Multifamily

Parkview Financial Funds $66M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams January 21, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.

January 21, 2022

Loans Lument Multifamily Northeast Rhode Island Seniors Housing

Lument Provides $45.9M Loan to Refinance Seniors Housing Property in Rhode Island

by Taylor Williams January 21, 2022

EAST PROVIDENCE, R.I. — Lument has provided a $45.9 million FHA loan for the refinancing of Tockwotton on the Waterfront, a 156-unit seniors housing property in East Providence. Nonprofit organization Tockwotton Home Inc. owns and operates the facility, which consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. Aaron Becker of Lument originated the loan, which was structured with a fixed interest rate and a 35-year term.

January 21, 2022

Development Florida Multifamily Southeast

Mast Capital, AEW Break Ground on Second Phase of Waterline Miami River Multifamily Project

by Julia Sanders January 20, 2022

MIAMI — Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre development site. The joint venture has secured an undisclosed amount of financing from Wells Fargo for the project’s construction. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects. The second phase of Waterline Miami River will offer studios, one-, two- and three-bedroom floorplans and span approximately 280,000 square feet. The unit features of Phase II will include modular European closets, washers and dryers, private balconies, quartz countertops and stainless steel appliances. Community amenities will include a fitness center, one-acre park, dog park, open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remotely, conference rooms, Wi-Fi in social hubs, private access parking, pet spa with washing station and secure bike room with a repair station. Located along the Miami River, Waterline Miami River is located a half-mile south of the Miami …

January 20, 2022

Affordable Housing Development Multifamily North Carolina Seniors Housing Southeast

Greystone, Urban Trends to Develop $28.9M Affordable Housing Project for Seniors in Charlotte

by Julia Sanders January 20, 2022

CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. plan to develop Eastway Crossings, a $28.9 million affordable housing Low-Income Housing Tax Credit (LIHTC) community located on Charlotte’s east side. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior residents aged 55 years and older with household incomes at or below 60 percent of area median income (AMI). Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The property will be situated close to the recently completed Eastway Recreational Center, as well as the multimillion-dollar Community Resource Center planned by Mecklenburg County. Community amenities will include a conference room, private one-on-one meeting room, exercise room and other areas that can be used for health and wellness activities. Additionally, onsite staff will coordinate activities with local service providers as well as shuttle services for residents. To fund the development of Eastway Crossings, the partnership was awarded 4 percent LIHTC funds …

January 20, 2022

Loans Multifamily Oregon Western

CBRE Arranges $35M Acquisition Loan for Heather Lodge Apartments in Happy Valley, Oregon

by Amy Works January 20, 2022

HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.

January 20, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $7.5M Purchase of Apartment Portfolio in Grand Junction, Colorado

by Amy Works January 20, 2022

GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has arranged the acquisition of a three-property multifamily portfolio in Grand Junction. The assets traded for $7.5 million, or $100,000 per unit. Totaling 75 units, the portfolio includes a mix of one- and two-bedroom layouts. The communities are located at 306, 420 and 445 Chipeta Ave. Chirs Knowlton of Pinnacle Real Estate represented the buyer in the transaction.

January 20, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $3.8M Sale of Vara Multifamily Property in Phoenix

by Amy Works January 20, 2022

PHOENIX — ABI Multifamily has arranged the sale of Vara, an apartment community located at 2922 N. 35th St. in Phoenix. A California-based buyer acquired the property for $3.8 million, or $180,476 per unit, from California-based seller. Vara features 21 units consisting of 19 one-bedroom/one-bath units and two two-bedroom/one-bath units. The property was built in 1968 and renovated in 2017. Each unit is metered for electricity. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal.

January 20, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Brokers Sale of 396-Unit Apartment Community in Weatherford, Texas

by Taylor Williams January 20, 2022

WEATHERFORD, TEXAS — Marcus & Millichap has brokered the sale of Lone Oak, a 396-unit apartment community located in the western Fort Worth suburb of Weatherford. The property was built on 18 acres in 2020. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, clubhouse with a game room and a fitness center. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. New York City-based Ready Capital provided a $59.3 million acquisition loan for the deal. The borrower plans to use a portion of the proceeds to fund capital improvements.

January 20, 2022

Affordable Housing Development Iowa Midwest Multifamily

TWG Underway on $11M Affordable Housing Community in West Des Moines

by Kristin Harlow January 20, 2022

WEST DES MOINES, IOWA — Developer TWG is underway on construction of Pointe on 88th, an $11 million affordable housing community in West Des Moines. The three-story project will be located at 520 88th St. Of the 49 units, 44 will be reserved for residents earning between 30 and 60 percent of the area median income. Five units will be rented at the market rate. Amenities will include a community room, fitness room and onsite leasing office. Completion is slated for this fall.

January 20, 2022

Acquisitions Multifamily Texas

Hazel Equity Buys 261-Unit Multifamily Property in Northwest Houston

by Taylor Williams January 20, 2022

HOUSTON — Locally based investment firm Hazel Equity has purchased Cranbrook Forest, a 261-unit multifamily property in northwest Houston. Built in 1983, the property offers one- and two-bedroom units with an average size of 829 square feet. The amenity package consists of a pool, fitness center, coffee bar, playground and a computer lab. The seller was an affiliate of New York City-based Lone Star Capital Group. Bob Heard, Teresa Lowery, Todd Stewart, Chip Nash, Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers brokered the deal. Cranbrook Forest was 92 percent occupied at the time of sale.

January 20, 2022

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