Multifamily

Northmarq Arranges $29.5M in Refinancing for Seniors Housing Community in Visalia, California

by Amy Works November 15, 2024

VISALIA, CALIF. — Northmarq has arranged $29.5 million in refinancing for Quail Park at Shannon Ranch, a seniors housing property at 3440 W. Flagstaff Ave. in Visalia. Quail Park offers 120 independent living, assisted living and memory care studio, one- and two-bedroom floor plans, as well as adjoining studio suites. Units include full-size kitchens, in-home washers/dryers, weekly housekeeping and linen services, scheduled transportation and pet-friendly rooms with available personalized pet care. Community amenities include a sports den, theater, pub, beauty salon, chef-prepared meals with signature anytime dining options, a fitness center with a swimming pool and fitness classes, and an on-site personal trainer. The community is operated by Seattle-based Living Care Lifestyles, and the ownership group includes the principal of Living Care Lifestyles, several investors local to Visalia and Kaweah Health System of Visalia. Northmarq’s Seattle Debt + Equity team led by Stuard Oswald secured the financing on behalf of the borrower, Northwest Visalia Senior Housing LLC, through a correspondent relationship with Poppy Bank of California. The financing was structured on a 10-year term with interest-only payments for the first five years. The loan proceeds were used to retire a bridge loan that Northmarq originated in 2021.

November 15, 2024

Acquisitions Kansas Midwest Multifamily Student Housing

Preiss Co. Acquires 784-Bed Student Housing Community Near University of Kansas

by Kristin Harlow November 15, 2024

LAWRENCE, KAN. — The Preiss Company has acquired The Collective at Lawrence, a 784-bed, cottage-style community located near the University of Kansas in Lawrence. Formerly known as The Nest, The Collective at Lawrence was built in 2018 and offers 270 units. Shared amenities include a state-of-the-art clubhouse, indoor/outdoor fitness center, swimming pool, hot tub, disc golf course, soccer field and study areas. Enhancements are planned for the community and will include comprehensive technology upgrades.

November 15, 2024

Illinois Loans Midwest Multifamily

Pearlmark Provides $7.4M Mezzanine Investment for Recapitalization of Suburban Chicago Apartment Complex

by Kristin Harlow November 15, 2024

MORTON GROVE, ILL. — Pearlmark has provided a $7.4 million mezzanine debt investment for the recapitalization of The Residences at Sawmill Station, a 250-unit apartment complex in the Chicago suburb of Morton Grove. Pearlmark Mezzanine Realty Partners V LP originated and structured the investment. Wintrust Bank provided the senior loan, extending its existing loan on the property. UrbanStreet Group is the owner and developer. The Residences at Sawmill Station is part of a 26-acre mixed-use development that includes a 240,000-square-foot lifestyle center. Amenities include a pool, fitness center, coworking offices, a resident lounge, dog spa, pet park and covered garage. Mark Witt of Pearlmark arranged the transaction.

November 15, 2024

Acquisitions South Carolina Southeast Student Housing

Campus Advantage, Tramview Capital Acquire 700-Bed Student Housing Community Near University of South Carolina

by John Nelson November 15, 2024

COLUMBIA, S.C. — A joint venture between Campus Advantage and Tramview Capital Management has acquired Alight Columbia, a 700-bed student housing community located near the University of South Carolina campus in Columbia. The new ownership plans to rebrand the 206-unit property as “The Radley.” The community offers a mix of two- and four-bedroom units alongside shared amenities including a fitness center, swimming pool, outdoor grilling station, tennis courts, basketball and sand volleyball courts, resident clubhouse and a business center.

November 15, 2024

Affordable Housing Development Multifamily Texas

NRP Group Completes 318-Unit Affordable Housing Project in South Austin

by Taylor Williams November 14, 2024

AUSTIN, TEXAS — The NRP Group, a multifamily developer based in Cleveland, has completed Bridge at Estancia, a 318-unit affordable housing project in South Austin. Designed by HEDK Architects, the property is located on a 15-acre site within the 600-acre Estancia Hill Country master-planned development. Units come in one-, two-, three- and four-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, activity room and a playground. Financing for the project included a $20 million housing tax credit investment from Hudson Housing Capital, along with construction and permanent financing provided by BWE and Deutsche Bank.

November 14, 2024

Development Multifamily Texas

AOG Living Breaks Ground on 168-Unit Active Adult Community in Southeast Austin

by Taylor Williams November 14, 2024

AUSTIN, TEXAS — AOG Living, the Houston-based developer and operator formerly known as Allied Orion Group, has broken ground on Novum Capitol View, a 168-active adult project that will be located in southeast Austin. Designed by Humphreys & Partners, the property will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a saltwater pool, fitness center, hair and nail salon, theater and game lounge, dog park, community gardens and an activity room. CBRE arranged construction financing for the project, completion of which is slated for late 2025.

November 14, 2024

Colorado Loans Multifamily Oregon Western

BWE Arranges $260M Loan for Refinancing of National Multifamily Portfolio

by Kristin Harlow November 14, 2024

DENVER AND BEAVERTON, ORE. — BWE, the commercial finance firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged a $260 million loan for the refinancing of a national portfolio of six multifamily properties totaling roughly 1,500 units. Two of the properties — Hartley Flats and Studio LoHi — are located in Denver, and a third, Victory Flats, is located in Beaverton, Ore. The other properties in the portfolio are in Austin and Charlotte. All properties were constructed within the past decade, and the portfolio had an occupancy rate of approximately 95 percent at the time of the loan closing. Northwestern Mutual provided the five-year loan, which was structured with a 5.07 percent interest rate, full-term interest-only payments and a 55 percent loan-to-value ratio. The borrower was not disclosed.

November 14, 2024

Acquisitions California Loans Multifamily Western

Walker & Dunlop Secures $113M Acquisition Financing for Bay Area Multifamily Community

by Amy Works November 14, 2024

REDWOOD CITY, CALIF. — Walker & Dunlop has secured $113 million in financing on behalf of Acacia Capital for the acquisition of 299 Franklin, a Class A multifamily property located at 299 Franklin St. in Redwood City. Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche of Walker & Dunlop Multifamily Finance team arranged the financing. Built in 2013, 299 Franklin offers 304 market-rate studio, one- and two-bedroom apartments, including 11 direct-access townhomes, with an average unit size of 845 square feet. Community amenities include a rooftop deck, fitness center, swimming pool and spa deck, business and resident lounges, bicycle parking and electric vehicle charging stations.

November 14, 2024

Loans Multifamily Student Housing Texas

Colliers Mortgage Arranges $34.6M Acquisition Loan for Student Housing Property Near University of Texas at Tyler

by Taylor Williams November 14, 2024

TYLER, TEXAS — Colliers Mortgage has arranged a $34.6 million acquisition loan for The Foundry, a 675-bed student housing property that serves the University of Texas at Tyler, located about 120 miles east of Dallas. The Foundry is located across the street from campus and offers amenities such as a pool, clubhouse, game room, fitness center, outdoor picnic and grilling areas and a sand volleyball court. Greg Young of Colliers Mortgage originated the debt, which includes proceeds for capital improvements. The borrower and direct lender were not disclosed.

November 14, 2024

Development Multifamily North Carolina Southeast

Crescent Communities Breaks Ground on 318-Unit Apartment Development in West Charlotte

by John Nelson November 14, 2024

CHARLOTTE, N.C. — Locally based development firm Crescent Communities has broken ground on Novel River District, a 318-unit apartment community in west Charlotte. The property will serve as the first multifamily component within The River District, a 1,400-acre master-planned community that will eventually house approximately 2,350 apartment options and 2,300 single-family homes. UMB Bank provided an undisclosed amount of construction financing for Novel River District, which is set to welcome first residents in early 2026. The community will be the cornerstone of the future Westrow town center and feature a mix of studio, one- and two-bedroom apartments. The project is designed to achieve National Green Building Standard’s (NGBS) Silver level of sustainability. Crescent’s design-build partners for Novel River District include Cooper Carry (architect), Crescent Communities Construction (general contractor), Ellinwood + Machado (structural engineer), ENGR3 (MEP engineer), BB+M Architecture (interior design) and Land Design (landscape design and civil engineering).

November 14, 2024

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