ARLINGTON, TEXAS — Provident Realty Advisors is underway on construction of Debbie Lane Flats, a 331-unit multifamily project that will be situated on 17 acres in Arlington. Amenities will include a fitness center, pool and a dog park. Construction officially began in June 2020 and is expected to be complete in the first quarter of 2022. Trez Capital recently provided $8.7 million in financing for the project.
RICHMOND, TEXAS — Locally based developer Allied Orion Group has broken ground on Granary Flats, a 324-unit apartment community that will be located in the southwestern Houston suburb of Richmond. Designed by Sage Group, the property will be situated within Johnson Development’s 1,300-acre Harvest Green master-planned community and will feature one-, two- and three-bedroom floor plans. Units will be furnished with stainless steel appliances, granite countertops and wood-style flooring. Amenities will include a pool, fitness center, media room and a resident lounge with coworking spaces. Allied Orion expects to open the community in the fourth quarter.
WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …
AUSTIN, TEXAS — A joint venture between developer Davis Cos. and Hayden Glade, an investment fund focused on affordable housing, has acquired Rosemont at Hidden Creek, a 250-unit property in northeast Austin that was built in 2006. The new ownership will invest in capital improvements to the unit interiors and common areas and rebrand the community as Eryngo Hills, named after a flower that is indigenous to the region. The seller was not disclosed.
PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Normandy, a 143-unit multifamily asset that is located on 9.7 acres in Port Arthur, located just south of Beaumont. Nick Fluellen, Bard Hoover, David Fersing and Sean Scott of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
ORLANDO, FLA. — Bluerock Real Estate has sold Grandewood Pointe, a 306-unit apartment community in Orlando, for $46.2 million. Jay Ballard and Ken DelVillar of JLL represented Bluerock in the sale to the buyer, a joint venture led by Miami-based multifamily investor and operator Lloyd Jones LLC. Elliott Throne, Jesse Wright, Tarik Bateh and Jennifer Swanson and Drew Jennewein of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the borrower. The loan is a Fannie Mae Green Rewards Program product, which JLL will service. Grandewood Pointe features one-, two- and three-bedroom units. The new ownership group is planning to make renovations to the building’s exterior, community amenities and units, including new countertops, vanities and lighting. Current community amenities include a courtyard, barbecue and picnic area, playground and a business center. Located at 3701 Grandewood Blvd., Grandewood Pointe is situated close to Lake Nona’s Medical City and 17 miles from downtown Orlando.
UPPER MACUNGIE, PA. — A partnership between two New Jersey-based firms, KRE Group and Silverman Group, will develop Lehigh Hills, a 273-unit multifamily project that will be located outside of Allentown in the Lehigh Valley community of Upper Macungie. The community will feature a mix of one- and two-bedroom units that will be housed in seven mid-rise buildings. Amenities will include a fitness center with a yoga room, gaming room, conference room, a pool, dog park and a children’s play area. Valley National Bank provided a $44.4 million construction loan for the project, which is expected to be complete in 2022.
ATLANTA — Frankforter Group has acquired Garden Walk Apartments, a 240-unit, Class B multifamily community in south Atlanta. The seller and sales price were not disclosed. Garden Walk features 240 rental apartments on 29 acres located in Williamsburg Park and is 4.5 miles south of Hartsfield–Jackson Atlanta International Airport. Frankforter Group, a Montreal-based real estate investment and asset management firm, will invest over $2 million to enhance the property, including the common area amenities, such as an automated delivery locker system, clubhouse upgrades, pool area renovations and sports courts revamping.
NEW YORK CITY — Alpha Realty has brokered the $4.5 million sale of 310 E. 89th St., a 20-unit apartment building in Manhattan. The five-story building was originally constructed in 1920. Lev Mavashev and Shai Egison of Alpha Realty represented the seller and the locally based buyer in the transaction. The deal traded at a cap rate of 5.1 percent.
MANGONIA PARK, FLA. — Greystone has provided a $29 million HUD loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in the Palm Beach County town of Mangonia Park. Fred Levine of Greystone originated the financing on behalf of the borrower, North Miami-based Royal Castle Development. The HUD 223(f) financing carries a 35-year term and 35-year amortization schedule, along with a low, fixed interest rate. The property has a LIHTC land-use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units. Hampton Court Apartments is located on 4761 N Australian Ave., about nine miles from the Palm Beach International Airport. Constructed by the borrower in 2000, the property consists of 19 apartment buildings featuring two- and three-bedroom units with updated appliances, washer/dryer hook-ups and private outdoor living spaces. Amenities to the gated community include a clubhouse and business center, swimming pool, fitness center, tennis court, picnic and playground area, laundry facility and onsite parking.
