Thursday, May 22, 2025
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Multifamily

Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Provides $14.3M in Construction Financing for Affordable Housing Project in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.

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LoansMultifamilySouth CarolinaSoutheast

CBRE Secures $120M Refinancing for Morrison Yard Residences in Charleston

by John Nelson

CHARLESTON, S.C. — CBRE has secured a $120 million loan for the refinancing of Morrison Yard Residences, a 379-unit apartment community located along the Cooper River at 838 Morrison Drive in Charleston. The borrower, a joint venture between Woodfield Investments and Argosy Real Estate Partners, delivered the community last year. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE arranged the loan through Northwestern Mutual Life Co. The loan was underwritten with a fixed interest rate in the low 6 percent range. Morrison Yard features a 10-story tower and a six-story mid-rise building offering one-, two- and three-bedroom apartments, as well as penthouse units. Amenities include outdoor courtyards, pool overlooking Charleston Harbor, game room and a bocce ball court, as well as 27,608 square feet of ground-level retail space. BODYROK, a Pilates fitness concept, recently signed a lease to occupy retail space at Morrison Yard Residences. The apartment community serves as the multifamily component of Morrison Yard, a mixed-use development that will also feature an office tower, Kimpton Hotel and 40,000 square feet of retail space at full build-out.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 297-Unit Broadstone Craft Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone Craft, a 297-unit apartment community located at 1015 N. Alexander St. in Charlotte’s Optimist Park neighborhood. The property is situated adjacent to Birdsong Brewery and a stop on the Parkwood LYNX Blue Line. Cline Design Associates and interior designer LS3P designed the property with a 1980s aesthetic that incorporates elements of craft beer culture. The property’s public spaces include a two-tap kegerator system serving cold brew and kombucha for residents, a custom retro TV wall and beer barrel seating booths. Other amenities include a resort-style saltwater pool with two grilling stations and an exterior courtyard featuring a beer fermentation tank, as well as coworking and private focus rooms, a mailroom with 24-7 package access, bike storage, electric vehicle charging stations and a fenced pet park. Broadstone Craft offers a mix of studio, one- and two-bedroom apartments averaging 716 square feet in size. Monthly rental rates range from $1,471 to $2,866, according to the property website.

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AcquisitionsFloridaMultifamilySoutheast

JBM Brokers $66.5M Sale of Charlotte Commons Apartments in Southwest Florida

by John Nelson

PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has brokered the sale of Charlotte Commons, a 264-unit apartment community located in the Southwest Florida city of Port Charlotte. An unnamed New York-based company and Image Capital purchased the Class A property for $66.5 million. The seller, Indiana-based SC Bodner Co., developed Charlotte Commons in 2022. The property comprises 11 three-story buildings with studios, one- and two-bedroom apartments averaging 846 square feet in size. Amenities include a resort-style pool with a sun deck, grilling stations, shaded outdoor lounge area, fitness center, clubhouse with a business center, bark park, pickleball courts and 57 garages available for rent.

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GeorgiaLoansSeniors HousingSoutheast

Berkadia Arranges Sale of 112-Unit Seniors Housing Community in Atlanta’s Buckhead District

by John Nelson

ATLANTA — Berkadia’s Seniors Housing & Healthcare team has arranged the sale of Brighton Gardens of Buckhead, a 112-unit seniors housing community in Atlanta’s Buckhead district. Metro Atlanta-based PruittHealth purchased the asset from Indianapolis-based Prime Care One LLC for an undisclosed price. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia represented the seller in the transaction. Additionally, Jay Healy of Berkadia arranged a $13 million bridge-to-HUD loan for the acquisition of Brighton Gardens, as well as the refinancing of two separate skilled nursing facilities in Georgia. The three-year, fixed-rate loan features interest-only payments for the full term and is prepayable at any time. Built in 1996, Brighton Gardens features both assisted living and memory care units.

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LoansMultifamilyNew JerseyNortheast

JLL Arranges Financing for 150-Unit Multifamily Project in Elmwood Park, New Jersey

by Taylor Williams

ELMWOOD PARK, N.J. — JLL has arranged financing for Riverwalk Phase IV, a 150-unit multifamily project that will be located in the Northern New Jersey community of Elmwood Park. Thomas Didio Jr. and John Cumming of JLL arranged the financing, which consisted of a $32 million, floating-rate construction loan from Provident Bank and a $17 million preferred equity investment from Hickory CRE Lending. The initial phases of the larger Riverwalk development were completed in 2012-2013. The final phase, which is slated for a fourth-quarter delivery, will also feature 15,000 square feet of retail space.

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Belmar-Villas-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

ColRich Multifamily Buys 318-Unit Belmar Villas in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — San Diego-based ColRich Multifamily has acquired Belmar Villas, an apartment property located at 700 S. Reed Court in Lakewood, a first-ring suburb west of Denver. The name of the seller and acquisition price were not released. Built in 1970, Belmar Villas features 17 residential buildings totaling 318 units and a leasing office on 18 acres. The property offers one-, two- and three-bedroom layouts with an average unit size of 856 square feet. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court. Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt & Structured Finance in Greater Los Angeles arranged acquisition financing for the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers Sale of 168-Unit Multifamily Property in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — Marcus & Millichap has brokered the sale of Light Road Apartments in Oswego for an undisclosed price. Built in 1972, the 168-unit multifamily property is situated on 10 acres. One-bedroom units average 561 square feet, and two-bedroom floor plans average 750 square feet. Amenities include a clubhouse, pool and laundry facility. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. The duo procured the buyer, a private investor, in conjunction with colleague Zack Mahoney.

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Market ReportsMichiganMidwestMidwest Market ReportsMultifamily

Detroit Multifamily Market Gets Refresh with Significant Investments

by Kristin Harlow

By Adam Ferguson, Bernard Financial Group If 2022 was a lesson in how rapidly things can change in commercial real estate, 2023 was an exercise in adaptation for both borrowers and lenders alike. Detroit is no stranger to change or adaptation.  From becoming the Motor City and growing into the country’s fourth-largest city during the first half of the 20th century to a renaissance in the 2010s after several decades of bumps and bruises, Detroit continues to add to its storied history. With billions of dollars of investment within the city limits and growing suburban sectors, Detroit’s multifamily market is making significant advancements by adding fresh developments to a market where 38 percent of multifamily inventory is over 50 years old.  While certainly not the only catalyst, low interest rates help to spur development. Lower cost of capital is especially impactful in markets like Detroit where building costs are high and rents are low compared with other major markets. Southeast Michigan averaged over 3,800 units of multifamily housing building permits issued per year over the past decade. Compare that to an average of 988 from the decade prior and one can discern the growth in demand for multifamily housing financing …

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Annex-Memphis
FeaturesStudent Housing

Economic Environment, High Tenant Demand Spur Increase in Public-Private Student Housing Projects

by Katie Sloan

In a way, the dynamics of public-private partnerships (P3s) are the same as they’ve always been.  “The reasons why universities elect to go the P3 route haven’t changed much,” says Michael Baird, managing director of municipal finance for RBC Capital Markets. “For many, the decision is made based on speed to market. This happens when other alternatives can take years — resulting in an opportunity cost of not being able to provide housing to students that need housing now, in addition to increased development expenses as construction costs continue to increase year over year.” These costs — both the ones saved and the ones incurred by the university — have become increasingly important in today’s economic climate. The cost of construction materials has increased by an average of 19 percent since 2020, notes facility and construction insights provider Gordian. Meanwhile, the annual student housing rent at purpose-built communities rose by an average of 8.8 percent between November 2022 and May 2023, according to RealPage.  Construction costs make it easy to see why it’s more difficult to get projects to pencil right now…and increasing demand shows why it’s more important than ever to get them off the ground.  Jay Pearlman, senior vice president …

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