Multifamily

Developers to Begin Vertical Construction of 73-Story Apartment High-Rise in Chicago

by John Nelson January 25, 2022

CHICAGO — Co-developers Time Equities Inc., JK Equities and Oak Capitals plan to soon begin vertical construction for 1000M, a 73-story apartment high-rise in Chicago’s South Loop district. Named for its address (1000 S. Michigan Ave.), 1000M will stand 788 feet tall upon completion in 2025, making it one of the tallest apartment towers in Chicago. 1000M was originally conceived as a for-sale condominium tower but during a pause in construction during the COVID-19 pandemic, the co-developers decided to reposition the asset as a rental residential tower. Construction recommenced following a $304.5 million loan from Goldman Sachs and Deutsche Bank Wealth Management, according to various media outlets. The 738-unit apartment tower will offer residences ranging from studios to three-bedroom penthouse units. The development will also feature a golf simulator room, outdoor swimming pool with cabanas, a cookout area and a full-service 73rd floor bar and lounge offering views of the Chicago skyline. In addition, a 325-car parking garage will be concealed behind the apartments. Nearby attractions and venues include Grant Park, Lake Michigan, Soldier Field & Museum, Humboldt Park Formal Gardens, Columbia College Chicago, Hilton Chicago and Trader Joe’s. Helmut Jahn, a world-renowned German architect who was killed last year …

January 25, 2022

Loans Multifamily Texas

Natixis Provides $118M Acquisition Loan for Metro Houston Multifamily Properties

by Taylor Williams January 24, 2022

STAFFORD, TEXAS — Natixis, a French multinational finance firm, has provided a $118 million floating-rate acquisition loan for a pair of multifamily properties in the southwestern Houston suburb of Stafford. The adjacent properties, which total 931 units, include 1879 at The Grid and Arc at The Grid. Both communities are located within The Grid, a $500 million mixed-use development located at the site of the former Texas Instruments campus. The borrower was an affiliate of Lone Star Funds.

January 24, 2022

California Industrial Loans Multifamily Retail Self-Storage Western

Gantry Arranges $223M in Financing for Seven-Property Mixed-Use Portfolio in California

by Amy Works January 24, 2022

LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …

January 24, 2022

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 368-Unit Mixed-Income Housing Project in Killeen, Texas

by Taylor Williams January 24, 2022

KILLEEN, TEXAS — Cleveland-based developer The NRP Group, in partnership with The City of Killeen Public Facility Corp., has broken ground on a 368-unit mixed-income housing project in the Central Texas city of Killeen. About 50 percent of the units will be reserved for households earning 80 percent or less of the area median income. Amenities will include a pool, fitness center, clubroom and a dog park. J.P. Morgan is the equity investor in the project, and Texas Property Bank provided construction financing. Leasing is slated to begin in early 2023, with full completion of the project scheduled for 2024.

January 24, 2022

Acquisitions Multifamily Texas

Korman Communities, Verde Capital Buy 288-Unit Apartment Community in Irving

by Taylor Williams January 24, 2022

IRVING, TEXAS — A joint venture between two metro Philadelphia-based firms, developer Korman Communities and private equity firm Verde Capital, has purchased AVE Las Colinas, a 288-unit apartment community in Irving. According to Apartments.com, the property was built in 2020. Units come in one- and two-bedroom formats and are furnished with stainless steel appliances, quartz countertops, tile backsplashes, brushed nickel hardware and individual washers and dryers. Amenities include a pool, business center, fitness center and a dog park. The seller and sales price were not disclosed.

January 24, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $103M Loan for Refinancing of Northern New Jersey Apartment Building

by Taylor Williams January 24, 2022

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.

January 24, 2022

Acquisitions Multifamily Northeast Pennsylvania

MultiVersity Housing Partners Buys Two Pittsburgh Multifamily Buildings Totaling 47 Units

by Taylor Williams January 24, 2022

PITTSBURGH — MultiVersity Housing Partners has purchased The Revival on Carson Portfolio, which consists of two Pittsburgh multifamily buildings that are known as The Maul and The Nakama and that total 47 units. The buildings include ground-floor retail space. MultiVersity plans to invest in capital improvements to the property through the additions of outdoor kitchens to the rooftop decks, more fitness equipment, a business center and updated lobby features. The seller was not disclosed.

January 24, 2022

Acquisitions Florida Multifamily South Carolina Southeast

West Shore Acquires Three Multifamily Properties in South Carolina, Florida

by Julia Sanders January 24, 2022

BOSTON — West Shore has acquired Sweetwater Apartments in Charleston, Vantage at Wildewood in Columbia, S.C., and Uptown Village in Gainesville, Fla. The acquisition brings the Boston-based investor’s total units to over 12,000. The sales price and sellers were not disclosed. Sweetwater Apartments is a 320-unit waterfront luxury community that offers studio, one-, two- and three-bedroom floorplans. Community amenities include community gardens, a fitness center, outdoor kitchen, yoga studio, six deep water docks, private boat ramp and a kayak ramp. Located at 12000 Sweet Place, the property is 17.7 miles from the College of Charleston and 10.7 miles from Charleston International Airport. Vantage at Wildewood, a 264-unit apartment complex with newly renovated units, offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers, fireplaces and open layouts. Community amenities include a pool and an outside fireside sitting area. The property also has access to local trails and nearby parks. Located at 811 Mallet Hill Road, the property is 12.3 miles from the University of South Carolina. Uptown Village, formerly known as Evergreen at Uptown Village, is a 322-unit luxury apartment community that offers one-, two- and three-bedroom floorplans. Community amenities include a resort-style pool, shaded cabana, nature …

January 24, 2022

Affordable Housing Loans Multifamily Southeast Virginia

Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia

by Julia Sanders January 24, 2022

HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.

January 24, 2022

Development Illinois Midwest Multifamily

Optima Begins Pre-Leasing 198-Unit Luxury Apartment Development in Chicago

by Kristin Harlow January 24, 2022

CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at $2,400. Optima Lakeview features 40,000 square feet of amenities, including a rooftop sky deck, heated pool, grilling stations, basketball court, sports lounge, golf simulator, fitness center, yoga room, sauna, dog park, children’s play area, game room and chef’s kitchen. Work-from-home amenities include two conference spaces, a business center and several indoor and outdoor seating areas. Each residence comes with smart home technology, including keyless unit entry and smart thermostats.

January 24, 2022

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