KATY, TEXAS — LTC Properties Inc. (NYSE: LTC) has provided a $12.7 million senior loan to Ignite Medical Resorts for the acquisition of a skilled nursing and assisted living campus in Katy, a suburb west of Houston. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year loan features full-term interest-only payments at a current rate of 9.15 percent and includes a capital expenditures investment of approximately $800,000 for campus improvements.
NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.
NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.
NEW YORK CITY — Marcus & Millichap has arranged the $8.1 million sale of a 10-unit apartment building in Manhattan’s Chelsea neighborhood. Built in 1905, the five-story building at 321 W. 16th St. houses a mix of one-, two- and three-bedroom units. Joe Koicim, Zan Colin and Logan Markley of Marcus & Millichap represented the seller, locally based investment firm Centennial Properties, in the transaction. The trio also procured the buyer, TARGO Capital Partners.
MADISON, WIS. — McShane Construction Co. will build Canyons, a 60-unit affordable housing community in Madison. Lincoln Avenue Communities is the developer. The four-story project will be constructed atop a concrete parking garage. The property will feature 3,750 square feet of amenity space, including a fitness center, laundry room, mail room and clubroom. The project is designed to achieve Wisconsin Green Built Homes Gold Certification and EnergyStar Multifamily Certification with a solar panel system on the roof to offset electricity costs for the common areas. Completion is slated for June 2025. Knothe & Bruce Architects is the project architect.
CHICAGO — Habitat has received $4.5 million in Low-Income Housing Tax Credits (LIHTC) from the City of Chicago for major renovations to Riverside Village, a 258-unit affordable housing property in the city’s Riverdale neighborhood. Located at 13215 S. Indiana Ave., the community is comprised of 39 buildings. The tax credits will enable Habitat to refinance existing debt on the property and fund onsite rehabilitation work, including new plumbing and HVAC systems, upgraded unit interiors, improved accessibility in common areas and exterior improvements to the playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be completed in 2026. Riverside Village was among 13 LIHTC developments selected by Mayor Brandon Johnson and the Chicago Department of Housing to be funded through the 2023 Qualified Allocation Plan. Every two years, the City of Chicago publishes an updated Qualified Allocation Plan, which sets the rules for assessing federal tax credits. Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. Habitat purchased the property in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt and subordinate loans from the city …
— By Kip Paul, vice chair; Michael King, director; and JT Redd, senior associate, Cushman & Wakefield — The Salt Lake City multifamily market has experienced significant growth in recent years. This reflects the influx of new residents to the State of Utah, in addition to notable increases in average household income. Developers have responded to this growing demand by delivering an unprecedented amount of rental housing inventory to the market. Since 2020, new deliveries averaged 12 percent of Salt Lake’s inventory base each year. Despite increases in apartment supply, overall fundamentals remain strong. Last year’s vacancy rates remained below 4 percent for the 12th consecutive year, while rental rates surged from $1,182 to $1,654 between 2020 and 2023. Salt Lake City’s renowned access to the outdoors and high quality of life place the city in a league of its own, positioning it to continue to capture apartment demand for years to come. What Sets Salt Lake Apart The Salt Lake City multifamily market stands out due to several key features. First, it offers affordability. Rental rates remain below 30 percent of residents’ average income despite overall increases in apartment prices. Second, Salt Lake City provides unparalleled access to outdoor …
SARASOTA, FLA. — The Allen Morris Co. has obtained an $83 million construction loan for Bayside Sarasota, a 349-unit apartment development in the city’s Rosemary District. Kennedy Wilson provided the loan. Alaska Permanent Fund Corp. (APFC) is Allen Morris’ partner on the development, which will sit adjacent to Sarasota’s $200 million Bay Park redevelopment project. Bayside Sarasota will comprise a 253-unit apartment community with 2,000 square feet of retail space and a separate 96-unit tower. The project will feature a mix of one-, two- and three-bedroom apartments and 50,000 square feet of amenities, including a rooftop pool deck, lobby restaurant, fitness center with a covered yoga terrace and a 24-hour concierge. The design-build team includes general contractor Brasfield & Gorrie, architect Dwell Design Studio and interior designer FlickMars. Longboat Group will operate Bayside Sarasota upon completion, which Allen Morris and APFC expect will be in fall 2026.
KNOXVILLE, TENN. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, DCI Engineers, Cannon & Cannon and V3 Consulting Engineers. The development is anticipated for completion in summer 2026.
PFLUGERVILLE, TEXAS — Los Angeles-based Thorofare Capital has provided a bridge loan of an undisclosed amount for The Jovie at Pflugerville, a newly built, 182-unit apartment complex located on the northern outskirts of Austin. The age-restricted property offers 120 one- and two-bedroom units with an average size of 920 square feet. Amenities include a pool, fitness center, library, clubroom and bar, game room, private dining and event space and a coworking lounge. B.K. Newsom of CBRE arranged the loan on behalf of the borrower, regional developer Wilson Capital.