Multifamily

Berkadia Arranges Sale of 228-Unit Edgewater Apartments in Lake Jackson, Texas

by Taylor Williams January 3, 2023

LAKE JACKSON, TEXAS — Berkadia has arranged the sale of Edgewater Apartments, a 228-unit multifamily property in Lake Jackson, about 50 miles south of Houston. Built in 2005, Edgewater Apartments consists of 19 two-story residential buildings and a one-story clubhouse on a 19-acre site. Units come in one- and two-bedroom floor plans and range in size from 742 to 1,319 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a pet park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney, Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Chicago-based Redwood Capital Group, in the transaction. The buyer was an undisclosed, New York-based investment firm.

January 3, 2023

Development Multifamily Texas

Realty Capital Breaks Ground on 200-Unit Multifamily Project in Flower Mound, Texas

by Taylor Williams January 3, 2023

FLOWER MOUND, TEXAS — Locally based developer Realty Capital has broken ground on a 200-unit multifamily project in Flower Mound, located in the northern-central part of the metroplex. The 16-story building at 3111 Sunset Blvd. will be situated within a larger 40-acre development. Units will come in one-, two- and three-bedroom floor plans, as well as townhomes, and will feature an average size of 1,485 square feet. The amenity package will comprise a pool with a deck and full-service bar, 24-hour attended lobby with concierge services, a private dining room and a billiards room. Barings provided construction financing for the project, which includes 6,000 square feet of retail space and is slated for a 2025 completion.

January 3, 2023

Loans Multifamily Texas

Basis Multifamily Provides $8.3M Agency Loan for Refinancing of Property in Kilgore, Texas

by Taylor Williams January 3, 2023

KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.

January 3, 2023

Colorado Loans Lument Multifamily Seniors Housing Western

Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado

by Amy Works January 3, 2023

WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …

January 3, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Arranges $3.9M Sale of Hepburn Apartment Community in Downtown Phoenix

by Amy Works January 3, 2023

PHOENIX — Taylor Street Advisors has brokered the sale of The Hepburn, a multifamily property located at 631 N. 4th Ave. in Phoenix. A local syndicator sold the asset to an out-of-state 1031 exchange investor for $3.9 million, or $243,750 per unit. The fully renovated property features 16 apartments with quartz countertops, new cabinetry, stainless steel appliances, in-suite washers/dryers, and upgraded bathrooms with custom tile showers and vanities. Built in 1957, the property underwent renovations in 2022 that included a new roof, plumbing, electrical, exterior and interior doors, lighting, exterior paint, courtyard landscaping, fencing, gates and asphalt parking. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented both parties in the transaction.

January 3, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Emerald Empire Acquires Chicago Affordable Housing Portfolio from Pangea Properties

by Kristin Harlow January 3, 2023

CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.

January 3, 2023

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.7M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow January 3, 2023

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.

January 3, 2023

Features Multifamily

Rent Control Measures High on Priority List for State Legislatures in 2023

by Jeff Shaw January 3, 2023

WASHINGTON, D.C. — In 2022, local and state legislatures across the country raised the issue of rent control to address the high cost of living and the ongoing affordable housing crisis. Some municipalities enacted rent control measures or expanded on those already in place, while the efforts of others were shot down by city councils and state law. Rent control measures are regulations enacted by state or local governments that place a limit on the amount a landlord can charge to lease a home or increase rent upon the renewal of a lease. Rent control regulations are legally binding once signed by a governor or passed through a referendum. The intent of rent control is to keep living costs affordable for renters, particularly those who are earning lower incomes. However, the official position of the National Multifamily Housing Council (NMHC) as well as the National Apartment Association (NAA) is that rent control exacerbates housing shortages, causes existing buildings to deteriorate and disproportionately benefits higher-income households. The NMHC and NAA, both based in Washington, D.C., have stated that they are in favor of alternative methods, such as voucher-based rental assistance, to address affordable housing shortages. Rent Control Efforts Gain Traction Though …

January 3, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Standard Communities Acquires Affordable Housing Property in Chicago for $46M

by Kristin Harlow December 23, 2022

CHICAGO — Standard Communities led a public-private partnership that acquired Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood. The total capitalization of the acquisition was roughly $46 million. The affordable housing community includes 371 units across two buildings as well as 15,000 square feet of retail space. Standard plans to make improvements such as new common area lighting, refurbished common areas and amenities, and renovated management offices. Standard completed the transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the U.S. Department of Housing and Urban Development.

December 23, 2022

Loans Midwest Multifamily Nebraska Seniors Housing Walker & Dunlop

Walker & Dunlop Originates $20.9M for Refinancing of Two Assisted Living Communities in Nebraska

by Kristin Harlow December 23, 2022

LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.

December 23, 2022

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