Multifamily

Berkadia Secures $86M in Financing for Meridian at Braddock Station Apartments in Alexandria, Virginia

by Julia Sanders August 25, 2021

ALEXANDRIA, VA. — Berkadia has secured an $86 million loan to refinance Meridian at Braddock Station, a 480-unit multifamily property located in Alexandria. An undisclosed national life company provided the borrower with the 10-year, interest-only loan. J. Tyler Blue, Paul Wallace, Robbie Driscoll and Pat Cunningham of Berkadia arranged the financing. Located at 1200 First St., Meridian at Braddock Station is a 16-story high-rise situated about 7.5 miles from Washington, D.C. The property is also 6.3 miles from Northern Virginia Community College and 7 miles from George Washington University. Built in 2000, the property offers studio, one- and two-bedroom floorplans with recently renovated units featuring wood plank flooring, quartz countertops and stainless steel appliances, as well as breakfast bars and glass enclosed sunrooms in select units. Community amenities include a rooftop terrace with a swimming pool and sundeck, clubroom with billiards, fitness center, courtyard lounge with barbecue grills and a dog park.

August 25, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $34M Construction Loan for Hardywood Village in Richmond

by Julia Sanders August 25, 2021

RICHMOND, VA. — NorthMarq has arranged a $34 million loan for the construction of Hardywood Village, a 189-unit multifamily property with ancillary retail space located at 1601 Overbrook Road in Richmond. Construction is scheduled to be completed by summer or fall 2022. The loan was structured with a 30-year fully amortizing term. Keith Wells and Reina Abboud of NorthMarq arranged financing for the undisclosed borrower through its relationship with the Virginia Housing & Development Authority.

August 25, 2021

Affordable Housing Development Multifamily Texas

Cumby Group to Add 800 Multifamily Units, 150,000 SF of Commercial Space to East Austin Supply

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Locally based developer Cumby Group will redevelop a site on Manor Road in East Austin with three adjacent projects that will collectively add more than 800 multifamily units, including 80 affordable housing residences, and 150,000 square feet of commercial space to the local supply. Cumby Group purchased the sites, which span nine acres and more than a full city block, in 2019 and 2020. Construction is underway on The Emma, a 146-unit project at 3219 Manor Road, and two buildings housing between 450 and 500 units, along with commercial space, are planned next door at 3115 Manor Road. Lastly, Cumby expects to build about 200 units at 3033 Manor Road. The projects will include space for neighborhood gatherings that could feature food trucks or farmers markets. The development’s affordable housing units will be reserved for renters earning 60 percent or less of the area median income.

August 25, 2021

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive

Fitness Centers, Outdoor Spaces and Units All Becoming Larger, Say Seniors Housing Development Panelists

by Kristin Harlow August 25, 2021

ATLANTA — Driven by the desire of a healthy lifestyle, two areas that senior living developers are currently focusing on are the fitness center and outdoor spaces, according to Scott Gensler, vice president of business development with Erickson Senior Living. “Every time I look at a plan, the fitness center gets bigger and bigger and bigger,” said Gensler. “Then we open it, and it’s still not big enough.” Not only is the fitness center becoming larger, but it’s also becoming more of a prominent feature in Erickson’s continuing care retirement communities. Additionally, the outdoor spaces have gone from a secondary focus to a primary emphasis. As Gensler put it, having healthy residents is a win-win situation. Gensler’s comments came during “The Development Outlook” panel at the eighth annual InterFace Seniors Housing Southeast conference, which took place at Atlanta’s Westin Buckhead on Wednesday, Aug. 18 and drew 250 registrants. Joining Gensler on the panel were Michael Hartman, principal of Capitol Seniors Housing’s active adult platform; Alan Moise, chief investment officer of Thrive; and Janet Meyer, principal with BCT Design Group. David Kliewer, director with Grandbridge Real Estate Capital, moderated the discussion. Another development trend today is multi-function space, which increases efficiencies. …

August 25, 2021

Acquisitions Multifamily Texas

Rosewood Realty Arranges $108.7M Sale of San Antonio Multifamily Portfolio

by Taylor Williams August 25, 2021

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty has arranged the $108.7 million sale of a portfolio of four multifamily properties totaling 1,230 units in San Antonio. The sales price equates to about $88,500 per unit. The properties were all built between 1964 and 1986. Aaron Jungreis of Rosewood Realty represented the buyer, New York-based Sun Equity Partners, in the transaction. Matt Yeckes and Jonathan Brody, also with Rosewood Realty, represented the seller, locally based development and investment firm Kairoi Residential. The deal traded at a cap rate of 4.96 percent.

August 25, 2021

Development Loans Multifamily Texas

Square Mile Capital Provides Perm Loan for 301-Unit Houston Multifamily Project

by Taylor Williams August 25, 2021

HOUSTON — New York City-based Square Mile Capital has provided a permanent loan of an undisclosed amount for Standard in the Heights, a 301-unit multifamily project in Houston. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, outdoor grilling areas and a lounge. The loan takes out the construction debt held by the borrower and developer, Texas-based Ojala Partners. Construction began in 2018 and was completed in November 2020. Cameron Cureton and Steve Heldenfels of JLL arranged the financing.

August 25, 2021

Development Illinois Midwest Multifamily

Equity Residential, Toll Brothers Form $1.9B Partnership to Develop Apartments

by Kristin Harlow August 25, 2021

CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.

August 25, 2021

Development Hospitality Michigan Midwest Multifamily

Bedrock to Incorporate Roost Apartment Hotel Concept Within Book Tower Project

by Kristin Harlow August 25, 2021

DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …

August 25, 2021

Acquisitions Arizona Multifamily Western

Fringe Capital Partners Sells Hayden Apartment Property in Scottsdale to Fivey Co. for $8.3M

by Amy Works August 25, 2021

SCOTTSDALE, ARIZ. — Chicago-based Fringe Capital Partners has completed the disposition of The Hayden, a multifamily community in Scottsdale. San Francisco Bay Area-based Fivey Co. acquired the property for $8.3 million, or $330,000 per unit. Located at 2635 N. Hayden Road, the garden-style property features 25 two-bedroom/one-bath apartments spread across two two-story buildings. Community amenities include a pool, courtyard and covered parking. Fringe Capital repositioned the property, which was originally built in 1978, last year with premium finishes. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Frickle of CBRE represented the seller in the deal.

August 25, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $13M Loan for Refinancing of Esjay Apartments in Jersey City

by Taylor Williams August 25, 2021

JERSEY CITY, N.J. — JLL has arranged a $13 million loan for the refinancing of Esjay Apartments, a 40-unit multifamily complex in Jersey City. The mid-rise building features one- and two-bedroom units with an average size of 680 square feet. Amenities include a fitness center, two rooftop terraces with grilling stations and a package handling room. Matthew Pizzolato of JLL arranged the 10-year, fixed-rate loan through Nationwide on behalf of the borrower, Point Capital Development LLC.

August 25, 2021

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