Multifamily

Gantry Arranges $128M in Construction Financing for Legado at the Met Apartments in Santa Ana, California

by Jeff Shaw January 26, 2024

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing from three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The Class A development will be situated at 200 E. First American Way, across from First American Title’s headquarters. While a construction timeline for the project was not officially disclosed, Apartments.com states that the property will open in 2025. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one-, two- and three-bedroom layouts ranging from 612 to 1,783 square feet in size. The property will also include a 617-space parking garage. George Mitsanas and Amit Tyagi of Gantry’s Los Angeles production office arranged the financing on behalf of the borrower. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders. Gantry will service all three loans. — Channing Hamilton

January 26, 2024

Development Features Multifamily Office

The Journey from Empty Urban Offices to Residential Solutions Is a Complex Path

by John Nelson January 26, 2024

By Charvi Gupta of Getzler Henrich & Associates LLC Vacancy rates in office buildings in major metropolitan areas like New York City have surged, driven by the widespread adoption of remote work policies as well as the relocation of major corporate headquarters. With housing shortages exacerbating the issue, there is a growing discourse surrounding the conversion of these vacant office spaces into residential units. According to The Wall Street Journal, 1 billion square feet of office space sits vacant across the United States. While the numbers cover only office mortgages packaged into commercial mortgage-backed securities (CMBS), they reflect a broader freeze in the lending market for office buildings. However, the journey from empty office buildings to habitable residences is far from a linear path and comes with considerable challenges. With numerous examples to examine, as well as insights from financial restructuring consultants to consider, it’s clear that office-to-residential conversions are complex to say the least. Conversion Challenges The conversion process is becoming increasingly difficult. Construction loans are far more expensive than they were 18 months ago, and banks continue to be cautious about development lending, with many conversion efforts on hold because of higher interest rates. Although more cities are …

January 26, 2024

Development Hospitality Mixed-Use Multifamily Southeast Tennessee

Turnberry to Develop 39-Story Hotel-Condo Tower in Nashville

by John Nelson January 25, 2024

NASHVILLE, TENN. — Turnberry plans to develop and operate The St. Regis Nashville and The Residences at The St. Regis Nashville, a 39-story hotel-condo tower at 805 Demonbreun St. in Nashville. The property will span 740,000 square feet and feature 177 hotel rooms and 111 for-sale residences, as well as a fine-dining restaurant, lobby bar, three-meal restaurant, full-service spa and two amenity decks — one for hotel guests and one for residents. The design team includes architectural firm Morris Adjmi, interior designer Meyer Davis and architect of record Smallwood, Reynolds, Stewart, Stewart. St. Regis Hotels & Resorts is a brand within the Marriott International family. The property will be situated adjacent to the JW Marriott Nashville, which Turnberry delivered in 2018. The South Florida-based developer plans to break ground on St. Regis Nashville in 2025.

January 25, 2024

Loans Multifamily North Carolina Southeast

Greystone Provides $18.6M Agency Loan for Keystone Apartments in Fayetteville, North Carolina

by John Nelson January 25, 2024

FAYETTEVILLE, N.C. — Greystone has provided an $18.6 million Freddie Mac loan for the refinancing of Keystone Apartments, a 202-unit multifamily property in Fayetteville, about 64 miles south of Raleigh. Justin Hechler of Greystone originated the nonrecourse, fixed-rate loan on behalf of the borrowers, Magma Equities and Prudent Growth Partners. The financing was underwritten with a five-year term, two years of interest-only payments and a 30-year amortization schedule. Built in 1974, Keystone Apartments features one- and two-bedroom units, as well as a clubhouse, fitness center, swimming pool and a dog park.

January 25, 2024

Affordable Housing Loans Multifamily Texas

BWE Provides $16.8M in Agency Financing for Affordable Seniors Housing Project in Dallas

by Taylor Williams January 25, 2024

DALLAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided $16.8 million in Freddie Mac permanent financing for Estates at Ferguson, a 164-unit affordable seniors housing project in Dallas. The property will offer 99 one-bedroom units and 65 two-bedroom units, with the majority of residences (148) reserved for renters earning 60 percent or less of the area median income. John Killough and John Roberts of BWE originated the loan, which carries a 15-year term and a fixed interest rate. The City of Dallas HFC also issued tax-exempt bonds as part of the project’s capital stack, and The Texas Department of Housing & Community Affairs provided Low-Income Housing Tax Credit (LIHTC) equity. Construction is underway and expected to last about 15 months. The sponsor was not disclosed.

January 25, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 130-Unit Multifamily Portfolio in Dallas

by Taylor Williams January 25, 2024

DALLAS — Marcus & Millichap has arranged the sale of a portfolio of two multifamily properties totaling 130 units in the Knox-Henderson neighborhood of Dallas. Garrett Gardens totals 66 units, and Moser Gardens totals 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap represented both anonymous parties in the deal.

January 25, 2024

Loans Multifamily New Jersey Northeast

Prism Capital Receives $53.9M in Financing for Multifamily Property in Dunellen, New Jersey

by Taylor Williams January 25, 2024

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has received $53.9 million in financing for The Nell, a 252-unit multifamily property in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented, newly built property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rodney Sherman and Greg Halvorson of KeyBank Real Estate Capital arranged the seven-year loan, which provides fixed-rate takeout financing, through New York Life Real Estate Investors on behalf of Prism Capital Partners.

January 25, 2024

Las-Vegas-Multifamily-Portfolio-Las-Vegas-NV

Acquisitions Multifamily Nevada Western

ABI Multifamily Brokers Sale of Three-Property Multifamily Portfolio in Las Vegas

by Amy Works January 25, 2024

LAS VEGAS — ABI Multifamily has negotiated the sale of a three-property multifamily portfolio in Las Vegas for a combined $8.9 million, or $121,431 per unit. The undisclosed buyer and seller are both based in Nevada. Jason Dittenber, Josh McDougall, Anthony Marinello and Bradley Gumm of ABI Multifamily represented the seller in the deal. The portfolio includes:

January 25, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.2M Acquisition of Multifamily Building in Palm Desert, California

by Amy Works January 25, 2024

PALM DESERT, CALIF. — CBRE has brokered the purchase of an apartment property located at 73435 San Gorgonio Way in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor acquired the asset from an undisclosed seller for $2.2 million, or $264 per square foot, in an off-market transaction. Dan Blackwell and Andrew Boukather of CBRE represented the buyer in the deal. Built in 1988, the two-story, 8,360-square-foot building offers 10 two-bedroom apartments with a patios or balconies, a community pool and garage parking.

January 25, 2024

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Opens 60-Unit Affordable Housing Community in Columbus, Ohio

by Kristin Harlow January 25, 2024

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has opened Lockbourne Greene, a 60-unit affordable housing community with an onsite early learning center in Columbus. Woda developed the property at 1840 Lockbourne Road in partnership with Healthy Homes, which is affiliated with Community Development for All People and Nationwide Children’s Hospital’s Healthy Neighborhoods Healthy Families Initiative. The project transformed a vacant Columbus Land Bank property. The development is available for workforce families, seniors and other general occupancy residents who earn 40 to 70 percent of the area median income, or roughly $39,680 to $69,440 annually for a family of four. Rents range from $760 to $999 per month, depending on income category and size of unit. The three-story, 71,000-square-foot building includes 12 one-bedroom, 40 two-bedroom and eight three-bedroom apartments. Five units offer features for people with disabilities. Community amenities include an onsite management office, resident fitness center and community room. Financing for the $16 million project came from a diverse mix of public, private and nonprofit sources. Equity financing was made possible through the allocation of federal Low-Income Housing Tax Credits via the Ohio Housing Finance Agency. Bank of America invested $7.3 million in the tax credits and supplied a construction …

January 25, 2024

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