Multifamily

ACRE Provides $51.5M Loan for Refinancing of Multifamily Community in Chicago’s West Loop

by Kristin Harlow June 11, 2021

CHICAGO — Asia Capital Real Estate (ACRE) has provided a $51.5 million loan for the refinancing of The Duncan, a 260-unit multifamily community in Chicago’s West Loop neighborhood. Chicago-based CEDARst owns the asset. Located at 1515 W. Monroe St., The Duncan consists of two connected buildings. The property includes 8,350 square feet of retail space, a coworking space, cocktail bar and fitness center. The lobby features FROTH Café, a hospitality concept from CEDARst that is managed by The Heritage Group. The buildings, originally constructed in the early 1900s, were recently repurposed in two phases. In July 2020, 150 units came online, while the remaining 110 units delivered in October 2020. The 2.5-year loan features a loan-to-value ratio of 76 percent.

June 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $16.4M Sale of Apartment Property in Bloomington, Minnesota

by Kristin Harlow June 11, 2021

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Normandale Lake Estates in Bloomington for $16.4 million. Built in 1964, the apartment property includes 105 units, all of which have been renovated. Amenities include a pet area, outdoor pool and courtyard with grilling area. The Normandale Lake Office Park is located across the street from the property, which was fully occupied at the time of sale. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Normandale Lake LLC. Dealer Sites LLC purchased the asset in a 1031 exchange.

June 11, 2021

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 142-Unit Multifamily Asset in Kalamazoo, Michigan

by Kristin Harlow June 11, 2021

KALAMAZOO, MICH. — Greystone Bel Real Estate Advisors has negotiated the sale of Clayborne Court in Kalamazoo for an undisclosed price. Built in 1986, the 142-unit multifamily property consists of 22 buildings. Located at 4501-4651 Clayborne Drive, the asset is within walking distance of the Kalamazoo Community Soccer Complex and Lenden Grove Middle School. Cary Belovicz, Nick Kirby and Paul Russo of Greystone Bel represented the seller and procured the buyer, Simtob Management & Investment LLC. The buyer plans to modernize the property by upgrading all of the units and replacing the siding, landscaping and signage.

June 11, 2021

Development Multifamily Texas

Larkspur Capital to Develop 190-Unit Willow Apartments in Dallas’ Deep Ellum District

by Taylor Williams June 10, 2021

DALLAS — Locally based firm Larkspur Capital LLC will develop The Willow, a 190-unit apartment complex that will be located at 3900 Commerce St. in the Deep Ellum area of Dallas. Omniplan is designing the eight-story, 171,575-square-foot building, which will offer amenities such as a pool, fitness center, rooftop sky lounge, indoor and outdoor coworking spaces, bike workshop and a coffee bar. Construction is underway and expected to last 18 to 24 months.

June 10, 2021

Development Multifamily Seniors Housing Texas

Sparrow Partners, Welltower Break Ground on 188-Unit Active Adult Community in Metro Austin

by Taylor Williams June 10, 2021

GEORGETOWN, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for approximately $1,500 to $2,500 per month. The first move-ins are scheduled to begin next summer.

June 10, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 138-Unit Apartment Complex in Haltom City, Texas

by Taylor Williams June 10, 2021

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Diamond Loch, a 138-unit apartment complex situated on 6.6 acres in the Fort Worth suburb of Haltom City. Nick Fluellen, Bard Hoover and David Fersing of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

June 10, 2021

Loans Multifamily New Jersey Northeast

Greystone Funds $49.5M Agency Acquisition Loan for Multifamily Asset in Pine Hill, New Jersey

by Taylor Williams June 10, 2021

PINE HILL, N.J. — Greystone has funded a $49.5 million Freddie Mac acquisition loan for Chalet Gardens, a 484-unit multifamily property in Pine Hill, located in the southern part of the state. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, picnic area and a playground. Dan Sacks of Greystone originated the loan, which carries a 10-year term, a 30-year amortization schedule and interest-only payments for the first five years. The borrower was Goldcrest Management.

June 10, 2021

Development Florida Multifamily Southeast

Latigo Group to Develop $82M Multifamily Project in Metro Orlando

by Julia Sanders June 10, 2021

KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.

June 10, 2021

Florida Loans Multifamily Southeast

JLL Secures $15.9M Freddie Mac Loan for Ariel Springs Apartments in Spring Hill, Florida

by Julia Sanders June 10, 2021

SPRING HILL, FLA. — JLL Capital Markets has secured a $15.9 million Freddie Mac loan for Ariel Springs, a garden-style multifamily property located at 3454 Suncoast Villa Way in Spring Hill, about 50 miles north of downtown Tampa. The apartment complex is currently 97.7 percent occupied and includes 470 one-, two- and three-bedroom units. Elliott Throne, Mona Carlton, Jesse Wright and Kenny Cutler of JLL arranged the fixed-rate financing on behalf of the borrower, Beachwold Residential, which acquired the property in December 2018 using $44 million in acquisition financing, also through Freddie Mac. The financing is the first supplemental loan on the property. Since acquiring the property, Beachwold Residential has invested about $3 million in renovations to both the interior and exterior of the property. Ariel Springs’ community amenities include a clubhouse, community car wash, entertainment area with a full kitchen, fitness center, swimming pool, business center, shuffleboard and basketball courts and direct access to the 42-mile Suncoast Bike Trail.

June 10, 2021

Loans Multifamily New York Northeast Seniors Housing

Grandbridge Provides $49.2M Loan for Refinancing of Seniors Housing Property in New York

by Taylor Williams June 10, 2021

ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based seniors housing and healthcare finance team has provided a $49.2 million Fannie Mae loan for the refinancing of Brightview Lake Tappan. The 143-unit seniors housing community is located in Orangeburg, approximately 15 miles north of New York City. Specific loan terms and the name of the borrower were not disclosed.

June 10, 2021

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