Multifamily

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

by John Nelson May 17, 2022

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.

May 17, 2022

Acquisitions Multifamily Texas

FCP, One Real Estate Acquire 284-Unit Summit Apartments in San Antonio

by Taylor Williams May 17, 2022

SAN ANTONIO — A joint venture between Maryland-based investment firm FCP and One Real Estate Investment has acquired The Summit, a 284-unit apartment community in San Antonio. The Summit offers one-, two- and three-bedroom units. The property was built in 1984. According to Apartments.com, amenities include a pool, fitness center, clubhouse and an outdoor kitchen. The new ownership plans to invest about $5 million in capital improvements to the unit interiors, building exteriors and amenity spaces. Will Caruth of Berkadia represented the undisclosed seller in the transaction.

May 17, 2022

Development Multifamily New Jersey Northeast

KRE, Northwestern Mutual Complete Lease -Up of 507-Unit Multifamily Project in Jersey City

by Taylor Williams May 17, 2022

JERSEY CITY, N.J. — A joint venture between Kushner Real Estate Group (KRE) and Northwestern Mutual has completed the lease up of 351 Marin, a 507-unit multifamily project in Jersey City’s Powerhouse Arts District. The property is now fully occupied. Designed by Hollwich Kushner and HLW Architects, the 38-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and Whirlpool washers and dryers. Amenities include a sky lounge, pool, fitness center with a yoga studio, outdoor grilling stations, community garden and a dog park.

May 17, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

by Kristin Harlow May 17, 2022

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …

May 17, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast Student Housing

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

by Taylor Williams May 17, 2022

SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with common, entertainment, fitness and study areas, as well as dog parks, grilling stations and fire pits. Stuart I. Roosth designed the property, and Western Builders served as the general contractor. The borrower and developer was Landmark Properties Inc.

May 17, 2022

Acquisitions Multifamily Texas

Vision & Beyond Capital Buys Three Houston Apartment Communities for $73M

by Taylor Williams May 16, 2022

HOUSTON — Cincinnati-based Vision & Beyond Capital Investments has purchased three Houston apartment communities totaling 460 units for a combined price of $73 million. Pine Lake Village totals 96 units and is located in the Greenpoint area. Ridge Point is situated within Texas Medical Center and comprises 168 units. Green Tree Place totals 196 units and is located on the city’s north side. The investment is the first in Houston for the new ownership, which plans to implement a value-add program. The seller(s) was not disclosed.

May 16, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 210-Unit Sofia Apartments in East Austin

by Taylor Williams May 16, 2022

AUSTIN, TEXAS — Newmark has arranged the sale of The Sofia, a 210-unit apartment community in East Austin. Built in phases between 1973 and 1983 and renovated in 2019, The Sofia features one- and two-bedroom units with an average size of 723 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, basketball court and a dog park. Jim Young and Chase Easley of Newmark represented the seller, a partnership between Dallas-based Lion Real Estate Group and Los Angeles-based Marble Partners Management LLC, in the transaction. Matt Greer and Andrew Wilson of Newmark arranged acquisition financing through Bridge Investment Group on behalf of the buyer, New York-based RockFarmer Properties.

May 16, 2022

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital to Develop 101-Unit Seniors Housing Project in Fort Worth

by Taylor Williams May 16, 2022

FORT WORTH, TEXAS — Two Texas-based firms, SilverPoint Senior Living and Journey Capital, have unveiled plans for the development of Edition Senior Living of Fort Worth. Initial plans call for 101 assisted living and memory care units set in a 100,000-square-foot community on nine acres. There are also long-term plans to expand and add independent living facilities. This community will be the fifth collaboration between SilverPoint and Journey Capital. Construction is scheduled to begin toward the end of this year.

May 16, 2022

Acquisitions Loans Multifamily New York Northeast

Midwood Acquires Candela Tower Apartments in Manhattan for $102M

by Taylor Williams May 16, 2022

NEW YORK CITY — Locally based firm Midwood Investment & Development has acquired Candela Tower, a 158-unit apartment building in Manhattan’s West Village area, for $102 million. Named after its designer, Rosario Candela, the 20-story building was originally constructed in 1931 and includes 6,721 square feet of retail space. Cushman & Wakefield’s Adam Spies, Adam Doneger and Marcella Fasulo represented the seller, BlackRock, in the deal. MetLife Investment Management provided $63.5 million in acquisition financing to Midwood, which plans to upgrade the unit interiors and amenity spaces.

May 16, 2022

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $13.5M Sale of Two Multifamily Properties in Montclair, New Jersey

by Taylor Williams May 16, 2022

MONTCLAIR, N.J. — Locally based brokerage firm Hudson Atlantic Realty has arranged the $13.5 million sale of two transit-served multifamily properties totaling 56 units and one commercial space in the Northern New Jersey community of Montclair. The properties include a 27-unit building at 10 Roosevelt Place and a 29-unit building with a commercial space at 47 N. Fullerton Ave. Both buildings were constructed in the early 1920s. Hudson Atlantic Realty represented the undisclosed seller in the transaction. The buyer was also not disclosed.

May 16, 2022

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