MESQUITE, TEXAS — Colliers Mortgage has provided a $9.9 million Fannie Mae acquisition loan for The Ventura Apartment Homes, a 111-unit multifamily complex located in the eastern Dallas suburb of Mesquite. Built in 2003, the garden-style property consists of 10 three-story buildings and offers amenities such as a pool, fitness center, clubhouse and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the seven-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as LM-Ventura LLC.
GUILDERLAND, N.Y. — United Group of Cos. will develop The Apex at Crossgates, a 222-unit multifamily project located northwest of Albany in Guilderland. The community will feature one-, two- and three-bedroom apartments, as well as townhouse-style residences. Units will be furnished with stainless steel appliances, quartz countertops, designer fixtures, walk-in closets and private patios/balconies. Amenities will include a fitness center with a yoga studio, game room with pool card tables, dog park, outdoor kitchens and multi-sport courts. Trinity Building + Construction Management Corp. is the general contractor for the project. M&T Bank provided financing for construction, which is expected to last about 24 months.
ROYAL PALM, FLA. — Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently secured a $126 million construction loan from S3 Capital and a $21 million preferred equity investment from New York-based Declaration Partners to fund the project. Kevin O’Grady of Miami-based Concord Summit Capital arranged the debt, and B.J. Litwin of GLJ Real Estate LLC sourced the preferred equity. Villas at Tuttle Royale will comprise one-, two- and three-bedroom units averaging 1,119 square feet and three- and four-bedroom townhomes ranging in size from 1,685 to 2,035 square feet. Rents are expected to start at over $2,000 for a one-bedroom apartment. Amenities will include a resort-style pool with cabanas, fitness facility, dog park, lakeside putting and chipping greens, indoor and outdoor summer kitchens, fire pits, soccer fields, a jogging and bike trail and hot/cold plunge pools. Lynd expects first units to deliver in third-quarter 2024. West Palm Beach-based Verdex Construction is the general contractor …
CUTLER BAY, FLA. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for more than 30 years, thanks to a new regulatory agreement on the property. The plans call for a three-story parking garage and an eight-story residential building. The garage will include EV chargers for electric vehicles as they continue to grow in popularity. All apartments will be reserved for those age 62 and older and those earning no more than 60 percent of the area median income (AMI), approximately $40,980 for one-person households or $46,800 for two-person households. The project is scheduled for completion in mid-2024.
LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.
LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp. Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan. Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community. Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks. Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.
— By Shane Shafer, Managing Director, Northmarq — Orange County remains a highly desirable market for multifamily investors — and for good reason. It’s a flight-to-quality market with a strong employment base and continued expectations of future job growth. This drives demand for rental units and pushes rent growth and occupancy. Add to that a severe shortage of rental housing supply, more would-be homebuyers remaining renter, and Orange County’s affordability compared with other Southern California markets, and it points to a robust investor market. The employment market continues to show signs of growth and resurgence, adding 73,000 jobs in 2022. Unemployment is an extremely low 2.5 percent. Orange County is long known for its tech startups, tourism and hospitality sectors, though healthcare and bioscience are expanding here as well. For example, Washington-based health system Providence is investing $712 million in Orange County to build two new multi-specialty medical centers and a new patient care tower for Providence Mission Hospital. The centers will be in San Clemente and Rancho Mission Viejo. This strong job market gives multifamily investors confidence in their expected returns as they aggressively pursue assets when they hit the market. Central OC Leads in Rental Gains Central Orange County experienced a …
WEST PALM BEACH, FLA. — Related Group has delivered Icon Marina Village, a luxury apartment community in West Palm Beach totaling 399 units. Situated along the Intracoastal Waterway, the project comprises two high-rise towers and represents the first phase of the 20-acre Marina Village master plan. Icon Marina Village comprises studio, one-, two- and three-bedroom apartments, with each unit featuring condominium-level touches such as floor-to-ceiling windows, high ceilings and oversized balconies. The project also includes 22 penthouses. Pricing at Icon Marina Village ranges from $2,900 for a studio to more than $10,000 for a 3,000-square-foot penthouse. Additionally, Icon Marina Village’s amenities include an oceanside pool with private cabanas, fitness studio, spa and wellness center, club room and a private theater. The design-build team includes architectural firm Arquitectonica, interior designer V Starr and general contractor Balfour Beatty.
HUNTSVILLE, ALA. — Northmarq has arranged a $52.8 million construction loan for Anthem House Apartments, a 304-unit multifamily project that is part of the MidCity District master-planned development in Huntsville. In addition to apartments, Anthem House will include 32,000 square feet of ground-level retail space and 35,000 square feet of collaborative office space, as well as an amenity package comprising a coffee bar, coworking lounge, fitness center, yoga studios, community gardens, resort-style pool and a courtyard. Randy Wolfe and Drew Markley of Northmarq arranged the five-year loan through a major regional bank on behalf of the undisclosed borrower.
FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.