EMPORIA, KAN. — Prescient Capital has provided a $6.8 million loan for the refinancing of The Villas at Emporia, a 192-bed student housing property in eastern central Kansas. The four-story complex is located at 1839 Merchant St. The loan term is 12 months with two six-month extension options. Loan proceeds will be utilized to pay off maturing debt. The borrower was undisclosed. Emporia is home to Emporia State University.
Multifamily
Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more uses coming. There are 10 exciting mixed-use projects under construction as the Triangle continues to take amenities to the next level and increase its competitiveness. Multiple demand drivers The Triangle still feels like it’s in earlier innings with durable growth potential as evidenced by: • Explosive In-migration: 52 percent population growth since 2001, or 3.7 times the national average. • Balanced, Recession Resistant Factors: The market is a top 10 life sciences clusters and includes the largest research park in the United States with Research Triangle Park (RTP). Raleigh-Durham also has well-regarded university and hospital systems and state capital. • Highly Educated Workforce: There are more than 80,000 students enrolled at University of North Carolina at Chapel Hill, Duke University and North Carolina State …
Affordable HousingContent PartnerDevelopmentFeaturesGeorgiaMixed-UseMultifamilySoutheastSoutheast Feature ArchiveWalker & Dunlop
Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement
by Jaime Lackey
When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …
Blueprint Arranges Sale of 100-Unit Seniors Housing Community in Stratford, Connecticut
by Alex Patton
STRATFORD, CONN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care seniors housing community located in Stratford. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Ben Firestone, Steve Thomes, Michael Segal and Alex Florea of Blueprint facilitated the sale.
Arbor Provides $43.7M Fannie Mae Green Acquisition Loan for Multifamily Community in Roswell, Georgia
by Alex Tostado
ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.
HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …
SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the company is planning to break ground on a fifth project early this year. The company’s operating division, Atlantic | Pacific Management, will manage The Bristol.
CHICAGO — A joint venture between Origin Investments and Cedar Street Cos. is developing Pilsen Gateway, a $64.5 million multifamily project in a qualified opportunity zone adjacent to Chicago’s Pilsen neighborhood. Construction recently began on the seven-story development. It is situated on a 1.2-acre site at 1461 S. Blue Island. Upon completion, Pilsen Gateway will feature 202 apartment units, 7,600 square feet of ground-floor retail space, an 8,500-square-foot outdoor amenity deck, a resident lounge and fully equipped gym. Units will average 616 square feet. Seven units will be classified as affordable. Hartshorne Plunkard Architecture designed the project. Don Adams of TCF Bank and Michael Slovitt of Berkadia arranged project financing. The first units are slated for completion in spring 2021.
COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.
AMCAL Starts Construction of 61-Unit Affordable Housing Community for Veterans in Pomona, California
by Amy Works
POMONA, CALIF. — AMCAL Multi-Housing has started construction of Veterans Park Apartments, an affordable apartment community for veterans. Located at 444 W. Commercial St. in Pomona, Veterans Park Apartments will feature 61 units ranging in size from 600 square feet to 1,000 square feet. The project will offer 25 one-bedroom/one-bath apartments, 15 two-bedroom/two-bath units and 20 three-bedroom/two-bath apartments. Additionally, one apartment will be reserved as an unrestricted manager’s unit. Designed by WHA, the architectural design will draw from the surrounding mission architecture and nearby historic Pomona train depot. On-site amenities will include a 1,725-square-foot children’s center offering tutoring, mentoring, homework help, art, educational games, after-school programs and recreational activities for residents. The project will also offer on-site social services for residents, including programs on transitioning to civilian life and how to navigate the Veterans Affairs system, delivered in the community’s 1,052-square-foot Veterans Center. Rancho Cucamonga, Calif.-based Hope Through Housing Foundation will serve as the on-site coordinator. The development was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee. Rents will range from $545 a month for a one-bedroom unit to $1,519 for a three-bedroom apartment, offering affordable housing options to households earning between 30 …