Multifamily

Tremont Realty Capital Provides $31.2M Acquisition Loan for Central Texas Student Housing Property

by Taylor Williams February 10, 2025

SAN MARCOS, TEXAS — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $31.2 million bridge loan for the acquisition of The Lodge, a 696-bed student housing property in the Central Texas city of San Marcos. The 258-unit community serves students at nearby Texas State University. The Lodge offers one-, two-, three- and four-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts, outdoor grilling and dining stations, game room and a cybercafé. Walker & Dunlop arranged the floating-rate loan through Tremont on behalf of the sponsor, Palladius Capital Management.

February 10, 2025

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 66-Unit Apartment Building in Southwest Dallas

by Taylor Williams February 10, 2025

DALLAS — Marcus & Millichap has brokered the sale of Agave Azul on Boulder Apartments, a 66-unit building in southwest Dallas. The building was constructed in 1965 and has been extensively renovated over the past several years. Units predominantly feature two- and three-bedroom floor plans and have an average size of 950 square feet. Ford Braly, Al Silva and Dylan York of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were locally based investment groups that requested anonymity.

February 10, 2025

Development Multifamily Southeast Tennessee

Joint Venture Tops Off 16-Story Society Nashville Apartment Tower

by John Nelson February 10, 2025

NASHVILLE, TENN. — A joint venture between Property Markets Group (PMG), New Valley Realty and RMWC has completed vertical construction on Society Nashville, a 16-story apartment tower project located in the city’s Gulch neighborhood. Upon completion, the development will offer 502 residential units. Units will include a blend of traditional apartments in studio, one-, two- and three-bedroom layouts, as well as a small number of co-living “rent-by-bedroom” options. Designed by Baker Barrios Architects, Society Nashville will also feature 8,400 square feet of retail space and 485 parking spaces. Amenities at the building will include a pool deck, fitness center, coworking spaces, music room and rooftop sky deck. In 2022, the developers received a $162 million construction loan from Square Mile Capital for the project. CrowdStreet also provided $35 million in equity.

February 10, 2025

Loans Massachusetts Multifamily Northeast

JLL Arranges Refinancing of 450-Unit Apartment Community in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — JLL has arranged a loan of an undisclosed amount for the refinancing of Prospect Union Square, a 450-unit apartment community in Somerville, located just outside of Boston. Prospect Union Square is a two-building complex that was completed in 2023 and houses one-, two- and three-bedroom units, with 90 residences designed as affordable housing. The property also features an outdoor pool, courtyard, fitness center and indoor dog run, as well as 18,264 square feet of retail space. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL arranged the loan through Northwestern Mutual on behalf of the owner, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital.

February 10, 2025

Development Georgia Mixed-Use Multifamily Retail Southeast

Branch Receives City Council Approval for Lakeshore Mall Redevelopment in Gainesville, Georgia

by John Nelson February 10, 2025

GAINESVILLE, GA. — Atlanta-based Branch Properties has received civic approval for the redevelopment of Lakeshore Mall, a former shopping mall in Gainesville that opened in 1970. Gainesville City Council unanimously approved the developer’s vision for a 49-acre mixed-use redevelopment that was announced this past fall. Branch plans to break ground on the redevelopment in late 2026 and wrap up construction in 2028. Located between Lake Lanier and I-985, the new Lakeshore Mall project will usher in 652 multifamily residences, 38,200 square feet of community green space and more than 300,000 square feet of retail space, including existing anchors Belk and Dick’s Sporting Goods, both of which will remain open during the redevelopment. Dick’s will relocate to a new store within the redevelopment. Len Erickson of Franklin Street is leading the project’s retail leasing component with Branch. Future plans for the project could include a hotel and townhomes.

February 10, 2025

Development Florida Multifamily Southeast

Forman Capital Provides $53.7M Construction Loan for Multifamily Project in Hollywood, Florida

by John Nelson February 10, 2025

HOLLYWOOD, FLA. — Forman Capital has provided a $53.7 million construction loan for Caltopia, a new multifamily development in the South Florida city of Hollywood. The developer and borrower, Coral Gables, Fla.-based Calta Group, is developing the 251-unit community in two phases. Phase I will feature 100 units averaging 751 square feet in size, and Phase II will span 151 units averaging 740 square feet in size. Units will come in studio, one- and two-bedroom configurations, and amenities will include a pool, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, coworking space and 24-hour package storage and pickup. Calta Group plans to break ground on Phase I in the fourth quarter and deliver about 18 months later. Scott Mehlman and Ty Regnier of Forman Capital originated the financing on behalf of Calta Group, which is also underway on another apartment development in Hollywood. George Gnad, Mathew Gnad and Helmut Fischer of Lenders Capital Realty Services arranged the financing.

February 10, 2025

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 59-Unit Multifamily Project in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed a 59-unit multifamily project in Somerville, located just outside of Boston. Designed by ICON Architecture, the project represents the second phase of a larger development known as Union 346 and houses one-, two- and three-bedroom units, with 11 residences set aside as affordable housing. Amenities include a rooftop deck, fitness center, lounge, outdoor grilling and dining spaces and a dog wash station. A joint venture between John M. Corcoran & Co., The Grossman Companies and SMT Development owns Union 346, the first phase of which comprised 94 units.

February 10, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6.8M Sale of Brooklyn Apartment Complex

by Taylor Williams February 10, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $6.8 million sale of a two-building, six-unit apartment complex located at 164-166 7th Ave. in the Park Slope neighborhood of Brooklyn. The complex was constructed in 1921, offers three-bedroom units and includes a retail space that is occupied by Starbucks Coffee. Matt Fotis of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

February 10, 2025

Acquisitions California Industrial Mixed-Use Multifamily Western

IPA Arranges $26.5M Sale of 4.9-Acre Redevelopment Site in Irvine, California

by Amy Works February 10, 2025

IRVINE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 2400 Barranca, a 4.9-acre redevelopment site within Irvine Business Complex (IBC) in Irvine. Gemdale USA sold the asset to Irvine Community Land Trust, in partnership with USA Properties, for $26.5 million. The site offers a variety of development opportunities from for-sale townhomes to industrial redevelopment. According to IPA, the City of Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environment impact report, zone change or amendment to the master plan and city council vote to stimulate new high-density housing developments in locations where multifamily housing is needed. Kevin Green, Joseph Grabiec, Gregory Harris and Mark DeGiorgio of IPA represented the seller and buyer in the transaction.

February 10, 2025

Illinois Loans Midwest Multifamily

Habitat Receives $72.9M Loan, $29.5M in Equity to Refinance Columbus Plaza Apartments in Chicago

by Kristin Harlow February 10, 2025

CHICAGO — Habitat has received a $72.9 million Freddie Mac loan plus $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the apartment property, which rises 47 stories with 534 units. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. The new loan and capital structure enable Habitat and its partners to plan renovations and other capital improvements. Completed in 1980, Columbus Plaza comprises studio, one- and two-bedroom units. Monthly rents average from $1,700 to $3,350. The building was 95 percent leased at the time of loan closing. Onsite amenities include a fitness center, sunroom, business lounge, patio and bicycle storage. Located on East Wacker Drive, the asset features views of Lake Michigan and the surrounding downtown cityscape. Habitat was the original developer of the building and continues to serve as property manager.

February 10, 2025

Newer Posts

Older Posts