CLARKSTON, MICH. — Dwight Capital has provided a $32.8 million HUD 223(f) loan for the refinancing of Legends of Fox Creek in Clarkston, about 40 miles northwest of Detroit. The garden-style apartment complex includes 339 units across 14 buildings. Amenities include a clubhouse, business center, fitness center, swimming pool, picnic area and dog park. Josh Sasouness of Dwight Capital originated the loan, which benefitted from a Green Mortgage Insurance Premium reduction since the property qualifies as energy-efficient housing.
CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion. Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues. JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …
By Taylor Williams As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property types. As such, it’s critical that these properties, from their ambiances to their amenity packages, have a sense of versatility, a feel of a community in which 30- and 60-year-olds would feel equally at home. The ways and means through which that wide-ranging appeal can be achieved accounted for much of the discussion among a panel of architects, designers and a builder who spoke at the inaugural InterFace Active Adult conference on Aug. 4. Held at the Westin Galleria hotel in Dallas and hosted by Seniors Housing Business and the InterFace Conference Group, two business units of Atlanta-based France Media, the event drew more than 300 attendees …
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Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment
The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …
SOUTHAVEN, MISS. — Kushner has acquired The Clare Apartments, a 352-unit multifamily community in Southaven, for $45.1 million. The seller was not disclosed. Newmark was the broker for the transaction. Situated less than 18 miles from downtown Memphis, Clare is centrally located between Northwest Mississippi Community College, Tanger Outlets Southaven and Landers Center. The property will be rebranded as Southaven Pointe. Community amenities include a swimming pool, tennis court, volleyball court, business center, dog park and a picnic area. Kushner is a New York City-based real estate development and management firm with a portfolio including residential, commercial, retail, hospitality and industrial properties.
KANSAS CITY, KAN. — Milhaus has begun development of a $52 million apartment community within the Homefield sports and entertainment district in Kansas City. Located at 9400 State Ave., the project will include 274 units and 508 parking spaces. Amenities will include a dog park, event space with conference rooms and coworking spaces, resident lounges, a pool and fitness center. Residents will have convenient access to nearby retail and commercial spaces within the overall Homefield development. Davidson Architecture + Engineering is serving as architect. A timeline for completion was not disclosed.
WHITESTOWN, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $25 million loan through Freddie Mac as well as $21.8 million of low-income housing tax credit (LIHTC) equity to Indianapolis-based Kittle Property Group Inc. The capital will be used to build Meadows on Main, an affordable housing property in Whitestown near Indianapolis. Meadows on Main will operate under the Section 42 LIHTC program and will serve residents earning between 40 and 70 percent of the area median income. The property will include 264 units across 10 buildings. Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. structured the financing.
OKLAHOMA CITY — Tulsa-based investment firm Vesta Capital has acquired Esplanade by the Lake, Mansion West, Salem West and Wedgewood Village in Oklahoma City. The four multifamily properties total approximately 550 units. According to Apartments.com, Esplanade by the Lake was built in 1976 and totals 136 units; Mansion West was completed in 1984 and offers 78 units; Salem West was constructed in 1970 and consists of 34 units; and Wedgewood Village was built in 1974 and features 301 units. The sellers were not disclosed.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Uptown at Cole Park, a 179-unit apartment community in Uptown Dallas. Built in 2016, the property features one- and two-bedroom units that are furnished with quartz countertops, custom cabinets, stainless steel appliances and private balconies. Amenities include a pool, fitness center, dog park and package lockers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of IPA represented the seller, The Ergas Group, and procured the buyer, Heritage Capital Group.
WHITE PLAINS, N.Y. — Houlihan-Parnes Properties has arranged a $7.5 million loan for the refinancing of a 56-unit multifamily building located at 177 Grand St. in White Plains, a northern suburb of New York City. The five-story building also houses nine retail units. Jeremiah Houlihan and James Coleman of Houlihan-Parnes placed the loan, which was structured with a five-year term and a 30-year amortization schedule, though Westchester Savings Bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.