Multifamily

JLL Arranges Refinancing for 216-Unit Apartment Community in Grapevine, Texas

by Taylor Williams October 20, 2021

GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.

October 20, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Nuestra Comunidad, POAH Break Ground on 50-Unit Affordable Seniors Housing Community in Boston

by Taylor Williams October 20, 2021

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.

October 20, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners to Develop 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams October 20, 2021

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

October 20, 2021

Acquisitions California Loans Multifamily Seniors Housing Western

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. to Develop 288-Unit Cabana Bridges Apartments in Tucson

by Amy Works October 20, 2021

TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks. The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and fitness center, as well as access to smart-home technology.

October 20, 2021

Acquisitions Affordable Housing Loans Multifamily Washington Western

Bellwether Housing Acquires Two Multifamily Communities for Affordable Housing Conversion in Washington

by Amy Works October 20, 2021

KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …

October 20, 2021

Acquisitions Multifamily Nevada Western

Coldwell Banker Brokers $35M Acquisition of Silver Creek Apartments in Las Vegas

by Amy Works October 19, 2021

LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million. Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts. Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer in the deal.

October 19, 2021

Florida Loans Multifamily Southeast

Berkadia Secures Acquisition Financing Totaling $28.3M for Two Multifamily Communities in Brandon, Florida

by Julia Sanders October 19, 2021

BRANDON, FLA. — Berkadia has secured $28.3 million in acquisition financing for two multifamily communities in Brandon. Mitch Sinberg and Brad Williamson of Berkadia secured a $15.7 million loan for Avenue at Creekbridge, a 112-unit apartment community, and a $12.6 million loan for Westwood at 60, an 88-unit apartment community. Berkadia is providing two Freddie Mac loans with seven-year terms, interest-only payment periods and fixed interest rates. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge for $22.5 million and Westwood at 60 for $18.1 million. The seller(s) was not disclosed. Built in 1987, Avenue at Creekbridge offers two- and three-bedroom apartments ranging from 950 to 1,175 square feet. Units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a fitness center, bark park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock. Located at 1002 Creekbridge Road, the property is situated 3.7 miles from downtown Brandon and about 13.3 miles from Tampa. Avenue at Creekbridge was rebranded to Creekbridge Crossing Apartments. Built in 1986, Westwood at 60 offers one-, two- and three-bedroom apartments ranging from 1,120 …

October 19, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Arranges $27.3M Sale of Active Adult Community Near Minneapolis

by Kristin Harlow October 19, 2021

MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf courses. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.

October 19, 2021

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