BOISE, IDAHO — New York-based Berkadia has acquired LIHTC Advisors, a Boise-based brokerage firm that serves apartment investors with a focus on affordable housing. Jeff Irish and Brandon Grisham, formerly principals of LIHTC Advisors, will lead the new team in Boise. Prior to the merger, Irish and Grisham were involved in the sale of more than $2 billion of affordable housing assets throughout the country. In 2019, Irish and Grisham closed 53 transactions and are expected to exceed that this year. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, senior vice president and head of Berkadia Affordable. “This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” says Berkadia CEO Justin Wheeler. In 2019, Berkadia’s loan origination volume was $27 billion, while its investment sales platform totaled $9 billion.
PORT ROYAL, S.C. — Greystone Brown Real Estate Advisors has negotiated the $54.1 million sale of Preserve at Port Royal, a 400-unit multifamily community in Port Royal. The property, which was built in 2006, offers one- and two-bedroom floor plans. Communal amenities include a fitness center, two pools, library, two business centers, playground, dog park, storage units, car care center, laundry center, two outdoor kitchens with grilling areas and a bird sanctuary. The asset is situated at 1 Preserve Ave. W., 30 miles north of Hilton Head Island. Jim Jarrell, Steve Mack and Walter Miller of Greystone Brown represented the seller, Norcross, Ga.-based Prominent Realty Group, in the transaction. The buyer was not disclosed.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement expressing its disappointment in the Centers for Disease Control and Prevention (CDC) and the Trump Administration for ordering the temporary halt in residential evictions nationwide through the end of the year. “We are deeply disappointed that this moratorium is being enacted, particularly without the backup of a meaningful rental assistance program,” a statement from the Washington, D.C.-based organization read. The order, which was issued Tuesday, Sept. 1, applies to renters who make $99,000 or less per year or families making less than $198,000 per year. Additionally, to avoid eviction, renters must prove they are unable to pay rent due to COVID-19-related hardship and that being evicted would lead to them being homeless or living in close quarters with people from outside their household.
NORTHBROOK, ILL. — McShane Construction Co. has completed construction of The Elaine, a 304-unit luxury apartment complex in Northbrook, a northern suburb of Chicago. Finger Cos. was the developer and Niles Bolton Associates served as architect. Located at 1000 Skokie Blvd., the five-story property features a fitness center, business center, conference room, golf simulator, dog run, two pools and three courtyards. Floor plans range from 689 to 1,229 square feet.
CHICAGO — Guidepost Montessori has opened at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The 14,000-square-foot elementary school will serve grades one through six. The new location is part of Guidepost Montessori’s larger growth in Chicago, with three new early childhood campuses opening in Lincoln Park, Schaumburg and Edgewater for a total of seven schools. Optima Inc. is the developer and owner for the 57-story, 490-unit Optima Signature. Other retail tenants at the property include Egg Harbor Café, GoodVets, Runaway Fitness and Bedazzled Nails & Spa.
HOUSTON — The NHP Foundation, a nonprofit developer based in New York City, will build a 149-unit affordable housing community at 3300 Caroline St. in the Midtown area of Houston. While all residences will be reserved for renters earning less than the area median income, 20 percent of the units will be set aside for homeless people going through transitional housing programs. Magnificat Houses Inc. is the landowner and NHP Foundation’s equity partner on the project. The City of Houston Department of Housing & Community Development has provided $15 million in financing for the project, which has a target completion date of December 2022.
OKLAHOMA — Carnegie Capital has arranged an $11.5 million loan for the refinancing for three skilled nursing facilities totaling 330 licensed beds in southern-central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. J.D. Stettin of Carnegie Capital arranged the loan, which features a fixed 3.99 percent interest rate for five years. The names of the facilities were not disclosed.
NEW YORK CITY AND WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital’s existing operating structure. Midland States Bank will retain the existing Love Funding servicing portfolio. Additional terms of the transaction were not disclosed.
BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.