Multifamily

Carrfour, Pride Center Break Ground on 48-Unit Community in Metro Miami Targeting LGBTQ Seniors

by Alex Tostado October 30, 2019

WILTON MANORS, FLA. — Carrfour Supportive Housing and The Pride Center at Equality Park have broken ground on a 48-unit affordable community in Wilton Manors that will offer supportive services specifically targeting LGBTQ seniors. Located approximately 30 miles north of Miami, The Residences at Equality Park is scheduled for completion in 2020. Of the 48 units, 34 will be set aside as permanent supportive housing for low-income seniors ages 55 and older with a disabling condition who need onsite supportive services in order to maintain their housing. Forty-three units will be available to residents earning 60 percent or less of Broward County’s area median income (AMI) — about $35,400 per year for a one-person household, and about $40,400 per year for a two-person household. The remaining five units will be available to those earning 33 percent or less of the AMI, or about $17,700 per year for a one-person household and $20,200 per year for a two-person household. Monthly rents will be based on income, ranging from approximately $350 to $1,029. Carrfour will serve as the project’s developer, operator and service coordinator, while The Pride Center will provide residents with onsite supportive services, including service linkage, senior support groups, wellness …

October 30, 2019

Development Mixed-Use Multifamily Retail Utah Western

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.

October 30, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

Acquisitions Multifamily Texas

American Landmark Buys Two Multifamily Assets Totaling 484 Units in Houston

by Taylor Williams October 30, 2019

HOUSTON — Tampa, Fla.-based multifamily investment firm American Landmark has purchased two assets totaling 484 units in Houston. The company acquired the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the northeastern suburb of Kingwood. The properties were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program and be respectively rebranded as Lakefront Villas and The JaXon. Both assets feature granite countertops and walk-in closets but have different amenity packages. With this transaction, American Landmark now owns 38 properties in Texas, including 14 in Houston.

October 30, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $23.7M for Houston Multifamily Assets

by Taylor Williams October 30, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $23.7 million for a pair of multifamily assets in the Houston area. In the first transaction, Brandon Brown of LMI Capital placed a $10.7 million floating-rate loan for a 170-unit asset in Brazoria County. The loan carried a 3.8 percent interest rate at closing and included three years of interest-only payments. In the second deal, Jamie Safier of LMI Capital arranged $13 million in acquisition financing for a 190-unit property in Houston’s Galleria submarket. The loan was structured with a fixed 4.5 percent interest rate and two years of interest-only payments. Borrowers and property names were not disclosed.

October 30, 2019

Illinois Loans Midwest Multifamily

American Street Capital Arranges $13.6M Refinancing for 20-Property Multifamily Portfolio in Chicago

by Kristin Harlow October 30, 2019

CHICAGO — American Street Capital (ASC) has arranged $13.6 million in permanent debt for the refinancing of a 20-property multifamily portfolio in Chicago. The 214 units within the portfolio are located on the city’s south side in various neighborhoods such as Bronzeville, Kenwood and Southshore. The portfolio was approximately 95 percent leased at the time of loan closing. Igor Zhizhin and Alexander Rek of ASC secured three separate loans on behalf of the borrower, a Chicago-based REIT. A correspondent agency lender provided the loans, each of which featured a 10-year, fixed-rate term and a 30-year amortization schedule.

October 30, 2019

Affordable Housing Market Reports Multifamily Northeast Northeast Market Reports

Making Up for Lost Time Can Be Costly for Affordable Housing Developers

by Taylor Williams October 30, 2019

Despite evidence of their own experience, developers of affordable housing can still minimize the incidence of unforeseen delays and underestimate their costs. Capital One has 75 such developments under construction, and more than half are in some way behind schedule. This is neither unusual nor a comment on our partners’ skills as developers of much-needed affordable housing. The point is that making up for lost time can be particularly costly. While unforeseen delays are no more common in affordable housing than in other building types, developers of this product type run the unique risk of losing crucial tax credits when they miss a place-in-service deadline. Loss of tax credits as a funding source, which can account for as much as half the capital funding project costs in some cases, upends the carefully crafted funding structure of the development. Other developers might be content to pay an extra month’s interest on their construction loan while addressing the source of delay, as this constitutes a less-significant sacrifice at today’s rates than in the past. But affordable housing developers must incur extra expenses and do whatever is necessary to get the project back on track. Unforeseen Bedrock A case in point is the …

October 30, 2019

Acquisitions Multifamily South Carolina Southeast

Continental Realty Purchases Apartment Complex Near Hilton Head for $69.3M

by Alex Tostado October 29, 2019

BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased The Bluestone, a 360-unit apartment complex in Bluffton, for $69.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, sundecks, outdoor kitchens, fitness center, grilling areas, clubhouse, coffee bar, yoga studio and a fireplace lounge area. The Bluestone was constructed in phases between 2004 and 2007 and is located six miles from Hilton Head Island. CRC purchased the asset from a joint venture between Charleston, S.C.-based Blaze Partners and The Carlyle Group, a global investment firm based in Washington, D.C.

October 29, 2019

Acquisitions Georgia Multifamily Southeast

Urban Realty, Case Pomeroy Sell Two Adjacent Apartment Complexes in East Atlanta for $48.2M

by Alex Tostado October 29, 2019

ATLANTA — A joint venture between Urban Realty Partners and Case Pomeroy Properties has sold two neighboring apartment complexes totaling 217 units in Atlanta’s Grant Park neighborhood for $48.2 million. The George and The Leonard are located at 275 Memorial Drive SE and 301 Memorial Drive, respectively, less than a mile east of downtown Atlanta. The communities offer one- and two-bedroom floor plans. Communal amenities include 11,581 square feet of retail space, a clubhouse, business center, pet play area, pet washing area, fitness center and a swimming pool. Mike Kemether, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Grubb Properties acquired the buildings.

October 29, 2019

Newer Posts

Older Posts