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Multifamily

313-Bond-Brooklyn
LoansMultifamilyNew YorkNortheast

Affinius Capital Funds $340M Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams

NEW YORK CITY — Affinius Capital has funded a $340 million loan for the refinancing of 313 Bond, a 603-unit apartment community that is under construction in the Gowanus area of Brooklyn. The borrower, locally based developer Sky Equity Group, will use the proceeds to retire existing debt, complete construction of the two-building development and lease the property to stabilization. Upon completion, 313 Bond will feature 149 studios, 313 one-bedroom units and 141 two-bedroom apartments, as well as 51,600 square feet of retail space. Amenities will include fitness centers, three rooftop terraces, a library, game lounge, coworking spaces and package lockers. Henry Bodek of Galaxy Capital arranged the loan.

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Signature-Place-Morris-Plains-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

CBRE Brokers $85M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

MORRIS PLAINS, N.J. — CBRE has brokered the $85 million sale of Signature Place, a 197-unit apartment complex located in the Northern New Jersey community of Morris Plains. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of approximately 1,000 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, private movie theater, conference rooms, pet spa and a clubroom with a fireplace and game table. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant and Tom Pryor of CBRE represented the seller, Veris Residential, in the transaction. The buyer was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $4.7M Sale of Two Apartment Buildings in Irvington, New Jersey

by Taylor Williams

IRVINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of two apartment buildings totaling 47 units in the Northern New Jersey community of Irvington. The building at 15 Chester Ave. has 33 units, and the building at 628-630 Lyons Ave. has 14 units. Joni Sweetwood of Kislak represented the sellers, both of which were limited liability companies, in the transaction. Sweetwood also procured the buyer, CY Management LLC.

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DevelopmentLeasing ActivityMixed-UseMultifamilyNorth CarolinaRestaurantRetailSoutheast

Ardent Closes on Land Acquisition for Westside Bottling Project in Durham, Signs Leases With Sprouts and Shake Shack

by John Nelson

DURHAM, N.C. — The Ardent Cos. has closed on the land acquisition for Westside Bottling, a mixed-use development located on the former Durham Coca-Cola Bottling Co. warehouse site in Durham. Ardent plans to break ground in August on the development, which at full build-out will feature 70,000 square feet of retail space, 370 multifamily residences and 35 for-sale townhomes. Westside Bottling’s retail component is currently 70 percent preleased to tenants including Sprouts Farmers Market, Shake Shack, Ulta Beauty, Club Pilates, First Watch and Vernis Nail Salons. First Citizens Bank, which had an existing bank branch on the site, will continue to operate at Westside Bottling. The development sits three miles west of downtown Durham and north of Duke University and Duke University Medical Center.

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DevelopmentMarylandSoutheastStudent Housing

MCB Opens 473-Bed Student Housing Community Near Morgan State University in Baltimore

by John Nelson

BALTIMORE — MCB Real Estate has opened The Enolia, a 473-bed, off-campus student housing community located at 4529 Harford Road in Baltimore. The $58 million development is situated less than a mile from Morgan State University’s campus. Named after Baltimore civil rights leader and first female NAACP president Enolia Pettigen McMillan, The Enolia features 151 apartments, each with bed-to-bath parity and fully furnished with washers and dryers, quartz countertops and stainless steel appliances. Amenities include a fitness center, game room, study rooms with private huddle areas, lounges, an outdoor courtyard with three terraced levels, lawn areas and a firepit. The Enolia represents the first ground-up student housing development serving Morgan State students in 20 years, according to MCB.

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DevelopmentFloridaSeniors HousingSoutheast

Chancey Development Delivers 86-Unit Seniors Housing Community on Marco Island in Southwest Florida

by John Nelson

MARCO ISLAND, FLA. — Chancey Development, in partnership with BRW Development and Watermark Retirement Communities, has delivered The Watermark at Marco Island, a new, 86-unit seniors housing community on Marco Island in southwest Florida. This marks the first senior living community on the island. Totaling 103,000 square feet, the property features 66 assisted living and 20 memory care units. Chancey Architecture & Design designed the community, with Wichman Construction serving as the general contractor. Chancey also partnered with the City of Marco Island to create a public park adjacent to the property, which is located with proximity to an urgent care facility.

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Canyon-Ridge-Apts-Boise-ID.jpg
DevelopmentIdahoMultifamilyWestern

Hawkins Completes 288-Unit Canyon Ridge Multifamily Property in Boise

by Amy Works

BOISE, IDAHO — Hawkins has completed Canyon Ridge, an apartment community in southeast Boise. Located at 2552 E. Gowen Road, Canyon Ridge features 288 one-, two- and three-bedroom apartments. Community amenities include a resort-style outdoor pool, dedicated dog park and 6,000-square-foot clubhouse. Canyon Ridge is located near the 161-acre Simplot Sports Complex, Mircon’s North Campus and Albertsons. ESI served as general contractor for the project.

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Terre-Ballantyne-Apts-El-Cajon-CA
AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers $14.4M Sale of Apartment Community in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terre at Ballantyne, a multifamily property in El Cajon. The asset traded for $14.4 million. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terra at Ballantyne features 60 units spread across 10 two-story buildings. Apartments offer air conditioning and heating, large closets and patios or balconies on select units. Community amenities include two swimming pools and two laundry facilities. At the time of sale, the property was 97 percent occupied with 40 percent of the units renovated.

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IllinoisLoansMidwestMultifamily

Canyon Partners Provides $106.3M Refinancing for 21-Story Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Canyon Partners Real Estate LLC has provided a $106.3 million senior loan to refinance The Saint Grand, a newly built apartment tower in downtown Chicago’s Streeterville submarket. JLL arranged the loan on behalf of the borrower, a joint venture controlled by Mavrek Development. The 21-story property features 248 market-rate apartment units, a 103-stall parking garage and 46,946 square feet of retail space that is leased to Club Studio Fitness, Wintrust Bank and Tropical Smoothie Café. Amenities include coworking areas, electric vehicle charging stations, bike storage, a concierge, outdoor pet area and rooftop terrace with a fitness center, pool, fire pit and grilling stations.

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Developer-Panel-InterFace-Houston-Multifamily
Conference CoverageMarket ReportsMultifamilyTexasTexas Market Reports

Equity Gaps Represent Biggest Hurdle to New Development in Houston Multifamily Market, Says InterFace Panel

by Taylor Williams

By Taylor Williams Raising equity to get new projects to pencil out is, at the moment, immensely challenging in the Houston multifamily market. Although debt providers are showing a willingness to lend at favorable leverage ratios despite the fact that Houston has had healthy levels of new apartment deliveries in recent months, meeting the required returns that equity providers demand is challenging due to ever-increasing construction and operating costs. As a result, some projects are fizzling, even if they feature good locations or present compelling stories to capital providers. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. This finding was the consensus among a panel of five Houston multifamily owners who were asked to identify the single-biggest challenge to new development in the current environment. The panelists gave their remarks at the inaugural InterFace Houston Multifamily conference, which took place on June 17 at The Briar Club and was attended by some 200 industry professionals. Crystal Kingsbury, director of marketing and business development at Anchor Construction, served as the panel moderator. “The equity guys are really tough right now,” …

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