Multifamily

Structured Development, Evergreen Real Estate Group Open 48-Unit Mixed-Income Apartment Complex in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …

November 17, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $13.4M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow November 17, 2022

APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.

November 17, 2022

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 151-Unit Apartment Complex in Indianapolis

by Kristin Harlow November 16, 2022

INDIANAPOLIS — CBRE has arranged the sale of The Coil, a 151-unit apartment complex in Indianapolis. The sales price was undisclosed. Built in 2017, the property is situated within the Broad Ripple Village entertainment district. Floor plans average 887 square feet. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Promus Realty Properties. The Connor Group was the buyer.

November 16, 2022

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens 88-Unit Affordable Housing Community in Cleveland

by Kristin Harlow November 16, 2022

CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.

November 16, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $15.5M HUD-Insured Loan for Construction of Affordable Seniors Housing Property in Indiana

by Kristin Harlow November 16, 2022

EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.

November 16, 2022

Acquisitions Florida Multifamily Southeast

Lerner Enterprises Purchases Parc at Gatlin Commons Apartments in Port St. Lucie, Florida for $65M

by John Nelson November 16, 2022

PORT ST. LUCIE, FLA. — Lerner Enterprises, a Rockville, Md.-based multifamily developer and manager owned by Washington Nationals’ principal owner Mark Lerner, has purchased Parc at Gatlin Commons, a 200-unit apartment community in Port St. Lucie. Miami-based JSB Capital sold the property to Lerner for $65 million. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the transaction. Built in 2020, Parc at Gatlin Commons features a pool, fitness center, pet play area and a basketball court. The community is located on a 14.4-acre site at 1900 Aledo Lane in Port St. Lucie’s Newport Isles neighborhood. Rental rates range from $1,800 to $2,970, according to Rosewood Realty.

November 16, 2022

Development Florida Hospitality Multifamily Southeast

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

by John Nelson November 16, 2022

HIALEAH, FLA. — The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th St. in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020 and broke ground on the adaptive reuse project in April 2021. Alture Westland, which represents Estate’s first Alture-branded property, features studios and one-bedroom apartments, as well as a pool with a sundeck, fitness center and a clubhouse. The community is currently 85 percent leased, with rental rates starting at $1,636, according to the property website. Additionally, Panera plans to open a new 2,036-square-foot outparcel restaurant on the site with a drive-thru fronting West 49th Street.

November 16, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $70M Construction Financing for Multifamily Project in Kittery, Maine

by Taylor Williams November 16, 2022

KITTERY, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $70 million construction loan for the development of Seacoast Residences, a 282-unit multifamily project in Kittery, located in the southern coastal part of Maine. The five-building community will offer amenities such as a pool, fitness center, dog park and nature trails. KeyBank provided the loan, and Colliers arranged a $7.9 million preferred equity investment with an undisclosed partner. Construction is slated for an early 2024 completion.

November 16, 2022

Development Multifamily Northeast Pennsylvania

LCOR Tops Out 267-Unit Apartment Building in Philadelphia

by Taylor Williams November 16, 2022

PHILADELPHIA — Developer LCOR has topped out The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The property will offer a mix of studio, one- and two-bedroom units, as well as two- and three-bedroom penthouses. The amenity package will comprise an outdoor pool, fitness center, multiple lounges, a rooftop deck, a children’s play area and concierge services. Hunter Roberts Construction Group is the general contractor for the project, which is scheduled for a fourth-quarter 2023 completion.

November 16, 2022

Acquisitions California Multifamily Western

AFL-CIO Building Investment Trust Sells 347-Unit Centerra Apartments in San Jose

by Amy Works November 16, 2022

SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.

November 16, 2022

Newer Posts

Older Posts