Multifamily

Public-Private Partnership Starts Construction of 374-Bed Residence Hall at Arizona State University Polytechnic

by Amy Works November 22, 2019

MESA, ARIZ. — Construction is underway on a 374-bed mixed-use community on the Arizona State University Polytechnic campus in Mesa. A public-private partnership between the university, Capstone Development Partners and equity partner Harrison Street is developing the $34.2 million community. The development will offer private- and shared-bedroom suites. Shared amenities include a main floor lounge and common kitchen; study space and lounges on each floor; and 8,500 square feet of academic space including classrooms, offices, conference areas and meeting areas. The project is scheduled for completion in fall 2020. Shepley Bulfinch is the designer, while CORE Construction is the general contractor for the development.

November 22, 2019

Affordable Housing Colorado Development Loans Multifamily Western

Bellwether Enterprise Closes $20.6M Fannie Mae Loan for Affordable Housing Project in Colorado

by Amy Works November 22, 2019

GYPSUM, COLO. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has closed a $20.6 Fannie Mae loan. The funds will be used for Phase I of Spring Creek Apartments, an affordable multifamily development in Gypsum, 25 miles west of Vail, Colo. Located at 750 Sunny Ave., the first phase of Spring Creek Apartments will include 150 garden-style apartments in a mix of one-, two- and three-bedroom layouts available to residents making between 30 percent and 60 percent of the area median income. Construction is currently underway with completed slated for summer 2020. Once fully developed, Spring Creek Apartments will offer 461 apartments, townhomes, duplexes and single-family homes, as well as a clubhouse and park facility including a leasing office, community room, business center and fitness center. Additionally, the complex will feature community gardens and walking trails to connect residents to the Eagle County, Colo., multi-use trail system. Anthea Martin of Bellwether Enterprise’s Denver office arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of co-developers Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction. Additional funding for Spring …

November 22, 2019

Loans Multifamily Utah Western

Hunt Real Estate Provides $5.2M in Refinancing for Lakeview Court Apartments in Provo, Utah

by Amy Works November 22, 2019

PROVO, UTAH — Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.2 million to refinance Lakeview Court Apartments, a multifamily property in Provo. The borrower is Geneva Road 44 LLC. The loan features a 12-year term, 30-year amortization and 24 months of interest-only payments. Situated on a two-acre site, Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprising three three-story apartment buildings. Developed in 2015, the asset has 42,988 square feet of rentable space and 88 parking spots. At the time of sale, the property was 97 percent occupied.

November 22, 2019

Acquisitions Maine Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 130-Unit Granite Hill Estates in Hallowell, Maine

by Taylor Williams November 22, 2019

HALLOWELL, MAINE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, a continuing care retirement community in Hallowell, a southern suburb of Augusta. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000 and assisted living was added in 2006. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Toby Siefert and Bradley Clousing of SLIB handled the transaction.

November 22, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of 53,097 SF Residential Development Site on Long Island

by Taylor Williams November 22, 2019

LONG ISLAND, N.Y. — Cushman & Wakefield has brokered the $8 million sale of 212-230 Middle Neck Road, a 53,097-square-foot residential development site in the Great Neck neighborhood of Long Island. The buyer, McKinley Homes, plans to develop a 40-unit multifamily building on the site with one-, two- and three-bedroom units, storage, community laundry room, gym, rooftop lounge and a deck area. Daniel Abbondandolo, Robert Kuppersmith and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, GN Properties LLC, in this transaction. Kelly Koukou and Bradley Diamond of Lee & Associates represented McKinley Homes.

November 22, 2019

Development Multifamily Texas

Hillwood Breaks Ground on 322-Unit Apartment Community at Frisco Station

by Taylor Williams November 22, 2019

FRISCO, TEXAS — Hillwood has broken ground on The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. Designed by JHP Architecture, the property will offer studio, one- and two-bedroom units as well as townhomes. Units will feature granite countertops, custom cabinetry and walk-in closets, as well as smart locks and thermostats. Amenities will include a pool with cabanas, coworking space, a fitness center, coffee and wine bars, resident lounge, sauna and a pet washing facility. Preleasing is scheduled to begin in summer 2020 with the first units slated to come on line in early 2021.

November 22, 2019

Development Multifamily Seniors Housing Texas

Buckner Senior Living Opens $140M Ventana High-Rise Community in North Dallas

by Taylor Williams November 22, 2019

DALLAS — Buckner Senior Living has opened Ventana by Buckner, a 301-unit seniors housing community in North Dallas. Development costs were estimated at $140 million. The project, designed by D2 Architecture, features two 12-story towers that house 189 independent living residences, 38 assisted living residences, 48 nursing apartments and 26 memory care residences. Buckner is collaborating with Baylor Scott & White Health for medical and spiritual care services, Stephan Pyles for culinary services, Cooper Aerobics for health and wellness and Southern Methodist University for continuing education. Apartments range from 950 to 2,000 square feet.

November 22, 2019

Acquisitions Multifamily Texas

JLL Arranges Sale, Financing of 280-Unit Palace Apartments in Arlington

by Taylor Williams November 22, 2019

ARLINGTON, TEXAS — JLL has arranged the sale of The Palace, a 280-unit apartment community in Arlington. The garden-style property was built in 1971 and was recently renovated to upgrade signage, building exteriors and common areas. The community was 96.4 percent occupied at the time of sale. Art Barnes, David Godvin and Jorg Mast of JLL represented the seller, MBP Capital Inc., in the transaction and procured the buyer, Raven Multifamily. Deverick Jordan, Andrew Speer, Clint Hoelscher and Donovan Collins of JLL placed an undisclosed amount of Fannie Mae acquisition financing for the deal.

November 22, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

NHP Foundation Acquires Edwin Berry Manor Affordable Seniors Housing Community in Chicago

by Kristin Harlow November 22, 2019

CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. The purchase price was undisclosed. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. Operation Pathways, the resident services affiliate of NHP, will provide onsite services.

November 22, 2019

Affordable Housing Features Midwest Multifamily

Agencies, Lenders Ramp Up Loan Production for Affordable Housing Properties

by Jeff Shaw November 22, 2019

There’s a human factor when it comes to working in the affordable housing industry. Kelly Frank, senior banker at KeyBank, recalls attending a ribbon-cutting ceremony for a scattered-site housing development where a woman came up to her in tears expressing how grateful she was to have a home in a safe neighborhood setting. The ability to make such a positive impact on someone’s life is one reason Frank loves the affordable housing business. “A lot of work is being done to bring affordable housing to every community,” says Frank. “Everybody’s eyes are on it because it’s a resounding theme throughout the country that there’s just not enough affordable housing.” The United States is short 7 million rental units that are affordable and available to extremely low-income renters, according to the National Low Income Housing Coalition. These renters have household incomes that are at or below the poverty guideline, or 30 percent of their area median income. The silver lining is that Cleveland-based KeyBank and other lenders have a large toolbox of financing mechanisms available to combat the affordable housing crisis and facilitate the development and preservation of affordable units. Many loans are processed through agencies, including government-sponsored enterprises such as …

November 22, 2019

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