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Gardner Capital Opens Affordable Seniors Housing Community with On-Site Food Pantry in Phoenix

PHOENIX — Gardner Capital has completed construction of El Caro Apartments, a 102-unit affordable senior apartment complex in Phoenix. The property also features a food pantry on-site.Gardner Capital worked with the City of Phoenix Housing Department and the Arizona Department of Housing, as well as financial partners Citibank and Enterprise Community. Kitchell served as the general contractor.“We recognized the dual needs for seniors housing and food pantries when developing this …

Walker & Dunlop Provides $16.4M HUD Financing for Colorado Skilled Nursing Portfolio

ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado.The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs.Kevin Giusti led the origination team. The HUD loans will …

NKF Arranges $56.2M Sale of Multifamily Community in West Palm Beach

WEST PALM BEACH, FLA. — Newmark Knight Frank (NKF) has arranged the $56.2 million sale of Visions at Willow Pond, a 300-unit multifamily community in West Palm Beach. The property comprises 17 two- and three-story buildings offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool and a fitness center. Built in 1987, the property is situated at 4860 Sand Stone Lane, seven miles west of downtown West Palm Beach. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix …

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 …

CG Schmidt Breaks Ground on $40M Adaptive Reuse Project in Racine, Wisconsin

RACINE, WIS. — CG Schmidt has broken ground on an adaptive reuse project at the site of the historic Horlick Malted Milk Co. plant in Racine, about 25 miles south of Milwaukee. The project will transform the industrial complex into 136 market-rate and affordable apartment units. The first $40 million phase will revamp buildings located at 2100 and 2200 Northwestern Ave., which date back to 1875. State and federal historic tax credits will help developer J. Jeffers finance Phase I. AG …

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in East Boston

BOSTON — Nauset Construction has broken ground on ēbo Condominiums, a 49-unit multifamily project in East Boston that will also include 3,630 square feet of ground-floor retail space. Designed by Bargmann Hendrie + Archetype Inc., the property is located at 205 Maverick St. near the MBTA Blue Line Maverick station. Floor plans will consist of 12 studio, 17 one-bedroom and 20 two-bedroom units, seven of which will be designated as affordable. Completion is scheduled for fall

San Francisco Multifamily Trends: The Downside of Demand Inelasticity

In economics, the sensitivity of aggregate demand for a product or service to changes in price is defined as its “elasticity.” The elasticity of demand for nonessential goods or goods with a number of ready substitutes is high. Even a small increase in price will produce a large decrease in demand. Conversely, a relatively large price change in the cost of an essential or prized luxury good for which few substitutes exist may have little effect on demand for it.San Francisco real estate …

Taurus Investment Enters Phoenix Multifamily Market with $25.9M Acquisition of Avenel on 16th Apartments

PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million.Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on …

Gantry Arranges $9.8M in Financing for The Lake Apartments in Coeur d’Alene, Idaho

COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene.Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released.Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, …

Greystar Launches $600M Fund Focused on Acquiring Multifamily Debt

CHARLESTON, S.C. — Greystar Real Estate Partners LLC has launched Greystar Credit Partners II LP (GCP II), a $600 million fund focused on the acquisition of securitized subordinated debt issued by government-sponsored enterprises (GSEs) as well as private label securitizations, junior notes or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP …

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