NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin American business hub of Tokyo-based ORIX Corp., has agreed to acquire multifamily finance firm Hunt Real Estate Capital LLC, an affiliate of Hunt Cos. Inc. The deal calls for the merging of New York-based Hunt Real Estate Capital with the two brands that comprise ORIX Real Estate Capital, Lancaster Pollard and RED Capital Group. Hunt currently offers the full suite of Fannie Mae, Freddie Mac and FHA financing packages, as well as proprietary bridge, term and subordinated product. Upon closing of the deal, which is expected to occur before year’s end, James Flynn, president and CIO of Hunt, will become CEO of the new entity. Branding of the new entity will be addressed after the close of the deal.
CUPERTINO, CALIF. — Apple Inc. (NASDAQ: AAPL) has announced a $2.5 billion plan to address the housing availability and affordability crisis in California. Much like Facebook’s recent announcement to commit $1 billion and build 20,000 affordable housing units in the Golden State, Apple cited the major discrepancy between the paces of population growth and affordable housing development as the key catalyst behind its plan. Earlier this year, Microsoft Corp. and Alphabet Inc., the parent company of Google, also pledged a combined $1.25 billion toward the development of affordable housing in metro Seattle and the Silicon Valley area, where those two firms are respectively based. In supporting this measure, Apple referenced a recent study by real estate brokerage firm Redfin that found that some 30,000 people had vacated the San Francisco area between April and June of this year. The study also found that the rate of homeownership in the Bay Area has hit a seven-year low. Both pieces of information suggest that residents, whether buying or renting, are simply being priced out of the region. In response to the growing cost of housing in California, Gov. Gavin Newsom signed a bill in October that would cap annual rent increases imposed …
CINCINNATI — ACRES Capital Corp. has originated a $38 million loan for the development of 1118 Sycamore Street, a 155-unit multifamily project in Cincinnati’s Over-the-Rhine district. The project will rise seven stories and feature a two-level parking structure, 8,875 square feet of retail space, 3,611 square feet of office space and four townhomes. The third floor will feature an outdoor courtyard with a pool, fire pit, barbecue and seating area. ACRES provided the 30-month loan on behalf of Charles Street Investment Partners. Architectural firm NBBJ led the design and will oversee production designs completed by Architecture Alliance. The Over-the-Rhine submarket recently underwent a massive revitalization plan funded primarily by local corporations, including more than $500 million of investments.
GRAND ISLAND, NEB. — Dougherty Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Cedar Ridge Apartments in Grand Island. The 64-unit, market-rate apartment property is comprised of four buildings. The 12-year loan features a 30-year amortization schedule. Cedar ridge Apartments-Grand Island LLC was the borrower.
DECATUR, GA. — Holbrook has completed construction of Holbrook Decatur, a 200-unit active adult community located roughly 10 miles northwest of downtown Atlanta. Development costs were estimated at $74 million. The five-story building offers 18 individualized floor plans. A grand opening was held Thursday, Oct. 24 at the community. Amenities include custom closets, a fireplace, wine chiller, air ionization and UV water purification. Alpharetta, Ga.-based Holbrook develops, owns and manages active adult, enriched and inspired living communities across the Southeast.
LOWELL, MASS. — WinnCompanies plans to develop a $38.3 million residential project in the Hamilton Canal Innovation District of Lowell, located approximately 25 miles northwest of Boston. The Hamilton Canal Innovation District is a collection 17 master-planned development parcels in the city’s downtown area. WinnCompanies will develop adjacent vacant parcels into two five-story buildings comprising 125 apartments and 5,000 square feet of commercial space. The development will offer 15 studio units, 63 one-bedroom apartments and 47 two-bedroom residences. Of those residential units, 54 workforce apartments will rent at 100 percent of area median income (AMI), 39 apartments will be affordable up to 60 percent of AMI and 32 apartments will rent at market rates. ICON Architecture is designing the project. Construction will begin in December and is slated for completion by September 2021.
NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.
COLLEGE STATION, TEXAS — A joint venture between Texla Housing Partners and a private equity real estate fund advised by Crow Holdings Capital has acquired University Trails, a 828-bed student housing community serving students at Texas A&M University in College Station. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, hot tub, sand volleyball court, basketball court, two fitness centers and a 24-hour study lounge and cafe. The joint venture plans to renovate the community’s interior, exterior and office/clubhouse building. A timeline for renovations was not announced. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank brokered the transaction.
SEATTLE — Landmark Properties has acquired the 11-parcel land assemblage in Seattle’s University District. A group of undisclosed sellers sold the fee-simple assemblage, which was rezoned for greater density and taller buildings in 2017, for $39 million, or $950 per square foot. In 2021, Landmark Properties plans to begin construction on The Standard at Seattle, a three-building purpose-built student housing property with approximately 1,600 beds at the site, which spans nearly an acre from 4202 to 4238 12th Ave. NE. The site is situated three blocks from the University of Washington and across the street from the future U-District Light Rail Station. Upon completion, The Standard at Seattle will feature two 25-story towers and a seven-story mid-rise building. The 500,000-square-foot property will offer a variety of floor plans and approximately 8,500 square feet of ground-level retail space. The project is slated to be delivered in one phase by fall 2023. Additionally, Landmark plans to preserve the existing Canterbury Apartments, a 16-unit co-op multifamily building on Brooklyn Avenue NE. Tim McKay, Dan Chhan and Sam Wayne of Colliers International represented the sellers for a portion of the transaction, specifically for eight of the 11 parcels.
LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.