Multifamily

SCALE Lending Provides $142M Construction Loan for Queens Multifamily Project

by Taylor Williams October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.

October 18, 2023

Arizona Loans Multifamily Student Housing Western

Coastal Ridge Receives $130M Recapitalization for Nine20 Student Housing Community Near Arizona State

by Amy Works October 18, 2023

TEMPE, ARIZ. — Coastal Ridge has received a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, “muscle beach,” outdoor green space and a private parking garage. TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction.

October 18, 2023

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $36.3M in Financing for Elevate at Aurora Affordable Multifamily Project in Colorado

by Amy Works October 18, 2023

AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan. Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming. Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of …

October 18, 2023

Colorado Development Multifamily Western

Crescent Communities Opens 202-Unit NOVEL White Fence Farm Apartment Community in Denver

by Amy Works October 18, 2023

DENVER — Crescent Communities has opened NOVEL White Fence Farm, a multifamily property located at 6273 W. Jewell Ave. in Denver’s Lakewood neighborhood. Situated on the site of the former White Fence Farm restaurant, the community features 202 apartments in a mix of studio, one- and two-bedroom layouts spread across three- and four-story elevator-served buildings. Community amenities include a restored barn clubhouse; fitness studio with an Echelon Reflect Mirror and Echelon Smart Bike; and a resort-style, four-season pool with adjacent open-air outdoor kitchen and prep area that includes grills, a pizza oven and smoker. The property also offers secure private garages, conditioned residential and bike storage, flexible work-from-home spaces, pet spa, dog park and a hospitality bar featuring Land of a Thousand Hills coffee. The project team includes KTGY, CID Design Group, LandDesign, Kimley-Horn and CSI Construction.

October 18, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Amy Works October 18, 2023

SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

October 18, 2023

Acquisitions Multifamily New York Northeast

JLL Negotiates $6M Sale of Manhattan Apartment Building

by Taylor Williams October 18, 2023

NEW YORK CITY — JLL has negotiated the $6 million sale of an 11-unit apartment building located at 169 Mulberry St. in Manhattan’s Little Italy neighborhood. According to StreetEasy, the building, which includes a single retail space that is occupied by an Italian restaurant, was originally constructed in 1914 and rises six stories. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 18, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $17.5M Sale of Chicago Apartment Building

by Kristin Harlow October 18, 2023

CHICAGO — Interra Realty has brokered the sale of a 60-unit apartment building in Chicago’s Lakeview East neighborhood for $17.5 million. Located at 528 W. Oakdale Ave., the building includes 20 studios, 36 one-bedroom units and four two-bedroom units. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added new finishes and upgrades to amenity spaces, including a fitness center, package room, additional laundry room and outdoor seating. Craig Martin and Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, Horizon Realty Group.

October 18, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building, Replace it with Affordable Housing

by Kristin Harlow October 18, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building at 3501 E. 44th St. The developers plan to build a 90-unit affordable housing building in its place. The project is still pending final approval from the Minneapolis City Council, but construction is expected to begin in spring 2024 if the remaining financing is secured. Named Snelling Yards, the community will feature three- and four-bedroom units. Of the total units, 26 will be reserved for residents who earn up to 30 percent of the area median income (AMI) and 39 will be reserved for those who earn up to 50 percent AMI. Additionally, 13 units will be designated for veterans experiencing homelessness. Snelling Yards is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe and Wall were granted development rights to the property in 2017. The project has received more than $2 million from the City of Minneapolis Affordable Housing Trust Fund and another $1.2 million from Hennepin County’s Affordable Housing Incentives Fund and Environmental Response Fund. The project is currently advancing through the Metropolitan Council’s Livable Communities Demonstration Account grant process.

October 18, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of Two Seniors Housing Communities in Utah

by Amy Works October 17, 2023

SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.

October 17, 2023

Development Loans Multifamily Oklahoma Texas

IPA Arranges $63M in Financing for Multifamily Conversion Project in Downtown Oklahoma City

by Taylor Williams October 17, 2023

OKLAHOMA CITY — Institutional Property Advisors (IPA), a division of Marcus of Millichap, has arranged $63 million in financing for a project that will convert two historic buildings in downtown Oklahoma City into a 265-unit apartment complex. The buildings were originally constructed in the early 1920s, and the new complex will be the known as The Harlow. Amenities will include a fitness center, game room, pet spa, coffee shop, coworking space, conference rooms, movie theater, bowling lanes and group meeting space. Todd McNeill and Sunny Sajnani of IPA arranged the financing, which included a $40.3 million senior construction loan and an undisclosed amount of federal and state historic tax credit equity. The borrower was Gardner Tanenbaum. A construction timeline was not disclosed.

October 17, 2023

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