Multifamily

Cadence, Fluornoy Break Ground on 128-Unit Seniors Housing Community Near Seattle

by Amy Works October 26, 2020

KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.

October 26, 2020

Civic Development Multifamily New York Northeast Top Stories

Howard Hughes Plans $1.4B Multifamily Project in Manhattan’s Seaport District

by Taylor Williams October 26, 2020

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans for a $1.4 billion multifamily project in Manhattan’s Seaport District. The proposal calls for the transformation of a full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area’s first new affordable housing in decades. The development would ultimately feature 360 apartments, about 25 percent of which would be affordable, as well as 260 condominium units. In terms of the multifamily component, the centerpiece is 250 Water Street, where Dallas-based HHC plans to develop at least 100 affordable apartments that would be reserved for households earning 40 percent or less of the area median income. Only 2.5 percent of all housing in the Seaport District qualifies as affordable, and the median household income is more than $150,000. The project would also rehabilitate the historic South Street Seaport Museum, which has faced numerous obstacles over the past two decades, including a two-year closure following 9/11, flooding from Hurricane Sandy in 2012 and an existential threat to attendance from COVID-19. In addition, HHC would develop a new museum building on an adjacent vacant lot. The …

October 26, 2020

Development Multifamily Seniors Housing Southeast Virginia

Joint Venture Breaks Ground on $86M Affordable Seniors Housing Community in Northern Virginia

by Alex Tostado October 23, 2020

RESTON, VA. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. Communal amenities will include a fitness center, arts and crafts room, social hall, game room and an outdoor terrace. The developers expect to deliver the community in summer 2022. Financing for Lake Anne House comes from $46.5 million in tax-exempt bond financing from Virginia Housing, as well as a $700,000 loan from the Virginia Housing Trust Fund. Enterprise Housing Credit Investments (EHCI) and Capital One provided $21.5 million in Low-Income Housing Tax Credit equity, the Fairfax County Redevelopment and Housing Authority (FCRHA) provided $3 million in Blueprint Funding and EHCI affiliate Enterprise Community Loan Fund provided $7.2 million in bridge financing. Virginia Community Capital provided $1 million in predevelopment financing early in …

October 23, 2020

Development Multifamily Texas

GenCap Group Begins Leasing 350-Unit Sarah at Lake Houston Apartments in Metro Houston

by Taylor Williams October 23, 2020

HUMBLE, TEXAS — Dallas-based developer The GenCap Group has begun leasing The Sarah at Lake Houston, a 350-unit apartment community located in the northern Houston suburb of Humble. The property offers one-, two- and three-bedroom units with granite countertops, nickel hardware fixtures, stainless steel appliances and smart-entry locks. Amenities include a pool, fitness center, beer garden and a dog park, as well as private lake access. Greystar manages the property, which will officially open its doors later this month.

October 23, 2020

Acquisitions Multifamily Texas

Newmark Brokers Sale of 308-Unit Aspect by Cortland Apartments in Austin

by Taylor Williams October 23, 2020

AUSTIN, TEXAS — Newmark has brokered the sale of The Aspect by Cortland, a 308-unit apartment community located in the East Riverside district of Austin. According to Apartments.com, the property was built in 2001 and renovated in 2017 and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a resident clubhouse. Patton Jones of Newmark, which recently rebranded from Newmark Knight Frank, represented the seller, Atlanta-based Cortland, in the transaction. Dallas-based private equity firm CAF Capital Partners acquired the asset for an undisclosed price.

October 23, 2020

Acquisitions Illinois Midwest Multifamily

Joint Venture Purchases Chicago Apartment Building for $32.8M

by Kristin Harlow October 23, 2020

CHICAGO — Dwelle, a joint venture between Drew Breneman’s firm RiseInvest and Sam Meyer, has acquired a 72-unit apartment building in Chicago for $32.8 million. The fully leased property is located at 1247-1249 W. Madison St. in the West Loop. The property also includes six commercial units and a heated parking garage. Dwelle’s investors are high-net-worth individuals looking to invest in real estate over the long term and generate dividend income in a tax-efficient manner.

October 23, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Provides $25M Construction Loan for Multifamily Project in Elkhart, Indiana

by Kristin Harlow October 23, 2020

ELKHART, IND. — Mortgage banking company Merchants Capital has provided $25 million in financing for River Point West, a 173-unit apartment project under construction in Elkhart. The development includes 6,000 square feet of ground-floor retail space and a separate 42,000-square-foot Martin’s Supermarket. Roughly $20 million is dedicated to the apartments, while $5 million is for the Martin’s. Merchants financed the new construction loan through Merchants Bank of Indiana on behalf of the borrower, Great Lakes Capital. The project is a public-private partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital. Under the Land Use Restriction Agreement, 10 percent of River Point West’s apartment units are restricted to residents earning up to 60 percent of the area median income. The first of three apartment buildings is on track to begin leasing this year. Full completion is slated for spring 2021.

October 23, 2020

Development Multifamily New Jersey Northeast

BNE, Sterling Begin Leasing 110-Unit Grove at Piscataway Apartments in New Jersey

by Taylor Williams October 23, 2020

PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.

October 23, 2020

Acquisitions Multifamily New York Northeast

Inland Real Estate Buys 109-Unit Multifamily Property in Long Beach

by Taylor Williams October 23, 2020

LONG BEACH, N.Y. — Inland Real Estate Acquisitions has purchased 10 West Apartments, a 109-unit oceanfront multifamily property in Long Beach. The 11-story property features one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units that are furnished with quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Amenities include a pool, fitness center, library and a lounge area. The building was renovated between 2013 and 2018 following Hurricane Sandy and was 99 percent occupied at the time of sale. The seller was not disclosed.

October 23, 2020

Loans Multifamily New York Northeast

JLL Arranges $27.5M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 23, 2020

NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.

October 23, 2020

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