Multifamily

Gantry Arranges $45.5M Financing for Union 505 Apartments in Albuquerque

by Jeff Shaw May 8, 2023

ALBUQUERQUE, N.M. — Gantry has arranged $45.5 million in financing for the 572-unit Union 505 Apartments in Albuquerque. The community is located at 801 Locust Place NE. It offers studio, loft, and one- and two-bedroom renovated units in a garden-style format. The complex also features a newly remodeled clubhouse with free Wi-Fi, a fitness facility, outdoor sport court, open space and resort-style pool area. Gantry’s Adam Parker and Chad Metzger secured the loan on behalf of the repeat Gantry borrower. The seven-year, fixed-rate loan was placed with Freddie Mac. It features full-term, interest-only payments. Fannie Mae agreed to underwrite the debt-service-coverage ratio using a 35-year amortization instead of the normal 30-year amortization. The borrower wanted to maximize loan proceeds as they were using the cash to purchase another asset.

May 8, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 52-Unit Maple Glen in Shelton

by Jeff Shaw May 8, 2023

SHELTON, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller and price were not disclosed.

May 8, 2023

Development Loans Multifamily New York Northeast Top Stories

Affinius Capital Provides $110M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 8, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …

May 8, 2023

Acquisitions Multifamily Seniors Housing Texas

Greysteel Brokers Sale of 154-Unit Age-Restricted Multifamily Property in Grand Prairie, Texas

by Taylor Williams May 5, 2023

GRAND PRAIRIE, TEXAS — Greysteel has brokered the sale of Wright Senior Apartments, a 154-unit age-restricted multifamily property located in the central metroplex city of Grand Prairie. The community, which is reserved for residents age 62 and over, was constructed in 2005 and houses 123 income-restricted units and 31 market-rate units in a mix of studio, one- and two-bedroom floor plans. Murphy Holloway and Doug Banerjee of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

May 5, 2023

Development Loans Multifamily New York Northeast

JLL Arranges $350M in Construction Debt, Equity for Queens Multifamily Project

by Taylor Williams May 5, 2023

NEW YORK CITY — JLL has arranged a total of $350 million in construction debt and joint venture equity for The Italic, a 363-unit multifamily project that will be located in the Long Island City area of Queens. The Italic will house 254 market-rate units and 109 affordable housing units, as well as 10,000 square feet of retail and restaurant space. Residences will come in studio, one- and two-bedroom floor plans and have an average size of 770 square feet. Amenities will include a fitness center, basketball court, resident lounge, coworking space, rooftop terrace and a golf simulator. Christopher Peck, Alex Staikos, Rob Hinckley, Steven Rutman and Nicco Lupo of JLL placed the debt through an undisclosed lender and structured the joint venture between the locally based developer, Fetner Properties, and its partner, The Lions Group. A tentative completion date was not disclosed.

May 5, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Brokers $39.6M Sale of Multifamily Portfolio in Bridgeport, Connecticut

by Taylor Williams May 5, 2023

BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $39.6 million sale of The Rhodium Portfolio, a collection of 13 multifamily buildings totaling 437 units in the southern coastal Connecticut community of Bridgeport. The buildings, which are located in a variety of neighborhoods across the city, house a mix of studio, one-, two- and three-bedroom apartments. Brad Balletto of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.

May 5, 2023

Loans Massachusetts Multifamily Northeast

MassDevelopment, HarborOne Provide $11.3M in Financing for Multifamily Redevelopment in Attleboro, Massachusetts

by Taylor Williams May 5, 2023

ATTLEBORO, MASS. — MassHousing and HarborOne Bank have jointly provided $11.3 million in financing for a project that will convert a former mill in Attleboro, about 40 miles south of Boston, into a 43-unit residential complex. The building was originally constructed in 1908 and formerly housed the manufacturing operations of Pcraft Jewelry. The financing included construction debt, a bridge loan and state and federal tax credit equity. All units will be rented at market rates. A construction timeline was not disclosed.

May 5, 2023

Acquisitions Multifamily Northeast Pennsylvania

Kislak Negotiates $3M Sale of Multifamily, Self-Storage Property in Duncannon, Pennsylvania

by Taylor Williams May 5, 2023

DUNCANNON, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $3 million sale of a property in Duncannon, a northern suburb of Harrisburg, that consists of 31 residential units and 47 self-storage units. Arbor Manor Apartments & Storage was originally built on 5.5 acres in 1980. Matt Wolf of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

May 5, 2023

Arizona Development Multifamily Western

Related Group Nears Completion of Town Deer Valley Apartments in Phoenix

by John Nelson May 5, 2023

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit apartment community in Phoenix. The complex has been developed in five phases on a 20-acre site. A completion date has not been disclosed, but the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley will total 442,000 square feet across 19 buildings upon completion. Designed by Todd & Associates Architects, the property’s community amenities will include two pools with cabanas, a golf putting green, pet spa, children’s playground and a clubhouse with coworking space, a fitness center and an arts and crafts room.

May 5, 2023

Acquisitions Arizona Multifamily Western

Rise48 Equity Acquires Spring Apartments in Phoenix for $42M

by John Nelson May 5, 2023

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing. Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.

May 5, 2023

Newer Posts

Older Posts