Multifamily

Walker & Dunlop Secures $300M in Construction Financing for Mather Seniors Housing Project in Metro D.C.

by Julia Sanders October 20, 2021

TYSONS, VA. — Walker & Dunlop Inc. has secured $300 million in construction financing for The Mather, a two-building seniors housing community in Tysons. The project will be built in two phases, with Phase I projected to open in early 2024. The transit-oriented project will feature 19- and 27-story towers with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites. Community amenities will include multiple restaurants, a fitness center, wellness spa, art studio, rooftop terrace, saltwater pool, parking and retail. The Mather will feature approximately three acres of green space with landscaped gardens, walking paths, sculptures and an event lawn. Situated at the corner of Westpark and Westbranch drives, The Mather is just 15 miles from Washington, D.C., and is located within a half-mile of the Tysons Corner Metro Station and the Tysons Galleria Shopping Mall. Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger of Walker & Dunlop served as strategic advisors for the borrower, an entity doing business as Tysons LPC LLC that comprises a 50/50 equity partnership between nonprofit seniors housing operator Mather and Westminster Capital. The capital stack included a syndicated transaction led by The Huntington …

October 20, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Dominium Purchases Two Apartment Communities in Metro Atlanta, Plans $130M Affordable Housing Project

by Julia Sanders October 20, 2021

MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

October 20, 2021

Acquisitions Development Multifamily North Carolina Southeast

JLL Brokers $5M Land Sale for Multifamily Project in Cary, North Carolina

by Julia Sanders October 20, 2021

CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.

October 20, 2021

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $47.1M in Financing for Mixed-Income Seniors Housing Project in Dallas

by Taylor Williams October 20, 2021

DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.

October 20, 2021

Loans Multifamily Texas

JLL Arranges Refinancing for 216-Unit Apartment Community in Grapevine, Texas

by Taylor Williams October 20, 2021

GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.

October 20, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Nuestra Comunidad, POAH Break Ground on 50-Unit Affordable Seniors Housing Community in Boston

by Taylor Williams October 20, 2021

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.

October 20, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners to Develop 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams October 20, 2021

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

October 20, 2021

Acquisitions California Loans Multifamily Seniors Housing Western

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. to Develop 288-Unit Cabana Bridges Apartments in Tucson

by Amy Works October 20, 2021

TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks. The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and fitness center, as well as access to smart-home technology.

October 20, 2021

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