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Multifamily

DevelopmentFloridaLoansMultifamilySoutheast

Madison Communities, Heitman Obtain $44M Construction Loan for Southwest Florida Apartment Development

by John Nelson

BONITA SPRINGS, FLA. — Madison Communities and Heitman have obtained a $44 million construction loan for the development of Madison Bonita Springs, a 252-unit apartment development in Southwest Florida. Patterson Real Estate Advisors arranged the financing through First Citizens Bank on behalf of the developers. The Class A community will be located on Bonita Beach Road adjacent to the I-75 interchange. BenCo, Madison Communities’ in-house general contractor, plans to deliver Madison Bonita Springs by the end of 2025.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Launches $12.6M Renovation of South Houston Apartment Complex

by Taylor Williams

HOUSTON — FTK Construction Services has launched a $12.6 million renovation of Brookside Gardens Apartments, a 240-unit affordable housing complex in South Houston that was built in 2006. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the three-story building, income restrictions within which were not disclosed. KeyBank provided construction financing.

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210-Clarkson-Brooklyn
Affordable HousingLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $75.2M Refinancing for Brooklyn Mixed-Income Complex

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $75.2 million bridge loan for the refinancing of 210 Clarkson, a 165-unit mixed-income complex in Brooklyn’s Lefferts Gardens area. Built in 2023, the property consists of 115 market-rate units and 50 affordable housing units, an 18,700-square-foot grocery store and a 700-square-foot community facility. Units come in studio, one- and two-bedroom floor plans, and amenities include workspaces, a game room, screening room, pet spa, gym and a rooftop terrace. Meir Kessner and David Eisen at Sevenstone Capital arranged the loan on behalf of the borrower, a New York family office.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 124 Single-Story Apartments in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. will build Redwood Crystal Lake, an apartment community with 124 single-story units in the Chicago suburb of Crystal Lake. The developer, Redwood Living Inc., builds and manages single-story apartment homes. Redwood Crystal Lake will feature 25 townhome buildings with four to six units each. Designed by Mann Parsons Gray Architects, each apartment will offer a two-bedroom, two-bathroom floor plan along with an attached two-car garage and private patio. Completion is slated for December.

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IllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.5M Refinancing for Marine Terrace Apartments in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Completes 152-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow

KIRKWOOD, MO. — Brinkmann Constructors has completed The James, a 152-unit apartment complex in the western St. Louis suburb of Kirkwood. High Street Residential, a subsidiary of Trammell Crow Co., was the developer. The five-story development includes 285 parking spaces and 7,000 square feet of retail space. Amenities include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home space and coffee bar. ESG Architecture & Design served as the project architect. Monthly rents start at $1,603, according to the property’s website.

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Affordable HousingArizonaDevelopmentLoansMultifamilySeniors HousingWestern

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

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Marina-Square-Bremerton-WA
LoansMultifamilyWashingtonWestern

TPG Real Estate Provides $79M Refinancing for Marina Square Apartments in Bremerton, Washington

by Amy Works

BREMERTON, WASH. — JLL has arranged $79 million in refinancing for Marina Square, a waterfront apartment property at 280 Washington Ave. in Bremerton. Seth Heikkila, Tom Wilson and Steve Petrie of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through TPG Real Estate Credit for the borrower, Sound West Group. Situated on the Puget Sound waterfront, Marina Square features 270 studio, one- and two-bedroom units with water and mountain views, large windows, vinyl plank flooring, quartz countertops, stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop deck, a club room with indoor and outdoor space, a landscaped public plaza with three venue spaces, a kayak launch and grilling stations. Additionally, Marina Square features 9,158 square feet of retail space divided into three units. Currently named tenants include The Market at Marina Square and YMCA.

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AcquisitionsLoansMultifamilyWashingtonWestern

Berkadia Arranges $21.5M Acquisition Loan for Duo Apartments in University Place, Washington

by Amy Works

UNIVERSITY PLACE, WASH. — Berkadia has secured $21.5 million in financing for the purchase of The Duo Apartments, a Class A multifamily community in University Place, a suburb of Tacoma. Located at 4201 Bridgeport Way West, The Duo Apartments features 104 studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet. Apartments offer washers/dryers, stainless steel appliances, faux wood flooring, designer finishes and patios or balconies. The pet-friendly community features a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad Williamson of Berkadia Miami, arranged the financing on behalf of the buyer, a private investor. The borrower acquired the asset for $30.5 million. Coral Gables, Fla.-based Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.

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CaliforniaCivicDevelopmentMixed-UseStudent HousingTop StoriesWestern

Greystar Delivers $282M Student Housing Development at UC Law in Downtown San Francisco

by John Nelson

SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …

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