Multifamily

JPI Receives $69.7M Refinancing for Jefferson Pacific Beach Apartments in San Diego

by Amy Works February 17, 2021

SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.

February 17, 2021

Development Massachusetts Northeast Seniors Housing

MIT Submits Plans for 690-Bed Residence Hall Targeting Graduate Students

by Taylor Williams February 17, 2021

CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.

February 17, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

College Town Communities to Develop 132-Unit Student Housing Property in Metro Philadelphia

by Taylor Williams February 17, 2021

WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.

February 17, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Harrison Street, LCB Acquire 90-Unit Seniors Housing Community Near Boston

by Taylor Williams February 17, 2021

WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.

February 17, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida

by John Nelson February 16, 2021

DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.

February 16, 2021

Georgia Loans Multifamily Southeast

Dwight Capital Provides $40.5M in HUD Financing for Walton Westside Apartments in Atlanta

by John Nelson February 16, 2021

ATLANTA — Dwight Capital has provided $40.5 million in HUD financing for Walton Westside, a 254-unit apartment community located at 790 Huff Road NW in Atlanta’s West Midtown. Built in 2014, Walton Westside has one residential building and one garage building. Community amenities include a rooftop patio with a gazebo, swimming pool, dog park, coffee shop and an outdoor fireplace. The property is located 15 miles from the Hartsfield-Jackson Atlanta International Airport. Walton Westside is Energy-Star-certified, thus qualifying for HUD’s Green Mortgage Insurance Premium (MIP) reduction, which was set at 25 basis points. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan on behalf of the undisclosed borrower. Dwight Capital LLC is a commercial real estate finance company based in New York.

February 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida

by John Nelson February 16, 2021

SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …

February 16, 2021

Loans Multifamily Texas

PCCP Provides $86.3M Acquisition Loan for Multifamily Portfolio in Houston

by Taylor Williams February 16, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.

February 16, 2021

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 208-Unit Complex Near Dallas Love Field Airport

by Taylor Williams February 16, 2021

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired a 208-unit apartment complex in Dallas’ Bachman Lake area, located near Dallas Love Field Airport. The seller was an undisclosed firm based on the East Coast. Bard Hoover and Wes Racht of Marcus & Millichap brokered the deal. The new ownership plans to implement a capital improvement program that will also include a rebranding of the property.

February 16, 2021

Acquisitions Multifamily Texas

Sterling Real Estate Acquires 160-Unit Silver Creek Apartments in North San Antonio

by Taylor Williams February 16, 2021

SAN ANTONIO — Arizona-based investment firm Sterling Real Estate Partners has acquired Silver Creek Apartments, a 150-unit multifamily community located near USAA’s headquarters on the north side of San Antonio. According to Apartments.com, the property was built in 1983, features studio, one- and two-bedroom units and offers amenities such as a clubhouse, lounge, fitness center and a pool. The seller was not disclosed. Sterling plans to implement a value-add program.

February 16, 2021

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