Multifamily

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

Development Multifamily New Jersey Northeast

UNLMTD Real Estate Underway on 300-Unit Multifamily Project in Fort Lee, New Jersey

by Taylor Williams November 2, 2023

FORT LEE, N.J. — Regional developer UNLMTD Real Estate is underway on construction of FIAT House, a 300-unit multifamily project in the Northern New Jersey community of Fort Lee. The site is located at the foot of the George Washington Bridge. Units will come in studio, one- and two-bedroom formats, and the property will house more than 30,000 square feet of amenity and social gathering spaces. The first units are expected to be available for occupancy in early 2024. The developer is constructing the project in partnership with Italian automaker FIAT, and residents will have access to a car-sharing program of FIAT electric vehicles.

November 2, 2023

Affordable Housing Colorado Development Multifamily Western

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

University of Washington Bothell Phase 1 Residential Village

Development Multifamily Student Housing Washington Western

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Development Georgia Southeast Student Housing

Joint Venture Underway on 798-Bed Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson November 1, 2023

ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.

November 1, 2023

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