Multifamily

SLIB Brokers Sale of 72-Bed Seniors Housing Property in Jane Lew, West Virginia

by John Nelson May 9, 2023

JANE LEW, W.VA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Crestview Manor Nursing Home, a 72-bed skilled nursing facility in Jane Lew, approximately 115 miles south of Pittsburgh. The property has been family-owned since 1987 and is the only skilled nursing facility in Lewis County. The seller was a private, out-of-state owner that owned Crestview Manor for over three decades. The buyer is a publicly traded REIT utilizing an existing operating partner relationship that has collectively rapidly grown its presence throughout West Virginia. Both parties requested anonymity, and the sales price was also not disclosed. Dave Balow and Patrick Burke handled the transaction for SLIB.

May 9, 2023

Development Multifamily New Jersey Northeast Student Housing

Atlantic City Development Corp. Opens 416-Bed Residence Hall at Stockton University

by Taylor Williams May 9, 2023

ATLANTIC CITY, N.J. — Atlantic City Development Co. has opened a 416-bed residence hall that will serve students at Stockton University. The six-story, 135,000-square-foot building represents the second phase of a larger development that also featured two other residence halls totaling 543 beds and a 56,000-square-foot academic center. Amenities include multiple lounges, a meeting room, business center and onsite laundry facilities. Other project partners included architect Thriven Design and Philadelphia-based engineering firm O’Donnell & Naccarato.

May 9, 2023

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania

Community Preservation Partners Acquires 136-Unit Affordable Housing Complex in Pittsburgh

by Taylor Williams May 9, 2023

PITTSBURGH — Community Preservation Partners (CPP) has acquired Allegheny Commons, a 136-unit affordable housing complex in Pittsburgh’s North Shore neighborhood. The 20-building property was originally built in 1973. The majority (112) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes units that are reserved for households earning up to 60 percent of the area median income. CPP plans to undertake $11.3 million in capital improvements to the property, including upgrades to unit interiors, common areas and building exteriors.

May 9, 2023

Development Multifamily New Jersey Northeast

Garden Communities Underway on 126-Unit Multifamily Project in Florham Park, New Jersey

by Taylor Williams May 9, 2023

FLORHAM PARK, N.J. — Locally based developer Garden Communities is underway on construction of a two-building, 126-unit multifamily project in the Northern New Jersey community of Florham Park. The site at 147 Columbia Turnpike formerly housed an office building. Units will come in one- and two-bedroom floor plans with an average size of 1,200 square feet, and amenities will include a fitness center, resident lounge and multiple open green spaces. Completion of the first building is slated for the end of the year.

May 9, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $8.5M Sale of Chicago Multifamily Portfolio

by Kristin Harlow May 9, 2023

CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.

May 9, 2023

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers Sale-Leaseback of Retail, Residential Building in Chicago

by Kristin Harlow May 9, 2023

CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.

May 9, 2023

Acquisitions Loans Multifamily Oregon Seniors Housing Western

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland

by Jeff Shaw May 9, 2023

PORTLAND, ORE. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance (PBRA). Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.

May 9, 2023

Affordable Housing Development Loans Multifamily Oregon Western

Evergreen Hospitality, Fine Hotel Group Receive $11.5M in Construction Financing for Cambria Hotel Hillsboro in Oregon

by Jeff Shaw May 9, 2023

HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.

May 9, 2023

Alabama Development Loans Multifamily Southeast

3650 REIT Provides $49.5M Construction Loan for Multifamily Development in Madison, Alabama

by John Nelson May 8, 2023

MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.

May 8, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes 163-Unit Affordable Housing Project in Queens

by Taylor Williams May 8, 2023

NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.

May 8, 2023

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