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Multifamily

DevelopmentIllinoisMidwestMultifamily

Skender Completes 21-Story Luxury Apartment Building in Chicago’s River North

by Kristin Harlow

CHICAGO — Skender has completed construction of The Leo, a 21-story luxury apartment tower located at 741 N. Wells St. in Chicago’s River North. VISTA Property is the developer. Designed by Antunovich Associates, the building features 168 units, including 50 studios, 101 one bedrooms and 17 two bedrooms. The project also includes 3,877 square feet of ground-floor retail space. Amenities include an in-gym yoga studio, outdoor pool, rooftop deck, kitchen café, group fitness terrace, private events room, dog run and bike room. Luxury Chicago Realty is handling leasing. Huntington Bank provided a first mortgage loan for the project. Monthly rents start at $2,250, according to the property’s website.

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DevelopmentLoansMidwestMultifamilyWisconsin

PACE Loan Group Provides $8M in C-PACE Financing for Luxury Apartment Project in Eau Claire, Wisconsin

by Kristin Harlow

EAU CLAIRE, WIS. — PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former managed care facility, which originally opened in 1937, will house amenities including a 2,000-square-foot commercial space on the first floor, rooftop deck, fitness center, clubroom, coworking space, media room, yoga studio, outdoor heated pool, dog park and dog washing station. It will also include 53 multifamily units. One of the new buildings will consist of 87 units; the other will feature 60 units. Both will have fitness centers, clubrooms, media rooms and underground parking. Construction will begin shortly and is slated for completion by September 2025. The PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include building envelope, Energy Star windows, high-efficiency HVAC, domestic hot …

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Affordable HousingIllinoisLoansMidwestMultifamily

Colliers Mortgage Originates $7.8M Loan for Refinancing of 72-Unit Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Arranges $6.4M Sale of Gallatin Apartments in Wauwatosa, Wisconsin

by Kristin Harlow

WAUWATOSA, WIS. — Marcus & Millichap has arranged the $6.4 million sale of Gallatin Apartments in Wauwatosa, located immediately west of Milwaukee. Built in 2020, the 27-unit apartment building is located at 2515 N. Wauwatosa Ave. Amenities include a fitness center, underground parking, bicycle storage, a rooftop deck and private dog run. Matthew Whiteside, Mark Peltin and Blake Hanlon of Marcus & Millichap represented the undisclosed seller. Whiteside procured the buyer, which was also undisclosed.

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Blueprint-Healthcare-UT
AcquisitionsMultifamilySeniors HousingUtahWestern

Pennant Group Purchases Two Value-Add Seniors Housing Communities in Utah

by Amy Works

SALT LAKE CITY AND ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah. The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities. Pennant Group acquired the assets for an undisclosed price. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort for the owner. Opened in 1999/2000, the Utah portfolio consisted of a 113-unit assisted living and memory care community in urban-infill Salt Lake City site and a 75-unit assisted living and memory care community in Saint George, located in the southwest corner of the state near the Nevada and Arizona borders. Alex Florea, Giancarlo Riso and Amy Sitzman led the Blueprint team.

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilySoutheast

Culdesac, Urban Oasis to Develop 20-Acre Murphy Crossing Project in Atlanta

by John Nelson

ATLANTA — Culdesac Inc. and Urban Oasis Development will develop the Murphy Crossing mixed-use redevelopment in Atlanta’s Oakland City neighborhood, following approval by Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. Located at 1050 Murphy Ave., the project will span 20 acres and feature 1,100 residential units, as well as commercial space, light industrial space and amenities. Of the residential units, 30 percent will be designated as affordable housing for residents earning 60 to 80 percent of the area median income (AMI). Additionally, a portion of the commercial and industrial space will be offered at an affordable rate to small businesses, with small business retail tenants eligible for one-time business grants. Upon completion, the development, which is situated adjacent to the BeltLine’s Westside Trail and near the Oakland City and West End MARTA stations, will feature plazas, courtyards, green space, paths, bike lanes and a community garden. A development timeline was not disclosed.

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AcquisitionsGeorgiaSoutheastStudent Housing

Cushman & Wakefield Arranges Sale of Student Housing Community Near Kennesaw State University in Metro Atlanta

by John Nelson

KENNESAW, GA. — Cushman & Wakefield has arranged the sale of The Haven at Kennesaw, a cottage-style student housing community located near the Kennesaw State University (KSU) campus in Kennesaw, roughly 30 miles northwest of Atlanta. Developed in 2018, the property features 148 beds across 32 units in one-, four- and five-bedroom configurations. Amenities include a swimming pool, sundeck and green space. Travis Prince, Victoria Marks, Travis Presnell and Shawn Lubic of Cushman & Wakefield represented the seller, Henssler Capital LLC, in the transaction. The Preiss Co. acquired the community, which was fully occupied at the time of sale. Terms of the transaction were not disclosed.

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Grandview-Terrace-Jersey-City
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheastSeniors Housing

Hudson Valley Property Completes Renovation of 283-Unit Affordable Seniors Housing Complex in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City. The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center. KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion. 

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DevelopmentMultifamilyNortheastPennsylvania

Milhaus, BAM Capital to Develop 272-Unit Multifamily Project Near Pittsburgh

by Taylor Williams

ROBINSON TOWNSHIP, PA. — A partnership between two Indiana-based firms, developer Milhaus and investment firm BAM Capital, will develop a 272-unit multifamily project just west of Pittsburgh in Robinson Township. Known as Nox Living, the property will feature studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to begin construction by July and is aiming to deliver the first units by late 2025.

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

Merrill Gardens Acquires 103-Unit Senior Living Community in Springfield, Missouri

by Kristin Harlow

SPRINGFIELD, MO. — Merrill Gardens has acquired Mission Ridge, a 103-unit senior living community in Springfield, a city in southwest Missouri. The property features one- and two-bedroom residences offering independent living, assisted living and memory care. The purchase price and seller were undisclosed. Merrill Gardens, a privately held company, now operates 65 communities in 17 states.

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