Multifamily

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow June 1, 2020

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

June 1, 2020

Development Massachusetts Multifamily Northeast

Beacon Communities Plans 55-Unit Expansion Project at Boston Multifamily Community

by Alex Patton May 29, 2020

BOSTON — Beacon Communities Development is planning a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, a 51,000-square-foot affordable housing community in South Boston. Located at 25 James O’Neil St., the 245-unit community is part of a larger 400-unit property called The Homes at Old Colony. The new units will be reserved for low-income seniors. The Architectural Team designed the project. Beacon Communities expects to begin construction this summer and to complete the project in 2022.

May 29, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Closes $44.3M Acquisition Financing for Multifamily Community in Gainesville, Georgia

by Alex Tostado May 29, 2020

GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.

May 29, 2020

Acquisitions Loans Multifamily South Carolina Southeast

Hunt Real Estate Provides $21.5M Acquisition Loan for Apartment Complex in North Charleston

by Alex Tostado May 29, 2020

NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.

May 29, 2020

Development Multifamily Seniors Housing Texas

Civitas Completes Grandview of Chisholm Trail Seniors Housing Project in Fort Worth

by Taylor Williams May 29, 2020

FORT WORTH, TEXAS — Civitas Senior Living has completed construction of The Grandview of Chisholm Trail, a seniors housing community in southwest Fort Worth that features 66 assisted living units and 21 memory care residences. Partners on the project include co-developer Journey Capital, management company Civitas Senior Living, Arrive Architects, Ridgemont Commercial Construction and interior design firm Senior By Design.

May 29, 2020

Acquisitions Multifamily Texas

180 Multifamily Buys 267-Unit Apartment Community in Metro Dallas

by Taylor Williams May 29, 2020

DALLAS — Locally based investment firm 180 Multifamily Properties has purchased an undisclosed, 267-unit apartment community located in the central region of the Dallas-Fort Worth metroplex. The property was built in 1983 on 9.3 acres and spans 206,000 net rentable square feet. An undisclosed, California-based firm sold the property. The new ownership will implement a value-add program and rebrand the community.

May 29, 2020

Development Illinois Midwest Multifamily Seniors Housing

Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing Project in Northern Illinois

by Kristin Harlow May 29, 2020

JOHNSBURG, ILL. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for ages 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The contractor will then add a three-story wing housing 54 units. Each apartment will include a full bath and kitchen. Amenities will feature a patio area, playground and walking paths.

May 29, 2020

Iowa Loans Midwest Multifamily

Arbor Provides $10.4M Refinancing for Multifamily Community in Cedar Falls, Iowa

by Kristin Harlow May 29, 2020

CEDAR FALLS, IOWA — Arbor Realty Trust Inc. has provided a $10.4 million Fannie Mae loan for the refinancing of Thunder Ridge, a 180-unit multifamily community in Cedar Falls near Waterloo. Built in 1975, the property features one- and two-bedroom floor plans. Thunder Ridge includes a basketball court, putting green and fitness center. Joseph Charneski of Arbor originated the loan, which features interest-only payments for the full term.

May 29, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $12.8M Sale of Ocotillo Apartments in Phoenix

by Amy Works May 29, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Ocotillo Apartments, an affordable multifamily complex located at 1780 W. Missouri Ave. in Phoenix. A local apartment investor sold the property to an undisclosed buyer for $12.8 million, or $74,277 per unit. Built in 1972 and completely renovated in 2014, Ocotillo Apartments features 173 units in a mix of studio, one- and two-bedroom floor plans. Units offer updated kitchens and bathrooms, central air conditioning and energy-efficient windows and doors. Community amenities include a swimming pool with clubhouse, two laundry rooms, covered parking and a dedicated leasing office. Rich Butler and Sean Connolly of Marcus & Millichap’s Phoenix office handled the transaction.

May 29, 2020

Acquisitions Alabama Development Multifamily Southeast

Novare Group, BCDC to Develop 286-Unit Multifamily Community in Birmingham

by Alex Tostado May 28, 2020

BIRMINGHAM, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) will develop a 286-unit multifamily community in Birmingham. The joint venture acquired the 48-acre plot. The existing AT&T operations center is located on the land and will remain there for the immediate future. Phase I will include studio to three-bedroom floor plans. Communal amenities will include a clubroom, coworking space, fitness center, yoga room, pool, grilling area, fire pit, bocce ball court, dog wash area and a dog park. Additionally, residents will have access to covered parking from AT&T’s current seven-story parking garage. Construction is expected to begin in June with completion of Phase I slated for 2022. Flournoy Construction, a subsidiary of Kajima USA and a sister company to BCDC, is the general contractor. Nelson is the architect, Schoel Engineering is the civil engineer and Compass Bank and Cadence Bank provided debt financing for the multifamily community. The new plot is adjacent to 63 acres that Novare acquired last summer. Novare Group will develop a trail system throughout the entire 111-acre site as a recreational amenity and develop single-family homes as well as additional rental residences in the future.

May 28, 2020

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