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Multifamily

Affordable HousingDevelopmentMidwestMultifamilyOhio

Frontline Development, Woda Cooper Break Ground on $17.6M Affordable Housing Community in Cleveland

by Kristin Harlow

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Two Multifamily Sales in Suburban Chicago Totaling 53 Units

by Kristin Harlow

DOLTON AND OAK LAWN, ILL. — Interra Realty has arranged two multifamily sales in suburban Chicago totaling 53 units. A three-building, 41-unit portfolio in Dolton sold for $3.2 million, while a 12-unit building in Oak Lawn transacted for $1.8 million. Michael Duckler of Interra represented the confidential buyers and sellers in both deals. The Dolton portfolio was nearly fully leased at the time of sale. Half of the units have recently undergone full or partial renovations, including new laminate flooring and updated kitchens. The Oak Lawn asset was fully leased at the time of sale. The price represented one of the highest price-per-unit sales in Oak Lawn in the last decade, according to CoStar data.

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LoansMultifamilyNew YorkNortheastNorthmarq

Northmarq Provides $14M Agency Loan for Refinancing of Upstate New York Apartment Community

by Taylor Williams

ROCHESTER, N.Y. — Northmarq has provided a $14 million Fannie Mae loan for the refinancing of Windsor Gardens, a 296-unit apartment community in Rochester. Built in 1972 and renovated in 2002, Windsor Gardens offers studio, one-, two- and three-bedroom units. Amenities include a fitness center, conference room, clubhouse, video library and onsite laundry facilities. Robert Ranieri of Northmarq originated the 10-year loan on behalf of the borrower, an entity doing business as Windsor Associates LP.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $7.3M Sale of East Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $7.3 million sale of Bennington Arms, a 28-unit apartment building in East Boston. The three-story building at 720 Bennington St. is located in the Orient Heights neighborhood and houses 17 one-bedroom units and 11 studios, half of which were recently renovated. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMarylandSeniors HousingSoutheast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

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Sharon Géno
District of ColumbiaFeaturesMultifamilySoutheast

NMHC: High Insurance Costs Worsen U.S. Housing Affordability Crisis

by Channing Hamilton

WASHINGTON, D.C. — Rising insurance costs are standing in the way of building more affordable housing. According to a survey from the National Multifamily Housing Council (NMHC), about 77 percent of owner/developer firms reported rate increases of up to 20 percent or more compared with 2023 costs. NMHC’s 2024 State of Multifamily Risk Report attributes the high costs to a variety of factors, including increased cost valuation, limited capacity within the reinsurance market, shrinking underwriting capacity and restricted availability of guaranteed cost/zero deductible programs.  Previous NMHC research, such as the 2023 State of Multifamily Risk Report, indicated that supply chain issues and high inflation led to higher construction and replacement costs. As insurance costs rise, insurance companies increase the minimum amount a property must earn in revenue to remain financially viable. These costs can be especially detrimental to affordable housing providers who develop rate-capped units. However, while insurance rates remain significantly elevated compared with historical norms, the report also found that there was some stabilization in the property insurance market in 2024. Last year marked the first decline in rates since 2017, after 27 consecutive quarters of growth. The report attributes this temporary stability to increased capacity and competition in the property insurance …

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DevelopmentHospitalityLoansMixed-UseMultifamilySoutheastTennesseeTop Stories

Walker & Dunlop Arranges $253M Construction Loan for Pendry Nashville Hotel and Condominium Tower

by John Nelson

NASHVILLE, TENN.  — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …

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Encore-380-Aubrey
AcquisitionsMultifamilyTexas

SPI Advisory Acquires 416-Unit Encore 380 Apartments in Aubrey, Texas

by Taylor Williams

AUBREY, TEXAS — Texas-based investment firm SPI Advisory has acquired Encore 380, a 416-unit apartment community in Aubrey, located north of the metroplex in Denton County. Built in 2017 as Century 380, the property offers one-, two-, three- and four-bedroom units that are furnished with stainless steel appliances, granite countertops, kitchen islands and washer/dryer connections. Select units feature private yards. Amenities include a pool, fitness center, clubhouse, playground, computer lounge, dog park, package lockers and outdoor grilling and dining stations. Eastdil Secured represented the undisclosed seller in the transaction. SPI plans to upgrade unit interiors, building exteriors and common spaces.

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Springs-at-Grand-Prairie
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 276-Unit Springs at Grand Prairie Apartments

by Taylor Williams

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Springs at Grand Prairie, a 276-unit apartment complex located roughly midway between Dallas and Fort Worth. The property was built on 15 acres in 2022 and has an average unit size of 991 square feet. Amenities include a pool and a fitness center. Drew Kile, Taylor Hill, Michael Ware and Cameron Purse of IPA represented the seller, Continental Properties, in the transaction. Brian Eisendrath, Cameron Chalfant and Harry Krieger, also with IPA, arranged acquisition financing on behalf of the buyer, which plans to upgrade select units and has also rebranded the property as The Bradbury.

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Museum-Parc-Newark
DevelopmentLoansMultifamilyNew JerseyNortheast

Merchants Capital Secures $120M in Construction Financing for Mixed-Income Multifamily Project in Newark

by Taylor Williams

NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.

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