Multifamily

Harrison Street Buys Majority Stake in Upstate New York Student Housing Community

by Taylor Williams February 10, 2022

ROCHESTER, N.Y. — Harrison Street has acquired a majority ownership interest in APEX, a student housing community located across the street from the Rochester Institute of Technology in upstate New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa.

February 10, 2022

Hilary Provinse Multifamily Financing quote

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

by Sarah Daniels February 10, 2022

2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …

February 10, 2022

Affordable Housing District of Columbia Loans Multifamily Southeast

Merchants Capital Secures $115M in Financing for Two Workforce Housing Developments in D.C.

by Julia Sanders February 9, 2022

WASHINGTON, D.C. — Merchants Capital has secured $115 million in total financing for Parkside 8 and Parkside 10, two workforce housing developments located in Washington, D.C. The borrowers, City Interests Development Partners and Ravinia Capital Group, are co-developing the overall project. Bridge Investment Group is managing the Opportunity Zone strategy on behalf of the developers. The construction timeline was not disclosed. Merchants Capital secured $56 million in construction financing through Merchants Bank of Indiana, as well as $59 million in permanent financing through Freddie Mac Non-Low-Income Housing Tax Credit (LIHTC) forward commitments and Freddie Mac permanent loans. Upon completion, Parkside 8 and 10 will feature 230 residential units and approximately 14,000 square feet of retail space. Within the new properties, select units will be reserved for residents earning between 80 percent and 120 percent of area median income (AMI). The multifamily buildings are part of Parkside, a 3.1 million-square-foot master-planned development that will include between 1,500 and 2,000 residential units, up to 50,000 square feet of retail space and 860,000 square feet of office space. Parkside will also feature a one-acre park and a new pedestrian bridge that crosses over Kenilworth Avenue and Interstate 295. Additionally, Parkside offers four neighborhood …

February 9, 2022

Acquisitions Michigan Midwest Multifamily

Ready Capital Closes $7.7M Acquisition Loan for Multifamily Portfolio in Lansing, Michigan

by Kristin Harlow February 9, 2022

LANSING, MICH. — Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in Lansing. The portfolio totals 262 garden-style units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and address deferred maintenance. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 9, 2022

Loans Multifamily Nevada Student Housing Western

Ready Capital Closes $29.6M Financing for Student Housing Property in Las Vegas

by Amy Works February 9, 2022

LAS VEGAS — Ready Capital National Bridge team has closed the financing for the acquisition, conversion, renovation and stabilization of a 156-unit student housing property in the University District submarket of Las Vegas. Upon acquisition, the undisclosed sponsor plans to reposition the asset from student housing to traditional multifamily through a rebranding and renovation program. Ready Capital closed the $29.6 million non-recourse, interest-only, floating-rate loan, which features a 36-month term and two extension options. Additionally, the loan includes a facility to provide future funding for capital expenditures.

February 9, 2022

Development Florida Multifamily Southeast

Mill Creek, CrossHarbor Capital Break Ground on 383-Unit Apartment Project in St. Petersburg, Florida

by Julia Sanders February 9, 2022

ST. PETERSBURG, FLA. — Boca Raton, Fla.-based Mill Creek Residential and Boston-based CrossHarbor Capital Partners have broken ground on Modera St. Petersburg, a 383-unit mixed-use apartment community near downtown St. Petersburg. The property is expected to be open for first move-ins by late 2023. Modera St. Petersburg will be a 20-story, high-rise community with 14,000 square feet of ground-floor retail space. The property will offer one-, two- and three-bedroom floorplans with den layouts and penthouses available. Unit features will include wood plank-style flooring, nine-foot ceilings, built-in shelves and desks in select homes, ceiling fans, private balconies, stainless steel appliances, quartz countertops, tile backsplashes, kitchen islands, USB ports, in-unit washers and dryers, walk-in closets and central heating and air with programmable thermostats. Community amenities will include a fitness center, outdoor pool, rooftop lounge and terrace, grilling area, outdoor dining, clubhouse, conference room, coworking spaces, common-area Wi-Fi, game room, package lockers, onsite pet spa and secured garage parking with electric vehicle charging stations. Other community features will include access to bike storage, additional storage options and mobile-app and key-fob entry. Situated at 201 17th St. South, Modera St. Petersburg will border the Pinellas Trail, a 47-mile bike trail that stretches north to …

February 9, 2022

Development Multifamily Washington Western

Shea Properties Opens 203-Unit EdgePoint Apartments in North Seattle

by Amy Works February 9, 2022

SEATTLE — Shea Properties has opened EdgePoint Apartments, a multifamily community located at 320 N. 85th St. in Seattle’s Greenwood neighborhood. The six-story, 203-unit property features a mix of open one-, one- and two-bedroom units ranging in size from 561 square feet to 990 square feet. Units offer quartz countertops, wood-style flooring, stainless steel appliances and high-end finishes throughout. Additionally, the property features a sky deck, lounge, fitness center, pet spa and 4,500 square feet of onsite retail space. Rush served as general contractor and Runberg Architecture Group served as architect for the project.

February 9, 2022

Georgia Loans Multifamily Southeast

Ready Capital Closes on $16.6M Acquisition Loan for Multifamily Portfolio in Metro Atlanta

by Julia Sanders February 9, 2022

MCDONOUGH, GA. — Ready Capital has closed on a $16.6 million acquisition loan for a 132-unit, two-property multifamily portfolio in McDonough, a southern suburb of Atlanta in Henry County. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes renovating unit interiors, improving curb appeal and community amenities and addressing deferred maintenance. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and flexible prepayment.

February 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 333-Unit Broadstone Knox District Apartments in Dallas

by Taylor Williams February 9, 2022

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.

February 9, 2022

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Property in Lubbock

by Taylor Williams February 9, 2022

LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.

February 9, 2022

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