Multifamily

Waterton Acquires 310-Unit Avant at the Arboretum Apartment Complex in Lisle, Illinois

by Kristin Harlow September 12, 2024

LISLE, ILL. — Waterton has acquired Avant at the Arboretum, a 310-unit apartment complex in the Chicago suburb of Lisle. The purchase price was undisclosed. Located at 450 Warrenville Road, the property is situated steps from the 1,700-acre Morton Arboretum and proximate to I-88 and I-355. Built in 2013, the four-story community features a mix of one- and two-bedroom floor plans. Amenities include an outdoor pool, grilling stations, a fitness center, clubroom, theater room, game lounge and dog park. Avant at the Arboretum includes a structured parking garage with 314 spaces as well as a surface lot to accommodate 193 vehicles. Waterton plans to make renovations to the kitchen countertops as well as add vinyl plank flooring and Nest thermostats in all units. There will also be enhancements to the amenity spaces, common areas and building exterior. The acquisition brings Waterton’s owned and managed multifamily portfolio to over 7,000 units in metro Chicago.

September 12, 2024

Acquisitions Multifamily Seniors Housing Washington Western

American Healthcare REIT Acquires Four Seniors Housing Communities in Washington State

by Amy Works September 12, 2024

BATTLE GROUND, PORT ORCHARD AND WENATCHEE, WASH. — Cogir Management USA Inc. and American Healthcare REIT (AHR) have expanded their relationship to 14 communities with AHR’s acquisition of four communities in the state of Washington. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard and Blossom Valley and Blossom Creek in Wenatchee. This portfolio includes a total of 207 assisted living and memory care units. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir also now manages 22 communities in Washington and 84 communities across the United States.

September 12, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $4M Purchase of Two-Building Multifamily Portfolio in Denver

by Amy Works September 12, 2024

DENVER — NorthPeak Commercial Advisors has arranged the acquisition of two multifamily buildings in Denver. The assets traded for $4 million, or $181,818 per unit. The names of the seller and buyer were not released. Located at 1050-1058 Pearl St., the properties offer 22 apartments in total across 17,258 square feet in space. Dan Hawthorne of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.

September 12, 2024

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Expect Seniors Housing Liquidity Issues to Persist Into 2025, Says InterFace Panel

by John Nelson September 12, 2024

As a bridge lender across the full spectrum of seniors housing, Live Oak Bank has been able to capitalize on the limited liquidity in today’s market that has resulted in stalled transactions and refinancing challenges in this niche property sector. “Trust me, I have a certain advantage right now with the lack of lenders [active in the space], and I enjoy that because it enables me to be very strategic on relationships and the people that I choose to partner with and grow. But having liquidity back in our market is necessary for a healthy seniors sector,” believes Chad Borst, managing director of seniors housing at Live Oak Bank, headquartered in Wilmington, North Carolina. 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. Borst would like to see banks that moved to the sidelines in recent years due to the disruption in the capital markets return to the playing field. “I want the permanent financing market to open up more broadly. I want other banks to come back because it will help the overall health of our …

September 12, 2024

Affordable Housing Loans Multifamily Texas

Lument Provides $42.7M Agency Acquisition Loan for Mixed-Income Property in Boerne, Texas

by Taylor Williams September 11, 2024

BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac acquisition loan for Estraya Boerne, a 288-unit mixed-income multifamily property located on the northwestern outskirts of San Antonio. Built in 2022, Estraya Boerne offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. Half the units are subject to income restrictions. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.

September 11, 2024

Affordable Housing Development Loans Louisiana Multifamily Southeast

Churchill Stateside Closes $47.7M Construction Financing for Affordable Housing Project in Lake Charles, Louisiana

by John Nelson September 11, 2024

LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.

September 11, 2024

Development Florida Loans Multifamily Southeast

Patterson Arranges Construction Financing for Multifamily Development in Metro Orlando

by John Nelson September 11, 2024

DAVENPORT, FLA. — Patterson Real Estate Advisory Group has arranged an undisclosed amount of construction financing for the development of LUMEN | Legacy Park, a 219-unit apartment development in the Orlando suburb of Davenport. Trustmark National Bank and BankUnited provided the funding to the borrowers, Red Clay Development Partners and Atlantic Residential. LUMEN | Legacy Park will feature one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and community spaces. The construction timeline was not disclosed.

September 11, 2024

Loans Multifamily New York Northeast

Largo Capital Arranges $11.6M Construction Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams September 11, 2024

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

September 11, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

MassDevelopment Provides $7.5M Bond Financing for Affordable Housing Conversion Project in Metro Boston

by Taylor Williams September 11, 2024

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.

September 11, 2024

Development Illinois Midwest Multifamily

Michaels, Brinshore Receive Approval from Chicago Plan Commission for Sixth Phase of Legends South Master-Planned Community

by Kristin Harlow September 11, 2024

CHICAGO — The Michaels Organization and Brinshore Development have received approval from the Chicago Plan Commission for the sixth phase of the Legends South master-planned community in Chicago’s Grand Boulevard neighborhood. Located at 4520 S. State St., the development is a revitalization of the former site of the Robert Taylor Homes public housing towers. Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two- and three-bedroom units across two separate buildings. The project will also include 3,600 square feet of ground-floor commercial space and various community amenities. Complementing the apartments will be a small plaza at the intersection of State and 45th streets designed to foster community gatherings and enhance the neighborhood’s public space. The development also includes 47 parking spaces. The $40 million project is being funded through a combination of tax credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans and tax-increment financing. The other phases of Legends South, which Brinshore and Michaels began developing in 2005, include more than 600 mixed-income rental units.

September 11, 2024

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