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Multifamily

Metro-7000-Fort-Worth
LoansMultifamilyTexas

Bellwether Enterprise Provides Agency Financing for Fort Worth Affordable Housing Property

by Taylor Williams

FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided an undisclosed amount of Freddie Mac financing for the preservation of Metro 7000, a 206-unit affordable housing property in Fort Worth. The borrower, Comunidad Partners, plans to invest more than $1 million in physical upgrades to the garden-style property. In addition, Comunidad will introduce social services, including telehealth, concierge resource referral, resident council meetings, youth education services, health and wellness education and economic advancement education. Anthony Tarter of Bellwether structured the financing.

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Anthology-of-Austin
DevelopmentMultifamilyTexas

Cadence McShane Breaks Ground on 130-Unit Seniors Housing Community in North Austin

by Taylor Williams

AUSTIN, TEXAS — General contractor Cadence McShane has broken ground on Anthology of Austin, a 130-unit seniors housing community that will be located on the city’s north side. Designed by OZ Architecture, the five-story, 128,000-square-foot facility will offer assisted living and memory care services. Units will feature studio, one- and two-bedroom formats, and amenities will include a fitness center, salon, clubhouse, theater and a bar/bistro. Completion is scheduled for spring 2023.

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AcquisitionsMultifamilyTexas

Greystone Brokers Sale of 109-Unit Apartment Complex in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Greystone has brokered the sale of Oak Creek, a 109-unit apartment complex in Garland, a northeastern suburb of Dallas. According to Apartments.com, the property was built in 1964 and offers one-, two- and three-bedroom units ranging in size from 568 to 1,000 square feet. Mark Allen of Greystone brokered the deal. The new ownership plans to implement a value-add program. Both parties involved were Texas-based limited liability companies.

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AcquisitionsMultifamilyTexas

Greysteel Arranges Sale of 54-Unit Multifamily Property in Liberty Hill, Texas

by Taylor Williams

LIBERTY HILL, TEXAS — Greysteel has arranged the sale of Stubblefield Park, a 54-unit multifamily property in Liberty Hill, a northern suburb of Austin. Built in 2016, the property consists of 14 buildings on a five-acre site. J.R. Ellis and Harrison Cole of Greysteel represented the seller in the transaction and arranged acquisition financing through a regional bank on behalf of the buyer. Both parties involved in the transaction requested anonymity.

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The-Cove-Apartments-Hingham-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers $139.2M Sale of The Cove Apartments in Hingham, Massachusetts

by Taylor Williams

HINGHAM, MASS. — CBRE has brokered the $139.2 million sale of The Cove, a 220-unit apartment community in Hingham, located south of Boston. Built in 2020, the property offers a mix of one-, two- and three-bedroom units with hardwood-style flooring, custom cabinets, artisan tile backsplashes and stainless steel appliances. Amenities include a pool, social lounge, fitness center, coworking spaces and pet grooming station. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a joint venture between Arizona-based Alliance Residential and an institutional investor, in the transaction. The trio also procured an undisclosed institutional investor as the buyer.

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Authentix Cartersville
DevelopmentGeorgiaMultifamilySoutheast

McShane Construction Breaks Ground on 240-Unit Apartment Development in Metro Atlanta

by Julia Sanders

CARTERSVILLE, GA. — McShane Construction Co. has broken ground on Authentix Cartersville, a 240-unit multifamily development located in the northwest Atlanta suburb of Cartersville. McShane is building the property on behalf of the developer, Continental Properties. Authentix Cartersville is McShane’s 23rd project for Continental. Completion is slated for February 2023. Designed by Excel Engineering, Authentix Carterville will feature two-story, garden-style buildings with townhome-style studio, one-, two- and three-bedroom units and private, ground-floor entrances. Each unit will include modern kitchen appliances, washer/dryers and natural light. Community amenities will include a clubhouse with a coffee bar, 24-hour fitness center, swimming pool, outdoor barbeque area and a dog park with a pet spa. Situated on a 25-acre site at 5000 Canton Highway, Authentix Cartersville will be located adjacent to Georgia Highlands Cartersville Campus, about 25.5 miles from Lake Allatoona and 45.4 miles from downtown Atlanta.

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The-Station-at-East-Orange
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

J.G. Petrucci Breaks Ground on 172-Unit Mixed-Income Project in East Orange, New Jersey

by Taylor Williams

EAST ORANGE, N.J. — J.G. Petrucci Co. Inc. has broken ground on The Station at East Orange, a 172-unit mixed-income residential community in Northern New Jersey. Thirty percent of the property’s one-, two- and three-bedroom units will be designated as affordable housing, with an area median income range starting at 30 percent to the upper limit of HUD requirements. Amenities will include a fitness center, business center, open terrace courtyards, an art gallery and 3,477 square feet of retail space. Completion is slated for 2022.

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LoansMassachusettsMultifamilyNortheast

MMCC Places $5.1M Loan for Refinancing of Multifamily Asset in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5.1 million loan for the refinancing of a 46-unit multifamily property located at 44 Byron St. in Worcester. Robert Damigella of MMCC arranged the loan, which carried a 10-year term, fixed interest rate of 3.5 percent and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

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IllinoisLoansMidwestMultifamily

Associated Bank Arranges $57.2M Loan for Construction of 22-Story Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.

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Randle Hill
Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

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