Multifamily

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

Affordable Housing Civic Development Hawaii Mixed-Use Multifamily Top Stories Western

EAH Housing Plans $193M Kahului Civic Center Mixed-Use Complex in Hawaii

by Jeff Shaw November 17, 2023

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …

November 17, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Features Life Sciences Multifamily Office Western Feature Archive

Converting Office to Life Sciences Offers Lucrative Alternative to Residential Reuse Projects

by Jeff Shaw November 17, 2023

— By Julian Freeman, Dave Wensley and Gabe Pitassi — With steep vacancy rates impacting traditional office markets due to the headwinds of higher interest rates, short-term economic uncertainty and long-term remote/hybrid work uncertainties, underutilized traditional office buildings may become liabilities before the end of their anticipated economic life. Owners of these properties may consider a conversion — an adaptive reuse or repurposing — to access higher rents and occupancy rates. In view of nationwide housing shortages, especially in California, converting office to multifamily has received much attention as a logical move. However, such a conversion is not always viable from a financial, structural, legal or location perspective. An alternative option may be to repurpose an office building for life sciences use. Such a conversion, while posing its own unique challenges, may provide more realistic options than a conversion to residential use for many owners and properties. Challenges in converting to residential Converting an office building to residential use presents challenges on multiple fronts. Zoning laws vary based on property location and usage, and the property may need to be rezoned to a different classification to allow multifamily uses. Rezoning requires local government approval and public hearings, which can take months …

November 17, 2023

California Development Multifamily Student Housing Western

C.W. Driver Cos. Begins Construction of $55.7M Student Housing Complex in Northridge, California

by Amy Works November 16, 2023

NORTHRIDGE, CALIF. — C.W. Driver Cos. has started construction on a 198-bed student housing property at California State University, Northridge in the San Fernando Valley. Once completed for opening in fall 2025, the $55.7 million project will add two four-story buildings to the 365-acre campus. Located at 17950 Lassen St., Buildings No. 22 and No. 23 will total 60,290 square feet, of which 30,000 square feet will be housing space. The residential floors of each building will include dual-occupancy student rooms, with four students sharing each bathroom, and one suite-style living room per floor. Additionally, each building will have its own central elevator, building services and secure access. The non-residential floors will feature modern amenities and services, with Building No. 22 offering a student community space, study rooms and an expansive multi-purpose room, and Building No. 23 housing administrative offices and mail hub. A.C. Martin Partners is serving as architect for the project.

November 16, 2023

Development Multifamily Texas

High Street Residential Completes 363-Unit Legacy Square Apartments in Plano

by Taylor Williams November 16, 2023

PLANO, TEXAS — Developer High Street Residential has completed Legacy Square, a 363-unit apartment community located north of Dallas in Plano. Designed by GFF with interiors by Britt Design Group, Legacy Square features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, island kitchens, custom cabinetry and tile backsplashes. Private balconies/yards are also available in select units. Amenities include a pool, fitness center, outdoor grilling and dining areas, a playground, cyberlounge, business center, clubroom and a package room. Rental rates start at $1,665 per month for a one-bedroom apartment.

November 16, 2023

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