OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.
NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.
FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …
BATON ROUGE, LA. — Athens, Ga.-based Landmark Properties has acquired The Lodges at 777, a student housing community located in Baton Rouge, roughly two miles from Louisiana State University (LSU). Constructed in 2011, the property comprises 1,290 beds across 382 units. Amenities at the community, which was 100 percent preleased for the fall 2023 term at the time of sale, include a swimming pool, clubhouse and fitness center. The seller and sales price were not disclosed.
ATLANTA — Thorofare Capital, an affiliate of Callodine Group, has provided a $52.2 million loan for the refinancing of 142 units within Seven88 West Midtown, a 279-unit multifamily tower located in Atlanta’s West Midtown submarket. The borrower, McKinley Homes, developed the property between 2018 and 2020 for $135 million and previously sold 113 condominiums. In addition to the 142 apartments, the loan will cover 8,639 square feet of ground-floor retail space. McKinley plans to use the funds to complete the lease up of the community, whose amenities include a swimming pool, dog park, clubhouse, lounge, spa and a fitness center. Ben Nevid, Drew Anderman, Naphtali Marrus and Elliot Braude of Meridian Capital Group arranged the financing, and David Perlman, Edward Prosser and Scott Sumida of Thorofare originated the loan.
MIAMI — A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community going forward. Altman, a wholly owned subsidiary of BBX Capital Real Estate, developed Altís Ludlam Trail in partnership with MV Real Estate Holdings and The Mattoni Group.
LOUISVILLE, KY. — Greystone has originated a $42.3 million loan for the financing of 800 Tower Apartments, a 286-unit multifamily community located in Louisville. Anthony Cristi of Greystone originated the Fannie Mae loan, which carries a 10-year term and 30-year amortization schedule, as well as three years of interest-only payments. Built in 1963, the property features apartments in studio, one- and two-bedroom layouts across 29 stories. The borrower was an entity doing business as 800 City Apartments LLC.
MIDDLESEX COUNTY, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $9.7 million sale of a portfolio of three multifamily properties totaling 53 units in Northern New Jersey’s Middlesex County. The portfolio comprises Byron Street Apartments in Carteret (18 units); Townhomes at Veterans Park in Sayreville (20 units); and the Apartments at Edison Station in Edison (18 units). Joseph Brecher and Joseph Gehler of Gebroe-Hammer represented the undisclosed seller and procured the buyer, Golden Sky Equities, in the transaction.
Against the backdrop of rising interest rates, recent financial stress and murkiness over the Federal Reserve’s ultimate direction and economic implications, dealmaking in the first half of 2023 has remained exceedingly challenged across all real estate sectors as wide bid-ask spreads persist. However, compared to other spaces, rental housing in the Southeast remains relatively healthy from a fundamentals perspective, despite supply-driven softening in the near term. This trend is evident in many major markets, including cities like Atlanta. Occupancy and rent growth remain healthy in Atlanta. The rental vacancy rate for Atlanta as of January 2023 reached 5.4 percent, a 0.9 percent decrease over the previous year, based on data from the U.S. Census Bureau. This falls below the national average of 5.8 percent for the fourth quarter of 2022. The median rental rate in January 2023 was also up 4.3 percent year-over-year, reaching $1,941. Population growth, employment opportunities, infrastructure investments, a business-friendly environment and other demand drivers continue to intensify Atlanta’s need for housing; and long term, the outlook for rental housing in the metro is very strong. More than 6 million people now live in the region, according to recent Census data. The Atlanta Regional Commission predicts more …
ATLANTA — Selig Enterprises and joint venture partner GID will open Westbound at The Works, a 306-unit apartment community located within The Works mixed-use development, this October. Located in Atlanta’s Upper Westside neighborhood, the five-story property features residences ranging in size from 731 to 1,353 square feet in one- and two-bedroom layouts, with a 547-space parking garage. Amenities include an open-air TV lounge, fitness center, club room, sports bar, coworking center, communal kitchens and a pool courtyard. RJTR is the project architect, and Brasfield & Gorrie is the general contractor. Wells Fargo provided financing for the development. RangeWater will manage and lease the property, with monthly rates beginning at $1,840, according to the community’s website. Developed in phases by Selig, The Works also features retail and entertainment space, including a food hall, as well as 125,000 square feet of adaptive reuse office space.