Multifamily

Brickmont, Sage Equities Break Ground on 137-Bed Seniors Housing Community in Metro Atlanta

by Camren Skelton November 14, 2017

ACWORTH, GA. — Brickmont Assisted Living, in partnership with Sage Equities, has broken ground on Brickmont of Acworth, a 137-bed seniors housing community in Acworth, roughly 32 miles northwest of Atlanta. Patterson Real Estate Advisory Group arranged construction financing through Credit Union Business Services for the project. Upon completion, Brickmont of Acworth will include 85 assisted living and 35 memory care units, with an average size of 447 square feet. Units will include kitchenettes.

November 14, 2017

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail Top Stories

North American Properties, PGIM to Break Ground on $2.5B Mixed-Use Development in New Jersey

by Katie Sloan November 14, 2017

SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …

November 14, 2017

Jefferson Platinum Triangle, Anaheim, California

California Loans Multifamily Western

Square Mile Provides $136M Loan for 400-Unit Apartment Community in Anaheim

by Jeff Shaw November 13, 2017

ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim. Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property. Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum Triangle district situated near Angel Stadium, Disneyland and the Anaheim Convention Center. The property offers a mix of studio, one-, two- and three-bedroom units ranging in size from 578 to 1,398 square feet. Amenities include 730 parking spaces, two resort-style pools, two clubrooms, a fitness center with yoga studio, media room, rooftop lounge and adjacent community park. “This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” says Square Mile Principal Michael Mestel. “The Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.” According to the property website, rents for available one-bedroom units run as …

November 13, 2017

California Multifamily Seniors Housing Western

Wolff Co. Breaks Ground on 142-Unit Independent Living Community in Lodi, California

by Nellie Day November 13, 2017

LODI, CALIF. — The Wolff Company has broken ground on Revel Lodi, a 142-unit independent living community in Lodi, located south of Sacramento and east of San Francisco. The project is located within the Reynolds Ranch master-planned community in California’s wine country. The property is scheduled for completion in mid-2018. Once completed, the two four-story buildings will offer 134 apartments and eight single-story cottages in a variety of studio, one- and two-bedroom floor plans. Revel Lodi will be the fourth senior living community Wolff has developed since 2016. The Scottsdale, Ariz.-based private equity firm intends to invest between $300 million and $400 million annually in the development of independent and assisted living communities, in addition to purchasing existing communities.

November 13, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Related Beal Tops Off Redevelopment of 40 Water Street in Boston

by Amy Works November 13, 2017

BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.

November 13, 2017

Multifamily New York Northeast

Ariel Property Advisors Brokers $18.7M Sale of 60-Unit Multifamily Building in Manhattan

by Amy Works November 13, 2017

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 104-110 W. 144th St. in the Hamilton Heights neighborhood of Manhattan. An undisclosed buyer acquired the building for $18.7 million. The 51,560-square-foot building features 60 two-bedroom residential units, which are subsidized under the Department of Housing and Urban Development’s project-based Section 8 program. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Properties represented the undisclosed seller and buyer in the deal.

November 13, 2017

Affordable Housing Loans Multifamily Northeast Pennsylvania

Citizens Bank Provides $17M in Financing for Affordable Housing Project in Upper Dublin, Pennsylvania

by Amy Works November 13, 2017

UPPER DUBLIN, PA. — Citizens Bank has provided $17 million in financing to NHM Housing, a partnership of Pennrose Properties and Montgomery County Housing Authority, for a redevelopment project in Upper Dublin. The project will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor. The existing units, which were built in 1954, will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. Additionally, the redevelopment will feature a community building offering a common room, computer lab and property management office. The units are dedicated to families with incomes at or below 60 percent of area median income.

November 13, 2017

Multifamily Texas

Napali Capital Acquires 164-Unit Apartment Community in Dallas

by Taylor Williams November 13, 2017

DALLAS — Southlake, Texas-based investment firm Napali Capital LLC has acquired Adira Apartment Homes, a 164-unit multifamily community located at 1301 W. Wheatland Road in Dallas. The 12-building property features amenities such as a playground, business center and an after-school program. Napali, which now owns six properties in Texas, will invest approximately $600,000 in capital improvements to the property’s landscaping and communal areas.

November 13, 2017

Loans Multifamily Texas

Dougherty Closes $14.3M Acquisition Loan for 248-Unit Apartment Community in Houston

by Taylor Williams November 13, 2017

HOUSTON — Dougherty Funding LLC, an affiliate of Dougherty Mortgage LLC, has closed a $14.3 million loan for the acquisition of Quail Chase Apartments, a 248-unit multifamily community located at 500 W. Airtex Blvd. in Houston. The affordable housing property features a fitness center, business center, volleyball court, picnic area and on-site laundry facilities. Dougherty Funding served as the lead lender and servicer for the loan, which was secured on behalf of the borrower, Quail Chase Apartments LP.

November 13, 2017

Kansas Loans Midwest Multifamily

Bellwether Arranges $7.2M CMBS Acquisition Loan for Two Manufactured Housing Communities in Wichita, Kansas

by Kristin Harlow November 13, 2017

WICHITA, KAN. — Bellwether Enterprise has arranged a $7.2 million CMBS loan for the acquisition of two manufactured housing communities in Wichita. River Oaks features 275 mobile homes while Lamplighter includes 225 mobile homes. Amenities include basketball courts, storage facilities and swimming pools. MJ Vukovich of Bellwether arranged the loan for the borrower, Park Street Partners. Benefit Street Partners was the lender.

November 13, 2017

Newer Posts

Older Posts