BOERNE, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $18.7 million in construction and equity financing for a 125-unit multifamily project in Boerne, a northwestern suburb of San Antonio. The building will rise four stories and total 98,000 square feet of rentable space. Units will come in studio, one- and two-bedroom floor plans and feature an average size of 782 square feet. Construction is set to begin immediately and last about 18 months. The borrower and direct lender were not disclosed.
GLENDALE, ARIZ. — JLL has arranged an undisclosed amount of financing for Inspira Arrowhead, a newly constructed seniors housing property in Glendale. Inspira Arrowhead is a three-story building that spans 187,393 square feet and totals 165 units. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. Alanna Ellis and Alex Sheaffer led the JLL team on the transaction. The direct lender was also not disclosed.
SAN DIEGO — Community HousingWorks (CHW) has completed Puesta del Sol Apartments, a 59-unit affordable seniors housing project in the Linda Vista neighborhood of San Diego. Residences are reserved for households earning 30 to 60 percent of the area median income, and the community has been awarded 59 project-based vouchers to ensure access for the most income-vulnerable residents. Additionally, six of the 59 vouchers will serve chronically homeless.The community only offers one-bedroom apartments, plus a two-bedroom manager unit. The San Diego Housing Commission provided a below-market-rate loan and project-based vouchers for the development. Additional funding was provided by construction and permanent lender Chase Bank (as a successor to First Republic Bank). Red Stone Equity Partners is an equity investor in the project. The California Tax Credit Allocation Committee provided 9 percent tax credits, and the city of San Diego waived $144,000 in permit fees. The locally based development team included general contractor Sun Country Builders, architectural firm Studio E Architects, civil engineering firm Project Design Consultants and landscape architect Schmidt Design Group Inc. Onsite services for residents are provided by CHW services partner, LifeSTEPS.
DENVER — NorthPeak Commercial Advisors has brokered the sale of The Glenwood, a 24-unit multifamily property located at 1280 Albion St. in Denver. The sales price was $6.1 million, or $254,166 per unit. Greg Johnson and Connor Piretti of NorthPeak Commercial Advisors represented the seller in the transaction, and Compass Realty represented the buyer. Both parties requested anonymity.
SALEM, ORE. — Colorado-based investment firm Brinkman Real Estate has purchased Autumn Woods Apartments & Townhomes in Salem. The newly constructed, 10-building property offers two- and three-bedroom apartments and townhomes. Units feature private yards, patios and attached garages, as well as individual washers and dryers. Jason Bond and Grant Bailey of Berkadia provided an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were also not disclosed.
POUGHKEEPSIE, N.Y. — New Jersey-based investment firm Reynolds Asset Management has received a $19.5 million Fannie Mae loan for the refinancing of Violet Estates, an 84-unit multifamily property located north of New York City in Poughkeepsie. Violet Estates is reserved for renters age 55 and above and offers studio, one- and two-bedroom units. Amenities include a resident lounge, fitness center, bocce ball courts and a dog park. The property also houses 7,000 square feet of retail space that is leased to users in the food-and-beverage, fitness and art businesses, among others. Allan Edelson of Walker & Dunlop originated the financing.
BMO Provides $70M in Bridge Financing for Three Senior Living Communities in Wisconsin, North Dakota
WISCONSIN AND NORTH DAKOTA — BMO’s Healthcare Real Estate Group has provided a $70 million bridge loan on behalf of a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. The financing is for three senior living communities totaling 435 units. Two of the properties are in suburban Milwaukee and the third is in West Fargo, N.D. Loan proceeds include capital for future improvements and value enhancement.
FALLS CHURCH, VA. — Mid-Atlantic development firm Hoffman & Associates has announced new details and branding for an apartment community coming to West Falls, a new mixed-use neighborhood in metro Washington, D.C. Located at W. Falls Station Blvd. in Falls Church, The Alder will feature 400 apartments, ground-level retail space and 26,000 square feet of indoor and outdoor amenities, including a fitness center, library lounge, pet spa, outdoor TV lounge and a resort-style pool. In addition to the eight-story multifamily property, plans for the West Falls neighborhood will include the recently announced Experience Senior Living residence, The Reserve at Falls Church, and more than 120,000 square feet of shops and restaurants. The neighborhood is home to a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.
CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.
ATHENS, TEXAS — Dallas-based brokerage firm The Multifamily Group has negotiated the sale of Athens Reserve Apartments, a 122-unit property located about 75 miles southeast of Dallas. The 11-acre site, which can support future expansion and includes 17,500 square feet of commercial space, initially housed a Quality Inn hotel that was constructed in 1981. The seller, Dallas-based Profectus Multifamily Capital, purchased the site in 2021 and implemented various capital improvements as part of the conversion.