Multifamily

JLL Arranges $45M Loan for Refinancing of Student Housing Property at University of Chicago

by Kristin Harlow January 24, 2024

CHICAGO — JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian Walsh, Dan Kearns, Tara Hagerty and Dave Hunter of JLL arranged the loan on behalf of the borrower, a venture between Blue Vista and Bain Capital Real Estate. A fund managed by Argentic Investment Management LLC provided the loan.

January 24, 2024

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $34.3M for Rehabilitation of Six Affordable Housing Communities in Chicago

by Kristin Harlow January 24, 2024

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the rehabilitation of six affordable housing communities on Chicago’s South Shore. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract. The remaining five properties provide 126 units for families. Evergreen Real Estate Group is the sponsor. The communities are owned by a Low-Income Housing Tax Credit (LIHTC) partnership created by the Housing and Human Development Corp. (HHDC), a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. Improvements will include new cabinets, countertops, flooring, energy-efficient appliances and fixtures for resident units as well as elevator modernization, upgrades to mechanical, electrical and plumbing systems, replacement of roofs and exterior repairs. HHDC serves as the owner-operator and will provide onsite social service coordinators. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.

January 24, 2024

Development Multifamily Retail Texas

McLeod Cobb Reveals Construction Updates, New Tenants at $100M Development in Portland, Texas

by Taylor Williams January 23, 2024

PORTLAND, TEXAS — McLeod Cobb Investments has revealed construction updates and new tenant signings at Oliver’s Way, the firm’s $100 million multifamily and retail development in the South Texas city of Portland. A 128,500-square-foot Target store that will anchor the retail component is nearing completion and will open late this summer. Construction will also soon begin on a 13,800-square-foot freestanding retail building. McLeod Cobb has secured deals with retailers such as Jack in the Box, Brake Check, Raising Cane’s, Chipotle Mexican Grill, Aspen Dental, Five Guys, James Avery and Wells Fargo. The development team expects to begin construction on the apartments later this year.

January 23, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $80M in Construction Financing for Multifamily Project in Asbury Park, New Jersey

by Taylor Williams January 23, 2024

ASBURY PARK, N.J. — JLL has arranged $80 million in construction financing for SURFHOUSE Asbury Park, a 226-unit multifamily project in coastal New Jersey. The six-story building will house studio, one-, two- and three-bedroom apartments that will range in size from 700 to 1,200 square feet, as well as three- and four-bedroom townhomes. Amenities will include a pool, fitness center, resident lounge and a rooftop deck, and the project also includes 3,500 square feet of ground-floor retail space. Jon Mikula, Matthew Pizzolato and Ryan Carroll of JLL arranged a senior construction loan from Unity Capital for the project in addition to $21 million in equity that was raised on Crowdstreet. The borrower and developer is a joint venture between iStar Residential and Starfield Cos.

January 23, 2024

Leasing Activity Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of Walnut Hill Apartments in Clark, New Jersey

by Taylor Williams January 23, 2024

CLARK, N.J. — Locally based developer Garden Communities has completed the lease-up of Walnut Hill, a 177-unit apartment complex in Clark, about 23 miles southwest of New York City. The newly built property is now fully occupied and recently secured a long-term debt structure. Units come in one- and two-bedroom units, and amenities include a fitness center, pool, clubhouse with lounges and a game room. About 15 percent (28 units) of the residences are reserved as affordable housing.

January 23, 2024

Acquisitions Connecticut Development Multifamily Northeast

Cushman & Wakefield Brokers $12M Sale of Multifamily Development Site in Norwalk

by Taylor Williams January 23, 2024

NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre multifamily development site in the downtown area of the southern coastal Connecticut city of Norwalk. The buyer, RMS Cos., plans to develop a six-story, 204-unit building on the site at 370 West Ave., which formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller, Norwalk Hospital, in the transaction.

January 23, 2024

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer, Berkadia Negotiate Sale of 59-Unit Apartment Complex in Morristown, New Jersey

by Taylor Williams January 23, 2024

MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.

January 23, 2024

Development Florida Multifamily Southeast

Greysteel Arranges $37M Construction, $14M Equity Financing for Multifamily Development in Palm Coast, Florida

by Hayden Spiess January 23, 2024

PALM COAST, FLA. — Greysteel has arranged $51 million in financing for Evolve Palm Coast, a 256-unit multifamily development underway in Palm Coast, about 27 miles south of St. Augustine via I-95. The financing package includes $37 million in construction financing and $14 million in preferred equity placement. North Carolina-based Evolve Cos. is the developer and borrower. Upon completion, which is scheduled for fall 2025, the property will feature apartments in one-, two- and three-bedroom layouts across 12 three-story buildings. Amenities at the community will include a clubhouse, saltwater pool, gas grills, fitness center, yoga room, dog park and a playground. Jeremy Slocumb and Chris Wilkins of Greysteel led the team that secured the financing. A regional bank provided the three-year, floating-rate construction loan, and an institutional real estate investment fund provided the preferred equity.

January 23, 2024

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $53.4M Sale of Elan West End Apartment Complex in Suburban Minneapolis

by Kristin Harlow January 23, 2024

ST. LOUIS PARK, MINN. — JLL Capital Markets has brokered the $53.4 million sale of Elan West End in the Minneapolis suburb of St. Louis Park. Built in 2020, the 164-unit apartment complex features studios, one-, two- and three-bedroom units averaging 855 square feet. Amenities include a pool and spa, sky lounge, amenity deck, lounge area with golf and hockey simulator, and a fitness center. Located at 1325 Utica Ave. South, the property is situated in The West End, a prominent shopping, dining, industry and entertainment hub in St. Louis Park. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the undisclosed buyer and seller. Brock Yaffe of JLL arranged $25.5 million in acquisition financing on behalf of the buyer through a life insurance company.

January 23, 2024

Development Michigan Midwest Multifamily

Repvblik Opens 213-Unit Adaptive Reuse Apartment Project in Sterling Heights, Michigan

by Kristin Harlow January 23, 2024

STERLING HEIGHTS, MICH. — Developer Repvblik has opened The Block at Sterling Heights, a 213-unit apartment development in Sterling Heights. The adaptive reuse project transformed the former Wyndham Gardens Sterling Heights hotel into studio and one-bedroom apartments. The multi-million-dollar project began in July 2022. Several months into construction, Repvblik decided to demolish a sprawling section of the building that used to contain the Loon River Café and Sterling Inn Banquet and Conference Center in order to free up more than three acres of street-facing land for future development. Units at The Block range from 315 to 825 square feet. Rents for most apartments range from $795 to $1,300 per month, with large loft apartments renting for $1,500 per month. A significant number of the units will be reserved for those making between 60 and 120 percent of the area median income. Amenities include a fitness center, recreational green space, laundry facility on every floor, mail room, resident lounge and 24-hour emergency maintenance. Future amenities will likely include an outdoor dog park and bike parking. PK Housing and Management is managing the community.

January 23, 2024

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