NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.
YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has brokered the $15.7 million sale of York Farm Estates, a 77-unit multifamily property located about 45 miles north of New York City. Built in 1996, the property offers townhouse-style units in one-, two- and three-bedroom floor plans. The average unit size is 847 square feet, and the property has value-add potential. Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco of Marcus & Millichap represented the seller, HVT Realty, in the transaction. The team also procured the buyer, Westchester Management LLC.
JACKSON, MISS. — Regions Bank’s affordable housing group has provided a combined $117.3 million in financing to Vitus Group LLC for the acquisition and rehabilitation of three existing affordable housing communities in Jackson. The properties include Village Apartments, Commonwealth Apartments and Madonna Manor, which are now part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high-rise apartment building for seniors. The portfolio totals 77 buildings and 613 units, with 149 of the units dedicated to age-restricted housing for people age 62 and older. Jackson Trio will provide affordable housing to renters earning between 50 percent and 80 percent of the area median income. Regions Affordable Housing provided approximately $36.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity, a $19.7 million bridge loan and a $61 million Fannie Mae MTEB permanent loan. The properties feature a mix of one-, two-, three- and four-bedroom apartments with various amenities, including an exercise room, onsite property management and maintenance and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.
LAKELAND, FLA. — Berkadia has arranged the sale of Bridgewater Grand, a 300-unit multifamily apartment complex located in Lakeland. David Etchison, Cole Whitaker, Jason Stanton and Mary Beale of Berkadia Central & North Florida led the transaction on behalf of the seller, TrimCor. Connecticut-based Hamilton Point Investments purchased the property for an undisclosed price. Situated on 31 acres at 5546 Autumn Ridge Road, Bridgewater Grand is a three-story, garden-style community featuring one-, two- and three-bedroom apartments ranging in size from 1,219 square feet to 1,853 square feet. Two- and three-bedroom floorplans comprise 92 percent of the units. Amenities at the pet-friendly community include 3,500 square feet of lake frontage, a zero-entry saltwater pool with a large sun deck, 24-hour fitness center, electric vehicle charging stations, a car care center and 56 garages available for rent. Additional amenities include a clubhouse with rentable conference room and event space, a café bar, business center, TV lounge, playground, bark park and a maintenance shop.
MUNCIE, IND. — Marcus & Millichap has negotiated the $3.7 million sale of a 49-unit multifamily portfolio in Muncie. The portfolio includes Randy’s Court, a 24-unit townhome community at 222 W. Centennial Ave. that was built in 1978; and Streeter Court Apartments, a 25-unit multifamily property at 111 E. Streeter Ave. that was built in 1994. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Streeter25 LLC, and procured the buyer, Deed Holdings – 5050 LLC.
CHICAGO — SVN Chicago Commercial has brokered the $2.8 million sale of a fully leased apartment building located at 1555 N. Milwaukee Ave. in Chicago’s Bucktown neighborhood. The property features 17 apartment units and one street-level retail space. Wayne Caplan and José Colón of SVN Chicago Commercial represented the seller. The asset sold to a local apartment owner at a cap rate of 6.88 percent. The deal closed within 5 percent of the asking price in under three months.
CHICAGO — Related Midwest, the Related Affordable Foundation and Related Affordable Management Co. have opened a newly renovated playground at Marshall Field Garden Apartment Homes in Chicago’s Old Town neighborhood. Related partnered with KABOOM!, a national nonprofit, to construct the playground at the 628-unit affordable housing community. Residents, volunteers, Related team members and community partners built the playground on July 23 and 24. The project’s completion comes nearly two months after Related and KABOOM! hosted a design day at the community, where children and adult residents shared visions for the playspace. There are more than 17,000 KABOOM! playspaces nationwide. Related led a $175 million renovation of Marshall Field Garden Apartment Homes following its acquisition of the property in 2016.
JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …
SAN ANTONIO — Denver-based investment firm Platte Canyon Capital has purchased Allure Apartments, a 268-unit multifamily complex in San Antonio. The property was developed in phases on an 11.5-acre site on the city’s west side, with the first 116 units constructed in 1984 and another 152 delivered in 2017. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, clubhouse, playground and grilling areas. Platte Canyon acquired Allure Apartments in partnership with an unnamed, Los Angeles-based institutional investment company in an off-market transaction. The new ownership plans to invest about $4.7 million in capital improvements to the property.
Carter, Front Street Break Ground on 521-Bed Student Housing Development Near Wake Forest University
WINSTON-SALEM, N.C. — A joint venture between Carter and Front Street Capital has broken ground on Creekside at The Grounds, a 521-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will be part of Phase I of The Grounds, a 100-acre mixed-use project under development by the partnership. The $215 million first phase of construction is also set to include an office building and a retail village. Creekside at the Grounds will offer 229 fully furnished units with bed-to-bath parity. The community will also feature a clubhouse with study rooms and a fitness center, as well as an outdoor swimming pool, kitchen and entertainment area. The project is scheduled for completion in fall 2027. The design-build team includes The Preston Partnership (architect), Brasfield & Gorrie (general contractor) and Stimmel Associates (engineer of record). Carter and Front Street Capital’s financial partners on Creekside are Kayne Anderson Real Estate and Truist Financial Corp.