Multifamily

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson July 25, 2023

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

July 25, 2023

Florida Loans Multifamily Southeast

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes, Florida

by John Nelson July 24, 2023

MIAMI LAKES, FLA. — Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were not disclosed.

July 24, 2023

Acquisitions Multifamily Southeast Tennessee

Walker & Dunlop Brokers Sale of 271-Unit Apartment Community in Nashville

by John Nelson July 24, 2023

NASHVILLE, TENN. — Walker & Dunlop has brokered the sale of The Guthrie North Gulch, a 271-unit apartment community located at 600 11th Ave. N in Nashville. Russ Oldham of Walker & Dunlop represented the undisclosed seller in the transaction, and Stephen Farnsworth, Hanes Dunn and Jessie Bland of Walker & Dunlop arranged Freddie Mac financing on behalf of the buyer, GF Properties. The sales price and loan amount were not disclosed. Units at the property include apartments in one-, two- and three-bedroom layouts. Amenities include a fitness center, dog park and a recording studio.

July 24, 2023

Affordable Housing Loans Multifamily Texas

BWE Provides $14.3M Agency Refinancing of Affordable Housing Complex in Buda, Texas

by Taylor Williams July 24, 2023

BUDA, TEXAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.3 million Freddie Mac loan for the refinancing of Tuscany Park Apartment Homes, a 176-unit affordable housing complex located in the southern Austin suburb of Buda. The property consists of 14 buildings, and the majority (142) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, fitness center, playground and a community room. Jon Killough and John Roberts of BWE originated the financing, which was structured with a floating interest rate and five years of interest-only payments, on behalf of the borrower, Alabama-based Envolve Communities.

July 24, 2023

Acquisitions Multifamily Texas

Colliers Arranges Sale of 90-Unit Azul Apartments in North Houston

by Taylor Williams July 24, 2023

HOUSTON — Colliers has arranged the sale of Azul Apartments, a multifamily complex in North Houston. According to Apartments.com, the property was built in 2019, totals 90 units and offers studio, one-, two- and three-bedroom floor plans. Jaleel Adatia, Chip Nash, and Bob Heard of Colliers represented the seller, an entity doing business as ZK Jester Inc., in the transaction. The team also procured the buyer, Lonestar Capital Group.

July 24, 2023

Acquisitions California Multifamily Western

CBRE Brokers $4.3M Sale of 12-Unit Apartment Property in Anaheim, California

by Jeff Shaw July 24, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of a 12-unit multifamily property at 921-927 S. Trident St. in Anaheim. The property traded hands between two private investors in a 1031 exchange. The property was constructed in 1962 and comprises two buildings on a 0.4-acre site. Units come in two- and three-bedroom layouts. Units were recently renovated with new baseboards and blinds, updated showers, plank flooring and new cabinets and countertops. Dan Blackwell, Andrew Boukather and Sean Farag represented the buyer in the transaction.

July 24, 2023

Acquisitions California Healthcare Loans Seniors Housing Western

Forbright Bank, HJ Sims Provide Acquisition Financing for Two California Skilled Nursing Facilities

by Jeff Shaw July 24, 2023

CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.

July 24, 2023

Development Multifamily New York Northeast

Partnership Completes 249-Unit Apartment Complex in Mount Vernon, New York

by Taylor Williams July 24, 2023

MOUNT VERNON, N.Y. — A partnership between Alexander Development Group, The Bluestone Organization and J.P. Morgan Global Alternatives has completed 42 Broad, a 249-unit apartment complex in Mount Vernon, located north of New York City. Designed by Perkins Eastman, the 16-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, walk-in showers and individual washers and dryers. Amenities include a pool, fitness center, outdoor kitchens, game room, lobby lounge, coworking spaces, library and a zen garden, as well as ground-floor retail space. Rents start at $2,100 for a studio apartment.

July 24, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Beacon Communities, CCBA Break Ground on 85-Unit Affordable Housing Project in Boston

by Taylor Williams July 24, 2023

BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.

July 24, 2023

Development Illinois Midwest Multifamily Seniors Housing

Life Care Services Opens 258-Unit Seniors Housing Community in Northwest Chicago

by Kristin Harlow July 24, 2023

CHICAGO — Life Care Services has opened Clarendale Six Corners, a 258-unit seniors housing community in the Portage Park neighborhood of Northwest Chicago. Rising 10 stories at the intersection of Milwaukee Avenue and Irving Park Road, the property features 114 independent living units with one-, two- and three-bedroom layouts, 98 assisted living units and 46 memory care apartments.

July 24, 2023

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