Multifamily

GW Real Estate, Griffin Capital Break Ground on 250-Unit Apartment Community in Charlottesville, Virginia

by John Nelson April 15, 2024

CHARLOTTESVILLE, VA. — GW Real Estate Partners and capital partner Griffin Capital Co. have broken ground on The Arrowood Charlottesville, a 250-unit apartment community located at 463 Rio Road W in Charlottesville. Situated two miles from The Shops at Stonefield and a short drive to University of Virginia, the property features studio to three-bedroom layouts, as well as a clubhouse with a fitness center, coworking space, resort-style swimming pool and a grill/lounge area. Fifth Third Bank provided construction financing for the project. The design-build team includes general contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, MEP engineer GTP Consulting Engineers and landscape architect LandDesign. The developers expect first buildings at The Arrowood to be ready for occupancy in mid-2025, with full community completion expected by March 2026.

April 15, 2024

Build-to-Rent Florida Loans Multifamily Single-Family Rental Southeast

JLL Arranges $43M Loan for Build-to-Rent Residential Community in Kissimmee, Florida

by John Nelson April 15, 2024

KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.

April 15, 2024

Development Multifamily New Jersey Northeast

Hornrock Properties Begins Leasing 168-Unit Apartment Complex in Hackensack

by Taylor Williams April 15, 2024

HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing a 168-unit multifamily project in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building represents Phase II of a larger development known as Ivy & Green, Phase I of which totaled 221 units. Residences come in studio, one- and two-bedroom floor plans, and the campaign begins with 30 percent of the units preleased. Ivy & Green offers amenities such as a pool, coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start at $2,215 for a studio.

April 15, 2024

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassDevelopment Provides $24.5M in Bond Financing for Metro Boston Affordable Housing Project

by Taylor Williams April 15, 2024

CHELSEA, MASS. — MassDevelopment has provided $24.5 million in tax-exempt bond financing for a 66-unit affordable housing project that will be located just south of Boston in Chelsea. The building at 170 Cottage St. will ultimately house 11 three-bedroom units, 43 two-bedroom apartments and 12 one-bedroom residences. Units will be reserved for households earning up to 30, 50 or 60 percent or the area median income. The development will also include onsite parking and 15,000 square feet of open green space. A subsidiary of Eastern Bank purchased the bond, and the project is also being funded by $19.7 million in federal tax credits. The developer is nonprofit agency The Community Builders.

April 15, 2024

Illinois Loans Midwest Multifamily

JLL Arranges $127M Loan for Refinancing of Apartment Tower in Downtown Chicago

by Kristin Harlow April 15, 2024

CHICAGO — JLL Capital Markets has arranged a $127 million loan for the refinancing of 465 N. Park Drive, a 444-unit apartment tower in Chicago’s Streeterville neighborhood. Built in 2018, the 48-story property features studio, one-, two- and three-bedroom units. The 40,000-square-foot amenity package includes a rooftop pool, hot tub, sauna, lounge, fitness center, conference center, green space, clubroom, rooftop sky deck and outdoor dining area. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier of JLL arranged the five-year loan on behalf of the borrower, a joint venture between MetLife Investment Management and Allstate Investments. The Northwestern Mutual Life Insurance Co. provided the loan.

April 15, 2024

Loans Multifamily Oregon Western

Gantry Arranges $40.5M Loan for Multifamily Community in Albany, Oregon

by Amy Works April 15, 2024

ALBANY, ORE. — Gantry has arranged a $40.5 million permanent loan to retire construction financing for a multifamily property in Albany, approximately midway between Salem and Eugene. The recently completed, stabilized, Class A property features 264 apartments in a mix of one-, two- and three-bedroom floor plans spread across 23 buildings on 17 acres. Community amenities include a clubhouse, pool, therapeutic hot tub, sauna, 24/7 fitness center, theater room, sports court, playground and off-leash dog park. Blake Hering and Crischell Bacarro represented the borrower, a private real estate investor. Fannie Mae, via Walker & Dunlop, provided the five-year, interest-only, fixed-rate loan.

April 15, 2024

Acquisitions Midwest Minnesota Multifamily

CBRE Brokers Sale of Granite Shores Multifamily Property in Suburban Minneapolis for $12.6M

by Kristin Harlow April 15, 2024

ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.

April 15, 2024

Loans Multifamily Nevada Western

Dwight Mortgage Funds $30.2M Bridge Loan for The Marlette Apartment Complex in Carson City, Nevada

by Amy Works April 15, 2024

CARSON CITY, NEV. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has closed a $30.2 million bridge refinance for The Marlette, a garden-style multifamily community in Carson City, south of Reno along Lake Tahoe. Fident Capital brokered this transaction on behalf of the borrower, Kingsbarns Realty Capital. Completed in 2023, The Marlette features 140 apartments spread across 10 two-story buildings on six acres. Community amenities include a clubhouse, pool, spa, fitness center, dog park, pet spa, community park and grilling stations. The loan proceeds will be used to refinance existing debt, cover final construction costs and fund an operating reserve to facilitate lease-up.

April 15, 2024

Acquisitions Colorado Multifamily Western

Kaufman Hagan Commercial Real Estate Brokers $2.8M Sale of Multifamily Building in Denver

by Amy Works April 15, 2024

DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of a townhome-style apartment building, located at 1005-1017 W. 14th Ave. in downtown Denver. The property traded for $2.8 million, or $350,000 per unit. The 15,033-square-foot building offers eight apartments. Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the undisclosed seller and buyer in the deal.

April 15, 2024

Acquisitions Arizona Multifamily Western

Air Estates Acquires Flores Apartments in Tucson, Arizona for $1.3M

by Amy Works April 15, 2024

TUCSON, ARIZ. — Air Estates LLC has purchased Flores Apartments, a multifamily investment property in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC for $1.3 million. Located at 225-255 W. Flores St., Flores Apartments features 20 units. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.

April 15, 2024

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