Multifamily

Flaherty & Collins Unveils Plans for Four Affordable Housing Construction Projects in Indiana, Missouri

by Kristin Harlow January 4, 2023

INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse. Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators. A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds. Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building. Flaherty & Collins is partnering with Midtown Indianapolis on …

January 4, 2023

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

WHC, Amazon, JBG SMITH Acquire Apartment Community in D.C. for $71.5M

by John Nelson January 3, 2023

WASHINGTON, D.C. — Nonprofit organization Washington Housing Conservancy (WHC) has acquired Loree Grand, a 212-unit apartment community in Washington, D.C. In partnership with Amazon’s Housing Equity Fund and the Impact Pool, an investment vehicle managed by local developer JBG SMITH, WHC purchased the 10-story community for $71.5 million. JBG SMITH will manage the 195,000-square-foot property on behalf of WHC, which will preserve affordability for moderate- and low-income families and individuals. Bordered by D.C.’s NoMA, Union Market and H Street neighborhoods, the community features units averaging 900 square feet in size. WHC will preserve Loree Grand’s existing 30 inclusionary zoning units for 99 years, create an additional 129 affordable units for residents earning 80 percent of AMI or less and set aside the remaining 53 units for residents earning 120 percent of AMI or less. Eagle Bank provided acquisition financing for the transaction, Amazon Housing Equity Fund provided subordinate financing and Impact Pool provided mezzanine financing. Arnold & Porter provided pro bono legal counsel to WHC.

January 3, 2023

Acquisitions Multifamily Southeast Tennessee

Matthews Brokers $7.8M Sale of Nashville Edge Apartments in La Vergne, Tennessee

by John Nelson January 3, 2023

LA VERGNE, TENN — Matthews Real Estate Investment Services has arranged the sale of a 50-unit apartment community located at 126 Kingsridge Drive in La Vergne, a southeast suburb of Nashville. Nashville Edge Apartments was acquired by a private, Southern California-based multifamily investor for $7.8 million. Austin Graham and Austin Tomaiko of Matthews represented the undisclosed seller in the 1031 exchange. The community, which was 95 percent occupied at the time of sale, features units in one- and two-bedroom layouts.

January 3, 2023

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 228-Unit Edgewater Apartments in Lake Jackson, Texas

by Taylor Williams January 3, 2023

LAKE JACKSON, TEXAS — Berkadia has arranged the sale of Edgewater Apartments, a 228-unit multifamily property in Lake Jackson, about 50 miles south of Houston. Built in 2005, Edgewater Apartments consists of 19 two-story residential buildings and a one-story clubhouse on a 19-acre site. Units come in one- and two-bedroom floor plans and range in size from 742 to 1,319 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a pet park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney, Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Chicago-based Redwood Capital Group, in the transaction. The buyer was an undisclosed, New York-based investment firm.

January 3, 2023

Development Multifamily Texas

Realty Capital Breaks Ground on 200-Unit Multifamily Project in Flower Mound, Texas

by Taylor Williams January 3, 2023

FLOWER MOUND, TEXAS — Locally based developer Realty Capital has broken ground on a 200-unit multifamily project in Flower Mound, located in the northern-central part of the metroplex. The 16-story building at 3111 Sunset Blvd. will be situated within a larger 40-acre development. Units will come in one-, two- and three-bedroom floor plans, as well as townhomes, and will feature an average size of 1,485 square feet. The amenity package will comprise a pool with a deck and full-service bar, 24-hour attended lobby with concierge services, a private dining room and a billiards room. Barings provided construction financing for the project, which includes 6,000 square feet of retail space and is slated for a 2025 completion.

January 3, 2023

Loans Multifamily Texas

Basis Multifamily Provides $8.3M Agency Loan for Refinancing of Property in Kilgore, Texas

by Taylor Williams January 3, 2023

KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.

January 3, 2023

Colorado Loans Lument Multifamily Seniors Housing Western

Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado

by Amy Works January 3, 2023

WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …

January 3, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Arranges $3.9M Sale of Hepburn Apartment Community in Downtown Phoenix

by Amy Works January 3, 2023

PHOENIX — Taylor Street Advisors has brokered the sale of The Hepburn, a multifamily property located at 631 N. 4th Ave. in Phoenix. A local syndicator sold the asset to an out-of-state 1031 exchange investor for $3.9 million, or $243,750 per unit. The fully renovated property features 16 apartments with quartz countertops, new cabinetry, stainless steel appliances, in-suite washers/dryers, and upgraded bathrooms with custom tile showers and vanities. Built in 1957, the property underwent renovations in 2022 that included a new roof, plumbing, electrical, exterior and interior doors, lighting, exterior paint, courtyard landscaping, fencing, gates and asphalt parking. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented both parties in the transaction.

January 3, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Emerald Empire Acquires Chicago Affordable Housing Portfolio from Pangea Properties

by Kristin Harlow January 3, 2023

CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.

January 3, 2023

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.7M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow January 3, 2023

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.

January 3, 2023

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