Friday, July 18, 2025
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Multifamily

CaliforniaLoansMultifamilyWestern

Colliers Arranges $27.8M Refinancing for Edgeway Apartments in Bellflower, California

by Jeff Shaw

BELLFLOWER, CALIF. — The Colliers Structured Finance Group (SFG) has arranged a $27.8 million Fannie Mae loan for the refinancing of Edgeway, a 91-unit multifamily property in Bellflower, a suburb south of Los Angeles. The loan features a 5.5 percent interest rate for five years. Jonathan Lee, Bill Hyatt, and Shahin Yazdi of SFG arranged the loan for the borrower, Serrano Development Group. Colliers SFG closed the Fannie Mae loan prior to property stabilization. Built in 2023, the Edgeway luxury apartment community offers one-, two- and three-bedroom units with open floor plans. Unit features include quartz countertops, stainless steel appliances, in-unit washer and dryer, private balconies, modern technology features and ample storage. Community amenities include a resort style pool, spa and cabana lounge; business center and co-working lounge; dog run and pet wash; fitness center with spin studio; and multiple outdoor lounges with BBQs. Located near the intersection of highways 91 and 605, Edgeway is centrally located with ready access to Los Angeles, Long Beach and Orange County.

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ColoradoDevelopmentLoansMultifamilySeniors HousingWestern

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw

DURANGO, COLO. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the area. Mesa Verde is a project of Mission Senior Living, a developer, operator and owner of senior living communities across Arizona, New Mexico, Nevada and Montana. The Durango market is underserved with currently only one existing assisted living facility and no memory care units within city limits, according to Mission Senior Living.

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Texan-26-Austin
AcquisitionsMultifamilyStudent HousingTexas

Bascom Group Buys 204-Bed Student Housing Property Near UT Austin

by Taylor Williams

AUSTIN, TEXAS — California-based private equity firm The Bascom Group has acquired Texan 26, a 204-bed student housing property near the University of Texas at Austin. The 53-unit complex was built in 2014 on a lot that is adjacent to campus. Tyler Marshall and Richard Waterhouse of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. Bascom Group was self-represented. Ben Roelke and Ian Walker of Newmark arranged acquisition financing through Bridge Investment Group for the off-market deal.

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The-Westcott-Swampscott-Massachusetts
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

WinnCos. Receives $69.1M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams

SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

CAMBA Housing Ventures Breaks Ground on 328-Unit Affordable Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $13.8M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $13.8 million sale of Wedgewood House, an 80-unit apartment complex located in the Northern New Jersey community of Orange. The garden-style, recently renovated complex was built on 1.8 acres in 1968 and houses studio, one- and two-bedroom units. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the undisclosed buyer. Both parties requested anonymity.

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IndianaLoansMidwestMultifamily

Greystone Provides $40.3M Loan for Refinancing of Hidden Creek Apartments in Crown Point, Indiana

by Kristin Harlow

CROWN POINT, IND. — Greystone has provided a $40.3 million Freddie Mac loan for the refinancing of Hidden Creek Apartments in Crown Point, a city in Northwest Indiana. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 10-year term and a fixed interest rate. Originally constructed in 1976, the 432-unit property features one- and two-bedroom units spread across 12 buildings. Amenities include a pool, fitness room, playground, disc golf course and clubhouse. The borrower, Bayshore Properties, purchased the community in 2021 with bridge financing and completed $725,000 in capital improvements to more than 25 percent of the units as well as exterior renovations totaling $659,000.

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DevelopmentMidwestMinnesotaMultifamily

Continental Properties Opens 280-Unit Apartment Community in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit apartment community in Chaska, a southwest suburb of Minneapolis. The property is located at 3 Oakridge Drive near a new Costco store. Springs at McKnight Lake offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks. Situated on the slopes overlooking McKnight Lake, the property provides residents with a direct path to trails and water activities. Springs at McKnight Lake marks the ninth community in Continental’s Minnesota portfolio.

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400-Lake-Shore
Affordable HousingDevelopmentIllinoisMidwestMultifamilyTop Stories

Related Midwest Breaks Ground on 72-Story Multifamily Development in Chicago’s Streeterville Neighborhood

by Katie Sloan

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower multifamily development located along the Chicago River in the city’s Streeterville neighborhood. Related is building the project on a site left vacant after plans to build the Chicago Spire skyscraper were abandoned nearly two decades ago. Phase I of the project will include the construction of the development’s 72-story North Tower.  The 1.1 million-square-foot North Tower will offer 635 multifamily units, 20 percent of which will be affordable housing. The development will also include 4.5 acres of open and green space, including the construction of DuSable Park in partnership with the Chicago Park District. The development will also include an expansion of the Chicago Riverwalk Founder’s Way walking path.  Construction on Phase One is scheduled for completion in early 2027. The Chicago Office of Skidmore, Owings & Merrill designed both towers, which include nods to the city’s architectural history and geography. March and White designed the building interiors, with locally based Stantec serving as the architect of record for the project. The development team for Phase I includes LR Contracting and BOWA Construction. A collaboration between The Illinois Housing Development Authority, Wells Fargo and other undisclosed financial institutions …

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamily

Kansas City Demand Generators Beckon Multifamily Capital

by Kristin Harlow

By Max Helgeson, CBRE As the national real estate landscape undergoes transformative shifts, Kansas City has emerged as one of the region’s most attractive multifamily markets. There are a myriad of attributes making Kansas City an unrivaled destination to deploy capital in the heart of the Midwest. Here are six key areas that propel the market to the forefront of real estate investors’ considerations.  Economic anchors, diversification Kansas City has one of the nation’s most diverse economies with no sector comprising more than 15 percent of overall employment. A national leader of several durable industries provides unmatched economic stability and significant risk mitigation for investors. Moreover, the metro’s strategic location in the heart of the U.S. and strong transportation infrastructure make it a favored logistical hub for corporations across the world. Finally, the market is a base for startups and entrepreneurs drawn to the area’s abundant talent pool and competitive office space rates.  Strategic infrastructure, connectivity Infrastructure is a cornerstone of Kansas City’s rise to prominence. The city’s strategic network of highways, interstates, railways, fiber networks and a major airport not only facilitates connectivity but positions it as a hub for commerce. This strategic infrastructure acts as a magnet, pulling …

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