Multifamily

JLL, HJ Sims Arrange $239.7M in Tax-Exempt, Taxable Bond Financing for Three-Property Seniors Housing Portfolio in Arizona, California

by Amy Works April 1, 2025

BUCKEYE AND YUMA, ARIZ., AND SANTA CLARITA, CALIF. — JLL and HJ Sims have arranged $239.7 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation — Ativo Portfolio, a seniors housing portfolio in Arizona and California. The portfolio includes 430 independent living, assisting living and memory care units. There are two ground-up development communities and one acquisition — Ativo of Sundance in Buckeye, Ativo of Yuma in Yuma and Ativo of Santa Clarita within the Sand Canyon Plaza master-planned community in Santa Clarita. On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.2 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds. Slated for completion in 2027, Ativo of Sundance will feature 102 independent living units, 75 assisted living units and 30 memory care beds, while Ativo of Santa Clarita will feature 51 independent living units, 65 assisted living units and 28 memory care beds, with completion scheduled for later this year. Ativo …

April 1, 2025

Development Multifamily Washington Western

Kōz Development, MSquared Open 199-Unit Multifamily Property in Lynnwood, Washington

by Amy Works April 1, 2025

LYNNWOOD, WASH. — Kōz Development and MSquared have opened Kōz on Alderwood Mall Blvd, a mixed-income, transit-oriented apartment community at 4301 Alderwood Mall Blvd. in Lynnwood. The $54 million project is located adjacent to the recently opened Lynnwood Transit Center, the northern terminus of the Sound Transit Link rail extension connecting Lynnwood to downtown Seattle. Kōz on Alderwood offers 199 studio, one-bedroom and two-bedroom apartments. Half of the homes are affordable for households earning up to 80 percent of the area median income and the other half are market-rate units. Developed by Kōz Development, the project was financed with $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors. Kirtley Cole led construction of the community.

April 1, 2025

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos., BHA Begin Construction on $70M South Boston Affordable Housing Project

by Taylor Williams April 1, 2025

BOSTON — A partnership between regional multifamily owner-operator WinnCos. and the Boston Housing Authority (BHA) has begun work on a $70 million affordable housing project in South Boston. The 94-unit building, which carries a price tag of $62 million, will be constructed as part of the initial phase of the redevelopment of the 1,016-unit Mary Ellen McCormack public housing development, which originally opened in 1938. The partnership plans to invest another $8 million in infrastructure upgrades. Units at the new building will primarily come in one-, two- and three-bedroom floor plans. Bank of America provided the construction loan for Building A and is also the tax credit equity investor on the project. Once Building A is completed in late 2026, construction will begin on Building B, which will offer 300 mixed-income apartments, and Building C, which will offer 196 mixed-income apartments, with 172 units reserved for seniors aged 62 or older. In all, eight new residential buildings totaling 1,310 units will be built over the course of a decade during Phase I of the redevelopment, replacing 529 aging public housing apartments for BHA households and creating 781 additional apartments for middle-income and market-rate renters. Existing buildings will be demolished to …

April 1, 2025

Illinois Loans Midwest Multifamily

Newmark Arranges $110M Loan for Refinancing of Cityfront Place Apartment Tower in Chicago

by Kristin Harlow April 1, 2025

CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story luxury apartment tower in downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020 and implemented a renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95 percent throughout the improvement period. The renovations contributed to a more than 60 percent increase in net operating income. Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom units. Amenities include a fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.

April 1, 2025

Acquisitions Illinois Midwest Multifamily

Interra, Triton Broker $16.1M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow April 1, 2025

CHICAGO — Interra Realty and Triton Realty Group have brokered the sale of a three-building multifamily portfolio totaling 115 units in Chicago’s Rogers Park neighborhood. The properties sold for $16.1 million in an off-market deal. All of the buildings were fully occupied at the time of sale and are located on North Damen Avenue. Brad Feldman of Interra and Harrison Cohen of Triton represented the seller, George Triff. The duo also represented the buyer, a private individual investor.

April 1, 2025

Development Kansas Midwest Multifamily Seniors Housing

Brinkmann Constructors Breaks Ground on 89-Unit Senior Living Building in Overland Park, Kansas

by Kristin Harlow April 1, 2025

OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on a five-story building at the Tallgrass Creek Senior Living campus in the Kansas City suburb of Overland Park. Maryland-based Erickson Senior Living is the developer. The 173,000-square-foot property marks Brinkmann’s fifth residential building in Neighborhood Two at the Tallgrass Creek campus. As the final residential addition to the campus, the new building will feature 89 units built over a podium deck with below-grade parking. Lantz-Boggio Architects PC is the architect.

April 1, 2025

Development Multifamily Student Housing Texas

Pinecrest Breaks Ground on 605-Bed Student Housing Project Near Texas A&M University

by Taylor Williams March 31, 2025

COLLEGE STATION, TEXAS — Pinecrest has broken ground on The Penny on College Main, a 605-bed student housing project that will be located at 415 College Main St. near the Texas A&M University campus in College Station. The property will offer 199 units in studio, one-, two-, three-, four- and five-bedroom configurations with bed-to-bath parity, including townhomes. Shared amenities will include multiple study spaces, a resort-style pool, pickleball court, fitness center, package lockers, an automated market and a pet relief area and washroom. The development team for the project, which is scheduled for completion in summer 2027, includes Rhode Partners, Rycon Construction, Mitchell & Morgan and Rhode Interior Design. CIBC USA and First Bank of Chicago provided construction financing for the development.

March 31, 2025

Development Multifamily Texas

High Street Residential, Daiwa House Complete 181-Unit Multifamily Project in Metro Houston

by Taylor Williams March 31, 2025

KINGWOOD, TEXAS — High Street Residential, in a joint venture with Japanese homebuilder Daiwa House Group, has completed a 181-unit multifamily project located on the northern outskirts of Houston in Kingwood. Residences at Kingwood East, formerly known as Reserve at West Lake, consists of 109 townhomes and 72 apartments. The property represents the second phase of a larger development that comprised 240 apartments and 49 townhomes and was recently completed. Residences come in one-, two- and three-bedroom formats. Apartments have an average size of 1,046 square feet, and townhomes have an average size of 1,530 square feet. Amenities include a pool, grilling areas, fitness center, resident lounge and an entertainment kitchen. Rents start at $1,500 per month for a one-bedroom apartment. W Partnership served as the project architect, and Arch-Con Corp. was the general contractor. Additional project partners include engineering firm Kimley-Horn, KW Landscape Architects and Compass Design. Sumitomo Mitsui Trust Bank financed construction of the project.

March 31, 2025

Panorama-Heights-Apts-Colorado-Springs-CO

Colorado Development Multifamily Western

Brinkmann, Cohen-Esrey Complete 113-Unit Panorama Heights Affordable Housing Community in Colorado Springs

by Amy Works March 31, 2025

COLORADO SPRINGS, COLO. — A partnership between Brinkmann Constructors and Cohen-Esrey Development Group has completed Panorama Heights, a 160,000-square-foot affordable housing community in Colorado Springs. Panorama Heights offers 113 apartments, 19,000 square feet of below-grade parking, a dog wash station, dog park, bicycle room, fitness room, playground and a community room with a patio. Designed by Davis Partnership Architects, the sustainable all-electric building features rooftop solar arrays. Located in southeast Colorado Springs, property is one of the first of its kind to secure tax-increment financing through an Urban Renewal Authority, receive development and utility fee rebates and include 15 units reserved for low-income veterans referred by Pikes Peak Continuum of Care.

March 31, 2025

California Loans Multifamily Western

Naturally Affordable Housing Receives $10.1M Bridge Loan for Multifamily Property in San Diego

by Amy Works March 31, 2025

SAN DIEGO — Naturally Affordable Housing has received $10.1 million in bridge financing for North Park Nest, an apartment community located at 4233 Kansas St. in San Diego. Brad Vansant and Ben Choromanski of JLL Capital Market’s Debt Advisory team secured the short-term floating-rate loan for the borrower. The four-story North Park Nest features 39 studio and one-bedroom units with an average size of 486 square feet and 11-foot ceilings. Amenities include air conditioning, stainless steel appliances, in-unit washers/dryers and a rooftop deck with a barbecue and lounge area.

March 31, 2025

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