Multifamily

MIG Real Estate Purchases 152-Unit BluWater Multifamily Property in Everett, Washington

by Amy Works January 26, 2022

EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

January 26, 2022

Acquisitions Colorado Multifamily Western

Cushman & Wakefield Negotiates Sale of 116-Unit Chestnut Square Apartments in Windsor, Colorado

by Amy Works January 26, 2022

WINDSOR, COLO. — Cushman & Wakefield has arranged the sale of Chestnut Square Apartments, an apartment community located at 601 Chestnut St. in Windsor. 601 Chestnut LLC acquired the property from Jones Family Trust for an undisclosed price. Situated on six acres, Chestnut Square Apartments features 116 apartments in a mix of one-, two- and three-bedroom layouts. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2018. The buyer plans to reposition the property through an extensive renovation program, including unit and building upgrades, improved amenities and updates throughout the campus. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.

January 26, 2022

Acquisitions Multifamily New York Northeast

Global One Real Estate Acquires 357-Unit Affordable Housing Building in The Bronx

by Taylor Williams January 26, 2022

NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,

January 26, 2022

Indiana Loans Lument Midwest Multifamily

Lument Provides $43.2M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow January 26, 2022

INDIANAPOLIS — Lument has provided a $43.2 million Fannie Mae loan for the refinancing of Gardens of Canal Court in Indianapolis. The 421-unit, garden-style apartment community consists of 18 buildings with three pools and 654 parking spaces. The property is 97 percent occupied. James Kress and Jim Croft of Lument originated the loan, which features a 12-year term with one year of interest-only payments and a 30-year amortization schedule. The undisclosed borrower currently owns about 5,000 multifamily units, most of which are located in the Indianapolis area.

January 26, 2022

Illinois Loans Midwest Multifamily

Associated Bank Arranges $36.8M Acquisition Loan for Manufactured Housing Community in Crystal Lake, Illinois

by Kristin Harlow January 26, 2022

CRYSTAL LAKE, ILL. — Associated Bank has arranged a $36.8 million loan for the acquisition and expansion of Oakbrook Estates in Crystal Lake, about 45 miles northwest of Chicago. The age-restricted manufactured housing community includes 300 homes. The sale includes excess land on which another 114 homes will be built. Associated Bank served as lead arranger and administrative agent, working with Great Southern Bank. Edward Notz of Associated Bank handled the loan arrangements and closing. The borrower was a partnership between Marc Realty and Ravinia Communities.

January 26, 2022

Acquisitions Midwest Multifamily North Dakota

JLL Negotiates $19M Sale of Apartment Complex in Fargo, North Dakota

by Kristin Harlow January 26, 2022

FARGO, N.D. — JLL Capital Markets has negotiated the sale of Woodrow Apartments in Fargo for $19 million. The 97-unit apartment complex is located at 1222 4th Ave. and is the adaptive reuse of the 100-year-old Woodrow Wilson School. Amenities include a gym, community lounge, outdoor patio and heated underground parking. Adam Haydon, Mox Gunderson, Dan Linnell and Josh Talberg of JLL represented the seller, Fargo-based Kilbourne Group. Idaho-based Graystoke Capital Partners purchased the asset.

January 26, 2022

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Four Demographic Shifts Poise St. Louis for Lasting Multifamily Market Growth

by Kristin Harlow January 26, 2022

Fueled by a trifecta of favorable cap rates, an underserved apartment market and sharp increases in market demand, St. Louis is starting to gain momentum with the potential to become a new multifamily hotspot. As investors and developers take note, capital that typically has been focused in higher growth markets on the coast and cities like Chicago and Nashville is starting to flow into the Gateway City. The fruit of these investments is now coming to market. Despite 20-plus percent increases in construction costs, 24 percent more units — 2,057 total — were built in 2021 compared with St. Louis’ five-year annual average. Nearly 4,000 additional units are under construction in the St. Louis region. Population, personal income and job growth are the key economic drivers of multifamily unit demand. In 2020 and 2021, all three of those markers are finishing on the upside in St. Louis after pandemic dips. Employment growth is particularly promising. After slight employment declines over the last five years, St. Louis employment has grown at an average annual rate of 2.7 percent for the last four quarters. CBRE forecasts positive growth of 2 percent for the next two years and 0.8 percent for the next …

January 26, 2022

Alison Williams Walker Dunlop Small Balance Lending

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Small Balance Lending Evolves with Technology

by Sarah Daniels January 25, 2022

The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …

January 25, 2022

Acquisitions Affordable Housing Alabama Loans Maryland Multifamily Southeast Virginia

JLL Secures $318.5M Acquisition Financing for Multifamily Portfolio in Southeast US

by Julia Sanders January 25, 2022

ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

January 25, 2022

Florida Loans Multifamily Southeast

Grover Corlew Receives $78.2M Construction Financing for Multifamily Project in Pompano Beach, Florida

by Julia Sanders January 25, 2022

POMPANO BEACH, FLA. — Grover Corlew has received $78.2 million in financing for the first property under the Mayla Residences’ brand called Mayla Pompano, a 355-unit multifamily property in Pompano Beach. PNC Bank provided the construction financing. The project is slated to break ground in February with completion expected by July 2023. Mayla Pompano will be a two-building project and offer studio, one-, two- and three-bedroom layouts, ranging from 548 to 1,383 square feet. Unit features will include bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors, quartz countertops, stainless steel appliances, built-in microwaves, glass cooktops, walk-in closets, private balconies, hurricane impact windows and in-unit washers and dryers. Community amenities will include a two-story clubroom, coworking spaces, TV lounge, fitness center, pools with cabanas, outdoor kitchens with seating at both buildings, pedestrian bridge between buildings, dog spa, bicycle storage and repair station, garage parking and interior mailrooms and package rooms. The property will also feature 60,000 square feet of retail space on the ground floor. Mayla Pompano will be situated on nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Located at 2335 and 2401 E. Atlantic Blvd., the property is …

January 25, 2022

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