Multifamily

McShane Completes 172-Unit Affordable Housing Community in Sun Prairie, Wisconsin

by Kristin Harlow November 3, 2023

SUN PRAIRIE, WIS. — McShane Construction Co. has completed The Wildwood at Main in Sun Prairie, a northwest suburb of Madison. Roers Cos. was the developer. The 172-unit affordable housing community is comprised of two buildings at 150 Schneider Road. Units come in one, two- and three-bedroom layouts. Amenities include a clubroom, fitness center, yoga studio, outdoor patio, playground and storage lockers. A heated underground parking garage provides 209 spaces for residents. Korb + Associates provided architectural services. Income restrictions for residents were not disclosed.

November 3, 2023

Development Illinois Loans Midwest Multifamily

PACE Equity Provides $10.9M in C-PACE Financing for Multifamily Conversion Project in Rockford, Illinois

by Kristin Harlow November 3, 2023

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

November 3, 2023

Loans Multifamily New Jersey Northeast

Greystone Provides $12.2M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 3, 2023

BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.

November 3, 2023

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $8.1M Sale of Jersey City Apartment Complex

by Taylor Williams November 3, 2023

JERSEY CITY, N.J. — CBRE has brokered the $8.1 million sale of a 41-unit apartment complex located at 160 Vroom St. in the Journal Square area of Jersey City. The transit-served property houses 22 one-bedroom units, 19 two-bedroom apartments and onsite laundry facilities. A private investment group acquired the building from a New York City-based family office, with both parties requesting anonymity. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented both parties in the deal.

November 3, 2023

Affordable Housing Development Florida Multifamily Southeast

Universal Destinations, Wendover Housing Break Ground on 20-Acre Affordable Housing Development in Orlando

by John Nelson November 2, 2023

ORLANDO, FLA. — Universal Destinations & Experiences and Wendover Housing Partners have begun construction on Catchlight Crossings, a 20-acre residential district in Orlando. The land was donated by Universal’s not-for-profit Housing for Tomorrow. Situated near the Orange County Convention Center along International Drive, the project will ultimately feature 1,000 affordable housing apartments, onsite amenities and services, 16,000 square feet of retail space, play areas and a transportation center. Some features will include Bezos Academy, a tuition-free preschool, as well as educational opportunities via the nearby University of Central Florida. Amenities will include resort-style pools, a fitness center, game room, cafes, bike and walking paths, a community garden and four acres of open green space. Chase is the primary construction lender for Catchlight Crossings, which will remain an affordable community in perpetuity. The majority of the units – 75 percent — will be designated as affordable and reserved for households with incomes at or below 60 percent of the area’s median income (AMI). Universal Destinations & Experiences and Wendover Housing expect to open the first phase of Catchlight Crossings in 2026.

November 2, 2023

Kentucky Loans Lument Multifamily Southeast

Lument Provides $78.8M HUD-Insured Refinancing for Hub Apartments in Bowling Green, Kentucky

by John Nelson November 2, 2023

BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit apartment community in Bowling Green. Ryan Duling of Lument’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium due to its green classification. The borrower was not disclosed. Built in 2020, The Hub comprises 42 apartment buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and lounge areas, as well as food-and-beverage options.

November 2, 2023

Acquisitions Loans South Carolina Southeast Student Housing

JLL Funds $18.5M Acquisition Loan for Student Housing Community Near Coastal Carolina University

by John Nelson November 2, 2023

CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.

November 2, 2023

Development Loans Multifamily Seniors Housing Texas

JLL Arranges $28M Loan for Refinancing, Expansion of Seniors Housing Property in Spring, Texas

by Taylor Williams November 2, 2023

SPRING, TEXAS — JLL has arranged a $28 million loan for the refinancing of The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, a northern suburb of Houston. The community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care services, as well as 28 to-be-built independent living, duplex-style cottage units. Zane Sweet, Alanna Ellis, Zach Brantley and Kyle White of JLL arranged the four-year, fixed-to-floating-rate loan from an undisclosed life insurance company. The borrower, Harmony Communities, will use a portion of the proceeds to fund an expansion of the community.

November 2, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 32-Unit Apartment Complex in Near Downtown Austin

by Taylor Williams November 2, 2023

AUSTIN, TEXAS — Northmarq has brokered the sale of Cielo at Azulyk, a 32-unit apartment complex in central Austin. The property consists of four two-story buildings on a 2.5-acre site that were built between 1973 and 1986 ad house one- and two-bedroom units. Hayden Schnieders, Will Collier, Jordan Vaughn, Chase Gardner, Diane Sogal and Scott Lamontagne of Northmarq represented the seller, Atlanta-based Zavala Capital Group, in the transaction. Noah Villicana and Cheryl Higley of Northmarq arranged acquisition financing on behalf of the buyer, California-based Mosch Capital, which plans to implement a value-add program.

November 2, 2023

Acquisitions Illinois Midwest Multifamily

JLL Negotiates $95M Sale of Woodlands of Crest Hill Apartment Community in Suburban Chicago

by Kristin Harlow November 2, 2023

CREST HILL, ILL. — JLL Capital Markets has negotiated the sale of Woodlands of Crest Hill for $95 million. The 730-unit apartment community is located in Crest Hill, a southwest suburb of Chicago. Built in 1972, the property has undergone various renovations since 2018. Woodlands of Crest Hill offers studio, one- and two-bedroom units with an average size of 649 square feet. Amenities include a pool, sundeck, clubroom and fitness center. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the sellers, a fund managed by DRA Advisors and Marquette Cos. Buyer information was not provided.

November 2, 2023

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