NEW YORK CITY — JLL has arranged $80 million in equity financing for a project at 499 President St. in the Gowanus area of Brooklyn that will add 350 apartments and 20,000 square feet of retail space to the local supply. The project will consist of 262 market-rate units and 88 affordable housing units, as well as amenities like a rooftop pool, fitness center, coworking space and a billiards lounge. Christopher Peck, Nicco Lupo and Jonathan Faxon of JLL structured the equity financing. The developer is a joint venture between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors. Completion is scheduled for 2025.
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Suburbs Are King for Carolinas Multifamily Market, Say InterFace Panelists
Suburban markets in the Carolinas are the big winners in the current multifamily landscape, both from a new development and rent growth perspective, according to the various panelists at the InterFace Carolinas Multifamily conference. Hosted by InterFace Conference Group and Southeast Real Estate Business, the annual event took place on May 25 at the Hilton Charlotte Uptown hotel. At the end of the leasing and operations panel, moderator Mike Susen, senior director of real estate at Greystar, asked the property managers on stage if they could manage any product type in any Carolinas market, which they would choose. The consensus was their dream assignments lie in the suburbs. “Let’s do mid-rise suburbs, something out toward Matthews or the Mint Hill area,” said Amanda Kitts, senior vice president of property management at Northwood Ravin, referring to the suburbs of Charlotte. “I’d want to do product that those markets haven’t seen yet.” “Suburban product is still really strong right now,” added Bob Moore, co-founder and CEO of FCA Management LLC. “Tertiary markets are going to surprise you. You’ll see opportunities to do some deals where there has been a lot lower supply.” Property managers are keen to handle suburban communities because those …
LAWRENCEVILLE, GA. — Highlands Residential and Perennial Properties have formed a joint venture to build Park Place Apartments, a 148-unit active adult community in Lawrenceville, approximately 30 miles northeast of Atlanta. Construction of the project is already underway, and first move-ins are scheduled for 2024. The senior population of Gwinnett County is expected to grow by 33.6 percent over the next 10 years and Atlanta metro wide by 47 percent, according to the developers. Atlanta-based Highlands Residential is the developer and at completion Perennial Properties will be the property manager. The group also developed and manages The Chateau by Highlands, a 152-unit luxury active adult community in Braselton, about 20 miles further northeast of Park Place.
CONCORD, N.C. — Lansing Melbourne Group (LMG) and Denholtz Properties have opened Novi Flats, a 48-unit apartment community located in downtown Concord, about 27 miles northeast of Charlotte. The property is the first of three adjacent properties being built by the LMG-Denholtz joint venture. The other two communities will be the 167-unit Novi Rise, which will open later this year, and the 89-unit Novi Lofts that is set to open in late 2024. Novi Flats features an upscale industrial aesthetic and units come with quartz countertops, GE stainless steel appliance packages and in-unit washers and dryers. Select units have walk-in showers and closets, balconies and USB outlets. Amenities include a private CrossFit gym, bike room and package concierge, as well as connection to Concord’s Spring Street parking deck via a sky bridge. Novi Flats also features 2,333 square feet of street-level retail space.
CARROLLTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of an unnamed, 62-unit assisted living and memory care complex in Carrollton, a northern suburb of Dallas. The property totals approximately 40,000 square feet and sits on a 3.6-acre plot. The seller was a private equity group. The Dallas-based buyer was a private investment group that partnered with a local operator. Both parties requested anonymity. Matthew Alley and Jeff Binder of SLIB brokered the deal.
MORGANTOWN, W.VA. — Maverick Commercial Mortgage Inc. has arranged a $5.4 million loan for the refinancing of a 114-bed student housing property situated adjacent to the campus of West Virginia University in Morgantown. The 34-unit property is located at 251 Stewart St. and features controlled access, 24-hour maintenance and a fitness center. Maverick Commercial arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through an unnamed national bank on behalf of the borrower, a national developer based in Indianapolis.
BOSTON — Boston-based lender UC Funds has provided an $11 million acquisition loan for a portfolio of four West Texas workforce housing properties totaling 275 units. The properties — Winwood Village of Amarillo, Casa Orlando, Plains Village and Winwood Village of Plainview — are located in Amarillo, Lubbock and Plainview. The loan carried a floating interest rate. The borrower was not disclosed.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $3.2 million sale of a 23-unit multifamily building located in the Midwood area of Brooklyn. Built in 1928, the property consists of four studios, 11 one-bedroom apartments, seven two-bedroom units and one three-bedroom apartment. Matthew Sparks of GFI Realty represented the seller, Santa Rosa Realty, in the transaction. Moshe Goldberger, also with GFI Realty, represented the buyer, Aida Abba Realty.
LOS ANGELES — Carmel Partners has completed the development of VOX at Cumulus, a 14-acre mixed-use community on the site of the former Cumulus radio station towers in Los Angeles. VOX at Cumulus features 910 apartment and townhome units, including studios, one-, two- and three-bedroom floor plants. The property also offers 100,000 square feet of retail space anchored by a Whole Foods Market. The project development team also included TCA Architects (architects), DCI (structural engineering), AMPAM (plumbing), PSOMAS (civil), DFDA (mechanical), Seal Electric (electrical) and MLA (landscaping).
LARKSPUR, CALIF. — California Landmark has secured $24.6 million to refinance Woodlark Residences, an 80-unit multifamily community in Larkspur. California Landmark acquired the property in 2014 and has since invested $3.7 million toward capital improvements, including renovations to all units as well as common areas and amenities. According to Apartments.com, the community currently offers amenities such as a pool, fitness center, grill and picnic area, a lounge and internet access. Greg Reed, Kristen Croxton and Tina Quirin of Capital One arranged the five-year, fixed-rate, Freddie Mac loan.