TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.
Affordable HousingContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastTexasWestern
Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options
By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days. In addition, both programs offer the following product features for small loans: Let’s now …
HOUSTON — The NHP Foundation has opened RoseMary’s Place, a $45 million supportive housing complex in Midtown Houston. The four-story, 149-unit building is dedicated to supporting individuals or families who are currently or were recently experiencing homelessness. The NHP Foundation has partnered with nonprofit social services provider Magnificat Houses Inc. to operate RoseMary’s Place, which also offers three multipurpose rooms, two gathering areas, a warming kitchen and a 24-hour staffed entry desk. The City of Houston Housing & Community Development Department provided $18.7 million in financing for the project, while the Harris County Community Services Department contributed $10.2 million. Hudson Housing is the tax credit investor whose purchase of those securities generated $13.6 million in equity financing for the project.
AUSTIN, TEXAS — Atlanta-based owner-operator RangeWater Real Estate will develop a 240-unit apartment complex in South Austin. The site spans 7.9 acres at 11800 Menchaca Road, and the property will house a mix of studio, one- and two-bedroom units that will range in size from 549 to 1,264 square feet. Amenities will include a pool, clubhouse, fitness center, dog park, a speakeasy-inspired garden room, library, flexible office spaces, courtyards and outdoor grilling and dining stations. RangeWater is developing the project in a joint venture with a subsidiary of Dallas-based investment firm The Meridian Group. Construction is set to begin in the coming weeks and to be complete in early 2027.
LUBBOCK, TEXAS — Senior Living Investment Brokerage (SLIB), has negotiated the sale of Bender Terrace, a skilled nursing facility located in the West Texas city of Lubbock. Situated on 2.7 acres, the property comprises roughly 45,000 square feet and 120 beds. A local independent owner sold the facility to a national owner-operator. A regional operator was leasing the property at the time of sale. Matthew Alley and Ryan Saul of SLIB arranged the transaction.
TOMS RIVER, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $50 million bridge loan for the acquisition of Silverwoods, a 313-unit multifamily property located in the coastal New Jersey community of Toms River. The 55-acre, age-restricted property consists of 46 one-story buildings that house seven studios, 41 one-bedroom units and 265 two-bedroom units. Amenities include a pool, fitness center and a clubhouse. Moshe Feiner of Sevenstone Capital arranged the debt on behalf of the borrowers, Mathias Deutsch and Isidore Bleier. In addition to financing the purchase, ownership will use the loan proceeds to establish an interest reserve, cover transaction costs and purchase an interest rate cap.
NEW YORK CITY — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of a 352-unit apartment building located at 88 Leonard St. in Manhattan’s Tribeca area. The 21-story, doorman-served building offers studio, one-, two- and three-bedroom units and amenities such as a rooftop terrace, outdoor pool and lounge area and a pet play area, as well as 11,365 square feet of retail space. John Alascio, Alexander Hernandez, Meredith Donovan and Gideon Gil of Cushman & Wakefield arranged the loan through an undisclosed European bank on behalf of the borrower, Jamestown.
TARRYTOWN, N.Y. — The DSF Group, an investment firm with offices in Boston and Washington D.C., has sold Halstead Tarrytown, a 300-unit asset located about 30 miles north of New York City. Built in 1998, the property consists of 11 two-story buildings offering a mix of one- and two-bedroom apartments. Steve Simonelli led the JLL team that represented the seller and procured the undisclosed buyer in the transaction. The new ownership plans to implement a value-add program.
SAN DIEGO — Affinius Capital has closed a $148.5 million loan to refinance 800 Broadway, a newly built high-rise multifamily property in San Diego. The loan was made to an affiliate of Diamond Realty Investments. James Burrell of Northmarq arranged the financing. The 40-story building offers 356 market-rate apartments and 33 affordable units, ranging from studio and one-/two-bedroom apartments to two-/three-bedroom penthouses. The units feature private patios/balconies, Whirlpool stainless steel appliances, nine-foot ceilings, in-unit washers/dryers, quartz countertops, frameless glass showers and porcelain tubs, modular closet shelving, luxury vinyl and tile flooring, gas stoves, under cabinet lighting and pendant island lighting. Onsite amenities include a rooftop deck with swimming pool and hot tub, speakeasy bar, outdoor lounge with fire pits and grilling stations, a clubroom, coworking space and business center, TV and game lounge, fitness center with yoga studio, pet spa and dog walk, bike storage and repair station, electric vehicle charging stations and a 24-hour concierge. Additionally, 800 Broadway offers 4,830 square feet of commercial space.
TEMPLE TERRAE, FLA. — Denver-based BMC Investments has purchased Park at Valenza, a 776-unit apartment community located at 6900 Aruba Ave. in Temple Terrace, a suburb of Tampa. The seller and sales price were not disclosed, as well as BMC’s joint venture partner. The property was constructed in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom units. Park at Valenza’s amenities include a lounge, gym, pool, basketball court and tennis courts. BMC is investing in capital improvements at the community, including new paint, roofing, siding, landscaping and parking lot work, as well as improvements to Park at Valenza’s amenities and some select units. A Prime Finance-sponsored fund provided acquisition financing.