REBusinessOnline

Joint Venture Unveils Plans to Build 357-Unit Multifamily Community Within Fenton Mixed-Use Project Near Raleigh

CARY, N.C. — A joint venture between Hines, Columbia Development and USAA Real Estate has unveiled plans for The Canopy at Fenton, a 357-unit multifamily community situated within the 69-acre Fenton development in Cary. The property will stand six stories high and offer studio, one-, two- and three-bedroom floor plans. In addition, 47 of the apartments will provide private terraces and loft-style units will be available on the ground floor. Communal amenities will include a fitness center, …

CBRE Arranges Sale of Two Tampa Bay Apartment Complexes Totaling 598 Units

ST. PETERSBURG AND TAMPA, FLA. — CBRE has arranged the sale of a two-property apartment portfolio located in St. Petersburg and Tampa. The first property is Viera Bayside, a 208-unit property located at 500 110th Ave. N. in St. Petersburg. Communal amenities include a 24-hour business center, clubhouse, fitness center and a pool. Unit interiors feature granite countertops, as well as modernized lighting and plumbing fixtures. The second property is Veranda at Westchase, a 308-unit …

Paragon Mortgage Provides $38.4M HUD Loan for Refinancing of Multifamily Asset in Metro Dallas

EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 …

CBRE Arranges Sale of Two Multifamily Assets in Springfield, Massachusetts, for $76M

SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. …

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and …

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to …

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and …

JVM Realty Acquires 121-Unit Luxury Apartment Community in Suburban St. Louis

CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the

MassHousing Provides $22.6M in Financing for Affordable Housing Project in Metro Boston

MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the …

Student Housing Q&A: Tim Bradley Provides Capital Markets Update, Post-Pandemic Outlook

In June, Student Housing Business, sister publication to REBusinessOnline, reached out to Timothy Bradley, founder of TSB Capital Advisors, for an update on the market for financing in the student housing sector and the outlook for the year ahead. SHB: How would you describe the market for financing student housing at present? Tim Bradley: The market is challenging but not impossible for the right deal with strong sponsorship. For cash-flowing student housing assets, there is still an …

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