Multifamily

InterFace Panel: Seniors Housing Developers Must Get Creative in Sourcing Financing, Changing Up Product Mix

by Kristin Harlow September 7, 2023

ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …

September 7, 2023

Development Multifamily Texas

Howard Hughes Corp. Breaks Ground on 268-Unit Multifamily Project in The Woodlands, Texas

by Taylor Williams September 6, 2023

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHH) has broken ground on 1 Riva Row, a 268-unit multifamily project that will be located about 30 miles north of Houston in The Woodlands. The development will feature a 13-story tower and four-story residential living building with two-story townhomes on the ground level, as well as traditional studio, one-, two- and three-bedroom floor plans. Amenities will include a pool with cabanas, outdoor grilling and dining areas, a 24/7 fitness center, sports lounge and a rooftop terrace. Residents will also have access to roughly two miles of walking and jogging trails along The Woodlands Waterway. Completion is slated for late 2025.

September 6, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 34-Unit Multifamily Portfolio in San Angelo, Texas

by Taylor Williams September 6, 2023

SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties — Capri Apartments and Bryant Place — in the West Texas city of San Angelo. According to LoopNet Inc., Capri Place totals 24 units and was built in 1968, while Bryant Place consists of 10 units and was constructed in 1974. William Stover Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Additional terms of sale were not disclosed.

September 6, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $47.8M Financing for Affordable Housing Development in Hollywood, Florida

by John Nelson September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.

September 6, 2023

Development Multifamily New Jersey Northeast

Urby Tops Out 25-Story Apartment Tower in Jersey City

by Taylor Williams September 6, 2023

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out a 25-story apartment tower in Jersey City. Rising 265 feet, Journal Square Urby will total 317 units in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project, which is slated for full completion in spring 2024.

September 6, 2023

Delaware Development Multifamily Northeast Seniors Housing

LCS Completes Renovations at Three Seniors Housing Communities in Delaware

by Taylor Williams September 6, 2023

WILMINGTON AND NEWARK, DEL. —Life Care Services (LCS) has completed renovations at three seniors housing communities in Delaware: Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. Renovations at Foulk Living included upgrades to the lobby, corridors, fitness center and dining room. In addition, Foulk Living’s independent living cottages are being updated as they become available with new kitchen cabinets, countertops, appliances, flooring, paint, blinds and carpeting. Shipley Living received a new roof, updated exterior, porte-cochère and grand entrance. Inside, the lobby, corridors, communal living room, dining room, bistro and bar were all updated. Millcroft Living’s entrance received a new concierge desk and lobby, as well as a new bar/lounge space, renovated dining room and card room and beautified corridors.

September 6, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges Sale of 190-Unit Multifamily Portfolio in Irvington, New Jersey

by Taylor Williams September 6, 2023

IRVINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the sale of a portfolio of seven multifamily properties totaling 190 units in the Northern New Jersey community of Irvington. The buildings within the portfolio range in size from 11 units to 37 units and have six retail spaces across them. Joni Sweetwood of Kislak represented the seller, a publicly traded Canadian investment firm, in the transaction and procured the buyer. Both parties requested anonymity.

September 6, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $5.3M Sale of Boston Apartment Building

by Taylor Williams September 6, 2023

BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 12-unit apartment building located in Boston’s Jamaica Plain neighborhood. According to LoopNet Inc., the four-story property at 81 Amory St. was built in 2017. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, an individual/personal trust.

September 6, 2023

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 302-Unit Hackney House Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow September 6, 2023

OCONOMOWOC, WIS. — McShane Construction Co. has completed construction of Hackney House Apartments, a 302-unit apartment community in Oconomowoc, a western suburb of Milwaukee. Mandel Group developed the 20-building property, which consists of 18 garden-style buildings and two townhome buildings. Amenities include a 4,000-square-foot clubhouse with a fitness center and gourmet kitchen, outdoor pool, outdoor kitchen, pet spa, event lawn, car wash and dog parks. The development was funded in part through HUD 221(d)(4) financing. BSB Design was the project architect.

September 6, 2023

Loans Midwest Minnesota Multifamily

Marcus & Millichap Arranges $13.6M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow September 6, 2023

LAKE ELMO, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of The Fields at Arbor Glen in Lake Elmo, an eastern suburb of the Twin Cities. The age-restricted property was recently built and features a mix of one- and two-bedroom units in the main building as well as nine townhouse duplex units. Michael Hughes of MMCC arranged the five-year, fixed-rate loan with an interest rate of 5.85 percent and interest-only payments for six months. The loan features a 30-year amortization schedule and a 65 percent loan-to-value ratio. A local credit union provided the loan.

September 6, 2023

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