single word. Doug Schiffer, president and chief operating officer of Allegro Senior Living, selected “encouraged” as the best term to describe the current mood of the sector. “The encouragement comes into the fact that both versions of capital, whether it was equity or debt, have actually recognized now the importance of the operator,” said Schiffer. “For quite some time, it was about the importance of the real estate and how the buildings were designed, and then ‘we’ll go find an …

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Red-Oaks-Austin
Affordable HousingDevelopmentMultifamilyTexas

Housing Trust Group Breaks Ground on $26M Affordable Housing Project in North Austin

by Taylor Williams

AUSTIN, TEXAS — Multifamily developer Housing Trust Group has broken ground on Red Oaks, a $26 million affordable housing project in North Austin. The property will have 70 units in studio, one- and two-bedroom formats that will be reserved for households earning between 30 and 60 percent of the area median income. The Texas Department of Housing & Community Affairs issued $16 million in Low-Income Housing Tax Credits for the project, and Bank of America provided a $15.6 million construction loan. Berkadia originated a $7 million Freddie Mac permanent loan, and the Austin Housing Finance Corp. contributed a $4 million RDHA loan. Preleasing at Red Oaks is scheduled to begin in fall 2025.

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Dream-Aspen-Creek-Broken-Arrow
LoansMultifamilyOklahomaTexas

Thorofare Capital Funds $23M Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams

BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.

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Affordable HousingDevelopmentIllinoisLoansMidwestMultifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

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DevelopmentIllinoisMidwestMultifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

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