JACKSONVILLE, FLA. — Northmarq has arranged a $56 million loan for Fountainhead, a 360-unit apartment community located at 7237 Corklan Drive in Jacksonville. The unnamed borrower will use the 10-year, fixed-rate loan to refinance a construction loan for the community, which is currently under construction and in lease-up. Ryan Whitaker of Northmarq arranged the interest-only loan through an unnamed life insurance company. Upon completion, amenities at Fountainhead will include a business center, clubhouse, lounge, 24-hour fitness center, resort-style swimming pool, playground, car care center, EV charging stations, fire pit, dog agility park, sundeck, grill, picnic area and onsite garages.
Multifamily
GARLAND, TEXAS — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Amenities will include a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers and multiple dining venues and gathering spaces. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carried a 15-year term with five-years of interest-only payments and a 75 percent loan-to-cost ratio. A construction timeline was not disclosed.
SAN ANTONIO — A partnership between New York City-based Sovereign Properties and Florida-based Invest Capital Group has broken ground on Atlantica at Alamo, a 375-unit multifamily project that will be located at 5415 Alamo Parkway on San Antonio’s west side. Designed by Womack + Hampton Architects, the garden-style community will consist of eight four-story buildings. Residences will come in one-, two- and three-bedroom formats, and amenities will include a pool, fitness center, courtyard, pickleball court and a dog park. Cadence McShane is the general contractor for the project. Completion is slated for late 2024.
TEMPLE, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Plantation Square and Holly Oaks, two properties totaling 180 units in the Central Texas city of Temple. Plantation Square was built in 1979 and totals 58 units, all of which are age-restricted, in one-, two- and three-bedroom formats. Holly Oaks was constructed in 1965 and consists of 122 units, some of which are age-restricted, with the same floor plans as Plantation Square. Danny Weiland of TMG represented the seller in the transaction, and Job Krebbs of TMG procured the buyer. Both parties requested anonymity.
MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
NORTHAMPTON, MASS. — A partnership between Live Give Play and Spiritos Properties will develop a 70-unit active adult project at 79 King Street in Northampton, a suburb of Springfield. The property is located downtown on a walking/biking path and is steps from Smith College. Designed by BKSK Architects, the building will rise five stories and total 110,000 square feet. The community is designed to achieve Passive House certification. Completion is slated for late 2024.
KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California
by Amy Works
SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …
The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …
WASHINGTON, D.C. — A partnership between Lowe, FLGA and Davenport Group has secured a 99-year ground lease from Howard University to construct a new residential tower on two sites in Washington, D.C.’s Shaw neighborhood currently being used as student parking lots. The 1.9-acre assemblage at 2251 Sherman Ave. and 2047 9th St. NW will be converted into a 525,000-square-foot, 10-story tower housing up to 500 residences, 27,000 square feet of commercial space and an underground parking garage. The partnership is undertaking the development with USAA Real Estate. JLL arranged an undisclosed amount of bridge financing for the land transaction through Eagle Bank. Construction is anticipated to commence in fall 2023. The project is the latest transaction by Howard University to densify its campus while maintaining long-term control of its real estate. Plans for the new housing include units ranging from studios to larger two-bedroom with den floor plans. Approximately 40 units will be designated as affordable housing, with the potential to increase that number to 60 units. Planned amenities include a club room, fitness center and rooftop patio and pool. The unnamed project is also set to include a 25-foot-wide public plaza fronting the future extension of W Street that …
Lynn University, Capstone Development Complete $40.5M Residence Hall Project in Boca Raton
by John Nelson
BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.