Multifamily

Lendlease, Magellan Break Ground on Two Residential Towers Totaling 866 Units in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Lendlease Development and Magellan Development Group have broken ground on two adjacent residential towers totaling 866 units in Chicago’s Lakeshore East. Cirrus is a 47-story, 363-unit condominium tower while Cascade is a 37-story, 503-unit apartment rental tower. The developers also plan to build Cascade Park, a publicly accessible green space that will provide connection to the lakefront and Chicago Riverwalk. A groundbreaking ceremony took place Tuesday, Sept. 17. Units at Cirrus will range from 650 to 3,000 square feet and be priced from the mid-$400,000s to more than $4 million. The tower will include 48,000 square feet of amenity space. Residents of Cirrus will also have access to amenities available to residents of Cascade, including an indoor lap pool, children’s playroom, fitness center, game room, music room and indoor dog run. Designed by bKL Architecture, Cirrus and Cascade are the first of three towers that Lendlease and Magellan plan to develop at the northeast corner of Lakeshore East.

September 20, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis

by Kristin Harlow September 20, 2019

MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.

September 20, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Multifamily Community Near Atlanta Airport for $32.5M

by Alex Tostado September 19, 2019

EAST POINT, GA. — Blue Magma Residential LLC has acquired Parkside at Camp Creek, a 486-unit multifamily community in East Point, for $32.5 million. The property is located at 4031 7 Oaks Lane SW, four miles west of Hartsfield-Jackson Atlanta International Airport and 14 miles southwest of downtown Atlanta. Parkside at Camp Creek offers two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, clubhouse, business center, fitness center, game room, media center and basketball and racquetball courts. The buyer will rebrand the community as The Park at Galaway. Tyler Averitt and Christopher Lyon of Cushman & Wakefield represented the buyer in the transaction. Greystone provided acquisition financing. The seller was not disclosed.

September 19, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

Development Multifamily Texas

SWBC Begins Construction on 271-Unit Apartment Project in McKinney, Texas

by Taylor Williams September 19, 2019

MCKINNEY, TEXAS — Multifamily developer SWBC has begun construction on Phase II of The Royalton at Craig Ranch, a 271-unit project that will be located within the Craig Ranch master-planned community in McKinney. Floor plans will consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and individual washer and dryer connections. Amenities will include a pool, clubhouse, 24-hour fitness center and outdoor grilling areas. Cross Architects is handling design of the project, and Stantec is the civil engineer. Construction is expected to last about 22 months. SWBC previously developed a sister community, Central Park at Craig Ranch, which also spans 271 units and is now 92 percent occupied. The proposed construction time is 22 months, with the first units expected to be available in March 2021.

September 19, 2019

Loans Multifamily Texas

Greystone Provides $27M Bridge Loan for Houston Multifamily Asset

by Taylor Williams September 19, 2019

HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.

September 19, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $26.7M Refinancing for Apartment Complex in Des Moines

by Kristin Harlow September 19, 2019

DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.

September 19, 2019

Acquisitions Massachusetts Northeast Seniors Housing Student Housing

Welltower Buys Former Newbury College Campus Near Boston for $34M

by Alex Patton September 19, 2019

BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.

September 19, 2019

Delaware Loans Multifamily Northeast Walker & Dunlop

Walker & Dunlop Arranges $18M Construction Loan for Multifamily Development in Lewes, Delaware

by Alex Patton September 19, 2019

LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are currently under construction and slated for completion in 2020. Jon Kushner and Ben Retter of Walker & Dunlop arranged the loan on behalf of the borrower, Fernmoor Homes.

September 19, 2019

Acquisitions Maryland Multifamily Southeast

Orlo Sells Apartment Complex in Suburban Maryland for $45.8M

by Alex Tostado September 18, 2019

SUITLAND, MD. — Orlo has sold Ashton Heights, a 283-unit apartment complex in Suitland, for $45.8 million. The property was 96 percent occupied at the time of sale. Ashton Heights is located at 3901 Suitland Road, seven miles southeast of downtown Washington, D.C. The community was built in the 1970s and offers two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, playground and grilling areas. Robin Williams, Dean Sigmon, Justin Shay and Michael D’Amelio of Transwestern represented the seller in the transaction. The buyer was not disclosed.

September 18, 2019

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