Multifamily

Berkadia Arranges $9.1M Construction Loan for Multifamily Development in Downtown Fort Lauderdale

by Alex Tostado May 18, 2020

FORT LAUDERDALE, FLA. — Berkadia has arranged a $9.1 million construction loan for The Forge, a 35-unit multifamily community within FATVillage in downtown Fort Lauderdale. The developer and borrower, Urban Street Development, expects to break ground this year and open the seven-story complex in late 2021. An undisclosed bank provided the loan at a 55 percent loan-to-value ratio. The Forge will offer one- and two-bedroom loft-style floor plans ranging from 781 to 1,350 square feet. Apartments will feature 12- to 14-foot ceilings, finished concrete floors, Bauhaus-inspired windows, open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking and shared access to the Foundry Loft’s pool deck next door. Additionally, the property is located one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach. FATVillage (Flagler + Arts + Technology Village) is a neighborhood that includes dozens of eateries, markets, boutiques and galleries.

May 18, 2020

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Expands Affordable Housing Management Portfolio in Midwest

by Kristin Harlow May 18, 2020

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of housing for families, seniors and disabled individuals. Evergreen’s management portfolio now totals 8,500 units across the country. The additional properties include: Oso Apartments, Humboldt Ridge Apartments, Independence Apartments and Northtown Apartments in Chicago; Oakridge Village Apartments in Antioch, Ill.; Homes Greenway Housing in Minneapolis; Eastridge Estates in Rochester, Minn.; Oak Park Village Apartments in St. Louis Park, Minn.; Pelham Manor in Toledo, Ohio; Golda Meir House in Milwaukee; and Greenview Gardens Apartments in Butler, Pa. Evergreen will oversee site-level operations. In some communities, Evergreen will spearhead capital improvements using low-income housing tax credits and other subsidies.

May 18, 2020

California Development Multifamily Seniors Housing Western

Highridge Costa, SVA Architects Plan Twin Oaks Seniors Housing Community in Oakley, California

by Amy Works May 18, 2020

OAKLEY, CALIF. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the 5.85-acre site. The Oakley City Council approved the project in October 2019, and the development team expects to break ground the second half of 2020. A timeline for completion was not released. SVA and Highridge Costa are partnering on several high-profile affordable housing projects, including the $130 million Kulana Hale project in Hawaii.

May 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works May 18, 2020

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

May 18, 2020

Development Florida Multifamily Southeast Top Stories

Mill Creek Starts Construction of 292-Unit Modera Creative Village Multifamily Property in Orlando

by Alex Patton May 15, 2020

ORLANDO, FLA. — Mill Creek Residential, a Florida-based developer, has broken ground on Modera Creative Village, a 292-unit luxury multifamily property in the Orlando. Located at 505 Chatham Ave., the eight-story midrise building will feature studio, one-, two- and three-bedroom units as well as 10,000 feet of ground-floor retail space. Amenities include a fitness center with a yoga area and classes, a pool and an outdoor courtyard lounge. Modera Creative Village is part of a master plan for the 68-acre Creative Village district of downtown Orlando. The project is a redevelopment of the former Amway Center sports and entertainment venue. The full development plans include multiple office, residential, retail, hotel and higher education projects. Modera Creative Village is adjacent to the Lynx Central railway station and the Downtown Recreation Complex at Sunshine Park. Other attractions include a range of museums, restaurants and retail centers, including the Bob Carr Theater, Dr. Phillips Performing Arts Center and several art galleries. “The momentum of Creative Village will produce a dynamic urban infill neighborhood with prime opportunity for immediate growth, and we’re excited to be a part of it,” says Eran Landry, vice president of development for Mill Creek Residential. First move-ins are anticipated …

May 15, 2020

Acquisitions Multifamily South Carolina Southeast

Joint Venture Acquires 124-Unit Multifamily Community in Columbia, South Carolina

by Alex Tostado May 15, 2020

COLUMBIA, S.C. — A joint venture between Lexerd Capital Management and LMS Harbison has acquired The Lakes at Harbison, a 124-unit multifamily community in Columbia. The complex, which has been renamed The Lory of Harbison, was originally built in 1980 and sits on nine acres. The property offers one-, two- and three-bedroom floor plans ranging in size from 950 to 1,230 square feet. Communal amenities include a cyber café, pool, fitness center, basketball court, clubhouse, playground and a tennis court. The asset is situated at 100 Fairforest Road, 10 miles northwest of downtown Columbia. Further details of the transaction were not disclosed.

May 15, 2020

Development Multifamily Texas

Sabot Development to Build 325-Unit Multifamily Project in San Antonio

by Taylor Williams May 15, 2020

SAN ANTONIO — Austin-based Sabot Development will build Elmira at Myrtle, a 325-unit multifamily project in San Antonio that will also contain 14,000 square feet of ground-floor retail and restaurant space. Plans currently call for an elevated pool in addition to other unspecified amenities. Gensler is the project architect, and Cadence McShane is the general contractor. Construction is expected to begin in the first quarter of 2021.

May 15, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 240-Unit Regency Square Apartments in Corpus Christi

by Taylor Williams May 15, 2020

CORPUS CHRISTI, TEXAS — Berkadia has arranged the sale of Regency Square, a 240-unit apartment community in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Kelly Witherspoon and Justin Cole of Berkadia represented the seller, Minnesota-based S&H Realty Management, in the transaction. The buyer was Texas-based 3CM Multifamily.

May 15, 2020

Loans Multifamily Texas

Arbor Provides $4M Fannie Mae Loan for Refinancing of Multifamily Property in Laredo, Texas

by Taylor Williams May 15, 2020

LAREDO, TEXAS — New York-based Arbor Realty Trust Inc. has provided a $4 million Fannie Mae loan for the refinancing of Monaco Boulevard Apartments, a multifamily property in the Rio Grande Valley city of Laredo. The community was built in 2013 and totals 44 units. Jared Stein of Arbor provided the loan, which carries a 10-year term, fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

May 15, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

Casa Underway on 26-Unit Senior Living Community in Shrewsbury, Massachusetts

by Alex Patton May 15, 2020

SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.

May 15, 2020

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