Multifamily

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Taylor Williams April 16, 2021

CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.

April 16, 2021

Acquisitions Multifamily New York Northeast

CBRE Brokers $3.9M Sale of Multifamily Building in The Bronx

by Taylor Williams April 16, 2021

NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford Associates.

April 16, 2021

Acquisitions California Multifamily Western

Griffin Capital, Legacy Partners Sell Transit-Oriented Apartment Community in Southern California for $100M

by Amy Works April 16, 2021

MONROVIA, CALIF. — Griffin Capital Co. and Legacy Partners have completed the disposition of Moda at Monrovia Station, a Class A multifamily property located in Monrovia. Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority acquired the asset for $100 million. Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Sitauted adjacent to the Gold Line at Monrovia Station, Moda features 261 apartments in a mix of one- and two-bedroom layouts; two landscaped courtyards; a pool and spa; barbecue areas; fire pits; and a 4,000-square-foot rooftop terrace. Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers in the deal.

April 16, 2021

Acquisitions Arizona Multifamily Western

Bascom Group Buys 196-Unit Sierra Charles Apartments in Arizona for $11.6M

by Amy Works April 16, 2021

SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released. Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting and a new two-tone paint scheme. Additionally, Bascom plans to improve community amenities with a pool deck expansion, dog park addition and leasing office redesign. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged the acquisition financing, which MF1 Capital provided. MEB Management Services will provide property management services and CAPgro Construction Management will provide construction management for the renovations.

April 16, 2021

California Loans Multifamily Western

Ready Capital Closes $13.7M Loan for Multifamily Property in Los Angeles

by Amy Works April 16, 2021

LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Universal Selects Wendover Housing as Development Partner for Affordable Housing Project in Orlando

by Julia Sanders April 15, 2021

ORLANDO, FLA. — Universal Parks & Resorts has selected Wendover Housing Partners to design, build and manage an affordable housing community planned in Orlando. The project will be situated near the International Drive corridor, an area identified as high priority by Orange County’s Housing for All Task Force. Universal Creative, a division within Universal Parks & Resorts, will work with Wendover Housing on the overall plan for the new community. A Universal selection committee chose Wendover Housing from five finalists whittled down from 17 developers that submitted initial proposals. Wendover Housing, based in nearby Altamonte Springs, Fla., will help with creating Universal’s vision for affordable housing on the 20-acre site. The community will include 1,000 apartments, as well as 16,000 square feet of retail space. The development will have at least 75 percent of its apartments be dedicated to affordable housing. Construction is expected to begin in late 2022. Ownership of the site has been transferred from Universal to a not-for-profit established by the company called Housing for Tomorrow whose role is to oversee the initiative. The organization will retain ownership of the site and serve as master developer, entering into a 55-year ground lease with Wendover Housing. Housing for …

April 15, 2021

Loans Multifamily Texas

Arbor Provides $10M Acquisition Loan for Apartment Community in College Station

by Taylor Williams April 15, 2021

COLLEGE STATION, TEXAS — New York City-based Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10 million bridge loan for the acquisition of Vintage at College Station, a 200-unit apartment community in College Station. The newly remodeled property is located about two miles from Texas A&M University’s campus and features one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, wood flooring and walk-in closets. Amenities include a pool, fitness center, outdoor grilling areas, business center and a dog park. Stephen York of Arbor originated the loan. The borrower was not disclosed.

April 15, 2021

Fishtown-Kensington-Village-Philadelphia

Development Multifamily Northeast Pennsylvania

Saxum Real Estate to Develop 297-Unit Apartment Community in Philadelphia

by Taylor Williams April 15, 2021

PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.

April 15, 2021

Loans Midwest Multifamily Nebraska Seniors Housing

Greystone Provides $11.9M HUD-Insured Loan for Refinancing of Assisted Living Facility in Omaha

by Kristin Harlow April 15, 2021

OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.

April 15, 2021

Acquisitions Midwest Multifamily Ohio

Vision & Beyond Acquires Two Historic Buildings in Cincinnati, Plans Renovations

by Kristin Harlow April 15, 2021

CINCINNATI — Vision & Beyond Capital Investments has acquired two historic buildings in Cincinnati. The company is investing around $7 million to acquire and renovate both properties. The first asset is 7-9 West Court Street, which features 18 market-rate apartment units and five commercial storefronts. The building was originally built in 1905. Vision & Beyond plans to upgrade the units to Class A standards and develop six additional units on the sixth floor. The second acquisition, 1025 Central Avenue, is home to 11 market-rate apartment units and three businesses. Vision & Beyond will renovate the units and amenities. Since its inception in 2018, Vision & Beyond has invested $91 million and acquired more than 1,550 multifamily units in Greater Cincinnati. The company is poised to invest another $200 million in Cincinnati, Columbus, Dayton and Lexington, Ky. by the end of 2021.

April 15, 2021

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