Multifamily

Northmarq Provides $36.5M Acquisition Financing for Multifamily Property in Grayson, Georgia

by John Nelson January 31, 2025

GRAYSON, GA. — Northmarq’s Atlanta Debt + Equity team led by Faron Thompson and Van Glosson has provided $36.5 million in financing for the acquisition of The Dylan at Grayson, a 234-unit multifamily property in Grayson, a northeast suburb of Atlanta in Gwinnett County. Built in 2020, the four-story building offers one-, two- and three-bedroom floorplans that range in size from 687 square feet to 1,454 square feet, according to Apartments.com. Community amenities include a resort-style pool and sundeck, sand volleyball court, yoga studio, pet spa, dog park, coworking spaces, resident café, 24/7 fitness center, game room, fire pits, grill stations, outdoor greenspaces and electric vehicle charging stations. Northmarq originated the Freddie Mac loan on behalf of the borrower, Atlanta-based Inwood Holdings LLC. The loan features a seven-year term with a fixed interest rate and a 35-year amortization schedule.

January 31, 2025

Development Loans Multifamily Utah Western

PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City

by Amy Works January 31, 2025

SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.

January 31, 2025

Acquisitions Multifamily Washington Western

Trent Development Sells Nimbus Apartment Property in Everett, Washington for $49M

by Amy Works January 31, 2025

EVERETT, WASH. — Trent Development has completed the disposition of Nimbus, a multifamily community located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. CEP Multifamily acquired the asset for $49 million. Completed in 2022, Nimbus features 165 studio, one- and two-bedroom apartments with soft-close cabinets, stainless steel appliances, quartz countertops, modern tile backsplashes and at least nine-foot ceilings. Onsite amenities include a coworking lobby, fitness room, arcade, cloud room with an entertaining kitchen and a rooftop lounge with mountain views. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal.

January 31, 2025

Colorado Development Multifamily Western

Joint Venture to Open 255-Unit Multifamily Community in Aurora, Colorado

by Amy Works January 31, 2025

AURORA, COLO. — A joint venture of Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development is opening Tempo Nine Mile Station, an apartment community in Aurora. Leasing is currently underway, with residents slated to move-in in February. Situated at 12150 E. Dartmouth Ave. within the 22-acre The Point master-planned development, Tempo Nine Mile Station features 255 apartments in studio, one-, two- and three-bedroom floor plans, ranging in size from 542 square feet to 1,321 square feet. Interiors offer upscale finishes, including contemporary kitchens with wood-grain cabinets, stainless steel appliances, subway tile backsplashes, quartz countertops and black hardware. All apartments also include plank-style flooring and in-unit laundry, with select residences offering a private balcony. Community amenities will include an outdoor pool and landscaped courtyard; community room, coworking spaces; a “Colorado Room” with bike, ski and kayak storage, hangout space and stations for outdoor gear repair; a yoga studio and rooftop fitness center; and a party deck. The mixed-use building also features 3,000 square feet of ground-floor retail space. Mission Rock Residential will manage the asset. The development team includes KTGY as project architect and Brinkmann Constructors as general contractor. PGIM is the project lender, utilizing the …

January 31, 2025

Development Loans Midwest Minnesota Multifamily

MMCC Arranges $89.6M in Construction Financing for Two Multifamily Projects in Metro Minneapolis

by Kristin Harlow January 31, 2025

CHANHASSEN, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged $89.6 million in construction financing for Bennett Apartments and Harlow Apartments in Chanhassen, about 15 miles southwest of Minneapolis. Bennett will feature 184 units and 11,853 square feet of retail space, while Harlow will include 126 units and 3,029 square feet of retail space. The adjacent projects are both slated for completion in 2026. Gary Sefcik of MMCC arranged the financing on behalf of the borrower, Minnesota-based Roers Cos. Kayne Anderson provided $77.5 million in senior proceeds, and SteepRock Capital provided $12.1 million in mezzanine financing.

January 31, 2025

Acquisitions Indiana Midwest Multifamily

JLL Negotiates $67.2M Sale of Lakeside Gardens Apartment Community in Jeffersonville, Indiana

by Kristin Harlow January 31, 2025

JEFFERSONVILLE, IND. — JLL Capital Markets has negotiated the $67.2 million sale of Lakeside Gardens, a 360-unit luxury apartment community in Jeffersonville within metro Louisville. Built in 2022, the property features units averaging 1,244 square feet. The community was 95 percent leased at the time of sale. Amanda Friant, Mark Stern and Colleen Watson of JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. Medina Spiodic, Matthew Schoenfeldt and Becca Brielmaier of JLL arranged $42.7 million in acquisition financing on behalf of the buyer, S&S Properties. The Fannie Mae loan featured a seven-year term and a fixed interest rate.

January 31, 2025

Features Multifamily Northeast Feature Archive Seniors Housing

Boomers Prefer University Campus Setting Over an ‘Elderly Island,’ Says InterFace Keynote Speaker

by Kristin Harlow January 30, 2025

PHILADELPHIA — Andrew Carle believes that university retirement communities (URCs) represent a potential game-changing opportunity not only for the seniors housing industry but also for universities and retirees, if executed properly. Yet, URCs are also extraordinarily complicated to operate, cautions the founder of UniversityRetirementCommunities.com, the first directory and information resource of its kind, which lists more than 85 such communities nationwide. “It doesn’t get more difficult than trying to merge big, large, bureaucratic state universities that move very slowly and who live in a bubble of 20-year-olds with the senior living industry that’s very fast-paced, investor-oriented and focused on 80-year-olds. If you had to think of an odd couple, that would be it,” said Carle, an adjunct faculty member at Georgetown University and president of Carle Consulting. His comments came at the InterFace Seniors Housing Northeast conference on Dec. 5. at the Live! Casino & Hotel Philadelphia, where he was the keynote speaker. Up until the last 15 years, there were only a handful of URCs nationwide, but today it’s among the fastest growing segments in the senior living industry, said Carle. While the vast majority of URCs are loosely connected to institutions of higher learning, the top dozen or so …

January 30, 2025

Acquisitions Multifamily North Carolina Southeast

Penzance, TriWest Multifamily Purchase Stoney Trace Apartments in Charlotte for $59.8M

by John Nelson January 30, 2025

CHARLOTTE, N.C. — A partnership between Penzance and TriWest Multifamily has purchased Stoney Trace Apartments, a 380-unit community located at 4616 Stoney Trace Drive in Charlotte’s Mint Hill neighborhood. The previous owner sold the recently renovated apartment community for $59.8 million. Blake Hockenbury and Bryan Frazier of Walker & Dunlop arranged an undisclosed amount of acquisition financing on behalf of Penzance and TriWest Multifamily. The new ownership has tapped ZRS Management to operate Stoney Trace, which offers one-, two- and three-bedroom apartments and amenities including a fitness center, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

January 30, 2025

Development Seniors Housing Southeast Virginia

Beth Sholom Village Opens 153-Unit Seniors Housing Community in Virginia Beach

by John Nelson January 30, 2025

VIRGINIA BEACH, VA. — Owner-operator Beth Sholom Village has opened Aviva Pembroke, a new community located in Virginia Beach adjacent to the Pembroke Square shopping mall. Pembroke Realty Group developed the property on behalf of Beth Sholom Village. Totaling 153 units, the community features 121 independent living, 20 assisted living and 12 memory care residences. Amenities at the property, which was designed by Kahler Slater, include a pool, fitness center, bistro, community room and a meditation and prayer room. Outdoor amenities include a deck, rooftop lounge and terrace, pickleball courts, putting greens and firepits. The project team also included associate architect Drew Kepley, contractor S.B. Ballard Construction Co., civil engineer Kimley-Horn, structural engineer Lynch Mykins and interior designer Solution 65. JLL provided project oversight to Beth Sholom Village.

January 30, 2025

Affordable Housing Development Georgia Loans Multifamily Southeast

Berkadia Arranges $28.3M HUD-Insured Construction Loan for Mixed-Income Community in Atlanta

by John Nelson January 30, 2025

ATLANTA — Berkadia has arranged a $28.3 million HUD 221(d)(4) loan for the construction of Englewood Multifamily, a 200-unit mixed-income community underway in Atlanta’s Chosewood Park neighborhood. The non-recourse, fully amortizing loan features a construction-to-perm structure that covers the construction period followed by a 40-year amortization schedule. Carolyn Whatley and Angela Folkers of Berkadia’s FHA/HUD team originated the financing on behalf of the co-developers, The Benoit Group and the City of Atlanta’s Housing Authority (AHA). Englewood Multifamily is part of a 37-acre master-planned development and represents the second building within Phase I of the redevelopment of Englewood Manor on Atlanta’s southeast side. Englewood Multifamily’s development costs are estimated to exceed $86 million. The property will feature 80 percent of the units reserved for households earning 60 percent or less of AMI with the remainder rented at market rates. The community will also include 21,844 square feet of commercial space. The network of companies and organizations that are bringing the Englewood Multifamily development to fruition include the following:

January 30, 2025

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