INDIANA — Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state’s Moving Forward Rural Development program. Partnering with property owner and operator Justus Property Management Inc., Greystone is guiding a recapitalization and renovation process that will bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties. The combination of funding sources includes $14.7 million in loans from Greystone; $12.4 million in capital contributions stemming from the purchase and syndication of both 4 percent and 9 percent housing credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from the Indiana Housing and Community Development Authority (IHCDA); $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000. Greystone anticipates a 19-month construction period for the portfolio. Renovation costs will average more than $44,000 per unit. Greystone Affordable Development is an affiliate of commercial real estate finance firm Greystone.
TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.
HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects. The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within Hays Nature Preserve. Construction is expected to complete in early 2023 with first units becoming available in 2022. Doster Construction is also working on another development in downtown Huntsville known as Constellation, a mixed-use property. The company is working with developer Heartland Real Estate Partners LLC on that project.
MANSFIELD, TEXAS — Chicago-based Origin Investments has purchased a $7.2 million preferred equity stake from in Haven at Mansfield, a 257-unit multifamily project under construction on the southern outskirts of Fort Worth, from Guefen Development Partners. Slated for a May 2022 completion, Haven at Mansfield will offer units with granite countertops, stainless steel appliances and full-size washers and dryers. Amenities will include a pool, fitness center, clubhouse and an indoor/outdoor social lounge.
RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has begun leasing Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. The transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,578 for a studio unit.
MINNEAPOLIS — Kraus-Anderson has broken ground on Moment, an $80 million apartment tower in downtown Minneapolis. The developer, Sherman Associates, acquired the site from Thrivent Financial, whose headquarters recently opened nearby. Designed by ESG Architects, the 222-unit project will also include 15,300 square feet of commercial space. The second floor of the 10-story building will be home to Firefighters for Healings and its Transitional Healing Center for injured firefighters and burn victims. The center will provide 12 suites for families awaiting a patient in the hospital or discharged patients. Amenities will include a pool, sauna, sports simulator, work-from-home space and rooftop lounge. Two solar gardens will offset the building’s energy usage. Completion is slated for fall 2022. “We were inspired by the people likely to live there, the healthcare workers at the neighboring Hennepin Healthcare Center,” says Valerie Doleman, senior vice president with Sherman. “We designed an environment that encourages people to celebrate moments of joy, find moments of peace, moments of pause and share moments with each other. We wanted to encourage people to live in the moment.”
OAK CREEK, WIS. — Wingspan Development Group and Batson-Cook Development Co. (BCDC) have begun development of Hub13, a 300-unit apartment project in Oak Creek, which is located just south of Milwaukee. The 34-acre garden-style community will be situated at 781 S. 13th St. Plans call for nine buildings with units ranging in size from studios to three bedrooms. Amenities will include a fitness center, yoga studio, clubhouse, pool, Zen garden, dog park, coworking space, wine room and package system. The property will border an 11-acre nature preserve. First Merchants Bank provided project financing. JLA Architects is the architect, Ayres Associates is the civil engineer and Nicholas & Associates is the general contractor. The first units are scheduled for completion by the end of the year.
ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.
NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.
PARSIPPANY, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $10.5 million sale of Troy Office Center, a 126,000-square-foot complex located in the Northern New Jersey community of Parsippany. The four-building property sits on a 10.5-acre site that includes 670 feet of frontage along U.S. Highway 46. Tom Scatuorchio of Kislak represented the seller, a private investor, in the transaction. Scatuorchio also procured the buyer, Shree Parsippany Developers LLC.