PITTSBURGH — Affinius Capital has provided a $100.3 million construction loan for Atmosphere Pittsburgh, a 672-bed student housing project that will be located near the University of Pittsburgh campus in the city’s Oakland neighborhood. The borrower is a joint venture between Starwood Capital Group and Trinitas Ventures. Atmosphere Pittsburgh will rise 10 stories and offer 326 fully furnished units, 34 of which will be designated as affordable housing. Shared amenities will include a rooftop fitness center and hot tub, game room, TV and computer lounges and private study spaces. Dwell Design Studio is the project architect. Completion is slated for summer 2028.
MARIETTA, GA. — Acento Partners has acquired Legacy at West Cobb, a 395-unit multifamily property located at 2665 Favor Road SW in Marietta, a northern suburb of Atlanta, from Aspen Square Management. The apartment complex was 88 percent occupied at the time of the sale. Andrew Mays and Paul Vetter of Berkadia’s Atlanta office represented the Massachusetts-based seller in the transaction. The sales price was not disclosed. Legacy at West Cobb was built in 1970 and renovated in 2021. The apartment complex offers one-, two-, three- and four- bedroom floor plans averaging 1,139 square feet in size. The community also includes rental townhome-style residences, with 17 percent of units configured in townhome layouts.
IRVINE, CALIF. — American Campus Communities (ACC) has closed on $191 million in financing for a 1,065-bed student housing development on the University of California, Irvine (UC Irvine) campus. The project is being developed in partnership with the Collegiate Housing Foundation, which will serve as the community’s owner, borrower and lessee. The development is scheduled for completion in fall 2028 and will span 387,000 square feet across two buildings. The community will offer 308 fully furnished units in studio through four-bedroom configurations designed to target undergraduate students. Shared amenities are set to include dedicated study areas, indoor social lounges, furnished outdoor courtyards, bicycle storage and laundry facilities. The development team for the project, which is targeting LEED Gold certification, includes KTGY and Benchmark. The partnership between ACC and UC Irvine spans 25 years and will include the delivery of 8,700 beds upon completion.
MOUNTAIN VIEW, CALIF. — Northmarq has arranged a $105 million refinancing of Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, 35 miles south of San Francisco. Nathan Prouty and Andrew Slaton of Northmarq arranged the financing on behalf of Prometheus Real Estate Group. New York Life provided the five-year, full-term interest-only loan, which refinances approximately $90 million in existing debt originally arranged by Northmarq in 2016. Prometheus is planning to develop eight accessory dwelling units (ADUs) following the loan closing.
SEATTLE — JLL has arranged the purchase of 101 Broadway Apartments, a mid-rise multifamily property in Seattle. 510/520 Fourth West Properties LLC acquired the asset from an undisclosed seller for $17.5 million. This transaction fulfills the buyer’s 1031 exchange from the recent $10.8 million sale of 510 Place, a 36-unit multifamily property in Seattle. Casey Zejdlik, Michael Lyford and Reed Curtis of JLL handled both transactions. Located at 840 E. Denny Way, the six-story 101 Broadway Apartments features 44 residences with high-end finishes, ground-floor retail space, a rooftop deck and resident lounge. The property was completed in 2017.
SPRINGFIELD, MO. — BWE has arranged a $240 million recapitalization of a seniors housing portfolio located across three markets in the Midwest. BWE served as exclusive capital markets advisor to O’Reilly Development Co. LLC, a Springfield, Mo.-based developer and investor, in capitalizing the transaction. The portfolio comprises purpose-built independent living, assisted living and memory care communities developed by O’Reilly between 2019 and 2022. The communities are fully stabilized, operating at occupancy levels ranging from 96 to 99 percent. Arrow Senior Living, a St. Charles, Mo.-based regional operator, manages the portfolio. Arrow is co-invested alongside O’Reilly in the venture.
MINNEAPOLIS — JLL Capital Markets has arranged the sale and financing of 270 Hennepin, a newly constructed, 346-unit apartment tower in Minneapolis. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the seller, a partnership between Diamond Realty Investments and Harlem Irving Cos. JLL also secured a seven-year acquisition loan through Freddie Mac on behalf of the buyer, Roundhouse. Delivered in 2021, 270 Hennepin rises 21 stories. The property is 95 percent leased, and units average 784 square feet. The development also includes 20,075 square feet of ground-level commercial space that is fully leased to mini golf entertainment concept Puttery. Amenities at the property include an indoor pool on the 19th floor, a fitness center and yoga studio, work-from-home lounge, a private dog run, rooftop patios and terraces and heated underground parking across four levels.
NEW YORK CITY — Merchants Capital has arranged $185 million in financing for the acquisition and rehabilitation of Nostrand Houses, a 1,148-unit affordable housing community in Brooklyn’s Sheepshead Bay neighborhood. Nostrand Houses comprises 16 buildings that were constructed between 1949 and 1951 across two contiguous sites. The rehabilitation, which began in October, will be executed in six phases and is expected to last about 60 months. Capital improvements will cover individual apartments and building-wide systems, inclusive of new kitchens and bathrooms, electrified heating and cooling systems, new elevators, improved accessibility, lead and mold remediation and upgraded security systems. Merchants Bank provided the loan for Nostrand House, with $50 million of the total loan provided by the AFL-CIO Housing Investment Trust (HIT), which acted as co-lender on the deal. Joshua Canan and Mathew Wambua led the transaction for Merchants Capital.
PORTSMOUTH, N.H. — A partnership between two regional developers, Cathartes and Tidemark, is nearing completion of Marlo on Mill Pond, a 151-unit multifamily project in Portsmouth, located near the Maine-New Hampshire border. The first 45 units of Marlo at Mill Pond, which are housed within the building at 75 Addorio Way, are now available for occupancy, and the remaining units within the buildings at 85 and 95 Addorio Way are scheduled to open in the winter and early spring, respectively. Marlo on Mill Pond offers studio, one-, two- and three-bedroom units that range in size from approximately 600 to 1,270 square feet. Amenities include a fitness center with a dedicated yoga room, a clubroom with a gaming lounge, conference rooms, outdoor grilling and dining stations and a community café. Rents start at roughly $2,450 per month for a studio apartment.
FREMONT, CALIF. — USA Properties Fund has broken ground on Centerville Plaza, an affordable multifamily community in Fremont. Located at 37358 Fremont Blvd., Centerville Plaza will feature 290 one-, two- and three-bedroom apartments developed in two phases, with the first units available in spring 2028. The first phase will feature a single five-story building with 140 apartments dedicated to households earning 30 percent to 80 percent of the area median income (AMI) for Alameda County, while the second phase will include two buildings offering a total of 150 units that will have a 60 percent AMI rent and income limit. Apartments will include energy-efficient appliances and light fixtures, low-flow sinks, showers and toilets. Community amenities will include a clubhouse with kitchen, fitness center, barbecue areas and a resident resources area with social services provided by LifeSTEPS, as well as 257 parking spaces, including 27 EV chargers. Financing for the $174 million development includes a $12.8 million loan from the City of Fremont, along with tax-credit investor Bank of America and permanent lender Citi Community Capital for the first phase. The Bay Area Housing Innovation Fund provided a $17.1 million loan, and Housing Trust Silicon Valley provided a $10.3 million land acquisition …
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