Multifamily

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

by John Nelson July 8, 2022

NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.

July 8, 2022

Development Florida Loans Multifamily Southeast

Bank OZK, JVP Provide $97.2M Construction Financing for Fort Lauderdale Apartment Tower

by John Nelson July 7, 2022

FORT LAUDERDALE, FLA. — Bank OZK and JVP Management have provided $97.2 million in construction financing for the development of One River, a 34-story apartment tower located at 629 SE 5th Ave. in Fort Lauderdale. Keith Kurland of Walker & Dunlop arranged the financing, which comprises a senior loan from Bank OZK and a mezzanine loan from JVP Management, on behalf of the developers, OKO Group and Cain International. The co-developers have also recently topped off 830 Brickell, a 55-story office tower in Miami. Designed by Adrian Smith + Gordon Gill Architecture and architect of record Dorsky + Yue International, One River will feature 251 high-end apartments and 2,600 square feet of ground-level retail space. Amenities will include a resort-style rooftop pool deck; fitness center with yoga, spinning and Pilates rooms; spa with sauna and steam facilities; outdoor fitness deck and barbecue terrace; lounges for gaming and coworking; package room; bike storage; and a dog spa. OKO and Cain plan to begin vertical construction this summer and deliver the property in September 2024.

July 7, 2022

Development Florida Loans Multifamily Southeast

Tortoise Properties Obtains $88.5M Loan for Apartment Development in West Palm Beach

by John Nelson July 7, 2022

WEST PALM BEACH, FLA. — Tortoise Properties LLC has obtained an $88.5 million construction loan for a new multifamily development in downtown West Palm Beach. Acore Capital provided the loan to Tortoise, a privately held developer based in Palm Beach County. The unnamed property will comprise two eight-story towers located at 740 and 840 N. Dixie Highway that will be connected via a skybridge over Eucalyptus Street. The luxury apartment community will feature 264 studio, one- and two-bedroom residences, as well as 3,400 square feet of retail space and 371 parking spaces. The project team includes architect MSA Architects, general contractor Verdex Construction, landscape architect EDSA, project manager Hensel Phelps, civil engineer Keshavarz & Associates, structural engineer McNamara Salvia, general engineer WGI, property manager Castle Residential and entitlements and permitting overseer Managed Land Entitlements. No construction timeline was disclosed.

July 7, 2022

Development Midwest Minnesota Multifamily

CEDARst Completes Adaptive Reuse of Former Paper Plant in Minneapolis into 188 Apartments

by Kristin Harlow July 7, 2022

MINNEAPOLIS — CEDARst Cos. has completed the transformation of the former C.J. Duffey Paper Co. site in Minneapolis into a 188-unit apartment development named The Duffey. The adaptive reuse project converted three historic warehouses into market-rate apartment units along with 22,700 square feet of retail space and 10,300 square feet of amenity space. All three buildings are situated within the Minneapolis Warehouse Historic District, which is listed on the National Register of Historic Places. Prior to the redevelopment, the buildings had sat vacant for nearly 15 years. BKV Group provided planning and pre-development services for the project and led all engineering, architecture and landscape architecture. Amenities include a rooftop deck, fitness center, clubroom and The Crane Room, which offers coworking space, a coffee shop and concierge services. The project, which utilized state and federal historic preservation tax credits, was designed to adhere to all requirements of the Minnesota State Historic Preservation Office and National Park Service. BKV is working with CEDARst on a similar project in the area named Duffey II.

July 7, 2022

Acquisitions Arizona Multifamily Western

Northland Divests of 826-Unit Hilands Multifamily Property in Tucson for $178M

by Amy Works July 7, 2022

TUCSON, ARIZ. — Northland has completed the disposition of Hilands, an apartment community in Tucson. Bridge Investment Group acquired the asset for $178 million, or $215,496 per unit. Situated at the intersection of North Craycroft and River roads, Hilands features 826 apartments with breakfast bars, French doors, extra storage space and an average unit size of 557 square feet. Select units offer stacked and full-size washers/dryers and private patios. The 460,418-square-foot property was built in two phases in 1985 and 1986 and features 41 residential buildings, a 24-hour fitness center, an air-conditioned racquetball court and two lighted tennis courts. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. According to IPA, the transaction is the highest single-asset multifamily transaction in Tucson history.

July 7, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago

by Kristin Harlow July 7, 2022

BELLWOOD, ILL. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable seniors housing community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, with completion scheduled for mid-2023. Weese Langley Weese Architects designed the project, which is located near a Metra station, shops, restaurants and other businesses. FH Paschen is the general contractor. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both low-income housing tax credits and Illinois affordable housing tax credits) and subordinate funds provider; the Village of Bellwood, which provided incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.

July 7, 2022

Development Kansas Midwest Multifamily Seniors Housing

Tutera Completes Phase I of $6.5M Remodel of Senior Living Community Near Kansas City

by Kristin Harlow July 7, 2022

PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health Care has completed Phase I of a $6.5 million renovation of The Village at Mission in Prairie Village, a southern suburb of Kansas City. This phase upgraded 26 apartment units and first-floor common living spaces at the rental-based seniors housing property. The residences have been modernized with new lighting, furnishings, cabinetry, flooring and paint. In Phase II, Tutera will add 2,500 square feet for a therapy gym as well as 18,000 square feet for 20 private rehabilitation suites on the first floor and 14 memory care suites on the second floor. Phase II will expand the campus to 93,563 square feet for a continuum of care of assisted living, memory care, rehabilitation and extended stay all on one campus. Phase II is slated for completion in 2023. The project team includes Nearing Staats Prelogar & Jones Architects and Marian Tutera Design. Tutera acquired the property in June 2021.

July 7, 2022

Acquisitions Multifamily Texas

David B. Norton Arranges $15.5M in Preferred Equity for Multifamily Portfolio in Corpus Christi, New Braunfels

by Taylor Williams July 7, 2022

CORPUS CHRISTI AND NEW BRAUNFELS, TEXAS — Capital advisory firm David B. Norton Inc. has arranged a $15.5 million preferred equity investment for a 722-unit multifamily portfolio in Texas. The properties in the portfolio, which were all constructed within the past decade and feature a mix of studio, one- and two-bedroom units, are located in Corpus Christi and New Braunfels, a suburb of San Antonio. The buyer was an undisclosed investment and management firm based in Austin. David B. Norton Inc. placed the preferred equity investment behind a $105 million senior loan, yielding an 81 percent loan-to-cost ratio within the capital stack.

July 7, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 246-Unit Apartment Complex in Fort Worth

by Taylor Williams July 7, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment complex in Fort Worth. Located on the city’s northeast side, Rio Vista offers one- and two-bedroom units and amenities such as two pools, a playground, dog park and a soccer field. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, in the transaction. The duo also procured the buyer, an undisclosed, California-based investor that plans to make capital improvements to the property.

July 7, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Management Tops Out 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 7, 2022

NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.

July 7, 2022

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