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Multifamily

Alexan-Pena-Station-Denver-CO
ColoradoDevelopmentLoansMultifamilyWestern

Berkadia Structures $81.2M in Joint Venture Equity for Alexan Pena Station Apartment Development in Denver

by Amy Works

DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.

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Hadley-North-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers Sale of 240-Unit Multifamily Community in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Hadley North Scottsdale, a midrise apartment property in the Phoenix suburb of Scottsdale. Completed in 2014, The Hadley North Scottsdale features 240 apartments with nine-foot ceilings, wood-style plank flooring, full-size washers/dryers, large walk-in closets and private patio or balconies. The average unit size is more than 1,000 square feet. Community amenities include a resort-style heated pool and a clubhouse with a conference room and workstations. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. The acquisition price was not released.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Blueprint Arranges Sale of Three-Property Seniors Housing Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the sale of three value-add seniors housing properties in the western suburbs of Chicago for an undisclosed price. Opened between 1994 and 2000, the portfolio comprises approximately 290 assisted living and memory care units and roughly 40 Medicare-only skilled nursing units. According to Blueprint, the communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the properties to preserve liquidity. The buyer was a regional owner-operator looking to expand into Illinois. The seller was a national developer and investor. Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon led the Blueprint team.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Completes 148-Unit Apartment Complex in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — Brinkmann Constructors has completed 11th and Spruce, a 148-unit apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners was the developer. Located three blocks from Busch Stadium, the project features 3,000 square feet of ground-floor retail space as well as amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. TR,i Architects was the project architect.

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IllinoisLoansMidwestMultifamilySeniors Housing

CFG Provides $13.6M in HUD-Insured Financing for Two Skilled Nursing Facilities in Illinois

by Kristin Harlow

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.

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Mason-at-Van-Dorn-Alexandria
AcquisitionsLoansMultifamilySoutheastTop StoriesVirginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

Berkadia Arranges $172M Construction Financing for Residential Tower in South Florida

by John Nelson

NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.

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Affordable HousingDevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

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DevelopmentFloridaLoansMultifamilySoutheast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

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AcquisitionsMultifamilyTexas

KW Commercial Arranges Sale of 26-Unit Casa Grande Apartments in Brownwood, Texas

by Taylor Williams

BROWNWOOD, TEXAS — KW Commercial, a division of national brokerage firm Keller Williams Realty, has arranged the sale of the 26-unit Casa Grande Apartments in Brownwood, located roughly 160 miles southwest of Dallas and 140 miles northwest of Austin. Built in 1979, the property offers one- and two-bedroom units as well as a courtyard and onsite laundry facilities. Ryan Franckhauser of KW Commercial represented the seller, a Dallas-based private investor, in the all-cash transaction. The name of the Wyoming-based buyer was not disclosed.

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