LOUISVILLE, KY. — Cushman & Wakefield|Commercial Kentucky and Cushman & Wakefield have brokered the sale of a five-property multifamily portfolio totaling 1,460 units. MF Capital purchased the portfolio from Brown Capital for an undisclosed price. The properties include Boulder Creek Apartments, Eagles Eyrie Apartments, Lyndon Crossings, Devonshire Apartments and Partridge Meadows. The portfolio sale represents the largest real estate transaction in Kentucky this year and is also one of the largest transactions in the history of multifamily sales in the state, according to Commercial Kentucky. Craig Collins and Austin English of Commercial Kentucky, along with Mike Kemether and James Wilber of Cushman & Wakefield, represented the seller in the transaction.
TAMARAC, FLA. AND BIRMINGHAM, ALA. — Greystone has provided a pair of Freddie Mac loans totaling $103.7 million for the refinancing of two multifamily communities in South Florida and Birmingham. The deals include a $37.3 million loan for Midora at Woodmont, a 199-unit community in Tamarac, and a $66.4 million loan for Avenues of Inverness, a 586-unit property in Birmingham. The agency loans for both properties carry seven-year terms, fixed interest rates, five years of interest-only payments and 35-year amortization schedules. The borrower for both loans is Monsey, N.Y.-based White Eagle Property Group.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Alto Highland Park, a 112-unit apartment complex in Dallas. Built in phases between 2001 and 2007, the property offers 57 brownstones with direct-access garages and 55 residences that connect to a subterranean garage. Units come in one-, two- and three-bedroom floor plans and have an average size of 1,888 square feet. Amenities include a pool, clubhouse and an outdoor lounge and grilling area. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, and Cameron Purse of IPA represented the seller, Origin Investments, in the transaction. The team also procured the buyer, Silverado Interests.
SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.
SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.
MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace in Mound, a far west suburb of Minneapolis, for $9.8 million. Built in 1970, the 88-unit multifamily property is located at 5600 Grandview Blvd. The asset features one- and two-bedroom floor plans averaging 800 square feet. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer.
DES MOINES, IOWA — Woda Cooper Cos. Inc. has broken ground on Alley Landing, a 40-unit affordable housing community in Des Moines. The property at 2701 Douglas Ave. will feature one-, two- and three-bedroom units for residents earning up 60 percent of the area median income. Eight units will be set aside as Permanent Supportive Housing (PSH), with rental assistance for households experiencing homelessness, with a veteran priority. Amenities will include a multipurpose room with kitchenette, manager’s office, supportive services office, dog park and playground. The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan and housing vouchers to provide rental assistance for the PSH units. The Iowa Finance Authority provided a second HOME loan and allocated housing tax credits. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust is providing the first permanent mortgage. Families Forward will provide supportive services for the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness. Hooker DeJong Inc. is the project architect, and Woda Construction Inc. is the general contractor. Woda …
SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.