Multifamily

JLL Provides Loan for Refinancing of Two Multifamily Assets Totaling 235 Units in Philadelphia

by Taylor Williams September 4, 2020

PHILADELPHIA — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Yardley Crossing and RiverQuick Apartments, two adjacent multifamily assets totaling 235 units in Philadelphia. Yardley Crossing consists of 196 units in one-, two- and three-bedroom floor plans. RiverQuick Apartments totals 39 units in one- and two-bedroom formats. Ryan Ade, Jamie Leachman and Travis Hess of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, Relative Properties LLC.

September 4, 2020

Loans Multifamily Northeast

Cornerstone Arranges $6.9M Construction Loan for Boston Apartment Project

by Taylor Williams September 4, 2020

BOSTON — Cornerstone Realty Capital has arranged $6.9 million in construction financing for a 12-unit apartment project in the Jamaica Plain neighborhood of Boston. Units will average 1,300 square feet and will feature stainless steel appliances, custom cabinetry and in-unit washers and dryers. The loan was structured with 24 months of interest-only payments and a 28-year amortization schedule.

September 4, 2020

Loans Midwest Multifamily North Dakota

NorthMarq Arranges $33.4M Acquisition Financing for 691-Unit Multifamily Portfolio in North Dakota

by Kristin Harlow September 4, 2020

GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s Chicago office structured the loans.

September 4, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $5M Bridge Loan for Affordable Housing Property in Michigan

by Kristin Harlow September 4, 2020

INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.

September 4, 2020

Acquisitions Affordable Housing Company News Idaho Multifamily Western

Berkadia Acquires LIHTC Advisors, Expands Affordable Housing Presence

by Amy Works September 4, 2020

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.

September 4, 2020

Acquisitions Multifamily South Carolina Southeast

Greystone Brown Negotiates $54.1M Sale of Multifamily Community Near Hilton Head

by Alex Tostado September 3, 2020

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.

September 3, 2020

District of Columbia Multifamily Southeast

NMHC ‘Disappointed’ in Federal Order to Temporarily Halt Residential Evictions

by Alex Tostado September 3, 2020

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.

September 3, 2020

Development Illinois Midwest Multifamily

McShane Completes Construction of The Elaine Luxury Apartments in Northbrook, Illinois

by Kristin Harlow September 3, 2020

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.

September 3, 2020

Development Illinois Midwest Multifamily

Montessori Elementary School Opens at Optima Signature Apartment Tower in Chicago

by Kristin Harlow September 3, 2020

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.

September 3, 2020

Affordable Housing Development Multifamily Texas

NHP Foundation to Develop 149-Unit Affordable Housing Project in Midtown Houston

by Taylor Williams September 3, 2020

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.

September 3, 2020

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