Multifamily

Bridgeview Multifamily to Develop 360-Unit Project in Denton, Texas

by Taylor Williams September 8, 2023

DENTON, TEXAS — Dallas-based Bridgeview Multifamily will develop a 360-unit project in the North Texas city of Denton. The site at 3755 McKinney St. spans 22 acres and is adjacent to the 288-unit Denton Forest Crossing apartment community. The development will consist of 15 three-story buildings that will house one- and two-bedroom units with an average size of 875 square feet. Amenities will include a pool, clubhouse, dog park and outdoor grilling and dining stations. Construction on the unnamed project is expected to begin next summer.

September 8, 2023

Development Multifamily Texas

Triten Real Estate Tops Out 341-Unit Multifamily Project in Houston

by Taylor Williams September 8, 2023

HOUSTON — Locally based developer Triten Real Estate Partners has topped out Phase I of The Mill, a project in Houston’s East End district that will add 341 multifamily units to the local supply. The seven-story building, the site of which originally housed a lumber mill that was constructed in the 1890s, will include 6,000 square feet of retail space and a seven-story parking garage. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, clubroom and outdoor grilling and dining stations. Michael Hsu Office of Architecture designed the project, and Arch-Con Corp. is serving as the general contractor. Preleasing will begin in the first quarter of next year.

September 8, 2023

Arizona Loans Multifamily Western

Gantry Arranges $16.5M Refinancing for Lakeview at the Bay Apartments in Tempe, Arizona

by Amy Works September 8, 2023

TEMPE, ARIZ. — Gantry has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay, an apartment complex in Tempe. Located at 995 E. Baseline Road, the 34-building community offers 370 apartments. The property was built in 1985. George Mitsanas, Tim Storey and Keegan Bridges of Gantry secured the low-leverage, 10-year, fixed-rate loan on behalf of the undisclosed borrower. Gantry will service the loan, which features interest-only terms for the life of the financing.

September 8, 2023

Acquisitions Multifamily Texas

ShainRealty Capital Acquires 256-Unit Multifamily Property in Mesquite, Texas

by Taylor Williams September 7, 2023

MESQUITE, TEXAS — Los Angeles-based investment firm ShainRealty Capital has acquired Landmark at Courtyard Villas, a 256-unit multifamily property located in the eastern Dallas suburb of Mesquite. The apartment complex was built in 1999 and has an average unit size of 905 square feet. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap brokered the sale of the property. ShainRealty Capital plans to invest about $3 million in capital improvements and rebrand the property as Infinity at Sunnyvale. The seller was a private investor.

September 7, 2023

Acquisitions Multifamily Texas

Knightvest Capital Sells 216-Unit Apartment Complex in Euless, Texas

by Taylor Williams September 7, 2023

EULESS, TEXAS — Dallas-based Knightvest Capital has sold Reagan at Bear Creek, a 216-unit apartment complex located in the eastern Dallas suburb of Euless that was built in 1998. According to Apartments.com, Reagan at Bear Creek offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Knightvest Capital originally acquired the property in September 2017 and implemented a value-add program. The buyer was not disclosed.

September 7, 2023

Affordable Housing Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Provides $35.6M Agency Loan for Refinancing of Brooklyn Affordable Housing Portfolio

by Taylor Williams September 7, 2023

NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of a portfolio of eight affordable housing buildings totaling 251 units in Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing, which was structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development Fund Corp., will use $8 million of the proceeds to fund capital improvements and preserve the portfolio’s affordability status.

September 7, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $13.5M Sale of Manhattan Multifamily Building

by Taylor Williams September 7, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13.5 million sale of a 21-unit multifamily building located at 14 Bedford St. in Manhattan’s West Village. The six-story building was originally constructed in 1900 and includes two ground-floor commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, private investor Michael Laub, in the transaction. The trio also procured the buyer, Wharton Properties.

September 7, 2023

Colorado Development Loans Multifamily Western

Kairoi Residential Obtains Joint Venture Equity, Debt Financing for 419-Unit Multifamily Project in Aurora, Colorado

by Amy Works September 7, 2023

AURORA, COLO. — Kairoi Residential has received joint venture equity placement and a 55 percent loan-to-cost construction loan for Kairoi Metro Center, an apartment community in Aurora. Leon McBroom, Travis Anderson and Kevin Barron of JLL Capital Markets Advisory advised on the joint venture equity placement and secured the six-year, floating-rate loan through a two-bank syndication for the borrower. Upon completion in early 2026, Kairoi Metro Center will feature 419 one-, two- and three-bedroom units with an average size of 831 square feet. The project will also feature two small urban parks as part of the site plan and is adjacent to a 1.4-acre city park.

September 7, 2023

California Development Multifamily Student Housing Western

UC Merced, Merced College Plan 488-Bed Student Housing Development

by Amy Works September 7, 2023

MERCED, CALIF. — The University of California Merced (UC Merced) and Merced College have announced plans to jointly develop a 488-bed student housing project for community college and transfer students. The California Legislature gave final approval for the $100 million mechanism that will fund the project. The Promise Housing facility will offer rooms on the UC Merced campus for income-qualified community college students that have met the academic requirements of the university’s Merced Promise agreement. The Merced Promise program was created to encourage the most promising and in-need student populations in California’s Central Valley to transform their lives through the pursuit of higher education. “This joint affordable housing project will be a game-changer for our historically underserved region, removing barriers for our students seeking to transfer to UC Merced and providing them with an opportunity to complete their transfer degree at Merced College while fully engaging in campus life at UC Merced,” says Chris Vitelli, president of Merced College. A timeline for the development was not announced.

September 7, 2023

Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon

by Amy Works September 7, 2023

BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.

September 7, 2023

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