Multifamily

3883-S-Moody-Ave-Portland-OR

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, an apartment property in Portland. Located at 3883 S. Moody Ave., The Dylan offers 232 apartments and 6,154 square feet of ground-floor retail space. Built in 2022, The Dylan features 19 studios, 185 one-bedroom and 28 two-bedroom units, with an average size of 724 square feet. The units feature nine-foot ceilings, stainless steel appliances, quartz countertops with designer backsplashes, plank flooring and washers/dryers. Select units include a kitchen island, separate shower, walk-in closet and private balcony. Community amenities include communal workspaces, a fitness center, top-floor resident lounge, dog wash station, private courtyard with fireplaces and barbecues, and a rooftop terrace with views of downtown Portland, as well as one floor of subterranean parking. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan.

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Eastglen-Apts-Longmont-CO

LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.

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414-434-Main-St-Placerville-CA

PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.

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STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.

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LANCASTER, MASS. — MassHousing has provided $8 million in financing for a 32-unit mixed-income housing project in Lancaster, about 45 miles west of Boston. MCO Cottage Rentals will be situated on an 18-acre site and feature 20 two-bedroom units and 12 three-bedroom units, eight of which will be reserved for households earning 80 percent or less of the area median income. The other 24 units will be rented at market rates. The borrower is MCO & Associates. Completion is slated for October.

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Waterloo

Ask any student housing operator what Gen Z is after, and they’ll tell you this — Gen Z wants what it wants. This generation isn’t afraid to say it, nor are they afraid to voice their displeasure or seek out alternatives if they don’t feel the current offering aligns with their values. And they certainly have values.  “As the largest, most-educated and most ethnically diverse generation in American history, Gen Z has a deep understanding and passion for social justice, are always seeking to learn, and are keen on inclusivity, paying it forward and doing the right thing,” says Michele Bettinazzi, customer experience manager at PeakMade Real Estate.  Laura Formica, senior managing director of operations at Core Spaces, believes resident priorities can be met by operators if these attributes are boiled down a little further.  “Today’s residents want to be seen, heard and taken care of,” she says. “Operating in student housing is much like operating a restaurant…there’s a lot of responsibility that comes with that. We lead with kindness and care, anticipate our residents’ needs and try to create memorable moments for them every day.” Johanna Adolfs, director of sales and marketing at Cardinal Group, whittles it down even …

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PORT ST. LUCIE, FLA. — Berkadia has arranged the sale of a 22-acre multifamily development site at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, a city in South Florida. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million, with plans to develop a 324-unit community at the site. A construction timeline was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia arranged the transaction. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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STOCKBRIDGE, GA. — Thompson Thrift has announced plans to develop a 212-unit multifamily community at 2245 Jodeco Road in Stockbridge, a southeast suburb of Atlanta. Dubbed The Levi, the property will feature one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities at the community will include a 24-hour fitness scenter, swimming pool, firepits, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.

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TAKOMA PARK, MD. — NewPoint Real Estate Capital has provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties for the refinancing of two apartment communities in Takoma Park. Located adjacent to one another, the properties — Tudor Place Apartments and Canonbury Square Apartments — are situated roughly five miles outside downtown Washington, D.C. Tudor Place and Canonbury Square offer a mix of one- and two-bedroom apartments, comprising 134 and 95 units, respectively. The refinancing agreement includes a provision to designate 50 percent of the units as affordable housing for residents earning 80 percent or less of the area median income (AMI). NOVO will continue to manage the properties through its in-house property management division. Martin Fayer of NewPoint originated the financing, which features a five-year term with interest-only payments for the full term.

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RALEIGH, N.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 143-unit independent living community in Raleigh. Opened in 2019, the seniors housing property features a variety of unit types. The seller was an unnamed national developer/investor. Focus Healthcare Partners and Solera Senior Living acquired the asset for an undisclosed price. Alex Florea and Kyle Hallion of Blueprint arranged the transaction. 

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