BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.
TEXAS CITY, TEXAS — Oldham Goodwin Group LLC, a development and management firm based in Central Texas, has completed The Huntington at Lago Mar, a 148-unit affordable independent living community in Texas City, located southeast of Houston. Units feature granite countertops, vinyl flooring and individual washer and dryer connections. Communal amenities include a yoga studio, fitness center, community room, theater, pool, outdoor grill area and bocce ball and shuffleboard courts. Construction began in November 2019.
FORT WORTH, TEXAS — PlattPointe Capital LLC, a boutique capital advisory firm, has arranged a $32.5 million senior loan for the construction of a six-building, 226-unit multifamily project in Fort Worth. A local debt fund provided the financing, which was structured with an 80 percent loan-to-cost ratio. The borrower was not disclosed.
DALLAS — Lument has provided a $15.5 million Fannie Mae loan for the refinancing of Redbird Trails Apartments, a 252-unit affordable housing property in South Dallas. The property was built in 1985 and offers one- and two-bedroom units. Approximately 20 percent of the units are reserved for renters earning 50 percent or less of the area median income (AMI), and 80 percent of the residences are reserved for renters earning 60 percent or less of AMI. Chad Musgrove of Lument originated the debt, which carried a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower, which has owned and operated the community since 1992, will use a portion of the proceeds to fund capital improvements.
SHAWNEE AND PRAIRIE VILLAGE, KAN. — CBRE has negotiated the sale of two multifamily properties in metro Kansas City for a combined $105 million. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller in each transaction. Prairie Pines in Shawnee includes 220 rental townhome units. Hickok-Dible Co. completed the property in 2019. Two- and three-bedroom floor plans average 1,900 square feet. Amenities include a fitness center, pool and outdoor grilling areas. Kansas City-based Nolan Real Estate Services was the buyer. Kenilworth Apartments in Prairie Village includes 246 units. JC Nichols Co. originally completed the property in 1964. Amenities include an indoor and outdoor pool as well as an outdoor kitchen and grilling area. Denver-based Avanti Residential was the buyer.
SLEEPY HOLLOW, N.Y. — Houston-based Hines has topped off NorthLight at Edge-on-Hudson, a 246-unit multifamily project in Sleepy Hollow, located north of New York City. The property is located within the $1 billion, 70-acre Edge-on-Hudson mixed-use development that includes 16 acres of community parks and a waterfront promenade. Upon completion in the third quarter of next year, NorthLight at Edge-on-Hudson will offer studio, one-, and two-bedroom apartments ranging in size from 565 to 1,406 square feet. Amenities will include a pool, fitness deck, outdoor kitchens, fire pits, open green spaces, outdoor lounge areas, a clubhouse with coworking space, fitness center, kids’ playroom, communal kitchen and a wine lounge. Hines will begin leasing the property in the first quarter of 2022.
QUINCY, MASS. — Chicago-based investment firm Waterton has acquired The Amelia, a 200-unit apartment community located in the southern Boston suburb of Quincy. The 10-story property was built on 1.2 acres in 2006 and offers studio, one- and two-bedroom units. Amenities include a fitness center, resident clubhouse and an outdoor deck. Waterton will implement a value-add program focused on unit interiors and amenity spaces. The seller was not disclosed.
NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.
NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply. The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income. The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail. Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal …
Many parts of the seniors housing industry slowed as a result of the COVID-19 pandemic, including the lending market. Fannie Mae and Freddie Mac, the two giant government-sponsored enterprises (GSEs), experienced a significant pullback in deal volume in 2020, but remained two of the larger capital sources in the sector. “We are the predominant lender in the space,” says Steve Schmidt, national director of seniors housing loan production with Freddie Mac. “We stayed active at the height of the pandemic. Our underwriting changed, but we were still very active.” Freddie Mac’s annual lending volume in the seniors housing sector fell 45 percent year over year, from $3.8 billion in 2019 to $2.1 billion in 2020. Fannie Mae’s drop was even more dramatic. After growing from $2.3 billion in 2018 to $3.1 billion in 2019, volume dropped 71 percent to below $1 billion in 2020. Fannie Mae declined to be interviewed for this article. “Considering that year-over-year seniors transaction volume was down significantly, the agencies proved to be a tremendous source of liquidity in the market,” says Ryan Stoll, national director of seniors housing and care for Bellwether Enterprise. One reason Freddie Mac stayed active is that the organization’s mission is …