Multifamily

Woodmont Begins Development of 433-Unit Multifamily Community in Princeton, New Jersey

by Alex Patton June 16, 2020

PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.

June 16, 2020

Development Multifamily Northeast Pennsylvania

GMH Capital, AEW Capital Plan to Develop 225-Unit Multifamily Property in Malvern, Pennsylvania

by Alex Patton June 16, 2020

MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.

June 16, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 250-Unit Multifamily Community in Raleigh

by Alex Tostado June 16, 2020

RALEIGH, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the Trace, a 250-unit multifamily community in Raleigh. The property was built in 1995 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, playground, dog park, valet trash pickup, picnic area, grilling area, fitness center and a clubhouse. The asset is located at 8224 Green Lantern St., 10 miles northwest of downtown Raleigh. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Hawthorne Residential Partners, in the transaction. NKF’s Debt & Structured Finance team arranged financing on behalf of the buyer, KnightVest, which bought the community for an undisclosed price. The terms of the loan were also not disclosed.

June 16, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Secures $50M Construction Financing for Affordable Housing Community in San Marcos

by John Nelson June 16, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital’s Community Development Lending and Investment (CDLI) division has secured $50 million of private placement financing for Riverstone, a planned 336-unit affordable housing community in San Marcos. The borrower, Louisville, Ky.-based LDG Development, plans to deliver the property by June 2022. The 18-acre property will feature 12 apartment buildings, a one-story clubhouse, pool and equipment room and two clusters of detached garages. The apartments will comprise one-, two-, three- and four-bedroom layouts, and all apartments will be reserved for residents earning 60 percent or less of the area median income (AMI). Austin-based Capital Area Housing Finance Corp. issued $43.5 million of activity bonds for the project. The remaining $6.5 million portion of the financing is a balance sheet loan provided by KeyBank. David Lacki and Alton Tinker of the KeyBank CDLI team structured the financing.

June 16, 2020

Development Midwest Multifamily Ohio

236-Unit Luxury Apartment Complex Set to Open in Downtown Columbus This Month

by Kristin Harlow June 16, 2020

COLUMBUS, OHIO — Industry Columbus, a 236-unit luxury apartment complex in downtown Columbus, is set to open later this month. Charles Street Development Corp. is the developer. The project is the first and only community in downtown Columbus to feature a rooftop swimming pool and hot tub, onsite dog park and full floor of coworking space. Located at 230 E. Long St., the community features studios, one- and two-bedroom units, as well as private townhomes. Additional amenities include a pet washing station, sports bar and lounge, private event space, outdoor courtyard and fitness center. Monthly rents start at $1,095. Residents can currently earn $3,000 toward rent by moving in before Aug. 15. Village Green is the property manager. Denver-based Charles Street maintains a regional office in Ohio.

June 16, 2020

Indiana Loans Midwest Multifamily

KeyBank Secures $59.3M for Construction of Affordable Seniors Housing Property in Indianapolis

by Kristin Harlow June 16, 2020

INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.

June 16, 2020

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 96-Unit Affordable Housing Property in Tallahassee

by Alex Tostado June 15, 2020

TALLAHASSEE, FLA. — Housing Trust Group (HTG) has broken ground on Lafayette Gardens, a planned 96-unit affordable housing community in Tallahassee. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $315 to $930 per month. The units will be reserved for residents earning at or below 33 percent of area median income (AMI) or 60 percent of AMI. Units will range in size from 709 square feet to 1,159 square feet. Communal amenities will include a clubhouse, pool, playground, media center, fitness center and a biking/walking trail. Residents will also have access to employment assistance, financial management and literacy services onsite. Hennessy Construction Services is the general contractor, Fugleberg Koch is the architect, Inovia Group is the civil engineer, Stiles Interiors is the interior designer and Wood + Partners is the landscape architect. HTG expects to open the community in June 2021. Chase Bank provided an initial $15 million construction loan, Raymond James provided $16.1 million in 9 percent low income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac permanent loan for the development.

June 15, 2020

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $10.6M Sale of Tampa Bay Multifamily Portfolio

by Alex Tostado June 15, 2020

ST. PETERSBURG, FLA. — CBRE has negotiated the $10.6 million sale of the Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio traded at $83,730 per unit, or a 5.3 percent cap rate. The buyer, Otto Investment Group, is planning both interior and exterior renovations across all seven properties. The seller, Second Half Properties, maintained 95 percent rent collection in April and May, according to CBRE. The properties include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg. The communities are roughly 25 miles southwest of downtown Tampa. Joseph Thavis and Cameron Barbas of CBRE represented both the buyer and seller in the transaction.

June 15, 2020

Massachusetts Multifamily Northeast Seniors Housing

Great Bridge Begins Development of 70-Unit Seniors Housing Project in Lunenburg, Massachusetts

by Alex Patton June 15, 2020

LUNENBURG, MASS. — Great Bridge Properties, a New Hampshire-based developer, has begun development of Baker Brook Apartments, a 70-unit seniors housing property in Lunenburg, approximately 25 miles north of Worcester. Located on nearly four acres, the community will feature 62 one-bedroom and eight two-bedroom units. The property will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI) and 48 units will be reserved for seniors earning 60 percent or less of the AMI. Eight units will be reserved for seniors earning 30 percent or less of the AMI. Ten percent of the units will feature a preference toward homeless populations.

June 15, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $43.9M Loan for Refinancing of Seniors Housing Portfolio in Upstate New York

by Alex Patton June 15, 2020

NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.

June 15, 2020

Newer Posts

Older Posts