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Multifamily

DevelopmentFloridaMultifamilySoutheast

Centennial Bank Provides $73M Construction Loan for Elysian Apartments in Winter Garden, Florida

by John Nelson

WINTER GARDEN, FLA. — Centennial Bank has provided a $73 million construction loan for Elysian, a 323-unit luxury apartment development in the Orlando suburb of Winter Garden. Robby Barrows and David Druey of Centennial Bank originated the loan on behalf of the borrower, Unicorp National Developments Inc. The locally based developer plans to break ground on Elysian soon and wrap up construction in approximately 18 months. Site clearing is complete and pipe installation is currently underway. Designed by Krieger Klatt Architects, Elysian’s amenities will include a wine bar; fitness center with yoga, Pilates and cycling studios; steam room with a sauna; resort-style pool with cabanas; and a clubhouse with a fireplace and movie theater. Information on the property’s floorplans was not released. The Elysian loan grows the financing relationship between Centennial Bank and Unicorp to more than $500 million.

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AcquisitionsLouisianaSoutheastStudent Housing

Joint Venture Acquires 381-Bed Student Housing Community Near Louisiana State University

by John Nelson

BATON ROUGE, LA. — A joint venture between affiliates of Monument Square Investment Group and a New York-based single-family office has acquired University Grove, a 381-bed student housing community located 2.7 miles south of the Louisiana State University (LSU) campus in Baton Rouge. Developed in 2024, the property offers 127 cottage-style units in three-bedroom configurations with bed-to-bath parity. Capital improvements are planned for the property, including upgrades to landscaping and amenity spaces. The community was 98.5 percent leased at the time of sale. The seller and terms of the transaction were not released.

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LoansMultifamilyNew YorkNortheast

Altmark Group Receives $96M Loan for Refinancing of Bronx Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Altmark Group has received a $96 million loan for the refinancing of The Motto, a 24-story apartment building located in the Mott Haven area of The Bronx. Designed by Woods Bagot, The Motto offers 264 units, 80 of which are reserved as affordable housing, in studio, one- and two-bedroom floor plans. Amenities include coworking lounges, a resident sky lounge, rooftop terrace with barbecue grills and fire pits and a fitness center. Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski of Cushman & Wakefield arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of The Altmark Group.

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Pearson-Court-Square-Queens
LoansMultifamilyNew YorkNortheast

PCCP Provides $65M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.

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The-Lofts-Santa-Monica-CA
CaliforniaDevelopmentLoansMultifamilyWestern

JLL Arranges $28.5M Construction Financing for 104-Unit Multifamily Project in Santa Maria, California

by Amy Works

SANTA MARIA, CALIF. — JLL Capital Markets, on behalf of Santa Barbara, Calif.-based Vernon Group, has secured a $28.5 million construction financing for The Lofts, a Class A multifamily property in downtown Santa Maria. The project is a component of Phase I in the Santa Maria Town Center redevelopment, a master-planned expansion initiated by the City of Santa Monica to revitalize the downtown core. The Lofts will feature 104 loft-style apartments ranging from 600 square feet to 1,200 square feet. Located at 201 Town Center East, the existing building will be converted to a courtyard format with double-loaded corridors for apartments. Constructed is slated for completion in June 2027. Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael of JLL represented the borrower in the financing.

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Loma-Clara-Morgan-Hill-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Steadfast Senior Living Sells 67-Unit Community in Morgan Hill, California 

by Amy Works

MORGAN HILL, CALIF. — Steadfast Senior Living has sold Loma Clara, a 67-unit seniors housing community located in Morgan Hill, for an undisclosed price. LTC REIT was the buyer.  Completed in 2018, Loma Clara features 42 assisted living units and 25 memory care units. The property was roughly 92 percent occupied at the time of sale. Units total 529 square feet on average. Amenities at the community include a theater, fitness center, activity and game rooms, a library, outdoor courtyard, physical therapy space and bistro. Discovery Management will continue to operate the property.  Aaron Rosenzweig and Dan Baker of JLL arranged the sale on behalf of the seller. 

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South-Lake-Tahoe-Townhomes-Tahoe-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Gantry Secures $11.7M Construction Loan for South Lake Tahoe Townhome Project

by Amy Works

SOUTH LAKE TAHOE, CALIF. — Gantry has secured an $11.7 million construction loan for the development of a 14 for-sale townhome project in South Lake Tahoe. Located at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave., South Lake Tahoe Townhomes will offer 14 for-sale townhomes within walking distance of the lake, stateline casinos and other amenities. Peter Hillakas, Robert Slatt and Keegan Bridges of Gantry represented the borrower, a private real estate investor. The 18-month loan was provided from Gantry’s extensive roster of lenders specializing in construction financing.

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Glencrest-Apts-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers Sale of 31-Unit Glencrest Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 apartments, a swimming pool, two onsite laundry facilities and ample garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of The Leeson Group of Marcus & Millichap represented the seller, while Christian Tait procured the buyer in the deal.

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DevelopmentIllinoisMidwestMultifamily

PREMIER Design + Build Group Breaks Ground on 573-Unit Multifamily Development in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — PREMIER Design + Build Group has broken ground on The View at Rock Run Collection, a 573-unit multifamily project in Joliet. Cullinan Properties is the developer. The View is part of the larger 310-acre Rock Run Collection mixed-use development. The View will feature 14 three-story, garden-style buildings across 30 acres. Amenities will include an outdoor pool, entertainment area, volleyball court, yoga platform, bocce ball court, cabana building and gym. Phase I of The View will include three residential buildings totaling 264 units along with a freestanding clubhouse building, three parking garages, retention ponds and additional infrastructure work. Humphreys & Partners Architects LP is the project architect.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Kraus-Anderson Completes $41.8M Expansion of Trillium Woods Retirement Community Near Minneapolis

by Kristin Harlow

PLYMOUTH, MINN. — Kraus-Anderson has completed Phase 2 of a $41.8 million expansion of Trillium Woods, an independent living retirement community located at 5855 Cheshire Parkway in the Minneapolis suburb of Plymouth. Designed by Pope Design Group, the 160,321-square-foot, five-story expansion consists of 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior care, including memory care, skilled nursing and rehabilitation. The prairie-style community is surrounded by 46 acres of walking and hiking trails and features an indoor pool, salon, day spa, fitness center, pub, café, pickleball court, library, auditorium, art studio, guest suites and fine dining. Construction began in April 2024.

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