ROCHESTER, N.Y. — Northmarq has provided a $14 million Fannie Mae loan for the refinancing of Windsor Gardens, a 296-unit apartment community in Rochester. Built in 1972 and renovated in 2002, Windsor Gardens offers studio, one-, two- and three-bedroom units. Amenities include a fitness center, conference room, clubhouse, video library and onsite laundry facilities. Robert Ranieri of Northmarq originated the 10-year loan on behalf of the borrower, an entity doing business as Windsor Associates LP.
BOSTON — Marcus & Millichap has brokered the $7.3 million sale of Bennington Arms, a 28-unit apartment building in East Boston. The three-story building at 720 Bennington St. is located in the Orient Heights neighborhood and houses 17 one-bedroom units and 11 studios, half of which were recently renovated. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.
WASHINGTON, D.C. — Rising insurance costs are standing in the way of building more affordable housing. According to a survey from the National Multifamily Housing Council (NMHC), about 77 percent of owner/developer firms reported rate increases of up to 20 percent or more compared with 2023 costs. NMHC’s 2024 State of Multifamily Risk Report attributes the high costs to a variety of factors, including increased cost valuation, limited capacity within the reinsurance market, shrinking underwriting capacity and restricted availability of guaranteed cost/zero deductible programs. Previous NMHC research, such as the 2023 State of Multifamily Risk Report, indicated that supply chain issues and high inflation led to higher construction and replacement costs. As insurance costs rise, insurance companies increase the minimum amount a property must earn in revenue to remain financially viable. These costs can be especially detrimental to affordable housing providers who develop rate-capped units. However, while insurance rates remain significantly elevated compared with historical norms, the report also found that there was some stabilization in the property insurance market in 2024. Last year marked the first decline in rates since 2017, after 27 consecutive quarters of growth. The report attributes this temporary stability to increased capacity and competition in the property insurance …
NASHVILLE, TENN. — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …
AUBREY, TEXAS — Texas-based investment firm SPI Advisory has acquired Encore 380, a 416-unit apartment community in Aubrey, located north of the metroplex in Denton County. Built in 2017 as Century 380, the property offers one-, two-, three- and four-bedroom units that are furnished with stainless steel appliances, granite countertops, kitchen islands and washer/dryer connections. Select units feature private yards. Amenities include a pool, fitness center, clubhouse, playground, computer lounge, dog park, package lockers and outdoor grilling and dining stations. Eastdil Secured represented the undisclosed seller in the transaction. SPI plans to upgrade unit interiors, building exteriors and common spaces.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Springs at Grand Prairie, a 276-unit apartment complex located roughly midway between Dallas and Fort Worth. The property was built on 15 acres in 2022 and has an average unit size of 991 square feet. Amenities include a pool and a fitness center. Drew Kile, Taylor Hill, Michael Ware and Cameron Purse of IPA represented the seller, Continental Properties, in the transaction. Brian Eisendrath, Cameron Chalfant and Harry Krieger, also with IPA, arranged acquisition financing on behalf of the buyer, which plans to upgrade select units and has also rebranded the property as The Bradbury.
NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.
CHICAGO — Kiser Group has arranged the sale of a two-building multifamily portfolio located near the University of Chicago for $8 million. The portfolio includes 5111 S. University Ave. (41 units) and 5135 S. Blackstone Ave. (36 units). The properties are situated on residential streets in Hyde Park and feature a mix of studio and one-bedroom units. The portfolio was 98 percent leased at the time of sale. Lee Kiser, Kyle Sissell and Will Cornish of Kiser represented the seller, TLC Management, while Katie LeGrand and Jacob Price of Kiser represented the buyer, Harbor Property Management LLC.
SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …