NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $13.3 million sale of Retreat at Palm Pointe, a 112-unit apartment community located at 2561 Fassitt Road in North Charleston. Prospect Lane acquired the property from Cohen Investment Group. John Phoenix, Richard Gore, Tyler Fish and Pat O’Brien of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg of Greystone originated a Fannie Mae acquisition loan on behalf of the buyer.
MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.
SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.
PHILADELPHIA — A partnership between National Real Estate Advisors and New Jersey-based Kushner Real Estate Group has topped out The Noble, a 360-unit multifamily project located at 200 Spring Garden St. in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities including a pool, coworking lounge, party room, juice bar, dog run and 10,000 square feet of public green space. City Fitness will anchor the retail component with a 17,000-square-foot facility. Preleasing will begin in December, and the first units are expected to be available for occupancy in the first quarter of 2024.
HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing. Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …
LOS ANGELES — BH Properties has started an investment initiation into affordable housing with the goal of building a $1 billion portfolio of assets. The new platform will focus on Low-Income Housing Tax Credit (LIHTC), Section 8 and age-restricted housing throughout the United States. William Stoll, who BH Properties hired as a managing director, will lead the initiative. Prior to joining BH Properties, Stoll worked at Steadfast Cos. for 14 years. He joined the firm in 2009 as the manager of a Southern California portfolio of 10 LIHTC properties and eventually rose to the role of executive vice president of acquisitions. Stoll graduated from San Diego State University.
NEW YORK CITY — Locally based real estate giant Tishman Speyer will develop a 237-unit affordable housing complex in the Far Rockaway area of Queens. Units will come in studio, one-, two- and three-bedroom floor plans, with the majority (201) reserved for renters earning between 30 and 80 percent of the area median income. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The project will also include 8,000 square feet of retail space and 7,500 square feet of community center space. Completion is scheduled for 2025.
MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.
OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on the sixth building at Tallgrass Creek, a senior living community in the Kansas City suburb of Overland Park. The project is being built in partnership with Erickson Senior Living. The five-story building will include 84 units of assisted living and memory care and total 128,000 square feet. Amenities will include a community room, catering room, game room and designated living area. Completion is slated for late 2024.
LENOX, IOWA — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vintage Park, a 40-unit assisted living and memory care community in Lenox, about 25 miles north of the state border with Missouri. The sales price was undisclosed. The community totals 3,000 square feet on four acres. The seller was a local owner and operator looking to exit the seniors housing sector. The buyer was a joint venture between an East Coast investor and a Midwest operator. Nick Cacciabando of SLIB handled the transaction.
