Multifamily

Dwight Mortgage Trust Provides $29.5M Bridge Loan for Multifamily Property in Columbus

by Kristin Harlow June 6, 2025

COLUMBUS, OHIO — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $29.5 million bridge loan for the acquisition and substantial rehabilitation of Colonial Village, a 508-unit multifamily property in Columbus. Situated on a 25-acre site, Colonial Village consists of 92 one- and two-story buildings with 204 one-bedroom units, 24 two-bedroom units and 280 two-bedroom townhomes. Amenities include a clubhouse, picnic area, dog park and onsite management. The planned interior renovations include updated kitchen appliances and cabinets, in-unit washers/dryers, quartz countertops, updated bathroom vanities, vinyl plank flooring and new hardware. Exterior improvements will include brick restoration and painting, roof repairs, renovation of the clubhouse and leasing office, installation of a central HVAC system, parking lot repairs and enhanced landscaping. Loan proceeds will finance the property acquisition, cover transaction costs, establish reserves and fund renovations. Pepper Pike Capital was the borrower. David Scheer of Dwight originated the loan.

June 6, 2025

Affordable Housing Development Multifamily New Jersey Northeast Seniors Housing

WinnCos. to Undertake Affordable Seniors Housing Renovation Project in Plainfield, New Jersey

by Taylor Williams June 6, 2025

PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.

June 6, 2025

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $8.5M Sale of Student Housing Complex in Danbury, Connecticut

by Taylor Williams June 6, 2025

DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of 62 Chestnut Street, a 36-unit student housing complex that serves Western Connecticut State University in Danbury. Built in 2010, the property offers townhome-style units that come in two- and three-bedroom floor plans, some of which include attached garages. Jeff Wright and Rich Edwards of NEPCG represented the seller, a Connecticut-based developer, in the transaction. The buyer was not disclosed.

June 6, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $4.7M Sale of Multifamily Property in Belleville, New Jersey

by Taylor Williams June 6, 2025

BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of a 28-unit multifamily property in the Northern New Jersey community of Belleville. The property at 5-22 Carpenter Terrace consists of seven buildings that each house four units, several of which have value-add potential. Matt Weilheimer and Tom Scatuorchio of Kislak represented the seller, an entity doing business as Belleville28 LLC, in the transaction. The duo also procured the buyer, Rodani Homes LLC.

June 6, 2025

Development Multifamily Texas

Marquette Cos. Begins Leasing 304-Unit Apartment Community in Houston

by Taylor Williams June 5, 2025

HOUSTON — Marquette Cos. has begun leasing Tempo at White Oak, a 304-unit apartment community in Houston’s Woodland Heights neighborhood. The six-story building, which is situated across from White Oak Music Hall, offers studio, one- and two-bedroom floor plans that range in size from 515 to 1,340 square feet. Private balconies/patios are available in select units, and all residences feature quartz countertop kitchen islands, designer soft-close cabinetry and stainless steel appliances. Amenities include a pool, fitness center, sky lounge, outdoor grilling and dining stations, courtyard, pickleball court and a dog run. Rents start at $1,635 per month for a studio apartment.

June 5, 2025

Loans Multifamily Southeast Virginia

Wells Fargo Provides $150M Agency Refinancing for Skyline Towers in Falls Church, Virginia

by John Nelson June 5, 2025

FALLS CHURCH, VA. — Wells Fargo has provided a $150 million Freddie Mac loan for Skyline Towers, a Class B multifamily property located at 5599 Seminary Road in Falls Church, roughly 10 miles west of Washington, D.C. The property features two 26-story apartment towers comprising 940 apartments. The undisclosed borrower will use the loan to refinance an existing Wells Fargo balance sheet loan. According to the property website, Skyline Towers offers studio, one-, two- and three-bedroom apartments, as well as a social lounge, fitness center, swimming pool with a pool deck, outdoor grilling area with lounge seating, concierge services and weekday shuttle service. The property also includes an onsite market and dental office.

June 5, 2025

Affordable Housing Development Multifamily Southeast Tennessee

Trent Development Group Opens 228-Unit Affordable Housing Community in Madison, Tennessee

by John Nelson June 5, 2025

MADISON, TENN. — Trent Development Group has opened Birchstone Village, a 228-unit affordable housing community located at 616 N. DuPont Ave. in Madison, about 12 miles northeast of downtown Nashville. The community is a redevelopment of the former Berkshire Place Apartments. Key financial and civic partners in the project include Pathway Lending, Amazon Housing Equity Fund, Regions Bank, Metro Nashville’s Barnes Housing Trust Fund, JPMorgan Chase, the Metropolitan Development and Housing Agency and the Tennessee Housing Development Agency. Trent Development and Pathway Lending hosted a ribbon-cutting ceremony for the property last week. Birchstone Village offers one-, two- and three-bedroom floorplans, along with a community lounge, learning center, sports court and a fitness center, according to the property website. Additionally, Family Affairs Ministries offers residents with resources including job placement coaching, financial literacy classes, tutoring and community meals.

June 5, 2025

Acquisitions Loans Multifamily South Carolina Southeast Walker & Dunlop

Walker & Dunlop Arranges $40M Acquisition Financing for Apartment Community in Spartanburg, South Carolina

by John Nelson June 5, 2025

SPARTANBURG, S.C. — Walker & Dunlop has arranged $40 million in acquisition financing for The Lively at Drayton Mills, a 297-unit apartment community located at 225 Milliken St. in Spartanburg. The borrower is BridgeGaps Real Estate, a New York City-based multifamily investment and management firm. Jared Sobel led the Walker & Dunlop team that arranged the financing, which comprised a $31 million Freddie Mac loan and a $9 million preferred equity investment from W&D Investment Partners, an alternative investment manager backed by Walker & Dunlop. Orange Capital Advisors sold the property to BridgeGaps for $53 million. David Lansbury, Jim Sewell and Erika Maston of Berkadia represented the seller in the transaction. Built in 2023, The Lively at Drayton Mills features studio, one-, two- and three-bedroom apartments, as well as a walking/biking trail, dog park, bocce ball court, fitness center and a swimming pool.

June 5, 2025

Acquisitions Development Multifamily New Jersey Northeast

JLL Brokers $25M Sale of Multifamily Development Site in Paramus, New Jersey

by Taylor Williams June 5, 2025

PARAMUS, N.J. — JLL has brokered the $25 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The site is located along Forest Avenue within Bergen Town Center. The buyer, a joint venture between Russo Development and KRE Group, plans to develop 426 units on the site in two phases. Plans also call for Class A amenities and about 5,000 square feet of retail space. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Urban Edge Properties, in the transaction.

June 5, 2025

Acquisitions Arizona Multifamily Western

CBRE Arranges $90M Sale of Three-Property Multifamily Portfolio in Downtown Phoenix

by Amy Works June 5, 2025

PHOENIX — CBRE has negotiated the sale of a three-property multifamily portfolio in downtown Phoenix. Regent Properties acquired the portfolio from Baron Properties for $90 million. The portfolio includes the 104-unit Linear at 295 E. Roosevelt St., the 111-unit iLuminate at 290 E. Roosevelt St. and the 108-unit The McKinley at 280 W. McKinley St. The communities feature high-quality podium construction, air-conditioned interior corridors, multiple elevators, resort-style swimming pools, rooftop patios and contemporary urban design aesthetics. Totaling 323 units, the three properties are located within one-half mile of each other in the Roosevelt Row neighborhood. Baron Properties built the assets between 2016 and 2020. Asher Gunter, Matt Pesch, Austin Groen and Sean Cunningham of CBRE represented the seller in the deal. Jesse Weber and Andrew Behrens of CBRE Debt & Structured Finance arranged financing on behalf of the buyer. The transaction marks Regent Properties’ first Phoenix-area multifamily acquisition.

June 5, 2025

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