Multifamily

US2 Begins Leasing 450-Unit Prospect Union Square Apartments in Somerville, Massachusetts

by Taylor Williams May 18, 2023

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and Affinius Capital, has begun leasing Prospect Union Square, a 450-unit apartment community located outside of Boston in Somerville. Designed by Howeler + Yoon, Prospect Union Square consists of a midrise building and a 25-story tower, both of which are situated within the USQ mixed-use development. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, game room, outdoor grilling and dining areas and a package locker system. Rents start at $2,460 per month for a studio apartment. Move-ins will begin in July.

May 18, 2023

Acquisitions Multifamily New York Northeast

TerraCRG Arranges $8M Sale of Two Multifamily Buildings in Brooklyn

by Taylor Williams May 18, 2023

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $8 million sale of two multifamily buildings totaling 14 units in Brooklyn. The eight-unit building at 277 Humboldt St. is located in the Williamsburg neighborhood, and the six-unit building at 767 Hart St. is located in the Bushwick area. Matthew Cosentino, Rémi Norris and Ronny Zimin of TerraCRG brokered the deals. The sellers were not disclosed. The buyer of both properties was Partners Path.

May 18, 2023

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

KIRCO Buys 91-Unit Seniors Housing Complex in Stoughton, Massachusetts

by Taylor Williams May 18, 2023

STOUGHTON, MASS. — Michigan-based development and management firm KIRCO has purchased Brookmeadow at Blue Hills, a 91-unit assisted living and memory care complex in the southern Boston suburb of Stoughton. The property was built in 2009. Cushman & Wakefield arranged both the sale of the property and subsequent acquisition financing. KIRCO plans to invest about $4 million in capital improvements to the property.

May 18, 2023

Development Illinois Midwest Multifamily Seniors Housing

Focus Completes 173-Unit Everleigh Active Adult Community in Vernon Hills, Illinois

by Kristin Harlow May 18, 2023

VERNON HILLS, ILL. — General contractor Focus has completed Everleigh, a 173-unit luxury active adult community in the Chicago suburb of Vernon Hills. Units range in size from 567 to 1,373 square feet, and there are also seven duplex cottages. Amenities include a demonstration kitchen, game room, fitness center, theater, business center and lounge. Designed by Meeks + Partners, the property rises four stories. Monthly rents start at $1,800. The developer, Greystar, launched the Everleigh by Greystar brand in 2017 with a focus on high-quality living for residents age 55 and older. Everleigh properties are now in eight states.

May 18, 2023

Florida Loans Multifamily Southeast Top Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw May 18, 2023

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

May 18, 2023

Development Florida Loans Multifamily Southeast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Development Loans Seniors Housing Southeast Virginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson May 17, 2023

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

May 17, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Affordable Housing Development Multifamily New Jersey Northeast

NRP Group Completes 56-Unit Affordable Housing Project in Irvington, New Jersey

by Taylor Williams May 17, 2023

IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.

May 17, 2023

Acquisitions California Multifamily Western

Mogharebi Group Arranges $50.5M Sale of The Landing Apartments in Ontario, California

by Jeff Shaw May 17, 2023

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

May 17, 2023

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