Multifamily

The Community Builders Breaks Ground on 63-Unit Affordable Housing Building in Chicago

by Kristin Harlow July 21, 2023

CHICAGO — The Community Builders has begun development of 4715 N Western, a 63-unit affordable housing building in Chicago’s Lincoln Square neighborhood. The six-story property will feature 25 studios, 29 one-bedroom units and nine two-bedroom residences. The units will be reserved for those who earn no more than 80 percent of the area median income. Amenities will include a lounge, terrace, bike room, package room and resident parking. The development will also feature 5,500 square feet of ground-floor commercial space and 18 public parking spaces. The project is being built with financial support from the City of Chicago, CIBC, Stratford Capital Group, Benefit Chicago, Chicago Housing Authority and ComEd Energy Efficiency Program. Leopardo Cos. is the general contractor and DesignBridge Ltd. is the architect. A timeline for completion was not provided.

July 21, 2023

Indiana Loans Midwest Multifamily Seniors Housing

JLL Provides $7M Loan for Refinancing of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow July 21, 2023

GARY, IND. — JLL Capital Markets has provided a $7 million Freddie Mac loan for the refinancing of Gary Manor, a 198-unit age-restricted community in Gary, a city in Northwest Indiana. All the units are secured under a Housing Assistance Payments (HAP) contract. Built in 1980 and renovated in 2011, Gary Manor consists of a 12-story building for seniors age 62 and above as well as four walk-up buildings for families. Leif Olsen and Kristian Lichtenfels of JLL worked on behalf of the borrower, Monroe Group Limited and Steele Properties. The 10-year loan features a fixed interest rate.

July 21, 2023

Development Multifamily Texas

Presidium Completes Phase I of Multifamily Development in Fort Worth

by Taylor Williams July 21, 2023

FORT WORTH, TEXAS — Texas-based developer Presidium has completed Phase I of Presidium Berkshire, a multifamily project in North Fort Worth that added 340 units to the local supply. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, quartz-style countertops, private balconies/terraces, individual washers and dryers and built-in desks. Amenities include a pool with splash pads, outdoor dining and grilling areas, two-story fitness center with a yoga studio, speakeasy-style bar, demonstration kitchen, coworking lounge and a dog park. Dallas-based O’Brien Architects designed Presidium Berkshire. Rents start at $1,560 per month for a studio apartment. The development will ultimately feature about 1,100 units.

July 21, 2023

Loans Multifamily New York Northeast

Slate Property Group Receives $85M Loan for Refinancing of Queens Apartment Complex

by Taylor Williams July 21, 2023

NEW YORK CITY — Locally based developer Slate Property Group has received an $85 million loan for the refinancing of Dutch House, a 186-unit apartment complex located in the Long Island City area of Queens. Designed by Aufgang Architects and completed in 2022, Dutch House features studio, one- and two-bedroom units and 21,000 square feet of ground-floor retail space. Roughly 30 percent (56) of the apartments are earmarked as affordable housing. Amenities include a lobby with concierge service, fitness center, recreation room with a pool table and a rooftop terrace. Los Angeles-based PCCP provided the financing. The property was fully leased at the time of the loan closing. Aaron Appel of Walker & Dunlop arranged the debt.

July 21, 2023

Affordable Housing Loans Lument Multifamily New York Northeast

Lument Provides $31.7M HUD-Insured Loan for Refinancing of Brooklyn Affordable Housing Property

by Taylor Williams July 21, 2023

NEW YORK CITY — Lument has provided a $31.7 million HUD-insured loan for the refinancing of Lefferts Heights, an 87-unit affordable housing property located in the Clinton Hill neighborhood of Brooklyn. The property was built in 1974, and units range in size from 550 to 970 square feet. Josh Reiss of Lument originated the long-term, fixed-rate financing through HUD’s 223(f) program on behalf of the sponsor, Wavecrest Management. The financing includes proceeds to fund capital improvements.

July 21, 2023

California Loans Market Reports Multifamily Western Western Market Reports

Lending Difficulties Make Multifamily Financing a Challenge in San Diego

by Jeff Shaw July 21, 2023

— By Chad O’Connor, Executive Managing Director, Capital Markets, Marcus & Millichap Capital Corp. — Financing continues to be challenging for multifamily, whether in San Diego County or elsewhere. We have noticed a general shift in the market where the usual players are moving to the sidelines, thereby allowing new developers to enter the field. Many of the new developers do not have a track record that encourages a lender to underwrite a transaction. The more seasoned developers are focused on smaller developments with a higher probability of securing financing. The redirection to smaller developers in San Diego has directly impacted the institutional market. Despite this, we are still financing a lot of deals and capital is, indeed, available. Having proprietary programs in the market — especially on the bridge side of things — continues to keep us both busy and adding value for our clients. The lack of go-to lenders in the market is driving us to forge new relationships with growing lenders, building those connections, and paving way for future opportunities. Timing is a crucial variable when securing financing. Locking in the most favorable interest rates and moving swiftly through the closing process is very important in dynamic …

July 21, 2023

Development Multifamily Texas

Cordish Cos. Begins Leasing 299-Unit Apartment Community in Arlington

by Taylor Williams July 20, 2023

ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, has begun leasing One Rangers Way, a 299-unit multifamily project in Arlington. The community is located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way offers one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Full completion is slated for late 2024. Rents start at $1,400 per month for a one-bedroom apartment.

July 20, 2023

Florida Loans Multifamily Southeast

Berkadia Arranges $217.2M Recapitalization of Multifamily Portfolio in Central Florida

by John Nelson July 20, 2023

ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.

July 20, 2023

Development Georgia Southeast Student Housing

LV Collective Delivers 565-Bed Whistler Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson July 20, 2023

ATLANTA — LV Collective has delivered Whistler, a 565-bed student housing community located in the Midtown neighborhood of Atlanta near the Georgia Tech campus. The 277,457-square-foot property is located at 859 Spring St. NW, on the edge of Midtown’s Tech Square district. The community offers 168 units in studio to five-bedroom configurations with bed-to-bath parity. Shared amenities include a second-floor study mezzanine with private study spaces, conference rooms and a podcast room; Daydreamer Coffee café; dog spa; fitness center with cardio and weightlifting equipment, yoga and spin studios and a sauna; and a 24th-floor deck with an infinity pool and hot tub. Whistler was developed through a partnership between LV Collective and ELV Associates Inc. Variant Collaborative provided interior design services for the project, and Niles Bolton Associates served as architect. JE Dunn was the general contractor, and Asset Living will manage the community. Move-in for residents is scheduled to begin on Aug. 11, in time for Georgia Tech’s 2023 fall semester.

July 20, 2023

Loans Multifamily New Jersey Northeast

Slate Property Group Provides $160M Bridge Loan for Jersey City Apartment Building

by Taylor Williams July 20, 2023

JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.

July 20, 2023

Newer Posts

Older Posts