Multifamily

Gantry Arranges $8.2M Loan for Skyview Lofts in Kalispell, Montana

by Amy Works December 7, 2023

KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.

December 7, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $7M Sale of Multifamily Building in Leadville, Colorado

by Amy Works December 7, 2023

LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 921 Mount Massive Drive in Leadville, approximately 100 miles southwest of Denver. The asset traded for $7 million, or $250,000 per unit. The names of the buyer and seller were not released. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer and seller in the transaction. The 26,040-square-foot apartment building features 28 units.

December 7, 2023

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw December 7, 2023

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …

December 7, 2023

The-Trailhead-at-Chisholm-Trail-Ranch-Fort-Worth

Development Multifamily Texas

Titan Development, Aberg Property Top Out $63M Multifamily Project in Fort Worth

by Taylor Williams December 6, 2023

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has topped out The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and MW Builders the general contractor. Completion is slated for fall 2024. Construction of a second phase will begin in early 2024.

December 6, 2023

Acquisitions Multifamily Texas

ECI Group Sells 318-Unit Columns at Westchase Apartments in Houston

by Taylor Williams December 6, 2023

HOUSTON — Atlanta-based investment firm ECI Group has sold The Columns at Westchase, a 318-unit apartment community in Houston, to Mosaic Residential for an undisclosed price. Built in 1999, The Columns at Westchase offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and outdoor grilling and dining stations. ECI acquired the property in 2018 and implemented capital improvements to unit interiors, building exteriors, landscaping and amenity spaces. David Mitchell of Newmark represented ECI Group in the transaction.

December 6, 2023

Development Loans Multifamily New York Northeast

Bank OZK Provides $95M Construction Loan for Manhattan Multifamily Project

by Taylor Williams December 6, 2023

NEW YORK CITY — Bank OZK has provided a $95 million construction loan for a 194-unit multifamily project that is under construction at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood. Designed by BKSK Architects, the 23-story building will feature studio, one-, two- and three-bedroom units and amenities such as a fitness center, coworking lounge, rooftop garden, grilling terrace and a catering kitchen. The project also includes 4,888 square feet of commercial space, and 30 percent of the units will be reserved as affordable housing. The borrower and developer is a joint venture between locally based developer MAG Partners, global investment firm Safanad and Global Holdings Management Corp. Completion is scheduled for late 2025.

December 6, 2023

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $5.5M Sale of Multifamily Development Site in North Bergen, New Jersey

by Taylor Williams December 6, 2023

NORTH BERGEN, N.J. — CBRE has brokered the $5.5 million sale of a 30,000-square-foot multifamily development site in North Bergen, located across the Hudson River from Manhattan. The site at 8709 River Road is located across from the Edgewater Harbor lifestyle center. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the seller, AIRN Management, in the transaction and procured an undisclosed, locally based developer as the buyer.

December 6, 2023

California Development Multifamily Student Housing Western

McCarthy Building Co. Breaks Ground on $285M Student Housing Project at University of California, Riverside

by Amy Works December 6, 2023

RIVERSIDE, CALIF. — McCarthy Building Cos. has broken ground on the $285 million North District Phase II student housing development at University of California, Riverside (UCR). The intersegmental projects, one of the first of its kind in California, will house students from UCR and Riverside Community College District (RCCD). The 424,000-square-foot project will feature 429 single- and double-occupancy apartment-style units ranging from one to four bedrooms complete with kitchen/living room spaces, high-speed Wi-Fi, air conditioning and designated study areas. Additionally, the community will feature a café/market, recreation fields and a central park. The project has received funding through the State Higher Education Student Housing Grant Program to provide affordable beds for UCR and RCCD students, bringing the total number of beds to 1,568. The first students are expected to move-in in 2025.

December 6, 2023

Affordable Housing Development Loans Multifamily New Mexico Western

KeyBank Provides $12.5M Construction Loan for Three Sisters Affordable Housing Development in Las Cruces, New Mexico

by Amy Works December 6, 2023

LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.

December 6, 2023

Acquisitions Indiana Midwest Multifamily

Connor Group Acquires 322-Unit Carmel Center Apartments in Suburban Indianapolis

by Kristin Harlow December 6, 2023

CARMEL, IND. — The Connor Group has acquired Carmel Center Apartments in suburban Indianapolis for an undisclosed price. The luxury apartment property, built in 2002, features 322 units. Amenities include a pool, sundeck, outdoor chef’s kitchen and fitness center. Carmel Center marks Connor Group’s third purchase in the Midwest region this year and its seventh acquisition in 2023, bringing its total assets under management to more than $4.5 billion. Wick Kirby, Amanda Friant, Mark Stern, Matthew Lawton and Sam Grohe of JLL represented the seller, NTS Development with an institutional partner.

December 6, 2023

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