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Multifamily

LoansMultifamilySoutheastTennessee

BWE Arranges $19.8M Refinancing for Lanesborough Multifamily Community Near Knoxville

by John Nelson

FARRAGUT, TENN. — BWE has arranged a $19.8 million loan for the refinancing of Lanesborough, a multifamily community located in Farragut, roughly 20 miles southwest of Knoxville. Paul Harbor of BWE secured the Fannie Mae financing on behalf of the undisclosed borrower, with support from BWE colleagues J.R. Bertram, Libby Davis and John Segrest. Totaling 208 units, Lanesborough was 99 percent occupied at the time of sale. Amenities at the community, which was originally constructed in 1997, include a swimming pool, spa, clubhouse, community pond, fitness center, car wash station, garage parking, storage space, gated access and basketball, volleyball and tennis courts.

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LoansMultifamilySoutheastTennessee

Eastern Union Secures $13M Refinancing for Garden View Apartments in Memphis

by John Nelson

MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a multifamily community located at 1033 and 1087 Whitaker Drive in Memphis. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate, to the undisclosed borrower. Built in 1963, Garden View Apartments totals 156 units across 15 buildings spanning 131,000 rentable square feet. The community features 60 one-bedroom units and 96 two-bedroom units. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Dov Bakon of Eastern Union served as the underwriter for the transaction.

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Cypress-Creek-Apartment-Homes-at-Montfort-Drive
DevelopmentMultifamilyTexas

Hunt Capital Partners Arranges $20M in LIHTC Financing for Mixed-Income Housing Project in Dallas

by Taylor Williams

DALLAS — Hunt Capital Partners has arranged $20 million in Low-Income Housing Tax Credit (LIHTC) financing for Cypress Creek Apartment Homes at Montfort Drive, a 168-unit mixed-income housing project in Dallas. The unit mix will consist of 92 one-bedroom apartments, 64 two-bedroom residences and 12 three-bedroom units. About 70 percent (116) of the units will be reserved for households earning between 30 and 80 percent of the area median income, with the remainder to be rented at market rates. Residents will have access to services such as weekly exercise classes, monthly food banks, tax preparation assistance and annual health fairs. The developer is a partnership between Bonner Carrington and Sycamore Strategies.

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The-Monarch-Queens
DevelopmentMultifamilyNew YorkNortheast

BRP Cos. Completes 605-Unit Multifamily Project in Queens

by Taylor Williams

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit multifamily project in the Jamaica area of Queens. The building rises 25 stories and spans 542,000 square feet. In addition to 14,000 square feet of retail space, The Monarch houses 498 one-bedroom apartments and 107-two bedroom residences, with 182 units reserved for households earning between 80 and 130 percent of the area median income. Residences are furnished with individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. Amenities include indoor basketball and pickleball courts, a golf simulator, fitness center with a yoga studio, resident lounge, conference room, children’s playroom, dog run, sky lounge and multiple outdoor terraces including an amphitheater. Construction began in January 2021. Rents start at $2,330 per month for a one-bedroom apartment.

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LoansMassachusettsMultifamilyNortheast

Tremont Asset Management Receives Loan for Refinancing of Boston Multifamily Property

by Taylor Williams

BOSTON — Locally based investment firm Tremont Asset Management has received a loan for the refinancing of a multifamily property located at 1955-1963 Commonwealth Ave. in the Brighton area of Boston. The amount was not disclosed, but the financing was originated in conjunction with a loan for a condo property in Nashua, N.H. The total value of the refinancings of those properties, which total more than 80 units combined, is $11 million. Patrick Boyle and Rose Liu of Colliers originated both loans through a balance sheet lender and a regional bank.

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Alaire-Apts-Renton-WA
AcquisitionsMultifamilyWashingtonWestern

RISE Properties, Tokyu Land Sell 357-Unit Alaire Multifamily Community in Renton, Washington

by Amy Works

RENTON, WASH. — RISE Properties and Tokyu Land have completed the sale of Alaire, an apartment property in the Seattle suburb of Renton, to Greystar for an undisclosed price. Situated on 18 acres, Alaire features 357 one-, two- and three-bedroom apartments with Shaker-style cabinets, stainless steel appliances and new lighting and plumbing fixtures. Select units have walk-in closets, laundry rooms or wood-burning fireplaces and top-floor apartments feature vaulted ceilings. Community amenities include two clubhouses with outdoor heated pools, a fitness center, outdoor barbecue areas, a full-size sports court, TV lounge, game room, sauna and dog park. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

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1400-Long-Beach-Blvd-Long-Beach-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Meta Housing Breaks Ground on 163-Unit Affordable Community in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Los Angeles-based Meta Housing Corp., in partnership with Foundation for Affordable Housing, has broken ground on 1400 Long Beach, an affordable housing community in Long Beach, a suburb south of Los Angeles. Located at 1400 Long Beach Blvd., the development will be a six-story residential building offering 163 one-, two- and three-bedroom units. Onsite amenities will include a community room, technology hub and private courtyard. The project will offer housing for low- and moderate-income family households earning between 30 percent and 70 percent of the area median income. Project partners include Foundation for Affordable Housing, California Housing Finance Agency, Bank of America, Century Housing Corp., California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.

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20-Exchange-Place-Manhattan
MultifamilyNew YorkNortheastTop Stories

Dermot Co., PGGM Acquire 57-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …

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Lorimer-House-Brooklyn
LoansMultifamilyNew YorkNortheast

JLL Arranges $173M Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams

NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Tryko Partners Completes 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams

PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.

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