Multifamily

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Seniors Housing Transaction Activity Will Not Return to Normal Levels This Year, Says InterFace Panel

by John Nelson August 22, 2023

ATLANTA — One of the central questions of the investment panel at InterFace Seniors Housing Southeast was: Will transaction activity return in the fourth quarter? When Brooks Blackmon, panel moderator and executive managing director of Blueprint Healthcare Real Estate Advisors, asked the question, there was a quick response from the panel — “no.” “Return to what?” asked Kelly Sheehy senior managing director of Artemis Real Estate Partners. “Higher than today? Yes. Compared to 2019? No, it’s going to take time.” InterFace Seniors Housing Southeast is an annual conference hosted by France Media’s InterFace Conference Group, Seniors Housing Business and Southeast Real Estate Business. The event was held on Wednesday, Aug. 16 at the Westin Buckhead Atlanta hotel. Blackmon moderated the discussion. The panelists agreed that the fly in the ointment that has stifled investment sales the past few quarters has been the rapid runup in interest rates. The 10-year Treasury yield was at 4.3 percent at the time of this writing, which is the highest level since 2007. The secured overnight financing rate (SOFR) and federal funds rate, two short-term benchmark interest rates, have risen by more than 500 basis points in roughly 16 months. “Until debt markets improve, you’re …

August 22, 2023

Acquisitions Arizona Multifamily Western

Olympus Property Acquires 111-Unit Trailside Apartments in Flagstaff, Arizona

by Amy Works August 21, 2023

FLAGSTAFF, ARIZ. — Olympus Property has purchased Trailside Apartments, a multifamily community in Flagstaff. Terms of the transaction were not released. This acquisition expands Olympus’ presence in Flagstaff, where the company also owns Mountain Trail Apartments. Built in 2020, Trailside Apartments features 111 studio, one- and two-bedroom floor plans, ranging from 463 square feet to 951 square feet. Apartments offer nine-foot ceilings, hardwood floors, stainless steel appliances, private balconies and patios, in-unit washers/dryers and detached garages in select units. Community amenities include a clubhouse, business center, fitness center, steam room and outdoor fireplace.

August 21, 2023

Acquisitions Arizona Multifamily Western

Propeller Properties Buys Halmark Apartments in Tucson, Arizona for $2.3M

by Amy Works August 21, 2023

TUCSON, ARIZ. — Propeller Properties LLC has acquired Halmark Apartments, a multifamily property in Tucson. AZBAHAY LLC sold the asset for $2.3 million. Located at 3130 E. 4th St., the building features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

August 21, 2023

Loans Multifamily New York Northeast

Axiom Capital Arranges $22M Loan for Refinancing of Manhattan Multifamily Building

by Taylor Williams August 21, 2023

NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $22 million loan for the refinancing of an unnamed multifamily building in Manhattan’s Financial District. The eight-story building houses a mix of studio, one-, two-, three- and four-bedroom units and includes commercial space. The fixed-rate, nonrecourse loan carried a five-year term with three years of interest-only payments. The borrower and direct lender were not disclosed.

August 21, 2023

Development Illinois Leasing Activity Midwest Multifamily

Sterling Bay Begins Pre-Leasing Efforts for The Dylan Luxury Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow August 21, 2023

CHICAGO — Sterling Bay has begun pre-leasing efforts for The Dylan, a 282-unit luxury apartment tower in Chicago’s Fulton Market. Developed in partnership with Ascentris and designed by bKL, The Dylan features a variety of floor plans ranging from 526 to 1,669 square feet. Sterling Bay Design Studio and Chicago-based firm Harken Interiors selected the in-unit finishes. Residents have access to more than 15,000 square feet of outdoor amenity space, including a rooftop pool and fifth-floor deck featuring fire pits, grill stations, outdoor fitness options and a dog play area. First move-ins are expected in October. Monthly rents start at $2,120. The Dylan also offers 28 units of income-based housing. Residents of The Dylan will also enjoy access to SBX, Sterling Bay’s proprietary tenant experience portal offering community programming. The Dylan will host private events such as local boutique pop-ups, exclusive chef tastings and arts and culture classes. Managed by Sterling Bay Property Management in partnership with JLL, The Dylan is expected to achieve an environmental certification of Two Green Globes and will follow the RESET Air Standard. Chicago-based Luxury Living is leading pre-leasing efforts.

August 21, 2023

Loans Midwest Multifamily Seniors Housing Walker & Dunlop Wisconsin

Walker & Dunlop Arranges $16M in Acquisition Financing for Two Assisted Living Properties in Metro Milwaukee

by Kristin Harlow August 21, 2023

MUSKEGO AND OAK CREEK, WIS. — Walker & Dunlop has arranged $16 million in HUD-insured loans for the acquisition of two assisted living properties in metro Milwaukee. Kevin Giusti and Daniel Barone of Walker & Dunlop arranged the financing on behalf of the borrower, a developer. The first property is Caring Alternatives of Muskego, a 30-unit community located on Pioneer Drive in Muskego. The second is Caring Alternatives of Oak Creek, a 45-unit property located on 13th Street in Oak Creek.

August 21, 2023

Development Michigan Midwest Multifamily

Marquette Cos. Reopens The Maxwell Apartments in Romulus, Michigan, Following $8M Renovation

by Kristin Harlow August 21, 2023

ROMULUS, MICH. — Marquette Cos. has reopened The Maxwell, a 312-unit apartment community in Romulus. The firm completed an $8 million revitalization project to address previously deferred maintenance issues as well as property updates. Exterior upgrades include new and repaired hardscaping, restoration of the pool and deck with new furnishings, repaired and upgraded building exteriors, replacement windows and the addition of a dog park. The community clubhouse now features a renovated fitness center, updated finishes in the resident lounge, a new catering kitchen and a new leasing office. Renovations to the units include new cabinetry and countertops in the kitchens with black appliances, along with new flooring and paint. Hallways and common areas throughout the community’s 26 buildings were also renovated. Marquette worked closely with city officials prior to acquiring the property and throughout the renovation, and used local vendors for the construction work. Built in 1972 as Morgan Manor, the property was a popular home for pilots and flight attendants due to its proximity to the Detroit Metropolitan Wayne County Airport. The community offers studio, one- and two-bedroom floor plans ranging from 650 to 850 square feet. Monthly rents start at $885. Marquette partnered with DRA Advisors on the …

August 21, 2023

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Memphis Multifamily Outlook: Prepare Your War Chest

by John Nelson August 21, 2023

It’s no secret: The multifamily real estate market in Memphis has experienced a significant decline in investment sales volume and total transactions over the past year. But with signs of life coming quickly on the horizon, how can you be ready to capitalize? According to CoStar Analytics, the 58.7 percent sales volume decline in Memphis is in line with the national average, but we have seen a larger dip in total transactions. The steep and rapid decline is directly correlated to the Federal Reserve’s ongoing battle of taming inflation. The Fed has increased the benchmark federal funds rate at 10 consecutive meetings. And while there was a pause at the June meeting, more rate hikes are expected this year. What does this mean for investors and operators? The cream will rise to the top. Some investors may default on loans due to floating-rate debt and the rapid rate increases, while others may struggle to refinance or sell without incurring losses as their cheaper rate caps expire. However, those that have executed their business plans effectively and added value to their apartment complexes by raising rents can expect some cushion. Another interesting factor to examine is the vacancy rate, which has …

August 21, 2023

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers $33M Affordable Apartment Community in Downtown West Palm Beach

by John Nelson August 18, 2023

WEST PALM BEACH, FLA. — Housing Trust Group (HTG) has completed the development of Flagler Station, a $33 million affordable housing community located at 991 Banyan Blvd. in downtown West Palm Beach. Reserved for residents earning at or below 30, 60, 70 or 80 percent of area median income (AMI), units at the property include one-, two- and three-bedroom apartments across eight stories. Monthly rates at the community range from $393 to $1,689, and amenities include a 3,200-square-foot clubroom, business center, rooftop pool, fitness center and onsite parking. The project team included Rinaldi Construction as the general contractor, WGI Inc. as the engineer and landscape designer and Corwil Architects and B. Pila Desings as the interior designer.

August 18, 2023

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