Multifamily

Housing Trust Group to Develop $25M Affordable Housing Community in Miami

by Alex Tostado February 12, 2020

MIAMI — Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying residents will range from $401 to $1,443. The three-story building will feature 11,388 square feet of retail space on the ground level, and its community amenities will include a clubroom with a kitchen and lounge seating, fitness center, business/computer room, community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas. Construction is expected to begin immediately with delivery slated for April 2021, and pre-leasing scheduled to start in the fourth quarter. Modis Architects and HSQ Engineers designed the community, and Gomez Construction Co. is the general contractor. HTG received $14.5 million in 9 percent Low Income Housing Tax Credit equity (LIHTC) provided by City Real Estate Advisors, a $5.5 million loan from KeyBank Real Estate Capital and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March 2019 for $2.8 million.

February 12, 2020

Affordable Housing Development Maryland Multifamily Southeast

Enterprise Community Development to Construct $14M Expansion of Eastern Maryland Affordable Housing Project

by Alex Tostado February 12, 2020

PRINCESS ANNE, MD. — Enterprise Community Development Inc. will construct Phase II of Reserve at Somerset Commons in Princess Anne. Construction on the 54-unit expansion is estimated to cost $14 million. Reserve at Somerset Commons II will offer one-, two-, three- and four-bedroom units across two three-story garden apartment buildings. Of the 54 apartments, 48 will be available to families earning between 30 percent and 60 percent of area median income (AMI) and six will be market-rate. Reserve at Somerset Commons II will complement the existing community by completing the circular drive and adding 108 parking spaces. Residents of Reserve at Somerset Commons II will share existing communal amenities at Phase I, which include a clubhouse, fitness center, great room, outdoor recreational and open space. AGM Financial Services Inc. provided the first mortgage. The Maryland Department of Housing and Community Development, Enterprise Community Investment Inc., Enterprise Community Loan Fund and the Federal Home Loan Bank of Atlanta are providing additional financing. Moseley Architects is serving as the project designer, and the general contractor is Harkins Builders Inc. R Home Property Management LLC is providing property management. Enterprise Community Development expects to complete Phase II this fall. The developer completed Phase I, a 75-unit building, in …

February 12, 2020

Arizona Development Multifamily Student Housing Western

Trinitas Acquires Student Housing Development Site Near Arizona State University

by Amy Works February 12, 2020

TEMPE, ARIZ. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed student housing community offering studio, one-, two-, three- and four-bedroom units above street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. A joint venture between Trinitas and Harrison Street provided equity financing for the site acquisition. PNC Bank provided construction financing. The project is scheduled for a 2021 opening.

February 12, 2020

Colorado Development Multifamily Restaurant Retail Western

Continuum Partners, CIM Group Complete 319-Unit Multifamily Building at Urban Infill Project in Denver

by Amy Works February 12, 2020

DENVER — 9th Avenue (Denver) Land, a joint venture between Continuum Partners and CIM Group, has opened Milo, a market-rate multifamily building at 9+CO, a mixed-use property in Denver. Designed by Shears Adkins Rockmore Architects, Milo features 319 micro, studio, one-, two- and three-bedroom apartments across two buildings. The units range from 370-square-foot micro units with built-in wardrobes and murphy beds to 1,590-square-foot three-bedroom flats. Ground-floor units include walk-up private entrances and two-story townhomes. Additional unit finishes include stainless steel appliances, walk-in closets, in-unit washers/dryers and balconies in select units. Community amenities include co-working office space; roof deck with grills, fire pits and seating; a hot tub; heated lap pool; resident lounge with entertaining kitchen; shuffleboard table; 24-hour fitness center; secured parking garage; bicycle and ski repair center; pet and bicycle wash; and storage units on every floor. Milo is the second market-rate residential building at 9+CO, joining the 275-unit Theo development that opened in May 2018. The 26-acre urban infill project is located at the site of the former University of Colorado Health Sciences Center in Denver. The project will ultimately comprise approximately 2 million square feet of mixed-use space. Currently signed retailers include Fluff Salon, Sweet Combforts, Elevation …

February 12, 2020

California Loans Multifamily Western

Ready Capital Closes $14.5M Refinancing for Renovation of Multifamily Asset in Los Angeles

by Amy Works February 12, 2020

LOS ANGELES — Ready Capital has closed a $14.5 million for the renovation and conversion of a 26-unit, Class B, three-property multifamily portfolio into a 69-unit co-living portfolio located in the Brentwood and Westwood submarkets of Los Angeles. Four of the existing units will remain traditional multifamily. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of facilities to provide future funding for capital expenditures, tenant buyouts and interest shortfall. Upon acquisition, the undisclosed sponsor will buyout existing multifamily tenants, implement a capital expenditure plan to convert units to co-living and lease up each building.

February 12, 2020

Loans Midwest Multifamily Ohio

Ready Capital Closes $4.5M Refinancing for Multifamily Property in Cincinnati

by Kristin Harlow February 12, 2020

CINCINNATI — Ready Capital has closed a $4.5 million bridge-to-agency refinancing for a 148-unit, Class B multifamily property in the Winton Hills submarket of Cincinnati. The sponsor will use funds to retire existing debt, continue marking rents to market and implement a utility billing system. The nonrecourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac small-balance loan program. The name of the borrower and property were not disclosed.

February 12, 2020

Development Multifamily Texas

Ventures Development, BCDC Break Ground on 270-Unit Multifamily Project in Terrell, Texas

by Taylor Williams February 12, 2020

TERRELL, TEXAS — Ventures Development Group and Batson-Cook Development Co. (BCDC) have broken ground on a 270-unit multifamily project in Terrell, an eastern suburb of Dallas. The property will be situated on 10.8 acres within the Crossroads at Terrell mixed-use development and will feature studio, one-, two- and three-bedroom units. Amenities will include a pool, playground, dog park, fitness center, demonstration kitchen and multiple lounge areas. Hodges Architecture is designing the project, and Construction Enterprises Inc. is serving as general contractor. The opening is slated for the fourth quarter.

February 12, 2020

Development Multifamily Seniors Housing Texas

Civitas Opens 83-Unit Seniors Housing Community in Wimberley, Texas

by Taylor Williams February 12, 2020

WIMBERLEY, TEXAS — Civitas Senior Living has opened Alexis Pointe Senior Living, an 83-unit seniors housing community in Wimberley, located outside San Marcos in Central Texas. The property is located near Wimberley Town Square, the Cypress Creek Nature Preserve and Blue Hole Regional Park. Alexis Pointe Senior Living features 49 assisted living apartments, 24 memory care suites and 10 independent living cottages, as well as resort-style amenities.

February 12, 2020

Loans Multifamily Texas

Ready Capital Closes Acquisition Loan for 72-Unit Apartment Community in Metro Houston

by Taylor Williams February 12, 2020

LAKE JACKSON, TEXAS — Ready Capital has closed a $4.8 million loan for the acquisition, renovation and stabilization of a 72-unit apartment community in the South Brazoria County submarket. Upon acquisition, the sponsor will address deferred maintenance and upgrade existing units. Ready Capital closed the nonrecourse, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures. The property name and sponsor were not disclosed.

February 12, 2020

Loans Multifamily New York Northeast

Ready Capital Closes $24.6M Acquisition Loan for Multifamily Property in Brooklyn

by Alex Patton February 12, 2020

NEW YORK CITY — Ready Capital has closed a $24.6 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily property located in the Greenpoint neighborhood of Brooklyn. Upon acquisition, the sponsor will convert the existing multifamily building into a co-living property. Additionally, the sponsor will implement a capital expenditure to prepare the co-living units for occupancy, which includes fully furnishing each unit. Ready Capital closed the nonrecourse, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.

February 12, 2020

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