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Multifamily

Cornerstone-at-Branchburg
AcquisitionsMultifamilyNew JerseyNortheast

Walters Completes Lease-Up of 150-Unit Multifamily Property in Branchburg, New Jersey

by Taylor Williams

BRANCHBURG, N.J. — Locally based developer Walters has completed the lease-up of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site that are now fully occupied. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021, and leasing launched last spring.

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525-LINC-Boston
DevelopmentMassachusettsMultifamilyNortheast

Boylston Properties Delivers 80-Unit Co-living Residential Building in Boston

by Taylor Williams

BOSTON — Locally based developer Boylston Properties has delivered 525 LINC, an 80-unit co-living residential building located in the Allston area of Boston. Designed by Boston-based HDS Architecture, the property offers studio, three- and four-bedroom units that are fully furnished with utility connections in place. Communal amenities include a fitness center, work-from-home lounge, rooftop deck, community kitchen, package handling room and bike storage space. Rents start at $1,900 per month for a studio apartment.

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3001-W.-11th-St.-Houston
DevelopmentMultifamilyTexas

McNair Interests Begins Construction on 371-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — Locally based developer McNair Interests has begun construction on a 371-unit multifamily project in Houston’s Timbergrove neighborhood. The five-story building at 3001 W. 11th St. will house one-, two- and three-bedroom units with an average size of 813 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining stations, dog park and coworking space. Houston-based architecture firm Munoz & Albin designed the community, with Atlanta-based Preston Partnership serving as the architect of record. Dallas-based Ink+Oro handled interior design. Cadence McShane is the general contractor. The first units are expected to be available for occupancy in early 2025.

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DevelopmentFloridaLoansMultifamilySoutheast

Madison Communities, Heitman Obtain $44M Construction Loan for Southwest Florida Apartment Development

by John Nelson

BONITA SPRINGS, FLA. — Madison Communities and Heitman have obtained a $44 million construction loan for the development of Madison Bonita Springs, a 252-unit apartment development in Southwest Florida. Patterson Real Estate Advisors arranged the financing through First Citizens Bank on behalf of the developers. The Class A community will be located on Bonita Beach Road adjacent to the I-75 interchange. BenCo, Madison Communities’ in-house general contractor, plans to deliver Madison Bonita Springs by the end of 2025.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Launches $12.6M Renovation of South Houston Apartment Complex

by Taylor Williams

HOUSTON — FTK Construction Services has launched a $12.6 million renovation of Brookside Gardens Apartments, a 240-unit affordable housing complex in South Houston that was built in 2006. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the three-story building, income restrictions within which were not disclosed. KeyBank provided construction financing.

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210-Clarkson-Brooklyn
Affordable HousingLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $75.2M Refinancing for Brooklyn Mixed-Income Complex

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $75.2 million bridge loan for the refinancing of 210 Clarkson, a 165-unit mixed-income complex in Brooklyn’s Lefferts Gardens area. Built in 2023, the property consists of 115 market-rate units and 50 affordable housing units, an 18,700-square-foot grocery store and a 700-square-foot community facility. Units come in studio, one- and two-bedroom floor plans, and amenities include workspaces, a game room, screening room, pet spa, gym and a rooftop terrace. Meir Kessner and David Eisen at Sevenstone Capital arranged the loan on behalf of the borrower, a New York family office.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 124 Single-Story Apartments in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. will build Redwood Crystal Lake, an apartment community with 124 single-story units in the Chicago suburb of Crystal Lake. The developer, Redwood Living Inc., builds and manages single-story apartment homes. Redwood Crystal Lake will feature 25 townhome buildings with four to six units each. Designed by Mann Parsons Gray Architects, each apartment will offer a two-bedroom, two-bathroom floor plan along with an attached two-car garage and private patio. Completion is slated for December.

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IllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.5M Refinancing for Marine Terrace Apartments in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Completes 152-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow

KIRKWOOD, MO. — Brinkmann Constructors has completed The James, a 152-unit apartment complex in the western St. Louis suburb of Kirkwood. High Street Residential, a subsidiary of Trammell Crow Co., was the developer. The five-story development includes 285 parking spaces and 7,000 square feet of retail space. Amenities include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home space and coffee bar. ESG Architecture & Design served as the project architect. Monthly rents start at $1,603, according to the property’s website.

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Affordable HousingArizonaDevelopmentLoansMultifamilySeniors HousingWestern

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

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