Multifamily

High Street Residential Completes 370-Unit Montgomery Apartments in Allen, Texas

by Taylor Williams November 17, 2023

ALLEN, TEXAS — Developer High Street Residential has completed The Montgomery, a 370-unit apartment community located northeast of Dallas in Allen. Designed by JHP Architecture with interiors by Britt Design Group, The Montgomery features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, island kitchens and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling and dining areas, clubroom and a dog park. Rents start at $1,545 per month for a one-bedroom apartment.

November 17, 2023

Acquisitions Multifamily Texas

GREA Negotiates Sale of 109-Unit Apartment Complex in Garland, Texas

by Taylor Williams November 17, 2023

GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit multifamily complex in the northeastern Dallas suburb of Garland. Woods Edge was originally built in the 1960s and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the locally based seller, Entrust Investment Group, in the transaction and procured the undisclosed, out-of-state buyer.

November 17, 2023

Loans Multifamily Seniors Housing Texas

CRC Provides $2.1M HUD-Insured Loan for Refinancing of Metro Austin Seniors Housing Complex

by Taylor Williams November 17, 2023

PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.

November 17, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $225M in Agency Financing for Bronx Affordable Housing Properties

by Taylor Williams November 17, 2023

NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.

November 17, 2023

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $74.2M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams November 17, 2023

TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.

November 17, 2023

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of 53-Bed Skilled Nursing Facility in Boston

by Taylor Williams November 17, 2023

BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.

November 17, 2023

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens The Davis Affordable Housing Community in Cleveland

by Kristin Harlow November 17, 2023

CLEVELAND — The NRP Group has opened The Davis, a 52-unit affordable housing community in Cleveland’s Glenville neighborhood. NRP partnered with University Hospitals to develop the project, which also includes the UH Community Wellness Center. The project marks NRP’s third “Health and Housing” development. Each of these affordable housing communities was created in partnership with the City of Cleveland. The UH Community Wellness Center offers healthy cooking demonstrations, a Food For Life Market, support for pregnant women and young mothers, programs to combat senior citizen isolation, telehealth services and training in workforce and financial literacy. The Davis is located on the site of the former Harry E. Davis Elementary School, which has sat vacant since 2006. Harry E. Davis was a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator. The property comprises one-, two- and three-bedroom units along with four-bedroom townhomes. Residents must earn at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, business center and laundry facilities. RDL Architects served as the architect. Ohio Finance Housing …

November 17, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane Completes Hanover Landing Permanent Supportive Housing Community in Elgin, Illinois

by Kristin Harlow November 17, 2023

ELGIN, ILL. — McShane Construction Co. has completed Hanover Landing, a 40-unit permanent supportive housing community in Elgin. The affordable housing development serves vulnerable populations and individuals with disabilities. UPholdings was the developer. The building rises three stories at 711 E. Chicago St. Units are offered in one-bedroom, one-bathroom floor plans that enable residents to live independently. Amenities include a community lounge, computer room, fitness center, laundry facilities and outdoor space. Services for residents include case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health is the service provider and will operate an onsite clinic. Hooker DeJong served as architect.

November 17, 2023

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.2M Loan for Refinancing of Apartment Complex in Loves Park, Illinois

by Kristin Harlow November 17, 2023

LOVES PARK, ILL. — American Street Capital (ASC) has arranged a $4.2 million CMBS loan for the refinancing of an apartment complex in Loves Park, about five miles north of Rockford. Built in 1969, the complex consists of 60 units across eight buildings. Units come in one-, two- and three-bedroom layouts. Igor Zhizhin of ASC arranged the 10-year loan, which features a fixed interest rate and two years of interest-only payments. The borrower was a seasoned owner-operator in the market.

November 17, 2023

Acquisitions Loans Multifamily Nevada Western

NewPoint Provides $17.5M in Acquisition Financing for Intrigue Apartments in Las Vegas

by Amy Works November 17, 2023

LAS VEGAS, NEV. — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS conventional multifamily financing for the purchase of Intrigue Apartments in Las Vegas. The borrower was a private family trust. David Bleiweiss of NewPoint originated the loan, which features a seven-year term with four years of interest-only payments followed by 30-year amortization schedule. The loan was made through Fannie Mae’s Sponsored-Dedicated Workforce Program, which is designed to support conventional multifamily properties. Borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent of area median income (AMI) or 100 to 120 percent of AMI in specific cost-burdened markets. Formerly known as Andiamo Apartments, the community features 193 apartments, a pool, fitness center, dog park, playground and barbecue areas. Built in 1986, the garden-style property is located in the Twin Lakes neighborhood roughly seven miles north of the Las Vegas Strip.

November 17, 2023

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