BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.
ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.
RALEIGH, N.C. — Continental Realty Corp. (CRC) has purchased 800 St. Marys Apartments, a 65-unit multifamily community located at 800 St. Marys St. in downtown Raleigh’s Glenwood South neighborhood. Built in 2020 by Selwyn Property Group and Southeast Apartment Investors, 800 St. Marys is a four-story elevator building with townhomes and attached garages. Units come in one-, two- and three-bedroom floor plans ranging from 963 to 1,666 square feet, with an average unit size of 1,224 square feet. The community was 95 percent occupied at the time of sale. Community amenities include an outdoor terrace with a kitchen, fire pit with seating, fitness center, clubhouse equipped with flat screen TVs, wine lockers, complimentary coffee bar, business lounge with private conference center and a controlled-access parking garage. Adam Randall and John Westby-Gibson of Newmark originated an undisclosed amount of Freddie Mac acquisition financing on behalf of CRC, which purchased the asset through its Core Multifamily Fund LP in partnership with Baltimore-based Brown Advisory in an off-market transaction.
By Stacey Darden, senior director of innovation and compliance, New Standard Equities In the multifamily industry, we rely on technology to increase productivity and to help us make strategic decisions. Technology allows information and data from various sources to be collected and organized in a way that is easy to understand. Rather than looking at different reports to form an educated decision, technology can help synthesize data into predictive analytics based on historical activity and current trends. Previously, decision makers, such as asset managers or investors, would review various reports only using one piece of information to try and compare findings across portfolios or regions. The old-fashioned approach might include reviewing a box score report or resident activity detail to understand property operations for a given period. Or it may have involved reviewing a variance report to understand the financial activity for a given period. An asset manager would then try to discover any correlation between the two sets of reporting. Technology can help display all given metrics in a digestible manner to easily identify if any patterns or relationships exist. Selecting a technology provider who will partner with clients and help customize reporting based on the client’s needs will …
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.
FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.
DALLAS — Mill Creek Residential has completed construction of Modera Katy Trail, a 216-unit multifamily project in Uptown Dallas. Designed by BKV Group, the property is located at the nexus of McKinney Avenue and its eponymous network of surrounding walking and biking paths. Units at Modera Katy Trail come in studio, one-, two- and three-bedroom formats and include a collection of penthouses on the 14th floor. Residences are furnished with quartz countertops and custom cabinetry, and select units have private patios or balconies. Amenities include a pool, fitness center, outdoor grilling and dining areas, an outdoor lounge with a wet bar, pet spa, rideshare lounge, coworking spaces and a conference center. Rents start at roughly $2,400 per month.
WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ATLANTA — ECI Group, an Atlanta-based multifamily developer and investor, has obtained a $625 million loan for the refinancing of a 13-property multifamily portfolio in the Sun Belt. Goldman Sachs Bank USA provided the loan, and Jones Lang LaSalle Securities LLC served in an advisory role to ECI Group, which will use the loan to refinance the portfolio and fund renovations for six communities. Built between 1979 and 2021, the 3,478-unit portfolio comprises Class A and B properties in Florida, Georgia, Tennessee and Texas. The assets had an average occupancy of 96.6 percent at the time of the loan closing.
LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.