EL PASO, TEXAS — Greysteel has brokered the sale of Cien Palmas Apartments, a 150-unit Section 8 housing property in El Paso. Built in 1971, the garden-style community is located about eight miles southeast of the downtown area and offers amenities such as a pool, playground, basketball court and onsite laundry facilities. Doug Banerjee and John Marshall Doss of Greysteel represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction.
LOCKPORT, ILL. — Kiser Group has brokered the $7.2 million sale of Lockport South Apartments in Lockport, about 30 miles southwest of Chicago. Located at 551 Diane Court, the 80-unit property was owned by the same entity since the 1980s. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group brokered the sale. The buyer and seller information was undisclosed.
CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.
NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization schedule, through HUD’s 223(f) program. The borrower was not disclosed.
A Tale of Two Cities “It was the best of times, it was the worst of times…” More than 150 years later, the iconic Dickens quote still strikes a chord. While every recession is different, the pandemic-induced shelter-in-place rules quickly sent the U.S. economy into the deepest recession on record in the second quarter. Fortunately, economic recovery, at least thus far, is proving to be just as swift — in certain areas. While unemployment rates dropped quickly from 14.7 percent in April to 6.7 percent in December, a more detailed look shows widening inequality that has yet to be resolved. For those with a bachelor’s degree or higher, unemployment peaked at only 8.4 percent in April and has since fallen to 3.8 percent — a rate that was once thought to be near the point of equilibrium for the economy. Unemployment rates for those with less than a high school education peaked at 21.2 percent and for those with a high school education, at 17.7 percent. To add to the current volatile environment, the contentious U.S. presidential election kept investors on edge, assessing political as well as economic uncertainty, at least in the near-term. Volatility indices remain somewhat elevated, although …
CHARLOTTE, N.C. — Aspen Heights Partners has broken ground on Aspen Heights University City, a 188-unit student housing community located at 300 Heritage Lake Drive near the University of North Carolina at Charlotte campus. The property will offer two-, three-, four- and five-bedroom units, two-thirds of which will feature a cottage-style design. Communal amenities will include a pool, grilling areas, basketball court, sand volleyball court, fitness center, study lounges and an onsite shuttle to campus. Austin, Texas-based Aspen Heights secured $38.1 million in construction financing from Synovus Bank for the development, which is scheduled for completion in summer 2022.
AUSTIN, TEXAS — KeyBank’s Community Development Lending & Investment team has arranged a $47.6 million construction loan for Bridge at Turtle Creek, a 307-unit affordable housing project in south-central Austin. Units will consist of studio, one- and two-bedroom residences that will be reserved for renters earning between 50 and 70 percent of the area median income. The borrower, locally based developer JCI Residential, is developing the property in partnership with an affiliate of the Housing Authority of the City of Austin, which is serving as general managing partner of the development. Construction of the 4 percent low-income housing tax credit (LIHTC) project is scheduled to be complete in November 2022. Additionally, Enterprise Community Partners provided LIHTC equity for the development, and KeyBanc Capital Markets underwrote and sold $40.1 million of short-term tax-exempt bonds that were provided by Austin Housing Finance Corp. Hector Zuniga, Keven Ruf and Robbie Lynn of KeyBank originated the construction loan. Separately, KeyBank’s Commercial Mortgage Group provided a $40 million Freddie Mac forward commitment, tax-exempt loan for the project. The forward commitment period will be for 36 months. Upon conversion, the permanent loan term will be 17 years with a 40-year amortization schedule.
JEFFERSONVILLE, IND. — Doster Construction Co. has completed construction of The Walcott, a 215-unit luxury apartment complex in downtown Jeffersonville near Louisville. Located at 222 W. Maple St., the project includes a parking deck as well as a pool, fitness center and a rooftop terrace overlooking the Ohio River. Doster began construction on the project in 2019. Boka Powell was the architect and Waypoint Real Estate Investments was the developer. Monthly rents start at $1,045 for studios. Residents can now earn 10 weeks of free rent.
INDIANAPOLIS — The Annex Group is developing Union at 16th, a $29 million affordable housing community in Indianapolis. Located at 2215 W. 16th St., the 159-unit property will feature one-, two- and three-bedroom floor plans. Annex has closed on project financing and will begin construction immediately. Completion is slated for winter 2021. Project partners include T&H Investment Properties LLC and the Indiana Housing & Community Development Authority. The City of Indianapolis gave tax abatement incentives, R4 Capital Funding provided construction and permanent loan financing, Cinnaire provided tax credit equity and the Indianapolis Neighborhood Housing Partnership provided additional construction financing. Brenner Design is the architect and Crestline will serve as property manager. Amenities will include a playground, community center, fitness center, community gardens and bike parking.
LINCOLN, NEB. — NorthMarq has arranged a $24 million loan for the refinancing of Flats at Shadow Creek in Lincoln. The 219-unit multifamily property is located at the intersection of 90th and O streets. Amenities include a pet wash station, clubhouse, fitness center, yoga studio, pool, hot tub and outdoor grills. John Reed of NorthMarq arranged the fixed-rate loan, which is fully amortized over 25 years. A life insurance company provided the loan.