Multifamily

JLL Secures $72.5M Construction Financing for Residential Development in Tampa

by Julia Sanders February 3, 2022

TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.

February 3, 2022

Loans Multifamily North Carolina Southeast Student Housing

Ready Capital Closes $16.4M Acquisition Loan for Student Housing Property in Chapel Hill, North Carolina

by Julia Sanders February 3, 2022

CHAPEL HILL, N.C. — Ready Capital has closed a $16.4 million acquisition loan for an unnamed student housing property near the University of North Carolina at Chapel Hill. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. Upon acquisition, the sponsor will implement a capital improvement plan to fix deferred maintenance, renovate unit interiors and exteriors and make common area upgrades.

February 3, 2022

Development Multifamily New York Northeast

Callahan Construction Managers Breaks Ground on 440-Unit Multifamily Project in Yonkers, New York

by Taylor Williams February 3, 2022

YONKERS, N.Y. — Callahan Construction Managers has broken ground on a 440-unit multifamily project at 57 Alexander St. in the northern New York City suburb of Yonkers. Designed by Perkins Eastman and developed by Rose Associates, the seven-story waterfront community will offer a mix of studio, one- and two-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining areas, golf simulator, coworking lounge and a game room. The development team expects to deliver the project in phases throughout 2023.

February 3, 2022

Development Multifamily New Jersey Northeast

Landmark Receives Approval for 85-Unit Multifamily Project in Union, New Jersey

by Taylor Williams February 3, 2022

UNION, N.J. — New Jersey-based developer Landmark Cos. has received approval from The Union Township Planning Board to develop an 85-unit multifamily project in the Northern New Jersey community. The project, which includes a two-story parking garage with spaces designated for both public and resident use, represents Phase V of the company’s CENTURION Union Center development. Upon completion of this phase, the transit-oriented property will feature approximately 320 residential units and 27,000 square feet of retail space.

February 3, 2022

Meghan Czechowski quote Apprise Multifamily Valuation

Content Partner Features Finance Insight Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

by Sarah Daniels February 3, 2022

The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …

February 3, 2022

Development Florida Loans Multifamily Southeast

KeyBank Provides $69.8M Financing for Redevelopment of Tampa Bay Affordable Housing Community

by Julia Sanders February 2, 2022

ST. PETERSBURG, FLA. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. KeyBank provided a $42.7 million construction bond. KeyBank funded the financing via Fannie Mae’s unfunded forward commitment execution that allows KeyBank to issue a mortgage-backed security (MBS) upon completion of the construction that will convert to a permanent mortgage loan. This Fannie Mae execution is referred to as MBS as Collateral for Tax-Exempt Bonds (MTEB), which is available for 4 percent LIHTC transactions. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents will have first right to return as the redeveloped property begins to reopen. The first phase includes the new construction of a six-floor midrise building for seniors ages 62 and older, as well as the rehabilitation of 41 buildings containing 97 units of affordable housing for families. …

February 2, 2022

Acquisitions Multifamily North Carolina Southeast Virginia

Marcus & Millichap Arranges $61M Sale of Apartment Portfolio in Virginia, North Carolina

by Julia Sanders February 2, 2022

CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Marcus & Millichap has arranged the sale of the Templeton Portfolio, a three-property apartment portfolio in Chesapeake and Elizabeth City. Altay Uzun of Marcus & Millichap facilitated the transaction and secured the buyer, MRKT Capital. The undisclosed seller sold the portfolio for $61 million. The properties within the Templeton Portfolio include Green Tree Apartments and Oak Grove Apartments in Chesapeake and Emerald Lake Apartments in Elizabeth City. Green Tree is a 208-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, clubhouse, volleyball court, walking and biking trails, controlled building access, onsite laundry facilities and a package receiving service. Located at 749 Green Tree Circle, the property is situated 10.6 miles from Norfolk. Oak Grove is a 132-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include onsite laundry facilities, controlled building access, a volleyball court and ample parking. Located at 408 Trotman Way, the property is situated near Chesapeake Regional Medical Center and the Great Bridge Lock Park. Emerald Lake is a 132-unit apartment community that offers three-bed/two-bath floorplans. Community amenities include a pool, clubhouse, parking, onsite management and a package receiving service. Located …

February 2, 2022

Acquisitions Multifamily North Carolina Southeast

StoneBridge Investments Acquires Apartment Community in Durham for $56.2M

by Julia Sanders February 2, 2022

DURHAM, N.C. — StoneBridge Investments has acquired Haven at Patterson Place, a 242-unit apartment community in Durham, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE’s Southeast Multifamily team represented the seller, an affiliate of Washington, D.C.-based FCP. This property is StoneBridge’s fourth acquisition in the Raleigh-Durham market, and now the company owns a portfolio of more than 1,000 units in the Research Triangle area. Built in 2002, Haven at Patterson Place offers one-, two- and three-bedroom floorplans with an average range of 669 to 1,404 square feet. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station and complimentary package service. StoneBridge plans to make renovations to the property including modernizing clubhouse design and decor, adding a 24-hour touchless package locker system and enhancing the pool and outdoor lounge areas. Unit renovations will include the addition of stainless steel appliances, granite countertops, modern Shaker style cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units and a tech package. Located at 5110 Old Chapel Hill Road, the property is situated near Interstate 40 and N.C. Highway …

February 2, 2022

Loans Midwest Multifamily Ohio

American Street Capital Arranges $3M Loan for Refinancing of Apartment Building in Shaker Heights, Ohio

by Kristin Harlow February 2, 2022

SHAKER HEIGHTS, OHIO — American Street Capital (ASC) has arranged a $3 million bridge loan for the refinancing of a 100-unit apartment building in the Cleveland suburb of Shaker Heights. The six-story property is within walking distance of Shaker Square, a shopping, dining and entertainment district. Units average 576 square feet, and amenities include onsite security, laundry facilities and 82 parking spaces. Kyle Tyrrell of ASC arranged the 18-month loan through a debt fund. An unnamed owner-operator was the borrower.

February 2, 2022

Development Multifamily Texas

Cold Creek Solutions Breaks Ground on 300,000 SF Cold Storage Facility in San Antonio

by Taylor Williams February 2, 2022

SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has broken ground on a roughly 300,000-square-foot facility located at the intersection of Interstate 10 and Loop 410 in San Antonio. The facility will feature convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features will include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction is the general contractor for the project, and Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.

February 2, 2022

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