COLUMBIA AND NORTH CHARLESTON, S.C. — Berkadia has brokered the sale of two multifamily communities located in Columbia and North Charleston for a combined $46.4 million. The transactions include the $30 million sale of Greenbrier Apartments in Columbia and the $16.4 million sale of Ashley Village Townhomes in North Charleston. Southwood Realty purchased the 526-unit Greenbrier Apartments from an undisclosed seller. PEM Real Estate Group purchased the 260-unit Ashley Village Townhomes from URS Capital Partners. Mark Boyce and Blake Coffey of Berkadia brokered the transactions.
ATLANTA — SunTrust Banks Inc. (NYSE: STI) has signed a definitive agreement to acquire all of the assets of the operating subsidiaries of Pillar Financial LLC. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. Following completion of the acquisition, the Pillar team will join SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. “SunTrust and Pillar make a fantastic combination since there is very little overlap in our capabilities, yet there is tremendous synergy and compatibility,” says Anand Gajjar, CEO and senior managing director of Pillar Financial. Following the acquisition, Gajjar will report to Kathy Farrell, executive of SunTrust’s CRE division. “Our management team is energized to serve our clients with the significant product offerings of SunTrust,” adds Gajjar. The acquisition will expand SunTrust’s multifamily lending capabilities, given that Pillar Financial holds licenses with all three agencies …
Success breeds success. That adage, more than any other, defines the Dallas-Fort Worth economy and its strong multifamily market. In the last five years, a number of companies, such as Toyota North America and Nationstar Mortgage, impressed by the advantages of doing business in Dallas-Fort Worth, have relocated their headquarters here. These companies were attracted by the area’s central location, equidistant from both coasts, as well as an educated workforce, a diverse economy and a favorable business climate. This year Jamba Juice, among other companies, took notice and announced that they are joining the migration to north Texas. Even companies not choosing to uproot their headquarters are expanding their presence in Dallas-Fort Worth. Early this year, JPMorgan Chase picked Plano’s Legacy West development for a new 6,000-employee campus, next door to Toyota as well as Liberty Mutual, which itself will add 5,000 workers to a huge new service center it is building there. Also this year, Fannie Mae announced it would move more than 1,000 workers to Plano, the medical giant McKesson revealed plans to add 1,000 office jobs in Irving and Pegasus Foods chose Rockwall for a new plant that will employ 300. The Federal Reserve Bank of Dallas’ …
WALTHAM, VT. — Development partners Addison County Community Trust and Cathedral Square Corp. have redeveloped a formerly unoccupied manufactured home park in Waltham into McKnight Lane, Vermont’s first net-zero affordable housing community. The $3.6 million community features 15 net-zero energy homes configured into seven duplexes with 12 two-bedroom layouts and two three-bedroom layouts. The homes are available for households with incomes at or below 50 percent and 60 percent of the area median income. The homes incorporate the latest in energy-efficiency design and technology, including a high-performance building envelope, cold climate heat pumps and a state-of-the-art ventilation system. Additionally, each home is designed to have its total energy usage, including heating, cooling, domestic hot water, appliances and plug demands, met by a 6 kW roof-mounted solar photovoltaic array, and each home features a 6 kWh AC sonnen smart solar energy system for backup power.
DENTON, TEXAS — Old Capital has provided a $9.3 million loan for the purchase of The Loop Apartments in Denton. The loan includes $500,000 for renovations to the 160-unit property. The eight-year loan includes a 75 percent loan-to-value ratio and a 30-year amortization schedule. The buyer was unnamed.
DUNCANVILLE, TEXAS — Greysteel has arranged the sale of Wexford Townhomes, a multifamily property located in Duncanville, a suburb of Dallas. Greysteel represented the seller, Virtue Wexford Owner LLC, in the transaction. PC Wexford LLC was the buyer. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson represented the seller and procured the buyer. Built in 1984, Wexford Townhomes includes 17 two-story buildings totaling 122 units on nearly seven acres. Property amenities include attached garages, 24-hour maintenance and a swimming pool. The property is located at 600 Wembley Circle.
LENEXA, KAN., AND KANSAS CITY, MO. — Equus Capital Partners has sold a three-property multifamily portfolio, located in Lenexa and South Kansas City, to Denver-based Monarch Investment and Management Group for $35 million. At the time of sale, the 483-unit portfolio was 97 percent occupied. The portfolio comprises Madison Woodridge and Madison Mill Creek, totaling 367 units in Lenexa, and the 116-unit Madison Woodlands in South Kansas City. Jeff Stingley of CBRE represented the seller in the transaction.
NEW YORK — Greystone Affrodable Housing Initiatives LLC has closed a $130.8 million transaction to help preserve 1,058 affordable housing units in Florida. The 24 aged properties are located in 12 counties throughout the state. Completed on behalf of owner and operator The Hallmark Cos. Inc., the financing included $41.6 million in tax-exempt bonds by Osceola County; Boston Financial purchasing $28.1 million in 4 percent Low-Income Housing Tax Credits; HUD’s assumption of $26.7 million of original USDA Section 515 debt, which provides subsidized financing to developers of affordable housing in rural markets; $29.9 million in senior debt; and $4.5 million in additional capital. Greystone worked closely with the USDA’s Rural Housing Service, as well as Osceola County Housing Finance Authority and Florida Housing Finance Corp. in the transaction. Hallmark will use the funds to rehabilitate the interior and exterior of the 24 properties over the next 12 months at an average of $32,000 per unit. The redevelopment team includes Columbia, Mo.-based architect Wallace Architects LLC and Roswell, Ga.-based general contractor Formula Construction Group.
CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.
WASHINGTON, D.C. — A survey of 1,000 Americans aged 18-34 — commonly known as Millennials — has found that a majority of them have had to delay or rethink traditional ideas of home ownership, according to The NHP Foundation, which conducted the survey. The NHP Foundation is a nonprofit provider of affordable housing. The survey found that 76 percent of Millennials have made compromises in order to find affordable housing, which NHP defines as housing that costs no more than 30 percent of the respondent’s income. Of those who admit compromises, 46 percent live with parents or family, 43 percent have put off saving for the future, 41 percent live with a roommate and 36 percent had to move further away from school or work to find something affordable. “Millennials, America’s largest generation, are already saddled with record-breaking student loan debt and no longer think homeownership is in their future,” says Richard Burns, CEO of The NHP Foundation. “This group mirrors much of society, which is also frustrated by the lack of affordable housing and is seeking rental options.” Cost Burden Those who spend more than 30 percent of their income on rent or a mortgage are considered cost-burdened. The survey found …