Multifamily

KeyBank Secures $93M in Construction Financing for Affordable Housing Project in Oregon

by Amy Works January 24, 2020

GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.

January 24, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $78.5M Sale of Parc Midtown Apartment Complex in Phoenix

by Amy Works January 24, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parc Midtown, a multifamily property located in Phoenix. Evergreen sold the asset to FSC Realty for $78.5 million, or $256,536 per unit. Situated at the intersection of Central Avenue and Indian School Road, Parc Midtown features 306 apartments with proximity to Indian School/Central Avenue Valley Metro Rail station and Steele Indian School Park. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

January 24, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Buchanan Mortgage Funds $55M Construction Loan for The Orchard Mixed-Use Project in Azusa, California

by Amy Works January 24, 2020

AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.

January 24, 2020

Loans Multifamily New Jersey Northeast

Berkadia Arranges $43M Refinancing for Deer Creek Apartments in Plainsboro, New Jersey

by Taylor Williams January 24, 2020

PLAINSBORO, N.J. — Berkadia has arranged a $43 million loan for the refinancing of Deer Creek, a 288-unit apartment community in Plainsboro, a northern suburb of Trenton. The property is situated on 34 acres, features one- and two-bedroom units, and offers amenities such as a pool, tennis courts and a fitness center. Robert Falese of Berkadia arranged the loan on behalf of the borrower, a joint venture between Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group, which acquired the asset in 2016 and implemented a value-add program.

January 24, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

by Alex Tostado January 23, 2020

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Cos., in the transaction. Hathaway and Lynx Capital, both based in Atlanta, acquired the property.

January 23, 2020

Acquisitions Mississippi Multifamily Southeast Student Housing

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

by Alex Tostado January 23, 2020

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the undisclosed seller in the transaction. The buyer and terms of the transaction were also not disclosed.

January 23, 2020

Development Multifamily Northeast Pennsylvania

Equus Completes 182-Unit Madison Lansdale Station Apartments Near Philadelphia

by Taylor Williams January 23, 2020

LANSDALE, PA. — Equus Capital Partners, a locally based private equity fund, has completed Madison Lansdale Station, a 182-unit multifamily property in Lansdale, about 25 miles north of Philadelphia. The property, which features studio, one- and two-bedroom units, is part of a 6.7-acre mixed-use development located adjacent to Lansdale station on the SEPTA transit line. Additional uses include single-family homes and 15,000 square feet of retail space. Amenities at Madison Lansdale Station, which is now 50 percent leased, include a fitness center, business center, clubhouse, demonstration kitchen, billiard room and outdoor spaces with lounges and fire pits.

January 23, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

Development Massachusetts Multifamily Northeast

Greystar to Develop 126-Unit Apartment Building in Boston’s Back Bay

by Taylor Williams January 23, 2020

BOSTON — Charleston, S.C.-based Greystar has acquired land at 212 Stuart St. in Boston’s Back Bay neighborhood for the development of a 19-story, 126-unit apartment building that will also feature ground-floor retail space. The property will offer one- and two-bedroom units as well as three-bedroom penthouses ranging in size from 500 to 2,100 square feet. Amenities will include a fitness center, lounge, library and bike storage space. Greystar plans to break ground this month and to complete the project in the first half of 2022.

January 23, 2020

Illinois Midwest Multifamily

Habitat Co. Named Property Manager for 724-Unit Park Tower Condo Building in Chicago

by Kristin Harlow January 23, 2020

CHICAGO — The Habitat Co. has been awarded the property management of Park Tower, a 724-unit condominium building in Chicago’s Edgewater neighborhood. Located at 5415 N. Sheridan Road and constructed in 1973, the building rises 55 stories. Amenities include a rooftop garden, grocery store, clubhouse, fitness center, pool and parking garage. Park Tower is one of the largest residential buildings in Chicago by unit count, according to Habitat, which maintains more than 22,000 units under management across six states.

January 23, 2020

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