Multifamily

FriedLam Partners Buys Six-Property Multifamily Portfolio in North Carolina, Georgia for $85.2M

by Alex Tostado October 29, 2020

TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.

October 29, 2020

Development Multifamily Seniors Housing Texas

MedCore Partners, TNRG Begin Work on $115M Seniors Housing Project in Georgetown, Texas

by Taylor Williams October 29, 2020

GEORGETOWN, TEXAS — MedCore Partners and The National Realty Group (TNRG) have begun construction of The Hacienda at Georgetown, a 230-unit seniors housing community in metro Austin. The community sits on a 13.2-acre tract at the south entrance to Sun City Texas, a master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. Watermark Retirement Communities will manage the property, which is slated to open in late 2022. BOK Financial is providing construction financing, while ACRON USA is providing equity for the project. REES Architects provided the architectural and engineering services.

October 29, 2020

Loans Multifamily Northeast Pennsylvania

JLL Provides Agency Loan for Refinancing of 136-Unit Multifamily Asset Near Philadelphia

by Taylor Williams October 29, 2020

PHOENIXVILLE, PA. — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Westridge Gardens, a 136-unit multifamily asset in Phoenixville, a northwestern suburb of Philadelphia. Renovated in 2017, the property consists of 15 buildings housing one-, two- and three-bedroom units on a 13-acre site. The average unit size is 986 square feet, and each residence offers in-unit washers and dryers and outdoor patio space. Communal amenities include a pool, sport court and a playground. Ryan Ade, Jamie Leachman and Travis Hess originated a 10-year, fixed-rate loan for the acquisition on behalf of the borrower, Relative Properties LLC.

October 29, 2020

Independence-Way-at-the-Green-Florham-Park

Affordable Housing Development Multifamily New Jersey Northeast

Partnership Completes 62-Unit Affordable Housing Community in Florham Park, New Jersey

by Taylor Williams October 29, 2020

FLORHAM PARK, N.J. — A partnership between developer Rockefeller Group, Bergen County’s United Way and Madeline Corp. has completed Independence Way at The Green, a 62-unit affordable housing community in the northern New Jersey city of Florham Park. The property consists of eight buildings on an eight-acre site within Rockefeller’s 268-acre Green at Florham Park mixed-use development and will serve 102 residents with developmental disabilities. Z+ Architects LLC designed the project, and Sharp Management served as the general contractor.

October 29, 2020

Development Multifamily Seniors Housing Washington Western

Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle

by Amy Works October 29, 2020

SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well as close proximity to light rail, street cars and buses. The $150.7 million property is slated to open in spring 2022.

October 29, 2020

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Amy Works October 29, 2020

SPOKANE, WASH. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission for Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth. The first phase, currently underway, calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase includes demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas. Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.

October 29, 2020

Acquisitions Illinois Midwest Multifamily Student Housing

GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

by Kristin Harlow October 29, 2020

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, outdoor lounge and multiple study areas. Monthly rents start at $695 for shared units.

October 29, 2020

Development Midwest Missouri Multifamily

IMPACT Strategies Builds $40M Luxury Apartment Development in Suburban St. Louis

by Kristin Harlow October 29, 2020

RICHMOND HEIGHTS, MO. — IMPACT Strategies has completed construction of Altair at the Heights, a $40 million luxury apartment development in Richmond Heights, a suburb of St. Louis. ILI Communities was the developer, Fugleberg Koch served as architect and Civil Design Inc. was the engineer. The 187-unit, four-story project now fills the site of the former AB Green Middle School. The development includes 3,300 square feet of retail space. Among the amenities are a clubhouse, pool, courtyard, fitness center and pet washing station. Monthly rents start at $1,235 for one-bedroom units. Residents can now receive two months of free rent by signing a 14-month lease.

October 29, 2020

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $82M Refinancing Loan for New Multifamily Community in Fort Lauderdale

by Alex Tostado October 28, 2020

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.

October 28, 2020

Development Multifamily Texas

Mill Creek Breaks Ground on 360-Unit Modera Frisco Square Apartments

by Taylor Williams October 28, 2020

FRISCO, TEXAS — Mill Creek Residential has broken ground on Modera Frisco Square, a multifamily project in Frisco that will add 360 Class A units to the local supply. The wrap-style community will offer one-, two- and three-bedroom units that are furnished with granite or quartz countertops, tile backsplashes, individual washers and dryers and private patios or balconies. Amenities will include a pool, grilling and picnic areas, fitness center, coffee bar, conference room and a golf simulator. The first move-ins are expected to begin in spring 2022.

October 28, 2020

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