Multifamily

Hunt Midwest, LANE4 Set to Break Ground on 228-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow March 24, 2023

KANSAS CITY, KAN. — Co-developers Hunt Midwest and LANE4 Property Group are set to break ground later this month on The Hudson, a 228-unit luxury apartment complex in Kansas City’s Rosedale neighborhood. The project will be situated adjacent to The University of Kansas Health System campus at the corner of 36th Street and Rainbow Boulevard. The community will be built in partnership with KU Endowment. The Hudson’s name is a nod to historic Kansas City, where Rainbow Boulevard was once known as Hudson Road until it was renamed in 1919. Amenities will include a hotel-style lobby, fitness center, garage parking, pet-friendly spaces, a business center and fifth-floor clubroom with an outdoor terrace. Demolition of the former Cambridge West apartments on the project site wrapped up last summer. The Hudson is slated for completion in summer 2025. Security Bank provided financing. BRR Architecture is the architect, MW Builders is the general contractor and Olsson is the civil engineer.

March 24, 2023

Features Heartland Feature Archive Multifamily

Strategic Apartment Investors Remain Undeterred

by Kristin Harlow March 24, 2023

Multifamily transaction activity slowed in the second half of 2022 and continues to remain muted due to pricing uncertainty. U.S. multifamily sales totaled $187 billion in 2022, down 16.1 percent from $222.9 billion in 2021, according to Yardi Matrix. The Federal Reserve has raised its key short-term rate, the federal funds rate, nine times over the past year for a total of 475 basis points in an aggressive move to fight inflation. The Fed’s actions have led to a sharp rise in commercial mortgage rates, which have a significant impact on pricing, states Yardi Matrix. The 10-year Treasury yield, the benchmark for permanent, long-term financing, is now hovering around 3.5 percent, up from 2.3 percent one year ago. “In the current climate with inflation and rising interest rates, we’re a bit more cautious, but no less active in scouring the market for great investments,” says Tim Donovan, director of investments for Midloch Investment Partners. “Investment sales are happening in this market, including by us, but it’s generally taking longer for buyers and sellers to agree on a price, and for buyers to raise the equity required to meet lender terms for permanent financing.” In January, the Consumer Price Index rose …

March 24, 2023

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $76M Bond Financing for Brazos Presbyterian Homes in Texas

by Taylor Williams March 23, 2023

HOUSTON — Ziegler has arranged $76 million in bond financing for Brazos Presbyterian Homes (BPH), a nonprofit seniors housing owner-operator based in Houston. The tax-exempt, draw-down bonds are supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark. BPH owns and operates three continuing care retirement communities in Texas: Brazos Towers at Bayou Manor, The Hallmark and Longhorn Village. The bonds will fund an expansion project at Longhorn Village, refinance bonds from 2013 and pay the costs of issuance. The expansion project will add 48 independent living apartments to the community, as well as underground parking. Greenbrier Development is assisting with the development.

March 23, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $21.1M Loan for Refinancing of Houston Seniors Housing Property

by Taylor Williams March 23, 2023

HOUSTON — Lument has provided a $21.1 million bridge loan for the refinancing of Hermann Park, an 80-bed seniors housing property in Houston. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.

March 23, 2023

Development Multifamily Washington Western

MSquared Receives Funding for $54M Mixed-Income Apartment Project in Lynnwood, Washington

by Jeff Shaw March 23, 2023

LYNNWOOD, WASH. — MSquared has received $54 million in funding for Kōz on Alderwood, a 200-unit apartment development in the Seattle suburb of Lynnwood. Kōz Development is partnering with MSquared on the mixed-income, transit-oriented development. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors. Construction of Kōz on Alderwood is scheduled to begin in spring 2023, with a planned completion date of early winter 2025.

March 23, 2023

Development Multifamily New Jersey Northeast

Fields Grade, Slokker Group Begin Leasing 109-Unit Apartment Building in Rahway, New Jersey

by Taylor Williams March 23, 2023

RAHWAY, N.J. — A partnership between developers Fields Grade and The Slokker Group has begun leasing a 109-unit apartment building in the Northern New Jersey community of Rahway. The building is the second at The Mint, a development in the downtown area, the first phase of which consisted of 116 units that were completed in 2020. The new building rises six stories and offers studio, one- and two-bedroom units, as well as Class A amenities. Rents start at $2,095 per month for a studio apartment.

March 23, 2023

Development Illinois Midwest Multifamily

Finger Cos. Opens 373-Unit Luxury Apartment Complex in Schaumburg, Illinois

by Kristin Harlow March 23, 2023

SCHAUMBURG, ILL. — The Finger Cos. has opened The Quin, a luxury apartment complex rising four stories with 373 units in the Chicago suburb of Schaumburg. Located at 2450 Plum Grove Road, the property offers floor plans ranging from 691 to 1,394 square feet. All floor plans include private balconies, with some offering dens for home offices or storage. Monthly rents start at $1,950. Amenities include resident lounges, a golf simulator room, fitness center, business center, pet grooming room, package room, landscaped green space and two outdoor pools.

March 23, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $10.1M Sale of Multifamily Property in Republic, Missouri

by Kristin Harlow March 23, 2023

REPUBLIC, MO. — Northmarq has brokered the $10.1 million sale of Pinewood Park and Spring Hills in Republic, about 13 miles southwest of Springfield. The 133-unit multifamily property is located at 1600 Windmill Way. Built in 2002, the garden-style community features floor plans that range from 758 to 1,130 square feet. Amenities include a pool, sundeck, package service and laundry facilities. Dominic Martinez, Parker Stewart, Alex Malzone and Anthony Martinez of Northmarq represented the seller, a regional investor. A Midwest-based private investor was the buyer.

March 23, 2023

Pavlov Media Diversifying the Technology Workforce

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

How a Fiber Provider to Multifamily Housing Is Diversifying the Technology Workforce

by Sarah Daniels March 23, 2023

It’s little wonder that the fiber optic business is booming. American appetites for high-speed, high-volume Internet connectivity have skyrocketed in recent years, making fiber essential to provide Internet service across commercial property types. Employment for the linemen who build out and maintain those networks will grow 6 percent between 2021 and 2031, while telecommunications equipment installation jobs in general will expand to an even greater 8 percent, according to projections from the Bureau of Labor Statistics. Factor in the ongoing exodus of skilled workers from all trades as more of the nation’s Baby Boomers enter retirement, and many broadband providers may struggle to fill job openings in the coming years. That’s one of the reasons Pavlov Media, a Champaign, Ill.-based Internet service provider, is partnering with a Texas university to put students on career paths in fiber technology. Its partner in this endeavor, Prairie View A&M University, was founded in 1876 and is the second oldest public institution of higher education in Texas and one of the earliest 1890 Land Grant Institutions. Because it is a historically black institution, the program will be helping to address a longstanding need for greater diversity, equity and inclusiveness (DEI) in the technology sector. …

March 23, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $18.6M Acquisition Loan for Austin Seniors Housing Property

by Taylor Williams March 22, 2023

AUSTIN, TEXAS — Lument has provided an $18.6 million bridge loan for the acquisition of Barton Springs, a 56-bed seniors housing property in Austin. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.

March 22, 2023

Newer Posts

Older Posts