Multifamily

Landmark Cos. to Develop 296-Unit Multifamily Project in Corinth, Texas

by Taylor Williams June 14, 2023

CORINTH, TEXAS — Florida-based developer Landmark Cos. will build a 296-unit multifamily project in Corinth, located north of the metroplex in Denton County. Arden at Corinth will consist of two three-story apartment buildings with 268 units and four two-story townhome buildings with 28 units. Residences will be furnished with stainless steel appliances, quartz countertops, custom cabinetry and private patios and balconies. Amenities will include a pool, fitness center, dog park, clubhouse and outdoor grilling and dining areas. The first units are expected to be available for occupancy in the first quarter of next year.

June 14, 2023

Arizona Development Multifamily Student Housing Western

Joint Venture Acquires Development Site for 648-Bed Student Housing Community Near University of Arizona

by Jeff Shaw June 14, 2023

TUCSON, ARIZ. — A joint venture between Core Spaces, Up Campus Properties and Harrison Street has acquired a development site near the University of Arizona campus in Tucson. The site will be home to a 648-bed student housing community dubbed Hub Tucson V. TSB Capital Advisors acted as financial advisor to the joint venture in the acquisition. Set for delivery in fall 2025, the community will offer 161 units in a mix of studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities will include a luxury rooftop deck with a swimming pool and grilling area; hot tub; fitness and business centers; exterior terraces; study rooms; and private parking.

June 14, 2023

Development Multifamily New Jersey Northeast

Brookfield, G&S Investors Break Ground on 60-Story Multifamily Tower in Jersey City

by Taylor Williams June 14, 2023

JERSEY CITY, N.J. — Brookfield Properties and G&S Investors have broken ground on a 60-story multifamily tower in Jersey City that represents Phase II of the Hudson Exchange, a mixed-use redevelopment project. Designed by Beyer Blinder Belle and built by Consigli Construction, the building will house 802 residential units and 115,000 square feet of retail space that will be anchored by grocer ShopRite. Residences will be furnished with quartz countertops, walk-in closets and individual washers and dryers. Amenities will include a rooftop pool, social lounge, fitness center, game room and a coworking lounge. Phase II of Hudson Exchange will also feature 20,000 square feet of public green space. At full build-out, Hudson Exchange will comprise 6 million square feet of development, including roughly 5,500 residential units, across 18 acres.

June 14, 2023

Affordable Housing Development Mixed-Use Multifamily North Carolina Southeast

Beechwood Receives Approval for 43-Acre Residential Development in Chapel Hill, North Carolina

by John Nelson June 14, 2023

CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.

June 14, 2023

Affordable Housing Development Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson June 14, 2023

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

June 14, 2023

Affordable Housing Loans Multifamily New York Northeast

NEF Provides $12.5M Loan for Refinancing of Workforce Housing Portfolio in Brooklyn

by Taylor Williams June 14, 2023

NEW YORK CITY — National Equity Fund (NEF), a Chicago-based lender in the affordable housing space, has provided a $12.5 million loan for the refinancing of a portfolio of five workforce housing buildings totaling 56 units in Brooklyn. Known as The Jefferson MacDonough Portfolio, the properties are located in the Bedford Stuyvesant area and house a mix of studio, one-, two- and three-bedroom units. The borrower was Iris Holdings Group, a national owner-operator.

June 14, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. to Develop 90-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow June 14, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are moving forward with the development of Snelling Yards, a campus of both senior living and affordable housing. The latest plans call for a 90-unit affordable housing community with mostly three- and four-bedroom units. The project is a joint venture with Ecumen, whose adjacent affordable seniors housing development, The Hillock, is now fully leased. Once the affordable housing building is completed, the two properties will be joined by a green common space and outdoor playground. Lupe and Wall received $900,000 in funding through Hennepin County’s Affordable Housing Incentive Fund. The project site is a former City of Minneapolis Public Works storage area. Construction is expected to begin next year.

June 14, 2023

Loans Midwest Missouri Multifamily

Drever Partners Receives $15.7M Loan for Refinancing of Micro Apartment Property in Branson, Missouri

by Kristin Harlow June 14, 2023

BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.

June 14, 2023

Illinois Loans Midwest Multifamily

American Street Capital Arranges $3.9M Loan for Refinancing of Multifamily Property in Mahomet, Illinois

by Kristin Harlow June 14, 2023

MAHOMET, ILL. — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 160-unit multifamily property in Mahomet, about 10 miles northwest of Champaign. The community was built in 1972 and recently renovated. There are eight buildings consisting of a mix of one-, two- and three-bedroom units. The asset was more than 95 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the agency loan, which features a 10-year term, fixed interest rate and five years of interest-only payments.

June 14, 2023

Development Georgia Multifamily Southeast

McShane Construction Delivers 240-Unit Authentix Cartersville Apartments in Metro Atlanta

by John Nelson June 13, 2023

CARTERSVILLE, GA. — McShane Construction Co. has delivered Authentix Cartersville, a 240-unit multifamily community located at 5000 Canton Highway in Cartersville. The 25-acre site is situated about 45 miles north of downtown Atlanta via I-75. Developed by Wisconsin-based Continental Properties, Authentix Cartersville comprises 10 two-story, wood-framed buildings housing one-, two- and three-bedroom floor plans. Excel Engineering designed the community to feature a clubhouse with a coffee bar, 24-hour fitness center, resort-style swimming pool, barbeque area and a sun deck. The pet-friendly community also offers a leash-free dog park and a pet spa. Authentix Cartersville is the 22nd apartment community that McShane has constructed for Continental Properties.

June 13, 2023

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