Multifamily

McShane Construction Completes 248-Unit Multifamily Community in North Georgia

by Alex Tostado July 24, 2020

BRASELTON, GA. — McShane Construction has completed Noble Vines at Braselton, a 248-unit multifamily community in Braselton. The Auburn, Ala.-based general contractor delivered the property on behalf of the developer, Claret Communities. Designed by Studio for Housing Design, the new complex offers 10 three-story buildings. Unit interiors feature tile backsplashes, granite countertops and stainless steel appliances. Communal amenities include a pool, fitness center, clubhouse, resident lounge, grilling stations, dog park and a car wash area. Noble Vines is situated at 1500 Noble Vines Drive, six miles from Chateau Elan Winery & Resort and 43 miles northeast of downtown Atlanta. Claret Communities received a HUD 221(d)(4) loan to fund the project’s construction.

July 24, 2020

Affordable Housing Loans Louisiana Multifamily Southeast Walker & Dunlop

Walker & Dunlop Secures $23M Financing for Affordable Housing Complex in New Orleans

by Alex Tostado July 24, 2020

NEW ORLEANS — Walker & Dunlop has provided a $23 million Freddie Mac permanent financing loan for The Reveal, a 150-unit affordable housing community in eastern New Orleans. Upon completion, The Reveal will offer one- through four-bedroom floor plans, each with a balcony. Communal amenities will include conference rooms, a community room, fitness center and a therapy room. The community will also feature a 1,745-square-foot business incubator, which caters residents wanting to launch their own businesses. Heather Olson of Walker & Dunlop originated the loan on behalf of the developer, Commonwealth Cos. National Equity Fund is an equity partner with the developer. Sterling Bank, the Louisiana Housing Corp. and the Housing Authority of New Orleans are providing additional funding. A timeline for completion was not disclosed.

July 24, 2020

Development Multifamily Student Housing Texas

Developers Complete 405-Bed Student Housing Project Near University of Houston

by Taylor Williams July 24, 2020

HOUSTON — A development team consisting of WGC Partners, a partnership of Steve Spessard of Gore Creek Partners LLC and Rocky Stevens and Mark Seger of Wellington Development Co., GRC Capital and Principal Real Estate Investors has completed Tower 5040, a student housing project located adjacent to the University of Houston’s main campus. The 147-unit property features one-, two- and four-bedroom units, as well as a game room, business center, fitness center, pool and a pet park. Dallas-based Humphreys & Partners designed the project, and Houston-based Arch-Con Construction was the general contractor.

July 24, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 146-Unit Apartment Community in Metro Dallas

by Taylor Williams July 24, 2020

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Ray Hubbard Ranch I and II, a 146-unit apartment community that is situated on 6.9 acres in the northeastern Dallas suburb of Garland. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

July 24, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

Blueprint Arranges Sale of 190-Unit Seniors Housing Community in Salem, Oregon

by Amy Works July 24, 2020

SALEM, ORE. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the property. The price was not disclosed.

July 24, 2020

California Development Mixed-Use Multifamily Retail Western

Coldwell Banker Negotiates $14.4M Sale of Mixed-Use Development Site in Temple City, California

by Amy Works July 24, 2020

TEMPLE CITY, CALIF. — Coldwell Banker Commercial has arranged the sale of a development site located at 5570 Rosemead Blvd. in Temple City. An undisclosed buyer acquired the site for $14.4 million. The buyer plans to redevelop the 1.4-acre land parcel into a mixed-use community with 73 residential units and 15,000 square feet of ground-floor retail space. The four-story building will offer units ranging from 732 square feet to 1,251 square feet, with three live-work units and lofts on the top floors. A 12,000-square-foot building, which was formerly used as the Learning Center, currently occupies the site. Steve Hayashi of Coldwell Banker Commercial George Realty represented the undisclosed seller in the deal.

July 24, 2020

Acts-Retirement-Fort-Washington-Pennsylvania

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $199.4M Bond Financing for Pennsylvania-Based Seniors Housing Owner

by Taylor Williams July 23, 2020

FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.

July 23, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $30.3M in Loans for Refinancing, Renovation of Boston Apartments

by Taylor Williams July 23, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.

July 23, 2020

Connecticut Loans Multifamily Northeast

Marcus & Millichap Arranges $4M Loan for Refinancing of New Haven Multifamily Portfolio

by Taylor Williams July 23, 2020

NEW HAVEN, CONN. — Marcus & Millichap Capital Corp. has arranged a $4 million loan for the refinancing of a portfolio of 13 multifamily properties totaling 45 units in New Haven. The portfolio was fully occupied at the time of the loan closing. Robert Noeldechen of Marcus & Millichap arranged the loan through CoreVest Finance on behalf of the undisclosed borrower.

July 23, 2020

California Development Multifamily Retail Western

Hankey Investment, Jamison Properties Top Out $300M Kurve on Wilshire Residential Tower in Los Angeles

by Amy Works July 23, 2020

LOS ANGELES — Hankey Investment Co. and Jamison Properties have completed vertical construction of Kurve on Wilshire, a 23-story residential tower located at 2900 Wilshire Blvd. in Los Angeles’ Koreatown neighborhood. Scheduled to open in spring 2021, Kurve on Wilshire will feature 644 apartments atop a six-story podium housing the building’s 1,100-vehicle parking garage, as well as a one-acre park and amenity deck. Apartments will range from studios to two-story, three-bedroom penthouses with a private sky yard and spa. Rents are expected to start around $2,200 per month. Common-area amenities will include a fitness center, clubhouse, pool, spa, business center, private open-air dining areas, barbecues, fire pits, dog park, Zen garden and viewing deck of the downtown Los Angeles skyline. The $300 million development will also feature 15,000 square feet of street-level retail space catering to residents, locals and Koreatown visitors. The project team includes Large Architecture, Dianna Wong Architecture + Interior Design, and AECOM and Wilshire Construction as a joint venture construction team.

July 23, 2020

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