GARLAND, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Crossings Apartments, a 151-unit complex located in the northeastern Dallas suburb of Garland. The property was built in 1969 and features an average unit size of 806 square feet. Amenities include a pool, grilling areas and onsite laundry facilities, according to Apartments.com. Jon Krebbs of TMG represented the seller, a family office based in Fort Worth, in the transaction, and procured the undisclosed buyer. Old Capital Lending provided a Freddie Mac floating-rate acquisition loan to the new ownership.
PHOENIX — Ready Capital has closed $28.1 million in financing for the acquisition, renovation and stabilization of an apartment in the South West Valley submarket of Phoenix. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.
By Taylor Williams In an era in which land and construction costs are perpetually on the rise, developers of affordable housing must be able to navigate a complex web of federal, state and local programs in order to secure gap financing — the capital that covers the delta between total development costs and those covered by tax credit equity, municipal bonds or other types of subsidies. Understanding and effectively utilizing the various initiatives and incentives — density bonuses, private activity bonds, tax increment reinvestment zones, energy efficiency compliance — is no easy task. Time and manpower aside, this process is further complicated by the fact that state and municipalities have their own laws and regulations when it comes to these programs. But successfully navigating them is key to eliminating development costs not covered by tax credits — the critical piece of financing that lies at the heart of virtually every affordable housing project in Texas. For without these subsidies, the economics of paying market-rate land prices and record-high construction costs to develop housing in which rent levels are capped simply doesn’t work. “As developers that want to build high-quality affordable housing that’s basically indistinguishable from market-rate product, what we need …
CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …
GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.
MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …
HARTFORD, CONN. — Lument has provided a $26 million Fannie Mae loan for the refinancing of a 591-unit workforce housing portfolio in Hartford. All units are restricted to renters earning 60 percent or less of the area median income (AMI). Josh Messier of Lument originated the financing, which carried a 10-year term that includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. The portfolio was approximately 98 percent occupied at the time of sale.
DETROIT — Lutz Real Estate Investments and Northern Equities Group have completed the $70 million conversion of The Albert Kahn Building in Detroit into a multifamily property named The Kahn Apartments. The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn. It first opened its doors in 1931 and later became listed on the National Register of Historic Places. The building was home to Kahn’s architectural firm for 90 years and once housed Saks Fifth Avenue on the first floor. The building now features 206 apartment units ranging in size from 530 to 1,317 square feet. The penthouse units include interior stairwells. Kraemer Design Group designed the interiors and paid homage to the building’s Art Deco architecture. Amenities include a workspace area and library as well as a media room with large screen TVs. There is also a pet spa, 3,000-square-foot fitness center and outdoor rooftop deck. Farmington Hills-based Beztak will serve as property manager. Monthly rents start at $1,535. The Fisher Brothers built carriage bodies for emerging automobile manufacturers in the early 1900s. General Motors purchased their company in 1926. The brothers resigned from GM in 1944 to devote their …
DENVER — Manulife Investment Management, on behalf of a third-party managed account, has purchased TriVista on Speer, a multifamily property located at 1350 Speer Blvd. in Denver’s Golden Triangle neighborhood. An undisclosed seller sold the community for $144.5 million. Completed in 2019, the seven-story TriVista on Speer features 322 apartments with an average unit size of 985 square feet. All units include designer kitchens with granite and quartz countertops, in-home washers/dryers, high ceilings and oversized windows with mountain and city views. Community amenities include a rooftop pool and spa; two courtyards with firepits and bocce ball courts; a chef’s kitchen; a two-story fitness center with a yoga/spin studio; and a pet spa/grooming station. Brady O’Donnell and Jill Haug of CBRE arranged an acquisition loan through MetLife for the buyer.