REBusinessOnline

LMC Completes Development of 212-Unit Luxury Apartment Project in Suburban Chicago

ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar Corp., has completed development of The Fynn in Elmhurst, a western suburb of Chicago. BKV Group designed the eight-story, 212-unit apartment development, which is located at 183 N. Addison Ave. BKV provided planning and pre-development services and led all engineering, architecture, interior design and landscape architecture. Amenities include a pool, community lounge, coworking stations, fitness center, exercise studio, dog run and …

Marcus & Millichap Arranges $9.2M Loan for Refinancing of Iowa Apartment Community

CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.2 million Fannie Mae loan for the refinancing of Arabella Apartments in Cedar Falls, just north of Waterloo. The property consists of 50 units and 6,800 square feet of ground-floor retail space. Amenities include a rooftop patio, dog park and community garden. Robert Bhat of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.75 percent, a 30-year amortization schedule and a 75 percent …

Lee & Associates Negotiates Sale of Multifamily Development Site in Wheeling, Illinois

WHEELING, ILL. — Lee & Associates has negotiated the sale of a nearly four-acre site at 231 Wheeling Road in Wheeling, a northwest suburb of Chicago. The sales price was undisclosed. The buyer, General Capital, plans to build Union Apartments, a four-story multifamily property. Rick Scardino of Lee & Associates represented the seller, Palumbo Bros. David Erickson of CBRE represented the

M&T Realty Capital Provides $20M Financing for Memory Care Facility in Portland

PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland.The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program.At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated …

NRP Group Opens 100-Unit Affordable Housing Community in Evansville, Indiana

EVANSVILLE, IND. — The NRP Group has opened Homes of Evansville II, a 100-unit affordable housing community in the southwest Indiana town of Evansville. The project consists of 20 single-family homes, five duplexes and a 30-unit apartment building. The units are reserved for residents earning between 30 and 80 percent of the area median income. Twelve of the units are permanent supportive housing with services provided by ECHO Housing.HOPE of Evansville served as the joint venture …

Legacy Partners, Griffin Capital Open 228-Unit Multifamily Community in Downtown Tampa

TAMPA, FLA. — San Francisco Bay-based Legacy Partners and Los Angeles-based Griffin Capital Co. LLC have opened Legacy Encore, a 228-unit multifamily community in Tampa. Located at 1251 Ray Charles Blvd., the apartment property is located within Encore!, Tampa Housing Authority’s $3 billion mixed-use development in downtown Tampa.The five-story property offers studio, one- and two-bedroom floorplans. Units feature 10-foot ceilings, quartz countertops, stainless steel appliances, …

Merchants Capital Arranges $102M in Financing for Affordable Seniors Housing Project in San Antonio

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Senior Apartments, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs …

IPA Negotiates Sale of 387-Unit Jameson at the Bluffs Apartments in Fort Worth

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Jameson at the Bluffs, a 387-unit apartment community in Fort Worth. Built on nine acres in 2021, the property features an average unit size of 784 square feet and amenities such as a pool, clubhouse, rooftop lounge, arcade and two dog parks. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Jeffrey Kindorf of IPA represented the seller, StoneHawk …

StreetLights Residential Breaks Ground on The Alyssa Multifamily Community in Tempe

TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe.The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean …

IRA Capital Expands Long Beach Multifamily Portfolio with $42M Acquisition

LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit.The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance …

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‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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