Wednesday, June 18, 2025
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Multifamily

LoansMidwestMinnesotaMultifamily

Dekel Capital Arranges $41M Bridge Loan for Multifamily Community in Metro Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.

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DevelopmentMidwestMultifamilyWisconsin

Evergreen, Legacy Open 64-Unit Mixed-Income Apartment Community in Milwaukee

by Kristin Harlow

MILWAUKEE — Evergreen Real Estate Group and Legacy Midwest Renewal Corp. (LMRC) have opened Legacy Lofts in Milwaukee’s Lindsay Heights neighborhood. The 64-unit, mixed-income rental community, located at 1500 W. North Ave., is partially housed in the former Blommer Ice Cream Factory, a three-story structure that was built in 1928 and sat vacant for nearly two decades. The developers preserved the original building in accordance with National Park Service guidelines and converted it into 38 apartment units. A three-story addition to the factory houses another 26 units. Of the 64 units, 54 are affordable to households earning less than 60 percent of the area median income. Continuum Architects + Planners was the architect for the $13.9 million project. U.S. Bank, Associated Bank, the city of Milwaukee, the Wisconsin Housing and Economic Development Authority and IFF provided additional financial support. In addition to the residences, the project includes 1,565 square feet of street-level commercial space that houses the new offices of LMRC.

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GeorgiaHealthcareIndustrialMixed-UseMultifamilySoutheastStudent Housing

Confluent, Harbor Retirement Break Ground on New Assisted Living Property in Stuart, Florida

by John Nelson

STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Eller Capital Purchases Apartment Community in Winston-Salem for $16.4M

by John Nelson

WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project.

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WellQuest-Granite-Bay-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

WellQuest Breaks Ground on Seniors Housing Community Near Sacramento

by Amy Works

GRANITE BAY, CALIF. — WellQuest Living has broken ground on WellQuest of Granite Bay, a seniors housing community in Granite Bay, approximately 25 miles northeast of Sacramento. Once complete, the property will offer independent living, assisted living and memory care. The project is set for completion in summer 2020. WellQuest will have over 1,000 senior living apartments in operation or under construction by the end of 2019 throughout California and Nevada. The Salt Lake City-based company currently has three communities opened.

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DevelopmentIllinoisMidwestMultifamily

Skender Launches Modular Building Production at Chicago Manufacturing Facility

by Kristin Harlow

CHICAGO — General contractor Skender has launched modular building production at its advanced manufacturing facility on Chicago’s Southwest Side at 3348 S. Pulaski St. Modular building, which is completed onsite, reduces both price and delivery schedule. A ribbon-cutting ceremony took place on Tuesday, May 28. Chicago Mayor Lori Lightfoot, who attended the event, said that the project will help generate job growth and advance a creative solution to address the affordable housing shortage. The first modular building project will be 10 affordable apartment buildings from developer Sterling Bay. The three-flat buildings will be completed and ready for occupancy in a nine-week production schedule, 80 percent faster than conventional construction methods, according to Skender. At full capacity in about 18 months, Skender’s facility will employ 150 workers.

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Worcester-County-Courthouse
BohlerLoansMassachusettsMultifamilyNortheast

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

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DevelopmentMultifamilySeniors HousingTexas

ITEX Group, Austin Housing Authority Reopen Affordable Seniors Housing Community

by Taylor Williams

AUSTIN, TEXAS — The ITEX Group, in partnership with the Housing Authority City of Austin (HACA), has reopened Pathways at Gaston Place, an affordable seniors housing community in Austin. HACA owns the property, which was initially built in 1978 to provide housing to the elderly (62 or older), disabled or those displaced by natural disasters. ITEX provided development and construction services for the redevelopment project. Gaston Place was in need of repairs, renovations and upgrades to meet requirements of the Americans with Disabilities Act (ADA). These changes, along with several common area upgrades throughout the community, will help provide improved homes for residents just north of downtown Austin. Gaston Place is currently 100 percent occupied.

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AcquisitionsGeorgiaMultifamilySoutheast

Hudson Capital Acquires 498-Unit Multifamily Community Near Atlanta

by Alex Tostado

WOODSTOCK, GA. — Hudson Capital Properties (HCP) has acquired Bell Woodstock, a 498-unit, garden-style multifamily community in Woodstock. HCP plans to raise rents over the next five to seven years before renovating the property. The community is situated at 1 Sycamore Lane, 29 miles north of downtown Atlanta. Communal amenities include a nine-hole putting green, Starbucks Coffee bar, conference room, resident lounge, two swimming pools, two tennis courts, two car care centers, clothes care center, fitness center, grilling areas, outdoor kitchen and a sand volleyball court. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

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DevelopmentFloridaMultifamilySeniors HousingSoutheast

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

by Alex Tostado

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.

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