Wednesday, July 23, 2025
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Multifamily

LoansMultifamilyNorth CarolinaSoutheast

Trez Forman Capital Provides $42M Construction Loan for Apartment Community in Metro Charlotte

by Camren Skelton

HUNTERSVILLE, N.C. — Trez Forman Capital Group has provided a $42 million construction loan for a new 297-unit apartment community located at 17355 Old Statesville Road in Huntersville, roughly 15 miles north of Charlotte. Brett Forman of Trez Forman originated the loan on behalf of the project developer, Caldwell Station NC LLC. The 20-building community will include a mix of garden-style apartment units and for-rent townhomes. Community amenities will include a saltwater pool, clubhouse, fitness center, lounge area and a dog park. A construction timeline for the project was not disclosed.

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DevelopmentFloridaMultifamilySoutheast

Trammell Crow, AvalonBay to Develop 350-Unit Multifamily Community Near Miami

by Camren Skelton

DORAL, FLA. — Trammell Crow Residential, in partnership with AvalonBay Communities Inc., has unveiled plans to develop a 350-unit apartment community located at the corner of N.W. 36th Street and N.W. 79th Avenue in Doral, roughly 16 miles northwest of Miami. The residences will be part of a horizontally integrated mixed-use development that will feature 80,000 square feet of retail, which is under development by the Terra Group. The site currently houses the 139,000-square-foot Atrium Office space. Demolition of the property is scheduled for later this month. The community will include a mix of one- to three-bedroom apartment units and will feature a pool, park and bike path. Trammell Crow and AvalonBay expect to wrap up construction in 2020.

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DevelopmentIllinoisMidwestMultifamily

Baker Completes 191-Unit Apartment Building in Chicago’s Lincoln Park Neighborhood

by Kristin Harlow

CHICAGO — Baker Development Corp. has completed ELEVATE Lincoln Park located at 930 W. Altgeld St. in Chicago. The 11-story luxury apartment building includes 191 units. The property features a pool, grill area, demonstration kitchen, fitness center and dog run. Floor plans include studios, one- and two-bedroom units, as well as penthouse units. Monthly rents start at $1,985.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $1.5M Sale of Apartment Property in North Saint Paul, Minnesota

by Kristin Harlow

NORTH SAINT PAUL, MINN. — Marcus & Millichap has arranged the sale of Division Street Apartments in North Saint Paul for $1.5 million. The three-building apartment property is located at 2633 Division St. All of the property’s 21 units are one-bedroom units averaging 400 square feet. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. He also procured the buyer.

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AcquisitionsMultifamilyNevadaWestern

Henley Tower 16 Buys 512-Unit Multifamily Community in Las Vegas’ Spring Valley Submarket

by Amy Works

LAS VEGAS — Henley Tower 16, a joint venture between Henley USA and Tower 16 Capital Partners, has acquired Foothill Village Apartments, a multifamily property located in the Spring Valley submarket of Las Vegas. Greenberg Traurig sold the property for $50 million in an off-market transaction. The buyers plan to renovate the property and rebrand it as Altura on Tropicana. The community features 512 one-, two- and three-bedroom townhomes with central air conditioning and individual electric metering. On-site amenities include three swimming pools, two hot tubs, two basketball courts, four laundry facilities, a business center, a large playground and dog runs. Pat Sauter, Art Carll-Tangora and Antone Brazill of NAI Vegas retained the buyers in the transaction.

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CaliforniaLoansMultifamilySeniors HousingWestern

Hunt Mortgage Provides $20M Refinancing for Affordable Seniors Housing Property in Montebello, California

by Amy Works

MONTEBELLO, CALIF. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello. The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty. Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bathroom apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Housing Tax Credit property. The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired.

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LoansMultifamilyTexas

Meridian Arranges $23M Recapitalization for 344-Unit Apartment Complex in Austin

by Taylor Williams

AUSTIN, TEXAS — New York-based Meridian Capital has arranged a $23 million loan for the recapitalization of a 344-unit apartment community in Austin. The community is located north of downtown on Cameron Road and features a pool, spa, on-site laundry and playground. Dov Jeremias and Brian Flax of Meridian arranged the loan, which featured an interest rate that was 200 basis points above the 30-day LIBOR rate, through KeyBank. The sponsor was not disclosed.

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LoansMidwestMinnesotaMultifamilyStudent Housing

TH Real Estate Provides $83.2M Refinancing for Student Housing Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year term.

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DevelopmentIllinoisMidwestMultifamily

Kiser Brokers $1.6M Sale of Multifamily Development Site in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a .37-acre development site in Chicago’s Albany Park for $1.6 million. The buyer, Evergreen Real Estate Group, plans to develop 48 affordable housing units on the site, which is located at 3441 W. Montrose Ave. The seller was not disclosed. Michael D’Agostino and Jake Parker of Kiser brokered the transaction.

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AcquisitionsMultifamilyNew JerseyNortheastSeniors Housing

Capitol Seniors Housing Buys 85-Unit Active Adult Community in New Jersey

by David Cohen

CINNAMINSON TOWNSHIP, N.J. — Capitol Seniors Housing has acquired Siena, an upscale active adult community in Cinnaminson Township, located across the Delaware River from Philadelphia. The price was not disclosed. Capitol plans to continue an existing master plan for the community, which includes the construction of a new clubhouse and seven residential buildings offering a total of 119 new units. The project will more than double the existing 85 units. The community sits on a 15-acre plot across the street from a large retail development. Residents must be age 55 or older to live at Siena. The expansion project is scheduled to begin this summer. The clubhouse will open in early 2019, followed by the residential buildings in mid-2019. Cove Property Management will operate the community. This is Capitol’s fourth seniors housing property in New Jersey, with three more currently under construction.

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