WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.
MIRAMAR, FLA. — ZOM Living has sold Sorrento, a 320-unit affordable housing apartment community located in Miramar. Built more than 11 years ago, the property was originally financed through the low-income housing tax credit (LIHTC) program and state and county debt financing programs. The community features units in one-, two- and three-bedroom floorplans ranging from 651 to 1,187 square feet. Amenities include a swimming pool, fitness center, clubhouse, pavilion and barbecue area, resident lounge and a computer lab. Monthly rents at the property begin at $826. Related Cos. purchased the community for an undisclosed price.
SNELLVILLE, GA. — Three new tenants have signed leases at The Shoppes at Webb Gin, a retail center located in Snellville, roughly 30 miles outside of Atlanta. Browlash and Club Pilates will occupy 1,200 and 1,625 square feet, respectively. DRIPBar will also open at the property in January within a 1,675-square-foot space. Monica Johnson and Kelsi Holman represented the landlord, Continental Realty Corp. (CRC), on an internal basis. Sydney Isroff of Morrow Hill Commercial Real Estate represented DRIPBar in the leasing negotiations, and Emily Kozarek of Colliers represented Club Pilates. Built in 2006, The Shoppes at Webb Gin is now 90 percent occupied.
ARLINGTON, TEXAS — Newmark has arranged the sale of Maverick Place, a 382-bed student housing community located near the University of Texas at Arlington campus. The garden-style community offers a mix of one-, two- and four-bedroom units (117 total) with bed-to-bath parity. Shared amenities include a 24-hour fitness center, clubhouse, pool, game room, cybercafé and a dog park. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers in the transaction. Jordan Roeschlaub, Dustin Stolly, Ben Roelke, Ian Walker and Trent Houchin, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Axonic Properties LLC.
LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Amalfi at Tuscan Lakes, a 328-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.
SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.
DALLAS — Lincoln Property Co. (LPC) has unveiled its new, 58,644-square-foot global headquarters at 8111 Douglas Ave., in the University Park neighborhood of Dallas. The site consists of two 13-story buildings, one of which houses 225,000 square feet of office and retail space and the other housing 128 multifamily units and 1,400 square feet of retail space. LPC delivered the property in 2023. Office and residential amenities include indoor and outdoor fitness spaces, a ground-floor park and an amenity deck with a putting green and pickleball and bocce ball courts. Including its Dallas headquarters, LPC now operates 35 offices worldwide.
NEW CANEY, TEXAS — Hope Media Group, a provider of religious content, will open its global headquarters office within Valley Ranch, a 1,400-acre master-planned development in the northeastern Houston suburb of New Caney. The facility will house video and podcast production space, studios with noise isolation features and modern collaborative spaces. Gensler is the project architect, and Houston-based Tellepsen is the general contractor. Construction is expected to begin before the end of the year. Signorelli Co. owns Valley Ranch.
CARMEL, IND. — Indiana-based Merchants Capital has completed a $303 million securitization of 11 multifamily loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinancing of multifamily properties spanning eight states. Florida, Indiana, Colorado and New Jersey make up 81 percent of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80 percent of the area median income. According to Freddie Mac, Q transactions are structured pass-through securities backed by multifamily mortgage loans. They are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization. Merchants Capital has been the loan seller in four of the last nine Freddie Mac Q transactions. The transaction supports financing of affordable housing in underserved markets, qualifying as social bonds within the social bonds framework published on Freddie Mac’s website. Proceeds from social bonds are used to provide liquidity to social impact financial institutions, including parent company Merchants Bank of …
INDIANA, ARIZONA, PENNSYLVANIA, TEXAS AND UTAH — Newmark has brokered the sale-leaseback of a nine-building industrial portfolio totaling 754,795 square feet across five states. The tenant, Novae Corp., sold the portfolio for an eight-figure price. Four of the properties are in Indiana, while two are in Pennsylvania, one is in Arizona, one is in Utah and one is in Texas. Andrew Sandquist, Daniel Katcher, Adam Petrillo, JC Asensio and Briggs Goldberg of Newmark represented Novae, which is a manufacturer and exporter of utility trailers. According to Newmark, the sale-leaseback transaction provided capital liquidity for several initiatives, including organic growth opportunities and future acquisitions. The buyer was undisclosed.