PASADENA, CALIF. — Bridge Housing, with R.D. Olson Construction as general contractor, has opened Heritage Square South, an affordable seniors housing community in Pasadena, a northeastern suburb of Los Angeles. Heritage Square South features 70 one- and two-bedroom units, 24-hour security, 3,817 square feet of outdoor lounging areas, two flex rooms and a community room. The property also features solar power operations, producing 196,400 kWh of electricity annually.
NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The properties are scattered throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. Each property is leased to a unique nonprofit operator and backed by a contract with the New York City Department of Homeless Services. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors.
Richmond, capital of the Commonwealth of Virginia and centrally located between the rolling hills of the Blue Ridge Mountains and the sandy beaches fronting the Atlantic Ocean, remains a vibrant city with an educated and expanding workforce benefitting from the city’s thriving and diverse economy. Home to eight Fortune 500 companies and three Fortune 1000 businesses, Richmond’s unemployment rate of 2.8 percent, a 10-basis-point decrease year-over-year, is slightly above the state’s unemployment rate of 2.7 percent but well below the national rate of 4.3 percent, according to data from the U.S. Bureau of Labor Statistics. Richmond’s job market has remained robust, adding over 38,000 jobs from first-quarter 2020 through summer 2024. In the past 36 months alone, CoStar Group (2,000 new jobs), LEGO (1,760 new jobs), and SanMar (1,000 new jobs) have all announced significant corporate and capital commitments to the market. Government and education/health remain the largest regional employment sectors and have experienced the highest year-over-year employment increases of 3.7 percent and 4.7 percent, respectively. Richmond’s continued ability to retain and attract talent due to a high quality of life, affordable cost of living and access to an abundance of local and regional amenities has had a profound impact …
JACKSONVILLE, FLA. — Presidium has completed Presidium Regal, a 334-unit luxury apartment community located at 14501 Beach Blvd. in Jacksonville. The property represents the fourth community in the city for the Texas-based multifamily developer and operator. Designed by Atlanta-based Dwell Design Studio, Presidium Regal’s one-, two- and three-bedroom apartments range in size from 550 to 1,600 square feet. Monthly rental rates range from $1,470 to $2,945, according to Apartments.com. The property’s 11,000-square-foot leasing office and clubhouse features a club room, game lounge, golf simulator, theater room, showroom kitchen, coworking lounge with micro-offices, podcast rooms, a rooftop lounging deck and a 2,000-square-foot fitness center. Other amenities include a zero-edge swimming pool with grilling stations, poolside cabanas, indoor and outdoor fireplaces with lounging areas, an onsite car wash, juice and java bar, dog park and dog spa and EV charging stations.
ANNA, TEXAS — Locally based developer Palladium USA has completed a $64 million multifamily project in the northern Dallas suburb of Anna. Palladium East Foster Crossing comprises 239 apartments on an eight-acre site. The four-story building houses one-, two- and three-bedroom units. Amenities include a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini kitchen. HEDK Architects designed the community, and BBL Construction served as the general contractor. To finance the project, the Anna Public Facilities Corp. issued $33 million in tax-exempt bonds that were purchased by Cedar Rapids Bank and Trust. PNC Bank also provided $27 million in equity for the project.
MOORESVILLE, N.C. — Northmarq has brokered the $55 million sale of Braxton at Lake Norman, a 232-unit apartment community located at 118 Plantation Creek Drive in Mooresville, a suburb of Charlotte. Andrea Howard, Caylor Mark, John Currin, Allan Lynch, Jeff Glenn and Austin Jackson of Northmarq represented the seller, Passive Investing, in the transaction. Inwood Holdings LLC purchased the community, which was built in 2014 near I-77. Braxton at Lake Norman is situated on 20 acres near Lake Norman and features apartments averaging 1,055 square feet in size. Amenities include a saltwater swimming pool, 24-hour fitness center with rock climbing wall, drive-thru mail kiosk, car wash station and a pet park and spa.
NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Road in North Charleston. The Tampa-based investor plans to rebrand the property, its seventh in the Charleston metropolitan area, as Sage at Ingleside. The seller and sales price were not disclosed. Built in 2008, Sage at Ingleside offers amenities including a 24-hour fitness center, swimming pool, barbecue/picnic area, multipurpose clubhouse and an onsite dog park.
AURORA, COLO. — CBRE has arranged a $15.4 million loan for Stratford Partners’ acquisition of Del Arte Townhomes in Aurora, just east of Denver. Located at 11135 E. Alameda Ave., Del Arte Townhomes offers 94 one- and two-bedroom apartments with washers/dryers and attached garages. Built in 2001, the community features eight two-story buildings across 6.5 acres. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured a five-year, interest-only agency loan. CBRE’s Shane Ozment, Terrance Hunt, Andy Hellman and Justin Hunt facilitated the sale of the community.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily property in Denver. The asset traded for $3.6 million, or $238,33 per unit. Located at 1301 E. 33rd Ave., the building offers 15 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed seller, while Robert Lawson of Pinnacle represented the undisclosed buyer in the deal.
CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, which provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. While all FHLBank Chicago members are eligible to participate, up to $200 million of the LIHTC Collateral Pilot Program funding will be reserved for members with assets under $1.46 billion, including CDFIs. The LIHTC program is a key federal tax policy designed to incentivize private investment in the development and preservation of affordable rental housing in the United States for lower-income households. Loans needed to fund LIHTC projects are often sold to investors for securitization, but projects meeting local or specialized needs may have smaller loan amounts that can be challenging and more expensive to finance, since the lender may have to hold the loans in their portfolio. “Our members are working to address needs and gaps in affordable housing …
