Multifamily

American Street Capital Arranges $6.6M Refinancing for Multifamily Property in Naperville, Illinois

by Kristin Harlow July 31, 2020

NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.

July 31, 2020

Development Mixed-Use Multifamily Nevada Retail Western

TRU Development, MultiGreen Properties to Build 336-Unit Apartment Community Near Las Vegas

by Amy Works July 31, 2020

HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.

July 31, 2020

Development Multifamily North Carolina Southeast Student Housing

Joint Venture Breaks Ground on 192-Bed Student Housing Community Near UNC at Pembroke Campus

by Alex Tostado July 30, 2020

PEMBROKE, N.C. — A joint venture titled PB Pembroke Owner LLC has broken ground on a 192-bed student housing community located near the University of North Carolina at Pembroke. The 192-bed project is Phase I of a larger development set to include 20,000 square feet of retail and a second 300-bed student housing community. Financing for the project includes $3 million in opportunity zone equity from the Woodforest CEI-Boulos Opportunity Fund, a $10.8 million loan from Self-Help Credit Union and $840,000 in developer equity. Phase I of the development is scheduled for completion in fall 2021.

July 30, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

Acquisitions Arizona Multifamily Western

CBRE Negotiates $35.7M Sale of Pacific Bay Club Apartments in Phoenix’s Southeast Valley

by Amy Works July 30, 2020

AHWATUKEE, ARIZ. — CBRE has arranged the sale of Pacific Bay Club, a multifamily community located in Ahwatukee, a suburb of Phoenix. Logan Capital Advisors acquired the asset from Picerne Development for $35.7 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal. Built in 1988, Pacific Bay Club features 192 garden-style apartments, an upgraded leasing center and clubhouse, a barbecue rotunda with four stainless steel gas grills, and exterior LED lighting.

July 30, 2020

California Development Mixed-Use Multifamily Western

Mountain Pacific Starts Construction of $14M Mixed-Use Development in San Pedro, California

by Amy Works July 30, 2020

SAN PEDRO, CALIF. — Los Angeles-based Mountain Pacific Opportunity Partners, in partnership with South Bay Developers and ARK Construction & Development, has started construction 336 W. Seventh Street, a mixed-use development in San Pedro. Situated on a 14,000-square-foot opportunity zone site, the $14 million project will feature a five-story building offering 32 apartments in a mix of one-, two- and three-bedroom layouts, as well as two two-story penthouses. Three of units will be designated as affordable housing. Additionally, the property will feature 3,750 square feet of ground-floor commercial space and parking for 44 vehicles. Breen Engineering is providing architectural services for the project. Completion is slated for summer 2022.

July 30, 2020

Loans Multifamily New Mexico Western

Paragon Mortgage Arranges $18.8M Refinancing for Two Multifamily Communities in New Mexico

by Amy Works July 30, 2020

CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis. The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt service. The properties offer a total of 256 market-rate apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a pool and spa, 24-hour fitness center, business center, garages, storage units, gas grills and in-unit washers/dryers.

July 30, 2020

Development Midwest Minnesota Multifamily

175-Unit Luxury Apartment Community, The Asher, to Open in Minneapolis This Fall

by Kristin Harlow July 30, 2020

MINNEAPOLIS — The Asher, a 175-unit luxury apartment community in Minneapolis, is slated to open in October. Situated at 1125 Lagoon Ave., the property will offer studio, one- and two-bedroom units. Amenities will include a pool, rooftop deck, fitness center, clubroom, bike lounge and coworking stations. Reuter Walton Development and Northwestern Mutual are the project partners. Village Green will serve as property manager. Residents can currently earn two months of free rent on select apartments. Monthly rents start at $995.

July 30, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 303-Unit Bowery at Southside Apartments in Fort Worth

by Taylor Williams July 30, 2020

FORT WORTH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of The Bowery at Southside, a 303-unit apartment community in Fort Worth. The property was built on 7.5 acres in 2019 and features apartment and townhome residences with an average unit size of 820 square feet. Amenities include a pool, sky lounge and a lawn with a five-hole putting green. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, StoneHawk Capital Partners, and procured the buyer, Virginia-based Weinstein Properties.

July 30, 2020

Loans Multifamily Texas

NKF Provides $54.8M Agency Loan for Refinancing of Nob Hill Apartments in Houston

by Taylor Williams July 30, 2020

HOUSTON — Newmark Knight Frank (NKF) has provided a $54.8 million Freddie Mac loan for the refinancing of Nob Hill Apartments in Houston. The community was built in four phases beginning in 1967 and is now operated as a single complex totaling 1,326 workforce housing units. The borrower, Steadfast Cos., recently implemented a value-add program that delivered shaker-style cabinets, granite-style countertops and modern appliances to the unit interiors. Amenities include nine pools, courtyards, a business center and a clubhouse. Matt Greer of NKF originated the loan.

July 30, 2020

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