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Multifamily

DevelopmentMidwestMissouriMultifamily

Cordish Cos. Opens 135-Unit Midland Lofts Apartment Building in Kansas City’s Power & Light District

by Kristin Harlow

KANSAS CITY, MO. — The Cordish Cos. has opened Midland Lofts in downtown Kansas City’s Power & Light District. The 135-unit apartment building is the adaptive reuse of the former Midland Office Building, which opened in 1927, and is directly connected to the Midland Theatre. The property is more than 80 percent leased, with about half of the residents coming from outside the Kansas City metro area, according to Cordish. Amenities at the 12-story project include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and Luxer package locker system. Locally based architecture and design firm Helix partnered with Rosin Preservation to retain historic elements of the building, which is listed on the National Register of Historic Places. RD Jones + Associates completed the interior design of the amenity spaces. Midland Lofts features a curated collection of art that was commissioned to celebrate the artists who performed in the Midland Theatre. Cordish developed the Power & Light District, which spans nine city blocks and has included more than $9.7 billion in public and private investment over the last 15 years. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Standard Communities, River Caddis to Build $56M Affordable Housing Community in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — Standard Communities, in a joint venture with River Caddis Development, will build River’s Edge, a $56 million affordable housing community in Kalamazoo. A public-private partnership for the project includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner. River’s Edge will feature 228 units, with 184 designated as affordable for those earning 60 percent or less of the area median income (AMI). The remaining 44 units are for residents with incomes under 120 percent of AMI. Affordability is made possible by Low-Income Housing Tax Credits. Located at 508 Harrison St. and 66 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The project will include two four-story multifamily buildings, a four-unit live/work building and a commercial building with a leasing office and resident amenities such as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail. The project marks Standard’s entry into the Michigan market.

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LoansMichiganMidwestMultifamilySeniors Housing

Bayview PACE Provides $4.3M in C-PACE Financing for Seniors Housing Property in Taylor, Michigan

by Kristin Harlow

TAYLOR, MICH. — Bayview PACE has provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor seniors housing community in Taylor near Detroit. The project sponsor is Florida-based Build Senior Living, the development arm of Hampton Manor. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory care units. The $4.3 million in C-PACE funds are part of a refinancing on the already-completed Taylor project, which is substantially leased. C-PACE, or Commercial Property Assessed Clean Energy, can be used in a variety of applications including new construction and renovations. It can be utilized to recapitalize projects completed within three years in many jurisdictions.

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Ophelia
DevelopmentMultifamilyNortheastPennsylvaniaRetailTop Stories

Greystar, ECHO Realty Break Ground on Multifamily, Retail Development in Pittsburgh

by Katie Sloan

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh.  The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025.  “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …

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MorningStar-Old-Town-Fort-Collins-CO
Conference CoverageFeaturesMultifamilySeniors Housing

InterFace Panel: Seniors Housing Operators Must Embrace Healthcare-Based Models

by Taylor Williams

By Taylor Williams ATLANTA — Seniors housing has long been established as a viable property type within the spectrum of commercial real estate investment, and at the institutional level, major seniors housing owners oftentimes happen to be major healthcare owners as well. The pairing is only logical. Seniors tend to require disproportionate amounts of healthcare resources, which is why ideal sites for their residential facilities tend to have proximity to hospitals. It also explains why the staffers who make these facilities run often have medical training backgrounds. Therefore, to continue to evolve as an asset class and investment proposition, it follows that seniors housing owners must, from top to bottom, deepen their embrace of healthcare technologies and operating philosophies within their properties. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. At the InterFace Seniors Housing Southeast conference in Atlanta in late August, several panelists representing prominent owner-operators encouraged a crowd of 400-plus attendees at the Westin Buckhead Hotel to do just that. Incorporating both tangible and intangible features of pure-play healthcare properties and operations reflects an …

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Otto-College-Station
DevelopmentMultifamilyStudent HousingTexas

Parallel Completes 745-Bed Student Housing Project Near Texas A&M University

by Taylor Williams

COLLEGE STATION, TEXAS — Austin-based student housing owner-operator Parallel has completed Otto, a 745-bed development located near the Texas A&M University campus in College Station. The property offers studio through six-bedroom floor plans. Amenities include a pool, hot tub, outdoor kitchen, full-service smart market, dog spa, sky lounge and a fitness/wellness center with barre and yoga studios and dry saunas. The community also features multi-level lounges with coworking spaces, conference rooms and private study pods. BOKA Powell designed the project, and Rogers O’ Brien Construction served as general contractor.

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Standard-Eugene-OR
DevelopmentMultifamilyOregonStudent HousingWestern

Landmark Properties Completes 703-Bed Student Housing Development Near University of Oregon

by Amy Works

EUGENE, ORE. — Landmark Properties has completed The Standard at Eugene, a 703-bed student housing development located near the University of Oregon campus in Eugene. The community offers 247 units across 265,000 square feet of residential space in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool with a jumbotron, grilling areas, hammocks and cabanas; a fitness center with an indoor rock climbing wall; an academic lounge with private study rooms; a resident club and game room; and onsite parking. The community is Landmark’s second development in Oregon, following the delivery of The Retreat at Corvallis near Oregon State University. The development team for the seven-story community included Ankrom Moisan Architects and Landmark Construction, the in-house construction arm of Landmark Properties.

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ArizonaLoansMultifamilySeniors HousingWestern

Live Oak Bank Provides $54M Bridge Loan for Seniors Housing Portfolio in Arizona

by Amy Works

PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.

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Carter-on-the-Park-Redmond-WA
LoansMultifamilyWashingtonWestern

Washington Holdings Obtains $43.5M Loan for Refinancing of Multifamily Community in Redmond, Washington

by Amy Works

REDMOND, WASH. — Washington Holdings has received $43.5 million in refinancing for The Carter on the Park, a six-story apartment property in downtown Redmond. Bruce Ganong and Seth Heikkila of JLL Capital Markets Debt Advisory arranged the loan through PGIM Real Estate on behalf of the borrower. Located at 7508 159th Place NE, The Carter on the Park offers 180 one- and two-bedroom apartments with keyless entry, high-end finishes, stainless steel appliances, fiber internet, high-quality LTV hardwood-like flooring and private patios. Community amenities include a fitness center, rooftop deck, tech bar, two-story bike storage facility, coworking spaces and an interior courtyard with fire pits, grilling stations and ping pong. The 216,220-square-foot property was built in 2016.

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AcquisitionsIllinoisMidwestMultifamily

AmTrust RE Acquires 213-Unit Parkline Chicago Luxury Apartment Tower in East Loop

by Kristin Harlow

CHICAGO — AmTrust RE has acquired Parkline Chicago, a 213-unit luxury apartment tower in Chicago’s East Loop neighborhood. The sales price and seller were undisclosed. The 26-story property is located at 60 E. Randolph St. Totaling 210,000 square feet, the building features 189 rental units and 24 penthouses. Amenities include a two-story sky lounge, fitness and yoga studio, indoor/outdoor pool with attached sundeck and private dog run. Commercial tenants in the building’s 6,200 square feet of retail space include Smoothie King and Starbucks. Parkline Chicago features unobstructed views of Millennium Park, Buckingham Fountain and Lake Michigan. AmTrust is a longtime investor in the Chicago office market. John Jaeger, Justin Puppi and Jason Zyck of CBRE brokered the transaction.

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