Multifamily

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights

by Kristin Harlow July 20, 2023

CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

July 20, 2023

California Loans Multifamily Western

Greystone, Affinius Arrange $172M Refinancing for Rise Koreatown Apartments in Los Angeles

by Jeff Shaw July 20, 2023

LOS ANGELES — Greystone Commercial Capital and Affinius Capital have arranged a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise apartment community in Los Angeles’ Koreatown neighborhood. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, delivered the property in February 2023.

July 20, 2023

Acquisitions Affordable Housing California Multifamily Western

BRIDGE Housing Acquires 195-Unit Eaves Daly City Multifamily Community Near San Francisco

by Jeff Shaw July 20, 2023

DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.

July 20, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $53.4M Sale of Three Apartment Properties in Southern California

by Jeff Shaw July 20, 2023

RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.

July 20, 2023

Affordable Housing California Loans Multifamily Western

BWE Provides $12M in Freddie Mac Loans for Five-Property Affordable Housing Portfolio in California

by Jeff Shaw July 20, 2023

EL DORADO AND SONOMA COUNTY, CALIF. — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. The five loans include:

July 20, 2023

Development Mixed-Use Multifamily New York Northeast Office Top Stories

Dynamic Star to Break Ground on Phase I of Fordham Landing Mixed-Use Project in The Bronx

by Katie Sloan July 20, 2023

NEW YORK CITY — Dynamic Star has released details for One Fordham Landing, a 350,000-square-foot office building located in the University Heights neighborhood of The Bronx in New York City. The building will be the first of a larger mixed-use development, Fordham Landing, which is valued at $3.5 billion, according to Crain’s New York Business. Located on West Fordham Road along the Harlem River, Fordham Landing will be developed in phases beginning with the segment Fordham Landing South. Alongside the recently announced office building, this initial phase will include 505 units of affordable and market-rate housing. The multifamily and office portions of the project will share a 20,000-square-foot amenity space featuring community gardening areas, a pickleball court, lap pool, basketball court and fitness center. Plans for Phase I also include a landscaped public waterfront esplanade overlooking the Harlem River. One Fordham Landing, which is scheduled for completion in 2025, will target medical and educational tenants. The building’s base will feature 28,000-square-foot floor plates with 18-foot ceiling heights, and the upper floors of the project will feature 10,000-square-foot floor plates. The development is also set to include a new entrance and pedestrian bridge to the adjacent North University Heights Metro station. …

July 20, 2023

Acquisitions Kentucky Multifamily Southeast

Oakley Group Acquires Griffin Gate Apartments in Hopkinsville, Kentucky for $10.8M

by John Nelson July 19, 2023

HOPKINSVILLE, KY. — Oakley Group has acquired Griffin Gate, an 80-unit apartment community located at 300 Griffin Gate Drive in Hopkinsville, a suburb of Clarksville, Tenn. The Birmingham, Ala.-based investment firm purchased the asset from a Georgia-based entity doing business as Griffin Gate HKY LLP for $10.8 million. Tyler Mayo of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group brokered the transaction. Chad Hagwood and Brandon Pate of Lument’s Birmingham office originated a 10-year, fixed-rate Fannie Mae on behalf of Oakley Group. Situated on more than 16 acres, Griffin Gate is a two-story property that features a clubhouse, pool, dog park, walking trail and ample green space. Oakley Group plans to make capital improvements to the property and has retained NextGen Management as property manager.

July 19, 2023

Affordable Housing Loans Multifamily Southeast Tennessee

Northmarq Arranges $10.7M Refinancing for Two Affordable Housing Properties in Memphis

by John Nelson July 19, 2023

MEMPHIS, TENN. — Northmarq has arranged a $10.7 million refinancing loan for two affordable housing properties in Memphis. The communities, Bantam-Airways and Bantam-Springbrook, are situated near each other and total 291 units. The properties were both built in 1973 and renovated in 2022. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis office arranged the Freddie Mac loan, which features five years of interest-only payments followed by a 35-year amortization schedule.

July 19, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 612-Unit Signature Ridge Apartments in San Antonio

by Taylor Williams July 19, 2023

SAN ANTONIO — Newmark has arranged the sale of Signature Ridge, a 612-unit apartment community located adjacent to South Texas Medical Center in San Antonio. The property offers one-, two- and three-bedroom units with private patios/balconies and amenities such as two pools, a fitness center, dog park and a clubhouse with a communal kitchen and an arcade. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. Braden Harmon and Hank Glasgow of Newmark arranged acquisition financing on behalf of the buyer, which The San Antonio Business Journal reports was Kairoi Residential.

July 19, 2023

Development Multifamily Texas

NewQuest Properties to Develop $62M Multifamily Project in Metro Houston

by Taylor Williams July 19, 2023

HOUSTON — An affiliate of locally based developer NewQuest Properties will develop a $62 million, 294-unit multifamily project within The Grand at Aliana, a shopping and dining destination in metro Houston. The development’s 11 residential buildings will house studio, one-, two- and three-bedroom units that will range in size from 594 to 1,482 square feet. Amenities will include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Dallas-based Humphreys & Partners designed the property. Construction is set to begin in September, and completion is slated for June 2025.

July 19, 2023

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