Multifamily

Frenchtown-Road-Apartments-East-Greenwich-Rhode-Island

Pennrose Breaks Ground on 63-Unit Affordable Housing Project in East Greenwich, Rhode Island

by Taylor Williams October 19, 2023

EAST GREENWICH, R.I. — Developer Pennrose has broken ground on Frenchtown Road Apartments, a 63-unit affordable housing project in East Greenwich. The four-story building will a house mix of one- and two-bedroom apartments that will be available to residents earning at or below 30 percent and up to 120 percent of the area median income. Residents will have access to resources such as case management, free and low-cost food deliveries, wellness activities, volunteer and employment opportunities and programming to encourage physical activity and community. Cove Homes Inc. will oversee management and support services at the property. Completion is scheduled for next fall.

October 19, 2023

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires 112-Unit Skyline View Apartments in Layton, Utah

by Amy Works October 19, 2023

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

October 19, 2023

Loans Multifamily New York Northeast

Derby Copeland Provides $8.7M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 19, 2023

NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided an $8.7 million loan for the refinancing of a four-unit apartment building in Manhattan’s SoHo area. According to StreetEasy, the five-story building at 78 Grand St., which includes a ground-floor retail space that is occupied by Society Limonata, was originally constructed in 1900. The undisclosed borrower will use about $200,000 of the proceeds to fund capital improvements.

October 19, 2023

Acquisitions Multifamily New York Northeast

Rosewood, GFI Realty Negotiate $5.2M Sale of Bronx Apartment Building

by Taylor Williams October 19, 2023

NEW YORK CITY — Two locally based brokerage firms, Rosewood Realty Group and GFI Realty, have negotiated the $5.2 million sale of a 53-unit apartment building in The Bronx. The six-story building at 4030 Bronx Blvd. was originally constructed in 1929. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of Rosewood, along with Zach Fuchs of GFI, represented both the buyer and the seller in the transaction. Both parties were private investors. The deal traded at a cap rate of 8.1 percent.

October 19, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Begins Construction of 90-Unit Breton Grove Affordable Housing Community in Grand Rapids

by Kristin Harlow October 19, 2023

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has begun construction on Breton Grove, a 90-unit affordable housing community to be built in two phases in Grand Rapids. The groundbreaking event featured an announcement about the new statewide Contractor Assistance Program (CAP), which is spearheaded by the Michigan State Housing Development Authority. CAP is aimed at increasing the number of those who are newly trained and employed in the construction workforce and to help contractors and emerging developers increase their capacity for larger contracts and projects. Woda Cooper is working with trained apprentices from the program on the construction of Breton Grove over the next two years. Both phases of the project will be designated for residents who earn 30 to 80 percent of the area median income, with 33 integrated Permanent Supported Housing units for residents facing homelessness. The project will consist of two buildings, each with one- and two-bedroom units. Each building will include a community room with kitchenette and onsite management and supportive service offices. Community Rebuilders, a Grand Rapids-based nonprofit, will coordinate the supportive services. Several units will be adapted for those with mobility challenges and/or sight and hearing disabilities. The City of Grand Rapids approved …

October 19, 2023

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $94M Sale of Seven Lakes at Carrollwood Apartments in Tampa

by John Nelson October 18, 2023

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Seven Lakes at Carrollwood, a 640-unit apartment community located at 3303 N. Lakeview Drive in Tampa. Bridge Investment Group acquired the property from a real estate fund managed by Covenant Capital Group LLC. The sales price was not disclosed, but Tampa Bay Business Journal reports that the community traded for $94 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Built in 1982, Seven Lakes at Carrollwood features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse housing a fitness center and games, car care center, walking paths and access to seven community lakes. The property has undergone $7 million in renovations in the past three years, according to Cushman & Wakefield.

October 18, 2023

Development Loans Multifamily New York Northeast

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

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