CELINA, TEXAS — Texas-based developer SWBC has acquired 24 acres at the intersection of Legacy Drive and Frontier Parkway in the northern Dallas suburb of Celina for the development of a 540-unit multifamily project. The first phase of the Class A property will consist of a 270-unit complex that will be designed by Cross Architects and branded The Royalton at Creeks of Legacy. Units will feature one-, two- and three-bedroom floor plans with an average size of 900 square feet. Amenities will include a pool, fitness center, dog park and outdoor grilling and picnic areas. Construction is set to begin in the first quarter of 2022 and to last about 24 months.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Limestone Oaks and Townhomes at Limestone Oaks, two multifamily properties totaling 400 units in northwest San Antonio. The properties were built in 1981 and 1984, respectively. Bryce Smith of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GARLAND, TEXAS — Western Wealth Capital, an investment firm based in Vancouver, has acquired the 288-unit Broadway Apartment Homes in the northeastern Dallas suburb of Garland. Built in 1982, the community features one- and two-bedroom units and amenities such as two pools, a fitness center and jogging trails. Bard Hoover, Nick Fluellen and David Fersing of Marcus & Millichap, along with Drew Kile and Joey Tumminello of Institutional Property Advisors, brokered the deal. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
PITTSBURGH — Brown Gibbons Lang & Co. (BGL) has arranged a loan of an undisclosed amount for the refinancing of Heinz at 950 North Shore, a 151-unit apartment building in downtown Pittsburgh. The four-story building was originally constructed in the 1930s as the headquarters of the H.J. Heinz Co. Asia Commercial Real Estate provided the financing to the borrower, MCM Co. Inc.
NEW YORK CITY — Trevian Capital, a locally based direct lender, has provided a $6.4 million bridge loan for a 10-unit multifamily building located in the Astoria neighborhood of Queens. The funds will be used to pay off maturing construction debt and fund final cosmetic finishes. The name of the property and the borrower were not disclosed.
SPARTA, WIS. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located at 14400 County Highway B in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment complex, whereby residents have independent apartments with their own entrances, kitchens and bathrooms. Nursing, medical visits, therapy and short-term rehab services will be available onsite. Residents will have access to a beauty and barber shop, bistro, outdoor spaces and a variety of activities directed by Therapeutic Recreation Specialists. Completion of the project is slated for summer 2022.
INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi. The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness. Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, …
LOWELL, MICH. — Walker & Dunlop Inc. has provided a $12.2 million Fannie Mae loan for the refinancing of Townhomes at Two Rivers in Lowell, located about 17 miles east of Grand Rapids. The 80-unit property features amenities such as a fitness center, enclosed dog park, covered picnic area and access to walking trails. Benjamin Krosin of Walker & Dunlop originated the 10-year loan on behalf of the borrower, Forest Hills Homes. Kari Zapolski of Inner Circle Holdings arranged the loan.
Consistent with much of the nation, the Mid-Atlantic region locked down at the onset of the COVID-19 pandemic in March 2020. However, by late August 2020 and throughout the first quarter of 2021, activity in the multifamily asset class picked up considerably. As operations stabilized and investors could better determine valuations, regional transaction volume quickly heated up as investors returned with pent-up demand. Aided in part by the continued government stimulus and rent regulation in the Mid-Atlantic, Baltimore’s durable “meds and eds” employment bases, anchored by the life sciences, medical, higher education and technology sectors, bolstered the region’s stability. The Baltimore multifamily market has performed in-line with comparable metropolitan areas in the Mid-Atlantic, with flat to moderate rent growth. Rents are expected to stagnate or struggle in response to heightened development occurring in Downtown Baltimore, Owings Mills and Towson, and the new supply may surpass demand in the near-term. Despite muted rent growth projections, transaction volume has returned with an expanded pool of multifamily investors, driving cap rates down and valuations up. Shifting east “Charm City” boasts blue-chip Downtown employers such as T. Rowe Price, Pandora, University of Maryland Medical Center, Johns Hopkins Hospital and Under Armour. In theory, this …
MIAMI SPRINGS, FLA. — CIP Miami Springs and LV Lending have broken ground on Miami Springs Town Center, a 120,225-square-foot mixed-use project located at 1 Curtiss Parkway in Miami Springs, about 10 miles outside of downtown Miami. The project is scheduled to be complete in the second quarter of 2022. Designed by Cabrera Ramos Architects, Miami Springs Town Center will feature a 50,725-square-foot, three-story residential building with 51 apartments, 23,500 square feet of retail space on the ground floor and a parking garage with 124 spaces. Additional on-street parking will be available. Situated on 1.1 acres, Miami Springs Town Center will house two- and three-bedroom units spanning 975 to 1,075 square feet. Rents will start in the $1,850s. Benito Carmona at US Century Bank originated a $14.6 million construction loan for the project. Orlando-based Crossman & Co. is the retail leasing broker for the project. Miami-based LV Lending is a private lender focused on investment purpose loans for acquiring and developing residential, commercial and land projects.