WELLS, MAINE — Alliant Credit Union has provided a $16.5 million acquisition loan for a pair of adjacent RV parks in Wells, a suburb of Portland. The properties were fully occupied at the time of sale and feature shared amenities such as a clubhouse, pool, fitness center and a basketball court. Matt Gentile of Monroe & Giordano placed the loan, which was structured with a five-year term and a 30-year amortization schedule, with Alliant. The borrower was not disclosed.
Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …
LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles. Units will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program. With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment — could qualify for Vintage at Woodman. “Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” says Tia Boatman Patterson, executive director of the California Housing Finance Agency (CalFHA). CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community,” adds Patterson. The five-story apartment community, featuring one- and two-bedroom units, is scheduled for completion in spring …
FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Park West Apartment Homes, a multifamily community located in Fresno in California’s Central Valley. A Southern California-based seller sold the asset to a Southern California-based private capital investor for $29.2 million. Built in 1973 on 23 acres, Park West Apartments features 256 units, two swimming pools and spas, tennis courts, basketball courts, garages, covered parking, a leasing center, clubhouse with kitchen facilities, laundry facilities and a commercial building that is leased to a day care center. Alex Mogharebi, Otto Ozen, Robin Kane and Brenda Kane of TMG represented the seller in the deal.
PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.
PHOENIX — A joint venture between Pintar Investment Co. and Phoenix-based Suncrest Real Estate & Land has acquired an 8.7-acre Opportunity Zone land parcel at the northeast corner of Encanto Boulevard and 83rd Avenue in Phoenix. The partnership plans to develop Zora Encanto, a 109-unit build-to-rent community offering a blend of single-family living with multifamily community amenities, on the site. Zora Encanto will feature a mix of one- and two-bedroom units, each with private walk-up entrances and individually fenced backyards. Individual units will include in-house smart technology, hardwood-style floors, 10-foot ceilings and dog doors. The gated community will offer a resort-style swimming pool, fitness center, yoga lawn, grilling stations, community fireplaces and an event lawn for private gatherings. Construction is slated to begin in May, with completion and initial move-ins scheduled for mid-2022. Pintar acquired the community, which will be professionally managed, as part of its PICOZ Fund I LP. Zora Encanto is the fourth asset in the investment vehicle.
PRINCETON, TEXAS — The NRP Group, a Cleveland-based developer, has broken ground on Princeton Crossroads, a 300-unit mixed-income housing project that will be located about 40 miles northeast of Dallas. Princeton Crossroads is being developed in partnership with Texoma Housing Partners and will consist of one-, two- and three-bedroom units ranging in size from 610 to 1,320 square feet. Fifty percent of the units will be reserved for residents earning less than 80 percent of the area median income (AMI). Amegy Bank provided construction financing. Leasing is expected to begin in spring 2022, with full completion slated for fall 2022.
GREENVILLE, S.C. — Berkadia has arranged the $49.8 million sale of The Park at Sorrento and The Park at Toscana, two multifamily properties located in Greenville. Mark Boyce and Blake Coffey of Berkadia completed the transaction on behalf of the seller, an undisclosed entity, and the buyer, Nebraska-based Foundation for Affordable Housing. The Park at Sorrento is located at 660 Halton Road. The 242-unit property features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse and a tennis court. The community is close to the shops and restaurants along Laurens Road and downtown Greenville. The Park at Toscana is a 172-unit property located at 2900 E North St. featuring one-, two- and three-bedroom floor plans with private balconies and air conditioning. Community amenities include a fitness center, a business center, a swimming pool and a TV lounge. The property is close to the Haywood Mall and Interstate 385.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Fielder’s Glen, a 220-unit apartment community in Arlington. The property consists of 15 buildings on a 10.5-acre tract. Amenities include a pool, fitness center, clubhouse, laundry facilities and a courtyard. Al Silva of Marcus & Millichap represented the seller, a Colorado-based partnership, and procured the buyer, a private investment company based in Canada. The new ownership plans to implement a multimillion-dollar renovation.
DULUTH, GA. — South Florida-based PointOne Holdings has partnered with Atlanta-based The Residential Group to develop SODO, a 256-unit multifamily residential community at 3256 Buford Highway in Duluth, a northeastern suburb of Metro Atlanta. First units are slated to be delivered in the summer of 2022. SODA will include four-story buildings, with a clubhouse, business center, cyber café and coworking space. Community amenities will include a pool with a fire pit and grilling areas, fitness center, dog park and a pet spa. The property will also include finishes such as stone countertops, designer cabinetry, stainless steel appliances and hardwood-style flooring. PointOne and The Residential Group recently closed the site acquisition and financing for the project. Construction will soon be underway, with first units expected to come on line in summer 2022.