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Multifamily

IllinoisLoansMidwestMultifamily

Meridian Capital Group Arranges $57M Loan for Refinancing of Residential, Commercial Building in Chicago

by Kristin Harlow

CHICAGO — Meridian Capital Group has arranged a $57 million loan for the refinancing of The Residences at Eagle Building, a residential and commercial building in Chicago’s Lakeview neighborhood. Completed in 2019, the asset includes 134 apartment units and 20,000 square feet of commercial space that is leased to Starbucks, Smylie Brothers and Lakeview Food Pantry. The geothermal property rests on top of 60 wells that extend 500 feet below ground, supplying heat and cooling for the building. Additionally, 130 solar panels on the roof help generate electricity. The Residences at Eagle Building is a LEED Gold property. An insurance company provided the 15-year loan, which features an interest rate of 3 percent. Gershon Friedman of Meridian’s Chicago office arranged the loan on behalf of the borrower, Dave Gassman of DLG Management. Of the $57 million total loan amount, the lender has disbursed $47 million to the borrower. The remaining $10 million will be disbursed once the property reaches stabilization.

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LoansMidwestMissouriMultifamily

KeyBank Secures $54M Acquisition Financing for Apartment Complex in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — KeyBank Real Estate Capital has secured $54 million of fixed-rate Fannie Mae financing for the acquisition of The Parq at Chesterfield in suburban St. Louis. Irvine, Calif.-based Passco Cos. was the borrower. Built in 2019, the 345-unit apartment complex spans three buildings on 13 acres. Amenities include a pool, spa, fitness center, business center, clubhouse and corporate suites. Caleb Marten and Chris Neil of KeyBank structured the financing.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McHugh Construction, Brown & Momen Break Ground on $17.1M Mixed-Income Development in Chicago

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Brown & Momen Inc. have broken ground on 508 Pershing at Oakwood Shores, a 53-unit mixed-income development in Chicago’s Bronzeville neighborhood. As part of a public-private partnership led by The Community Builders, the residential and retail building marks the latest phase of the larger Oakwood Shores project, which will span more than 100 acres. Located at 508 E. Pershing Road, the four-story building will include 50 one-bedroom units and three two-bedroom units. There will be 7,000 square feet of amenity space and management offices as well as 3,500 square feet of street-level retail space. Completion of the $17.1 million project is slated for February 2022. Nia Architects and Antunovich Associates are the architects. Of the 53 units, 36 will be low-income housing tax credit units for households earning up to 80 percent of the area median income. The remaining 17 units will be market rate. National Affordable Housing Trust provided project funding in partnership with investor UnitedHealth Group. The project is situated on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. All told, Oakwood Shores will be home to more than 2,000 rental and …

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Griffin Gate
AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Negotiates $7.6M Sale of Griffin Gate Apartments in Hopkinsville, Kentucky

by Julia Sanders

HOPKINSVILLE, KY. — Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. have brokered the $7.6 million sale of Griffin Gate, an 80-unit multifamily complex located in Hopkinsville. The buyer was Fisher Bay LLC and the seller was Drury-McCoy LLC. Griffin Gate includes one-, two- and three-bedroom floorplans. The property is located at 302 Griffin Gate Drive, close to the Nashville MSA and about 18 miles from Fort Campbell. The community amenities and features include a pool with restrooms and gathering areas, nine-foot and vaulted ceilings, Energy Star appliances, water heaters, windows and HVAC, patio/balcony area, storage room, lighted carports, stainless steel or black appliances, cherry cabinets, quarry tile-kitchen and bathrooms and washer/dryer connections.

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LoansMultifamilyNortheastPennsylvania

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

by Taylor Williams

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.

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138-St.-Marks-Place-Brooklyn
AcquisitionsMultifamilyNew YorkNortheastRetail

Conway Capital Buys Two Multifamily, Retail Buildings in Brooklyn for $7.9M

by Taylor Williams

NEW YORK CITY — Locally based investment firm Conway Capital has purchased two multifamily and retail buildings in the Park Slope neighborhood of Brooklyn for $7.9 million. The 7,200-square-foot building at 155 Fifth Ave. was constructed in 1920 and consists of eight apartments and a ground-floor restaurant/jazz bar. The 4,900-square-foot property at 138 St. Marks Place was built in 1931 and includes 10 apartments and a pizzeria. The assets sold for $4.2 million and $3.7 million, respectively. Adam Lobel of BRG represented the seller of 155 Fifth Ave., and Eddie Setton and Adam Hess of Meridian represented the seller of 138 St. Marks Place.

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Desert-Peaks-El-Paso
AcquisitionsMarket ReportsMultifamilyTexasTexas Market Reports

El Paso Multifamily Investment Demand Remains Strong Through First Quarter of 2021

by Taylor Williams

By Jack Stone, director of investment sales, Greysteel “What do you have in El Paso?” The country is over a year into the pandemic, and Greysteel is still receiving calls on a daily basis from groups asking just that. We sold thousands of units in El Paso over the two years leading up to COVID-19, and there’s no end in sight. In fact, even in these uncertain times, demand seems to have grown. Attracted to the higher yields, strong tenant base and increasingly diversified economy, investors are coming to El Paso in droves. It’s no secret that the Texas multifamily market has been hot. Out-of-state groups were first drawn to markets like Dallas, Austin, Houston and San Antonio because they offered higher yields with fewer regulations than markets like New York and California. But it was only a matter of time before even those cities, which are seeing with cap rates begin to compress 4 to 5 percent, got too hot. Investors subsequently began exploring other options and turned to cities like El Paso, where the fundamentals were strong and yields still attractive. Demographic Advantages El Paso’s multifamily market has always had a strong tenant base. New players in the …

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East Ponce Village
AcquisitionsGeorgiaMultifamilySoutheast

Berkadia Brokers $75M Sale of East Ponce Village Multifamily Property in Tucker, Georgia

by Julia Sanders

TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.

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Abrams Hall Senior Apartments
Affordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySeniors HousingSoutheast

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Julia Sanders

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …

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Natura Gardens
FloridaLoansMultifamilySoutheast

Bank OZK Provides $64.8M Construction Loan for Natura Gardens Apartments in Miami

by Julia Sanders

MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022. Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community. Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and …

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