Multifamily

Merchants Capital Provides $13M for Rehabilitation of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow August 1, 2022

GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …

August 1, 2022

Acquisitions Florida Multifamily Southeast

PCCP, Grand Peaks Acquire Two South Florida Apartment Communities Totaling 696 Units

by John Nelson August 1, 2022

PORT ST. LUCIE AND STUART, FLA. — A joint venture between PCCP LLC and Grand Peaks has purchased a two-property multifamily portfolio in South Florida. The portfolio comprises the 372-unit Village at Tradition in Port St. Lucie and the 324-unit Harbor Grove in Stuart. Both assets were delivered earlier this year and are currently in lease-up. The seller and sales price were not disclosed. Units at both properties include granite countertops, tile backsplashes, washers and dryers, undermount sinks, gooseneck faucets, stainless steel appliances, recessed lighting, 9-foot ceilings and patios or balconies. Community amenities include 24-hour fitness centers, multi-purpose clubhouses, resort-style swimming pools, exterior storage and children’s play areas.

August 1, 2022

Florida Loans Multifamily Southeast

NewPoint Provides $50.7M Agency Loan for Reunion at 400 Apartments in Kissimmee, Florida

by John Nelson August 1, 2022

KISSIMMEE, FLA. — NewPoint Real Estate Capital has provided a $50.7 million loan for the refinancing of Reunion at 400, a 288-unit apartment community in Kissimmee. Marc Cesare of NewPoint originated the 10-year, fixed-rate Freddie Mac loan on behalf of the borrower, an affiliate of American Landmark. Proceeds of the loan, which features six years of interest-only payments, were used to pay off a bridge loan that was set to mature in June 2023. Built in 2020, Reunion at 400 is located off SR-429 and approximately five miles south of Walt Disney World, as well as 20 miles southwest of downtown Orlando. The community features one-, two- and three-bedroom apartments with luxury finishes and screened balconies/solariums in select units. Amenities include a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.

August 1, 2022

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

RangeWater to Deliver 155-Unit Build-to-Rent Residential Community in Charleston

by John Nelson August 1, 2022

CHARLESTON, S.C. — RangeWater Real Estate has purchased 17 acres at the intersection of Bees Ferry Road and Bluewater Way in Charleston’s West Ashley submarket. The Atlanta-based company plans to develop 155 build-to-rent units at the site in a community named Bellerose at Bees Ferry, a Storia neighborhood. The property will comprise three-bedroom, two- bathroom townhomes that include one-car garages, 9-foot ceilings, gourmet kitchens with high-end appliances and stone countertops. The community will also feature an open-air club house, pool and firepits. RangeWater plans to break ground this month, and first move-ins are slated for October 2023.

August 1, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5M Sale of Brooklyn Apartment Building

by Taylor Williams August 1, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5 million sale of a 38-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood. The 35,000-square-foot building at 575 Herkimer St. was originally constructed in 1965. Ben Khakshoor of Rosewood Realty represented the buyer, Gilman Management, in the transaction. Aaron Jungreis, also with Rosewood, represented the seller, a private family.

August 1, 2022

Acquisitions California Multifamily Western

Harbor Group Acquires Multifamily Portfolio in Long Beach, California for $180M

by Amy Works July 29, 2022

LONG BEACH, CALIF. — Affiliates of Harbor Group International have purchased the Long Beach Coastal Collection, a portfolio of apartment communities in Long Beach, for $180 million. Built in 2019 and 2020, the portfolio features 348 apartments in a mix of studio, one- and two-bedroom layouts. Amenities at the properties include rooftop decks with panoramic views, 24-hour fitness centers, resident lounges, heated pools and spas, coworking spaces, and gaming and entertainment rooms. Geoff Boler of Eastdil Secured facilitated the transaction. The name of the seller was not released.

July 29, 2022

Acquisitions California Multifamily Western

Oaktree, MG Properties Buy 551-Unit Platform Urban Apartments in San Jose

by Amy Works July 29, 2022

SAN JOSE, CALIF. — Funds managed by Oaktree Capital Management, in a joint venture with MG Properties, have acquired The Platform Urban Apartments in San Jose for an undisclosed price. The transit-oriented property features 551 apartments and 35,000 square feet of ground-floor retail space. Completed in 2019, the community is situated in the Berryessa submarket of San Jose. Eastdil Secured represented the undisclosed sellers. TPG Real Estate Finance Trust, an affiliate of TPG, provided an acquisition loan for the buyers. Eastdil Secured arranged the loan.

July 29, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza Senior Apartments in San Francisco

by Amy Works July 29, 2022

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.

July 29, 2022

Development Loans Multifamily Texas

Stratus Properties Receives $56.8M Construction Loan for Multifamily Project Near UT Austin

by Taylor Williams July 29, 2022

AUSTIN, TEXAS — Locally based investment and development firm Stratus Properties (NASDAQ: STRS) has received a $56.8 million construction loan for The Saint George, a 316-unit multifamily project that will be located near the University of Texas at Austin. Comerica Bank provided the four-year loan, and an undisclosed equity partner is funding the majority of the remaining development costs. Ten percent of the units at The Saint George will be reserved as affordable housing. Amenities will include a pool, fitness center, rooftop deck and communal workspaces. Stratus expects to begin construction in the coming days and for the project to be substantially complete by mid-2024

July 29, 2022

Development Multifamily Texas

Ventures Development, BCDC Break Ground on 300-Unit Apartment Community in Terrell, Texas

by Taylor Williams July 29, 2022

TERRELL, TEXAS — A partnership between multifamily development and management firm Ventures Development Group and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on The Southerly at Crossroads. The 300-unit apartment community will be located about 30 miles east of Dallas within the Terrell Market Center master-planned development. Amenities will include a pool, outdoor kitchen, fitness center, game room, dog park and a coworking lounge. Texas-based Arrive Architecture Group is designing the project, and Construction Enterprise Inc. is the general contractor. First Horizon Corp. provided senior construction financing. The first units are slated for a fourth-quarter 2023 delivery.

July 29, 2022

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