Multifamily

DCHFA Finances 112-Unit Affordable Housing Development in D.C.

by John Nelson January 29, 2021

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has financed a 112-unit affordable housing development in Washington, D.C.’s Anacostia neighborhood on the city’s southeast side. Mid-Atlantic Realty Partners and Taylor Adams Associates are the borrowers and co-developers of the $52.6 million development. DCHFA financed the project with a $27 million in tax-exempt bond financing and the underwriting of $20.6 million in 4 percent low income housing tax credits (LIHTC). Additionally, the DC Department of Housing and Community Development is providing a $16.5 million loan from its Housing Production Trust Fund for the property. The new community will be located at 2442 Martin Luther King Ave SE, just 500 feet from the Anacostia Metro Station. The apartments will be priced at 30 to 50 percent of area median income relative to Ward 8’s Anacostia neighborhood. The property will consist of 24 one-bedroom, 57 two-bedroom and 31 three-bedroom apartments. Six units will be designated Permanent Supportive Housing (PSH) units and will be supported by the Local Rent Supplement Program. Community Connections of DC will provide supportive services for the residents of the PSH units. The community’s planned amenities include a business center, community room and a parking garage with …

January 29, 2021

Affordable Housing Development Multifamily Texas

CitySquare to Develop Affordable Housing Property in Dallas Using Shipping Containers

by Taylor Williams January 29, 2021

DALLAS — Nonprofit organization CitySquare Housing will develop the Lomax Container Housing Project, an endeavor that will convert old shipping containers into affordable housing for Dallas residents. Construction of the project, which will be located at the intersection of S. Malcolm X Boulevard and Louise Avenue on the city’s southeast side, is expected to begin during the first quarter. Units will average 300 square feet and will be reserved for renters earning 60 percent or less of the area median income. Dallas-based Merriman Anderson/Architects designed the project. Shipping containers make for viable living structures because they are modular and are built out offsite and delivered complete with just hook-ups necessary.

January 29, 2021

Company News Multifamily New York Northeast

Meridian Capital, Barings Launch New Multifamily Lending Platform, Tap Former Freddie Mac Chief to Lead Initiative

by Taylor Williams January 29, 2021

NEW YORK CITY — New York City-based mortgage banking firm Meridian Capital Group and global investment manager Barings have launched a new multifamily lending platform that will be headed by former Freddie Mac CEO David Brickman, who left the agency late last year. Under the terms of the agreement, the joint venture will acquire the assets and liabilities of Barings Multifamily Capital and operate that entity’s origination and servicing businesses for its portfolio of agency loans. The philosophy behind the new venture centers on leveraging the depth and reach of the platform of Meridian Capital, which in 2020 closed approximately $40 billion in loans via deals with more than 250 unique lenders. The newly created platform will be operated as a standalone business under its own name and branding, which will be announced prior to the transaction closing. Meridian will own a majority of the newly created platform, the day-to-day operations of which will be overseen by Brickman. “Our partnership with Barings will enable us to join forces with one of the world’s leading asset managers and reintroduce Meridian to the direct agency lending arena,” said Ralph Herzka, chairman and CEO of Meridian Capital. “The addition of David Brickman to our executive …

January 29, 2021

Loans Multifamily New York Northeast

Greystone Provides $61.2M Agency Loan for Refinancing of Upstate New York Multifamily Portfolio

by Taylor Williams January 29, 2021

CANANDAIGUA, BROCKPORT AND FAIRPORT, N.Y. — Greystone has provided a $61.2 million Fannie Mae loan for the refinancing of a portfolio of multifamily properties totaling 769 units in Upstate New York. The portfolio comprises the 295-unit Centerpointe Apartments & Townhomes in Canandaigua, the 160-unit Willowbrooke Manor Apartments in Brockport and the 314-unit Highview Manor Apartments & Townhomes in Fairport. Drew Fletcher, Matthew Hirsch and Paul Fried of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, locally based investment and development firm Sinatra & Co. Real Estate.

January 29, 2021

Kansas Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $20.4M in HUD Financing for Three Seniors Housing Properties in Kansas, Minnesota

by Kristin Harlow January 29, 2021

KANSAS AND MINNESOTA — Colliers Mortgage has provided three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three seniors housing properties in Kansas and Minnesota. The properties include Village Cooperative of Albert Lea and Village Cooperative of Red Wing in Minnesota as well as Village Cooperative of Lawrence in Kansas. The three communities total 146 units. By refinancing the properties, the borrowers were able to reduce the interest rate on each loan and generate substantial annual savings, according to Colliers. The two loans for the Minnesota properties carry 38-year terms and the Kansas loan features a 40-year term.

January 29, 2021

Acquisitions Multifamily Washington Western

Bell Partners Acquires 160-Unit Modera Jackson Apartments in Seattle from Mill Creek Residential

by Amy Works January 29, 2021

SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.

January 29, 2021

Affordable Housing California Development Multifamily Western

Community Corp., R.D. Olson Construction Break Ground on 73-Unit Affordable Housing Project in Santa Monica

by Amy Works January 29, 2021

SANTA MONICA, CALIF. — Developer Community Corp. of Santa Monica and general contractor R.D. Olson Construction have broken ground on Las Flores Santa Monica, a 94,000-square-foot affordable housing community in Santa Monica. The family-focused property is slated for completion in fall 2022. Las Flores Santa Monica will feature 35 one-bedroom, 19 two-bedroom and 19 three-bedroom apartments above a below-grade parking garage. Community amenities will include exterior decks and lounge areas, a playground, community laundry, community rooms, exterior walkways and landscaping. Designed by DE Architects, the property’s exterior façade will feature stucco with architectural metal panels. Located at 1834 14th St., the property is within walking distance of Santa Monica’s retail, dining and entertainment options, as well as Santa Monica College and Memorial Park.

January 29, 2021

Features Hospitality Industrial Multifamily Office Retail Southeast Southeast Feature Archive

COVID-19 Takes Heavy Toll on Commercial Property Values

by John Nelson January 29, 2021

By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …

January 29, 2021

Acquisitions Kentucky Multifamily Southeast

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

by John Nelson January 28, 2021

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed. The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of one-, two- and three- bedroom units. The community’s amenities include a clubhouse, pool, onsite dog parks, fire pits, game center and 30 freestanding garages. The Drake features 22 three-story buildings. The Stables at Waveland Farm is located at 3765 Winthrop Drive and The Woods at 1850 is located at 1850 Old Higbee Mill Road, both in Lexington. The Stables at Waveland Farm was built in 2019. The Woods at 1850 feature one-, two-, and three-bedroom floorplan options. The communities will be rebranded as the Stables at Palomar and Stables at the Woods, respectively. The properties are located within 3.5 miles of each other. Together, they will add 72 units to Lauth’s portfolio. The Lexington-based Silvestri …

January 28, 2021

Acquisitions Affordable Housing Development Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson January 28, 2021

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

January 28, 2021

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