Property Type

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Community in Minnesota

by Kristin Harlow June 18, 2021

ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.

June 18, 2021

Loans Massachusetts Multifamily Northeast

Phillips Realty Capital Arranges $96.2M in Financing for Two Boston Multifamily Assets

by Taylor Williams June 18, 2021

BOSTON — Maryland-based Phillips Realty Capital has arranged two loans totaling $96.2 million for the refinancing and renovation of a pair of multifamily assets totaling 279 units in Boston. In the first transaction, Voya Commercial Mortgage LLC provided funds for Atrium on the Commonwealth, a 187-unit community near Boston University that was originally built in the 1920s as an assembly plant and dealership for Packard Motors. In the second deal, Hingham Institution for Savings provided financing for the 92-unit Longfellow Apartments near Harvard University in Cambridge. That property was originally built in 1917 and features studio, one-, two- and three-bedroom floor plans. Adam Bieber of Phillips Realty Capital led the debt placement efforts in conjunction with Harmon Handorf, Emily Beeler and Bill Wrench. The borrower was full-service real estate firm The Hamilton Co.

June 18, 2021

Connecticut Leasing Activity Northeast Retail

Floor & Décor to Open 100,000 SF Store in Fairfield, Connecticut, on June 21

by Taylor Williams June 18, 2021

FAIRFIELD, CONN. — Atlanta-based home improvement retailer Floor & Décor will open its 100,000-square-foot warehouse store and design center in Fairfield, located in the southern-coastal part of the state, on Monday, June 21. About 50 full- and part-time associates will work at the store, which is located at 300 Tunxis Hill Road. Brian Katz of retail brokerage firm Katz & Associates represented the retailer in its site selection and negotiations for the new store, which is one of two Floor & Décor outlets set to come on line in Connecticut this year.

June 18, 2021

Development Multifamily New Jersey Northeast

Blue Onyx Breaks Ground on 78-Unit Apartment Project in East Orange, New Jersey

by Taylor Williams June 18, 2021

EAST ORANGE, N.J. — Locally based developer Blue Onyx Cos. has broken ground on 14 Summit, a 78-unit apartment project located in the Northern New Jersey community of East Orange. Designed by Inglese Architecture & Engineering, the five-story property will comprise eight studio apartments, 51 one-bedroom units and 19 two-bedroom units. Amenities will include a coworking space, fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Completion is slated for early 2023.

June 18, 2021

Market Reports Multifamily Texas Texas Market Reports

Investors Take Notice as RGV Multifamily Market Emerges from Pandemic Lull

by Taylor Williams June 18, 2021

By Brad Frisby, associate, NAI Rio Grande Valley As the national economy and society as a whole move toward recovery from the COVID-19 pandemic, multifamily investors of all varieties, eager to deploy capital into the space, are increasingly looking at markets in the Rio Grande Valley (RGV). While the region’s multifamily investment market has unquestionably experienced its share of decreased activity over the past 15 months, deal volume and velocity have really picked back up through the first two quarters of 2021. Many investors that are targeting the RGV are banking on its solid fundamentals holding through the recovery and are eyeing deals with five- to 10-year holding strategies in mind. Although the RGV remains something of a seller’s market — many multifamily deals are trading at sub-6-percent cap rates — buyers are willing to pony up to be in this high-growth market. This holds especially true when one considers the RGV as an alternative to Dallas, Houston or Austin. But it’s precisely from those markets that we continue to see an influx of capital looking for multifamily deals. Prior to the pandemic, the annual combination of limited new deliveries and steady job growth in resilient industries like healthcare, education …

June 18, 2021

Acquisitions Industrial New Jersey Northeast

JLL Negotiates Sale of 50,400 SF Industrial Building in Branchburg, New Jersey

by Taylor Williams June 18, 2021

BRANCHBURG, N.J. — JLL has negotiated the sale of a 50,400-square-foot industrial building located in the Northern New Jersey city of Branchburg. The property sits on 3.5 acres and has been leased to the same tenant since it was constructed in 1988. Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh of JLL represented the seller, a partnership between Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset for an undisclosed price.

June 18, 2021

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $5.2M Perm Loan for Multifamily Building Near Harvard University

by Taylor Williams June 18, 2021

CAMBRIDGE, MASS. — Locally based mortgage banking firm Fantini & Gorga has placed $5.2 million in permanent financing for a 31-unit multifamily building located at 1558 Massachusetts Ave. in the Harvard Square area of Cambridge. The five-story building was originally constructed in the 1920s and sits directly across the street from Harvard Law School. Eastern Mortgage Capital provided the loan, which was structured with a 35-year term and a fixed interest rate. The borrower was not disclosed.

June 18, 2021

Civic Development Texas

Austin Commercial Completes 20,500-Seat Austin FC Soccer Stadium

by Taylor Williams June 17, 2021

AUSTIN, TEXAS — General contractor Austin Commercial has completed Q2 Stadium, the new, 20,500-seat soccer stadium for Austin FC, the city’s new Major League Soccer team that will host its first match in the 465,000-square-foot venue on June 19. The Austin City Council originally approved the development of the stadium, which is situated on a 24-acre site on the city’s north side, in August 2018. Designed by Gensler and owned by Precourt Sports Ventures, the stadium features an outdoor amphitheater and stage for live music, a beer hall with local food and beverage options, large video screens for parties and retail merchandise stores. St. David’s Performance Center, the team’s 29,000-square-foot training facility that was also designed by Gensler, opened this spring and features four full-sized and one half-sized fields, including a community field with seating for 1,000 spectators.

June 17, 2021

Development Multifamily Texas

Legacy Partners, Bridge Investment Break Ground on 483-Unit Apartment Community in Austin

by Taylor Williams June 17, 2021

AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Camber Ranch on Parmer, a 483-unit apartment community in Austin. Designed by Humphreys & Partners, the community will consist of 22 residential buildings separated by a large green belt and wetland with walking trails. Units will range in size from 438 to almost 1,500 square feet, and multiple homes will include private garages. Other amenities will include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. The project was announced in December 2020.

June 17, 2021

Acquisitions Colorado Multifamily Western

Nuveen Real Estate Sells 1,184-Unit Palomino Park Apartments in Southeast Denver for $435M

by Amy Works June 17, 2021

DENVER — Nuveen Real Estate has completed the sale of Palomino Park Apartments, located at 6700 Palomino Parkway in the Highlands Ranch submarket of southeast Denver. An undisclosed buyer acquired the asset for $435 million. Totaling 1,184 units, Palomino Park consists of three villages: Blue Ridge, Green River and Red Canyon, each offering its own identity and 4,000-square-foot clubhouse. The acquisition also includes access to the Colorado Club, a 26,000-square-foot recreation center situated on a 30-acre central park within the master-planned community. The park serves as an amenity for the three apartment villages, as well as the two for-sale, owner-occupied villages within the 106-acre master-planned development. Matthew Lawton, Jordan Robbins and Pamela Koster of JLL Capital Markets represented the seller in the transaction. Andy Scott, Whitaker Johnson and Robert Bova of JLL arranged $282.7 million in acquisition financing for the buyer.

June 17, 2021

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