BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.
CHICAGO — The Michaels Organization and Brinshore Development have received approval from the Chicago Plan Commission for the sixth phase of the Legends South master-planned community in Chicago’s Grand Boulevard neighborhood. Located at 4520 S. State St., the development is a revitalization of the former site of the Robert Taylor Homes public housing towers. Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two- and three-bedroom units across two separate buildings. The project will also include 3,600 square feet of ground-floor commercial space and various community amenities. Complementing the apartments will be a small plaza at the intersection of State and 45th streets designed to foster community gatherings and enhance the neighborhood’s public space. The development also includes 47 parking spaces. The $40 million project is being funded through a combination of tax credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans and tax-increment financing. The other phases of Legends South, which Brinshore and Michaels began developing in 2005, include more than 600 mixed-income rental units.
PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …
SIMI VALLEY, CALIF. — USA Properties Funds has completed the disposition of The Landing at Arroyo, a multifamily property in the Los Angeles suburb of Simi Valley. A private multifamily investor purchased the 212-unit community for $95 million, or $448,113 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2022 on 10 acres, The Landing at Arroyo offers apartments spread across seven buildings, a swimming pool, spa, game room, fitness center, coworking space and central package lockers for deliveries. Apartments feature washers/dryers, stainless steel appliances, quartz countertops and designer plumbing and lighting fixtures.
KIRKLAND, WASH. — CBRE has brokered the sale of Heronfield, a multifamily community located at 11105 N.E. 123rd Lane in Kirkland. Terms of the transaction were not released. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the transaction. Situated about 16 miles northeast of Seattle, Heronfield offers 202 one-, two- and three-bedroom apartment, averaging 939 square feet in size. The units feature spacious floor plans with large windows, and many of the units have been renovated with new plank flooring, wood burning fireplaces and updated kitchens with quartz countertops. Community amenities include an indoor/outdoor pool, a clubhouse, 24-hour fitness center and playground. Additionally, the asset is adjacent to 28 acres of preserved natural land.
By Francis Greenburger, founder, chairman & CEO, Time Equities Inc. The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control. In 2019, the legislature made significant changes to the rules governing rent-stabilized apartments. Most legislators who voted for this bill undoubtedly hoped to help New York State meet its affordable housing needs, but the opposite has happened. Thousands of low-cost, rent-stabilized apartments have since become vacant and remain so. Many of these apartments were occupied by tenants or families for 40 years or more. Apartments require capital investments periodically, and expectations for housing change dramatically over long periods. Renovating these units to meet modern standards requires significant investment, often mandated by housing code. Until the changes, building owners were willing to make these investments because they were permitted to increase …
NEW YORK CITY — New York City-based Greystone has arranged the refinancing of a 288-unit multifamily community located in North Carolina. The name and location of the property were not disclosed. Totaling $56.3 million, the financing includes a $50 million, 10-year Freddie Mac Optigo loan provided by Greystone, as well as $6.3 million in preferred equity provided by Lubert-Adler. Dan Sacks and Harrison Drucker of Greystone originated the Freddie Mac loan, and Matthew Zisler of Greystone secured the preferred equity on behalf of the client. Developed between 2021 and 2022, the property features units in one-, two- and three-bedroom layouts. Amenities at the community include a saltwater pool, dog park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks Coffee bar, 24-hour fitness center, resident lounge, conference room, cyber café, Amazon Hub package locker, playground and complimentary Wi-Fi.
MADISON, WIS. — CRG has completed Chapter Madison, a 534-bed student housing development neighboring the University of Wisconsin-Madison. Located in the heart of Madison’s historic Greenbush neighborhood and designed by Lamar Johnson Collaborative, the 10-story project features 165 units in various floor plans ranging from studios to five bedrooms. Amenities include a fitness center, yoga studio, private study spaces and a rooftop terrace. The development also features a cultural exhibit that pays homage to the area’s heritage through murals and a first-floor corridor display. Chapter Madison is fully leased.
SOUTH LAKEWOOD, COLO. — S2 Capital has purchased Dartmouth Woods, a garden-style apartment property in South Lakewood, a suburb of Denver, for an undisclosed price. Located at 10025 W. Dartmouth Ave., Dartmouth Woods offers 201 apartments in two- and three-story buildings. The buyer will implement interior renovations, including stainless steel appliances, modern lighting, new flooring and updated cabinets, along with extensive renovations to the exterior and amenities space. Dartmouth Woods was built in 1990.