IRVINE, CALIF. — WNC, a provider of investment, asset management and development services in the affordable housing industry, has closed two institutional Low-Income Housing Tax Credit (LIHTC) funds. WNC Institutional Tax Credit Fund 47 (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 (CA 17) total approximately $210 million in equity. Together, the equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the United States. WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The closure of the funds brings Irvine-based WNC’s total equity raised since inception to approximately $5.2 billion. The properties that will be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The assets will include multifamily and seniors housing projects in urban, suburban and rural areas. One project of note is Mason Square Apartments II in Springfield, Mass., which is an adaptive reuse of two historic buildings — the former Indian Motorcycle manufacturing mill complex constructed in 1890 and the Masson Square Fire House, originally constructed in 1920. Another notable project is Park West Estates in Los Angeles County, Calif. …
LAFAYETTE, LA. — Rise: A Real Estate Co. has completed The Heritage, a 589-bed student housing community located on the University of Louisiana at Lafayette campus. The development features five residential buildings geared toward upperclassmen. Shared amenities include ground-floor retail, a fitness center, swimming pool, resident lounge, game room, a business center, sand volleyball court, outdoor grill stations and fire pits. The development also houses an office suite for the university’s Housing and Residential Life staff.
BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.
DENVER — MGL Partners and Solvera Advisors have completed the conversion of the historic Tammen Hall building in Denver into 49 affordable seniors housing units. The eight-story, 52,000-square-foot project is located on the Saint Joseph Hospital campus in Denver’s City Park West neighborhood. All units are reserved for those age 62 and older who earn up to 60 percent of the area median income. The Neenan Company served as the design-build partner. Saint Joseph Hospital sold the building to the developers in 2017, with its parent organization, SCL Health, providing a substantial investment to finance the redevelopment. Denver Economic Development & Opportunity, Colorado Housing and Finance Authority, Midwest Housing Equity Group, Advantage Capital, Citi Community Capital and Denver Housing Authority all provided additional financial support to the project. The redevelopment also benefited from state and federal historic preservation incentive tax credits. “The Tammen Hall redevelopment project is just one example of how we try to use our campus to enhance our community beyond healthcare,” says Saint Joseph Hospital President Jamie Smith. “This solution is the best of all worlds for us because it preserves the neighborhood’s historic character, adds more affordable housing to the community and aligns with our mission.” …
MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $47.6 million sale of The Vinings at Market Common, a 288-unit multifamily community in Myrtle Beach. The property is located at 2501 Hammock St., six miles southwest of downtown Myrtle Beach. The Vinings offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, car care center and multiple grilling stations. Alex Brown, Tai Cohen and Marc Robinson of Cushman & Wakefield represented the seller, Standard Capital Partners, in the transaction. Sillman Enterprises acquired the property.
MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit. Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.
ST. PAUL, MINN. — Kraus-Anderson Development has begun the conversion of the former Capitol Professional Office Building located at 590 Park St. in St. Paul into a 92-unit apartment building. Located near Regions Hospital and the state capitol building, the project is situated within the Capitol Heights neighborhood. Completion is slated for July 2020. Designed by UrbanWorks Architecture, the 590 Park project will offer micro and one-bedroom units. Amenities will include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson will also renovate the adjacent parking structure as part of the project.
NAPERVILLE, ILL. — Bridge Capital Partners and Friedkin Property Group Inc. have acquired River Run at Naperville Apartments for an undisclosed price. The 206-unit, 11-building apartment complex is located at 1015 Preserve Ave. in suburban Chicago. Built in 2003, the property includes a clubhouse, game room, fitness center, conference room, dog park and pool. The average unit size is 1,316 square feet. Dan Cohen and John Jaeger of CBRE represented the joint venture seller, Marquette Cos. and an affiliate of Heitman.
LAFAYETTE, LA. — Cohen Financial has provided a $21.9 million Freddie Mac acquisition loan for La Veranda, a 220-unit multifamily community in Lafayette. The borrower is an affiliate of Waypoint Residential LLC. La Veranda was built in 2016 and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, game room, outdoor fireplace, pet park and a rooftop lounge. The seller was not disclosed.
NEW BRAUNFELS AND ROUND ROCK, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the $20.5 million sale of two skilled nursing communities near San Antonio and Austin. The facilities are operated by Senior Care Centers, a Dallas-based skilled nursing operator that filed for bankruptcy last year. Both properties were built in 2008 and offer 128 beds. The communities include Sundance Inn Health Center in the San Antonio suburb of New Braunfels and Park Valley Inn Health Center in the Austin suburb of Round Rock. The properties were 75 percent and 64 percent occupied at the time of sale, respectively. Matthew Alley of SLIB handled the transaction on behalf of the locally based seller and the buyer, a New York-based owner-operator of skilled nursing and home hospice services.