ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.
DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown. The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.
HOUSTON — 29th Street Capital, a Chicago-based investment firm, has acquired Lincoln Medical Center Apartments, a 224-unit multifamily community located in the Med Center/Braes Bayou submarket of Houston. Built in 1990, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a coffee bar. The new ownership will implement a value-add program and rebrand the property as Helix at Med Center. The seller was not disclosed.
LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …
MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
WILLOW GROVE, PA. — Developer J.G. Petrucci Co. Inc. and its subsidiary, Petrucci Residential, have completed the lease-up of The Station at Willow Grove, a 275-unit multifamily property located on the northern outskirts of Philadelphia. The community is now 100 percent occupied. Units feature stainless steel appliances, granite countertops and glass mosaic backsplashes. The property features 20,000 square feet of commercial space and amenities such as a pool, fitness center, business center, resident clubroom, cinema lounge and a furnished courtyard.
TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 100 Prospect, a 94-unit apartment complex in Stamford. The property was originally built as an office building in the late 1970s and was converted to residential use in 2008. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Herald Realty LLC, in the transaction, and procured the buyer, First Prospect Place LLC.
SANTA BARBARA, CALIF. — Following an unsteady year in 2020, the multifamily sector is taking a leap in the early half of 2021, according to the latest Yardi Matrix National Multifamily Report. In April, multifamily rents rose 1.6 percent year-over-year, which Yardi Matrix says is the highest increase seen since the beginning of the pandemic. The firm reports overall rents increased by $10 in April to $1,417 per month, the biggest single-month gain since June 2015. Rent Growth, Occupancy Levels Across Different Markets Most markets saw month-over-month rent growth. Twenty four of the top 30 markets that Yardi Matrix tracks saw month-over-month rent growth exceeding 0.5 percent, and all gateway markets experienced positive gains from March. All gateway markets had positive rent growth for the trailing three months as well, with Miami’s rent growing 0.8 percent, Chicago 0.5 percent and Boston 0.4 percent. However, some gateway markets are still struggling compared to where they were a year ago, including Washington, D.C., with only a 0.2 percent growth. New York City, San Francisco and Seattle all experienced 0.1 percent rent growth. Yardi Matrix says that these gateway markets that are behind are expected to experience rent growth this summer. One of …
ALLEN, TEXAS — Dalcor Cos., a Dallas-based development and management firm, is underway on Watterscape Urban Residential, a 469-unit apartment community that will be located in the northeastern Dallas suburb of Allen. The property will offer studio, one- and two-bedroom units with stainless steel appliances, granite countertops and keyless entry mechanisms. Amenities will include a pool, fitness center, business center, collaborative work areas and a dog spa. Moss Construction Group, in a joint venture with Landmark, is the general contractor for the project, which is expected to be complete in December 2022.