Multifamily

Greystone Provides $30.4M Loan for Parkview Terrace Apartments in Thornton, Colorado

by Amy Works November 22, 2022

THORNTON, COLO. — Greystone has provided a $30.4 million Fannie Mae Delegated Underwriting & Servicing loan to refinance the 206-unit Parkview Terrace Apartments in Thornton. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the financing for Milky Way Apartments LLC. Constructed in 1972, Parkview Terrace offers 60 one-bedroom, 138 two-bedroom and eight three-bedroom units. The loan is a permanent exit from bridge acquisition financing that Greystone provided in July 2021. The non-recourse, fixed-rate financing carries a seven-year term with full-term interest-only payments.

November 22, 2022

Acquisitions Multifamily Texas

Triad Real Estate, Worldwide Commercial Arrange Sale of 419-Unit Multifamily Property in Dallas

by Taylor Williams November 21, 2022

DALLAS — Chicago-based brokerage firm Triad Real Estate Partners and Worldwide Commercial have arranged the sale of McCallum Communities, a 419-unit multifamily property in North Dallas. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground and outdoor grilling and dining areas. A Texas-based private investment firm sold the property to a New Hampshire-based owner-operator for an undisclosed price.

November 21, 2022

Development Georgia Multifamily Southeast

Kaplan, Dune Begin Construction on Avondale East Townhome Project in Metro Atlanta

by John Nelson November 21, 2022

STONE MOUNTAIN, GA. — A joint venture between Kaplan Residential and Dune Real Estate Partners has broken ground on Avondale East, a multifamily development that will comprise 239 townhomes in Stone Mountain, roughly 10 miles east of Atlanta. Situated on 20 acres at 3940 Redan Road, the community will feature townhomes with one-, two- and three-bedroom floorplans. Amenities will include an 8,000-square-foot clubhouse, a fitness center, coworking space, lounge, pool, walking trails, pocket parks and fire pits. Locally based Brock Built Homes is the general contractor for the project, with Niles Bolton Associates serving as the architect. Focus Design Interiors and J Lancaster Associates Inc. are providing interior design and civil engineering, respectively. Kaplan acquired the land from The Paideia School in 2021 for $6.5 million.

November 21, 2022

Development Georgia Multifamily Southeast

Vista Residential, BCDC Break Ground on 300-Unit Multifamily Development in Savannah

by John Nelson November 21, 2022

SAVANNAH, GA. — Vista Residential Partners and Batson-Cook Development Co. (BCDC) have broken ground on Riverchase Vista, a 300-unit apartment development located on 15 acres in Savannah. The community, which marks the third joint development project between the two companies, will feature homes in one-, two- and three-bedroom layouts, with an average size of almost 1,000 square feet. Amenities will include a clubhouse, pool, fitness center, pet park and 24/7 package concierge services. First tenants are expected to move in by early 2023, according to the developers.

November 21, 2022

Loans Multifamily Texas

WindMass Capital Recapitalizes 341-Unit Apartment Community in East Dallas

by Taylor Williams November 21, 2022

DALLAS — Locally based investment firm WindMass Capital has recapitalized The Elise, a 341-unit apartment community in East Dallas. Specifically, WindMass Capital received a $7.6 million preferred equity investment from Miami-based multifamily owner-operator Pensam and refinanced the property’s existing debt with an undisclosed lender. Built in 1987, The Elise features one- and two-bedroom units and amenities such as a pool, fitness center and onsite laundry facilities.

November 21, 2022

Development Multifamily Texas

Koontz Corp. Breaks Ground on 300-Unit Savoy Multifamily Project in San Antonio

by Taylor Williams November 21, 2022

SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on The Savoy Apartments, a 300-unit multifamily project located at the 10.4-acre site of the former Royal Fiesta movie theater in San Antonio. Savoy will offer one- and two-bedroom apartments, as well as two pools, landscaped courtyards and a dog park. Garcia + Associates is the project architect, and Pape-Dawson is the civil engineer. Koontz Corp. is also serving as the general contractor. Construction is expected to be complete before the end of 2024.

November 21, 2022

Development Loans Multifamily New York Northeast Walker & Dunlop

Bank OZK, Barings Provide $385M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams November 21, 2022

NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.

November 21, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $57.5M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 21, 2022

ENGLEWOOD, N.J. — JLL has arranged a $57.5 million loan for the refinancing of EVO, a 220-unit apartment community in the Northern New Jersey community of Englewood. The property features studio, one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, coworking space, pet spa and outdoor grilling and dining areas. Guardian Life Insurance Group of America provided the eight-year, fixed-rate loan to the borrower, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors. Michael Klein, Jon Mikula, Gerard Quinn and Benjamin Morgenthal of JLL arranged the debt.

November 21, 2022

Acquisitions Multifamily New Jersey Northeast

Reynolds Asset Management Sells Apartment Complex in Bound Brook, New Jersey, for $22M

by Taylor Williams November 21, 2022

BOUND BROOK, N.J. — Locally based development and investment firm Reynolds Asset Management has sold Mosaic on Main, a 63-unit apartment complex in the Northern New Jersey community of Bound Brook, for $22 million. Mosaic on Main rises five stories, houses studio, one- and two-bedroom units and includes 1,650 square feet of ground-floor retail space. The property also offers a fitness center, landscaped courtyards and package concierge services, as well as proximity to public transit lines. The undisclosed buyer completed the deal via a 1031 exchange.

November 21, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of 185-Unit Luxury Apartment Community in Minneapolis

by Kristin Harlow November 21, 2022

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Dock Street Flats in the North Loop neighborhood of Minneapolis for an undisclosed price. Constructed in 2013, the luxury apartment community features 185 units and 2,852 square feet of retail space. Units average 778 square feet. Amenities include a pool deck, rooftop terrace, two courtyards, two stories of underground parking and a fitness center. Guacaya Bistreaux, a Panamanian-inspired restaurant and cocktail lounge, recently opened at the property. Mox Gunderseon, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. The Connor Group, a Dayton-based real estate investment firm, was the buyer.

November 21, 2022

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