SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.
TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit. Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens. Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.
TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.
BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.
JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.
CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …
Colliers Mortgage Provides $13.4M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property
APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.
INDIANAPOLIS — CBRE has arranged the sale of The Coil, a 151-unit apartment complex in Indianapolis. The sales price was undisclosed. Built in 2017, the property is situated within the Broad Ripple Village entertainment district. Floor plans average 887 square feet. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Promus Realty Properties. The Connor Group was the buyer.
CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.
EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.