Multifamily

Strategic Capital, Cape Advisors, Forum Absolute Open 170-Unit Multifamily Project in Manhattan

by Taylor Williams October 22, 2020

NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.

October 22, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $67.4M in Acquisition Financing for Boston Apartments

by Taylor Williams October 22, 2020

BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.

October 22, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $11.5M Sale of Apartment Building in The Bronx

by Taylor Williams October 22, 2020

NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.

October 22, 2020

Development Illinois Loans Midwest Multifamily Top Stories

JLL Arranges More Than $100M in Financing for Multifamily Tower Under Construction in Chicago

by Alex Tostado October 22, 2020

CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …

October 22, 2020

Conference Coverage Features Multifamily Student Housing

NMHC/InterFace Panel: Why an Aggressive Approach to Student Housing Development is Warranted

by Taylor Williams October 22, 2020

By Taylor Williams Student housing developers say now is a favorable time to aggressively pursue new projects as their customers voice a strong desire to resume on-campus learning, and they are using lessons learned over the past six months to bring debt and equity partners to the table in order to jump-start deals. Whereas demand drivers for new development in the traditional multifamily space typically center on job and population growth, the student housing sector often responds to different economic and social factors. In the COVID-19 era, these fundamentals are manifesting themselves in unusual ways, such as with empirical data suggesting students overwhelmingly want to return to campus. A survey of 800 college students conducted earlier this year by Axios and College Reaction found that 75 percent would prefer to return to campus, even if it meant giving up parties and sporting events. Developers also point to several positive indicators, including moves by prominent universities to reduce density on campus without compromising enrollment, the inclusion of parental co-signors on new leases and the simple fact that occupancy in the space is not linked to unemployment. With regard to concerns over diminished enrollment, developers are encouraged by the fact that some …

October 22, 2020

Development Maryland Multifamily Southeast Student Housing

Gilbane Starts Construction of 978-Bed Student Housing Complex Near University of Maryland

by Alex Tostado October 21, 2020

COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, multisport simulator and a computer lab. The two-acre site will be situated at 8430 Baltimore Ave., less than one mile from campus. Providence, R.I.-based Gilbane Development expects to deliver the asset in August 2022. Gilbane Development is the project development, financing and ownership arm of Gilbane Inc., a private holding company.

October 21, 2020

Loans Maryland Multifamily Southeast

MAC Realty Advisors Arranges $72.5M Loan for Multifamily Development in Metro D.C.

by Alex Tostado October 21, 2020

NORTH BETHESDA, MD. — MAC Realty Advisors has arranged a $72.5 million construction-to-permanent loan for East Village at North Bethesda Gateway, a 335-unit multifamily community in North Bethesda. The borrower/developer, a partnership between Foulger-Pratt and Promark Partners, expects to deliver the asset by the end of 2020. The property is located at 5616 Nicholson Lane, 11 miles north of downtown Washington, D.C., on the former site of White Flint Mall. Andrew McAllister, Nick Rubenstein and Pate Hardison of MAC Realty originated the loan on behalf of the borrower through an undisclosed national lender.

October 21, 2020

Acquisitions Multifamily Texas

Conti Acquires 260-Unit Rustic of McKinney Apartments in Metro Dallas

by Taylor Williams October 21, 2020

MCKINNEY, TEXAS — Locally based owner-operator Conti Organization has acquired Rustic of McKinney, a 260-unit apartment community located at 2700 N. Brook Drive on the northern outskirts of Dallas. Built in 1997, the garden-style property is situated on 13 acres and offers amenities such as a newly renovated clubhouse, pool, outdoor kitchen and dog park. Taylor Hill, Michael Ware, Jay Gunn, Tom Burns and Will Jarnagin of Berkadia brokered the deal, the seller of which was not disclosed.

October 21, 2020

Connecticut Development Multifamily Northeast

RMS Cos. Begins Work on Phase I of 1,000-Unit Multifamily Project in Hartford

by Taylor Williams October 21, 2020

HARTFORD, CONN. — Connecticut-based developer RMS Cos. has begun construction of the $50 million first phase of Downtown North, a redevelopment project in Hartford that will ultimately add 1,000 new units to the local supply. Phase I of the project will feature studio, one- and two-bedroom floor plans, as well as retail and entertainment space and a 330-space parking garage, at Parcel C, located just north of Dunkin’ Donuts Stadium at Main and Trumbull streets. Construction of Phase I is expected to last about 20 months. The entire Downtown North redevelopment is valued at $200 million and will be developed in phases over the next five years.

October 21, 2020

Acquisitions Affordable Housing Multifamily New Jersey Northeast

SVN Brokers Sale of 412-Unit Affordable Housing Portfolio in Jersey City

by Taylor Williams October 21, 2020

JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.

October 21, 2020

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