Multifamily

Greystar Breaks Ground on its First High-Rise Apartment Tower in Downtown Chicago

by Kristin Harlow October 21, 2021

CHICAGO — Greystar has broken ground on its first high-rise apartment development in downtown Chicago. Located at 166 N. Aberdeen St., the 20-story building will include 223 units, 23 of which will be designated as affordable housing. Plans call for a third-floor amenity level with a 5,650-square-foot outdoor deck that will include a pool, lawn and lounge areas as well as access to the coworking and fitness area. An outdoor lounge on the 14th floor will offer views of the Chicago skyline. Completion is slated for March 2023. SCB is the project architect. Associated Bank arranged a $59.7 million loan for the project through ServisFirst Bank and Old Second National Bank.

October 21, 2021

Development Midwest Multifamily Wisconsin

M&R Development Opens 270-Unit Luxury Apartment Complex in Madison, Wisconsin

by Kristin Harlow October 21, 2021

MADISON, WIS. — M&R Development has opened Elevate, a 270-unit luxury apartment complex located at 5022 American Parkway in Madison. Elevate marks M&R’s second apartment project to open in Wisconsin this year, following the completion of 42 Hundred On The Lake in St. Francis this summer. Units at the four-story Elevate measure 590 to 1,254 square feet. Monthly rents range from $1,205 to $3,199. The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen, coffee bar, fitness center, yoga room, business center, pet washing station and package room. The project team included Stevens Construction and Poole & Poole Architecture. M&R co-developed Elevate with Campbell Capital Group LLC. RMK Management is overseeing leasing and property management.

October 21, 2021

Colorado Loans Multifamily Top Stories Walker & Dunlop Western

Walker & Dunlop Arranges $134M Sale of Multifamily Property in Metro Denver

by Katie Sloan October 21, 2021

LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton. Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver Tech Center. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction on behalf of the seller, a partnership between Denver-based Griffis Residential and Pacific Coast Capital Partners. Trevor Fase, also of Walker & Dunlop, secured fixed-rate, interest-only acquisition financing through Fannie Mae on behalf of the buyer, Kennedy Wilson. This transaction follows a number of major multifamily deals in the Denver area during the month of October, including the sale of a five-building multifamily portfolio in Aurora; the funding of a 252-unit development and the $64.5 million sale of Mesa Verde Apartments in Arvada; and the $108.2 million acquisition of Neon Local Apartments in Denver. Griffis Residential owns a portfolio of multifamily communities across Colorado, Texas, Oregon, Washington …

October 21, 2021

Market Reports Midwest Midwest Market Reports Multifamily

How to Woo New Tenants and Keep Them Amid Booming Multifamily Market

by Kristin Harlow October 21, 2021

By Ryan Kirby, Village Green In the understatement of all understatements, the COVID-19 pandemic has changed a few things in the housing market. Supply chain disruptions, labor shortages and the astronomical rise in the price of lumber have all exacerbated the steady decline in new home construction. For more than a year, home prices have been on the rise, making purchasing a home a challenge — or even an impossibility — for many. As a result, the rental market is booming, but that’s not entirely due to COVID. In fact, the rise in rentals began taking shape long before COVID made its impact on the world. Then, new challenges and norms created by the pandemic accelerated these existing trends. Ultimately, more Americans are choosing to rent due to generational, financial and practical factors, not just situational factors related to COVID. That said, the pandemic has fundamentally changed what renters are looking for in a rental unit, and these preferences are likely to continue long after the coronavirus is a distant memory. For property managers, this means playing into the trends of what today’s renters are looking for. Keeping these renter preferences in mind won’t just make your properties more attractive …

October 21, 2021

Acquisitions Company News Loans Multifamily New York Top Stories

Cushman & Wakefield to Acquire 40 Percent Stake in Greystone’s Agency, HUD Business for $500M

by Julia Sanders October 20, 2021

NEW YORK CITY — Cushman & Wakefield (NYSE: CWK) and Greystone have announced a strategic joint venture to deliver advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40 percent stake in Greystone’s agency, HUD and servicing businesses. Greystone intends to use the capital to create new product offerings. The joint venture transaction is slated to close in the fourth quarter of 2021, subject to customary closing conditions. Greystone is a multifamily lender focused on bridge, Fannie Mae DUS, Freddie Mac Optigo and HUD loans. The joint venture will allow Cushman & Wakefield to access a broader range of debt products for property acquisition, refinancing, rehabilitation and new construction. “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac and HUD,” says Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services LLC, the …

October 20, 2021

Loans Multifamily Seniors Housing Southeast Virginia Walker & Dunlop

Walker & Dunlop Secures $300M in Construction Financing for Mather Seniors Housing Project in Metro D.C.

by Julia Sanders October 20, 2021

TYSONS, VA. — Walker & Dunlop Inc. has secured $300 million in construction financing for The Mather, a two-building seniors housing community in Tysons. The project will be built in two phases, with Phase I projected to open in early 2024. The transit-oriented project will feature 19- and 27-story towers with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites. Community amenities will include multiple restaurants, a fitness center, wellness spa, art studio, rooftop terrace, saltwater pool, parking and retail. The Mather will feature approximately three acres of green space with landscaped gardens, walking paths, sculptures and an event lawn. Situated at the corner of Westpark and Westbranch drives, The Mather is just 15 miles from Washington, D.C., and is located within a half-mile of the Tysons Corner Metro Station and the Tysons Galleria Shopping Mall. Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger of Walker & Dunlop served as strategic advisors for the borrower, an entity doing business as Tysons LPC LLC that comprises a 50/50 equity partnership between nonprofit seniors housing operator Mather and Westminster Capital. The capital stack included a syndicated transaction led by The Huntington …

October 20, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Dominium Purchases Two Apartment Communities in Metro Atlanta, Plans $130M Affordable Housing Project

by Julia Sanders October 20, 2021

MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

October 20, 2021

Acquisitions Development Multifamily North Carolina Southeast

JLL Brokers $5M Land Sale for Multifamily Project in Cary, North Carolina

by Julia Sanders October 20, 2021

CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.

October 20, 2021

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $47.1M in Financing for Mixed-Income Seniors Housing Project in Dallas

by Taylor Williams October 20, 2021

DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.

October 20, 2021

Loans Multifamily Texas

JLL Arranges Refinancing for 216-Unit Apartment Community in Grapevine, Texas

by Taylor Williams October 20, 2021

GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.

October 20, 2021

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