Multifamily

JLL Arranges Construction Financing for 338-Unit Multifamily Project in East Austin

by Taylor Williams December 22, 2023

AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for Lirica East Austin, a 338-unit multifamily project that will be located about three miles east of the downtown area. Lirica East Austin will feature studio, one-, two- and three-bedroom units with an average size of 799 square feet and amenities such as a pool, clubroom, fitness center, a leasing office, coworking space and a sky lounge. Doug Opalka, C.W. Sheehan, Scott Dickey and Samantha Jay of JLL arranged the loan on behalf of the borrower, a partnership between CSW Development and Blueprint Local. The direct lender was not disclosed. Completion is slated for early 2026.

December 22, 2023

Acquisitions California Multifamily Western

CBRE Arranges $2.4M Sale of Multifamily Property in Huntington Beach, California

by Amy Works December 22, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the purchase of a multifamily property in Huntington Beach. A San Diego-based 1031 exchange buyer acquired the asset from a Huntington Beach-based private investor for $2.4 million, or $479,000 per unit. Located at 7872 Liberty Drive, the two-story, 3,604-square-foot building features five apartments in a mix of one-, two- and three-bedroom layouts. All units feature spacious floorplans with patios or balconies. The property also offers garage parking and a laundry facility. Recent improvements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. Dan Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction.

December 22, 2023

Acquisitions Affordable Housing Development Hospitality Multifamily New York Northeast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams December 22, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

December 22, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $6.1M Sale of Multifamily Project in Bayonne, New Jersey

by Taylor Williams December 22, 2023

BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.

December 22, 2023

Loans Midwest Minnesota Multifamily

JLL Arranges $60.1M in Construction Financing for Minnesota Multifamily Property

by Kristin Harlow December 22, 2023

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged mezzanine and construction financing totaling $60.1 million for Avalon Apartments and Townhomes in Inver Grove Heights, a southeast suburb of Minneapolis. The apartment and townhome project is set to break ground immediately and will include 244 luxury units as well as 193 parking spaces. Units will come in studios through three-bedroom floor plans. Amenities will include a pool, barbecue area, pickleball court, playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and dog run. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson of JLL arranged a $45 million construction loan through Alerus, a provider of business and consumer banking products based in North Dakota. JLL also sourced $15.1 million in mezzanine financing from Centerspace, a real estate investment trust focused on apartment communities throughout the Midwest and Mountain West.

December 22, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.6M Sale of Apartment Building on Chicago’s South Side

by Kristin Harlow December 22, 2023

CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.

December 22, 2023

Development Loans Massachusetts Mixed-Use Multifamily Northeast Restaurant Retail Top Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw December 22, 2023

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

December 22, 2023

Florida Loans Multifamily Southeast

JLL Arranges $115M Refinancing for Metro Edgewater Apartments in Miami

by John Nelson December 21, 2023

MIAMI — JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block Realty. MF1’s team working on the deal included Michael Squires, Phil Pesant and Connor Pensabene. The 279-unit property comprises one-, two- and three-bedroom units averaging 955 square feet in size. Amenities include a hotel-style pool with cabanas and day beds, fitness center, live-work club room, sky lounge, private dining room and a coffee bar.

December 21, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Development Florida Leasing Activity Mixed-Use Multifamily Retail Southeast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

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