SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
MADISON, WIS. — CRG has topped out Chapter at Madison, a 534-bed student housing community rising 10 stories near the University of Wisconsin-Madison. The property is nearly two-thirds preleased ahead of its completion date, which is slated for September 2024. Located at 802 Regent St. within the historic Greenbush neighborhood, Chapter at Madison will feature 165 units in a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging from 395 to 1,633 square feet. Monthly rental rates per bed will range from $999 to $1,859. Amenities will include a fitness center, yoga studio, rooftop terrace, underground parking garage and private study spaces. The development will also house 2,200 square feet of ground-floor commercial space. Lamar Johnson Collaborative is the architect, and Madison-based Findorff is the general contractor.
TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …
MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.
ALLEN, TEXAS — Developer High Street Residential has completed The Montgomery, a 370-unit apartment community located northeast of Dallas in Allen. Designed by JHP Architecture with interiors by Britt Design Group, The Montgomery features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, island kitchens and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling and dining areas, clubroom and a dog park. Rents start at $1,545 per month for a one-bedroom apartment.
GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit multifamily complex in the northeastern Dallas suburb of Garland. Woods Edge was originally built in the 1960s and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the locally based seller, Entrust Investment Group, in the transaction and procured the undisclosed, out-of-state buyer.
PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.
NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.
TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.
BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.