Multifamily

Holladay Properties Breaks Ground on $30M Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 13, 2021

LOMBARD, ILL. — Holladay Properties has broken ground on Lilac Station, a $30 million luxury apartment complex in the western Chicago suburb of Lombard. The 118-unit property will feature amenities such as a deck area, pet run, game court, outdoor lounge area and fitness center. There will also be an onsite restaurant. Construction is slated for completion in early 2023. Lilac Station is the third luxury apartment complex in the Chicagoland area for Indiana-based Holladay Properties, which serves as the developer and manager on each of the properties. Holladay Construction Group is the general contractor. Lilac Station is named after the lilac flower. Lombard is home to Lilacia Park, a horticultural showcase that features more than 700 lilacs and 35,000 tulips. The project is being built on the site of the former DuPage Theatre. Certain historic elements of the theater will be integrated into the design of the apartment complex.

July 13, 2021

Loans Midwest Multifamily North Dakota

Greystone Provides $18.3M HUD-Insured Loan for Refinancing of Multifamily Property in North Dakota

by Kristin Harlow July 13, 2021

GRAND FORKS, N.D. — Greystone has provided an $18.3 million HUD 223(f) loan for the refinancing of Aspen Lofts Apartments in Grand Forks. Built in 2016, the 150-unit multifamily property offers studios, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, fitness center, game room, dog park and picnic area. Adam Yitzhaky and Ilan Bassali of Greystone originated the loan on behalf of the borrower, Northridge Group. The 35-year loan is fully amortizing and features a fixed interest rate. Loan proceeds will also be used ongoing maintenance.

July 13, 2021

Development Healthcare Loans Multifamily Student Housing Texas

Medistar Tops Out 19-Story Student Housing Tower at Texas A&M Innovation Plaza Campus in Houston

by Taylor Williams July 13, 2021

HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …

July 13, 2021

Acquisitions Multifamily Texas

Bolour Associates Buys Multifamily Property in Metro Houston for $9.6M

by Taylor Williams July 13, 2021

HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.

July 13, 2021

Acquisitions California Loans Multifamily Western

CBRE Global Investors Closes $41.5M Loan for Elevate Long Beach Apartments in California

by Amy Works July 13, 2021

LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.

July 13, 2021

Development Multifamily Seniors Housing Washington Western

Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington

by Amy Works July 13, 2021

BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.

July 13, 2021

Acquisitions Massachusetts Multifamily Northeast

Equity Residential Acquires 270-Unit Reserve at Burlington Apartments in Metro Boston

by Taylor Williams July 13, 2021

BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.

July 13, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.

July 13, 2021

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers Sales of Two Connecticut Apartment Buildings for $5.8M

by Taylor Williams July 13, 2021

BRIDGEPORT AND NORWALK, CONN. — Northeast Private Client Group (NEPCG) has brokered the sales of two Connecticut apartment buildings totaling 37 units for a combined price of approximately $5.8 million. Atlantic Street Apartments in Bridgeport totals 16 units and sold for $1.9 million, and Fairfield Avenue Apartments in Norwalk totals 21 units and sold for $3.9 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented both parties in both deals.

July 13, 2021

Affordable Housing Features Loans Multifamily

Fannie Mae, Freddie Mac Go All-In on Affordable Housing Lending Following FHFA Revision

by John Nelson July 13, 2021

A few weeks before Thanksgiving last year, the Federal Housing Finance Agency (FHFA) made sweeping changes to Fannie Mae and Freddie Mac’s multifamily business pursuits for 2021. The FHFA revised the previous structure that capped loan production at $200 billion combined for both government-sponsored enterprises (GSEs). And unlike most years, that cap was spread across five quarters spanning from the beginning of fourth-quarter 2019 to the end of 2020. For 2021, the FHFA is once again using the traditional four-quarter time frame but is now directing the agencies to produce $140 billion in multifamily loans combined ($70 billion apiece), which is lower than $159 billion in loans closed by the GSEs and their lending partners last year: $76 billion for Fannie Mae and $83 billion for Freddie Mac. The FHFA is again doing away with its long list of exclusions for loans on properties that don’t count toward the cap. In the past, the agencies had no limits to finance certain multifamily categories, including communities with five to 50 units, seniors housing, rural properties and manufactured housing. The FHFA is maintaining its directive for the agencies to finance properties deemed as “mission-driven affordable housing” — or those affordable to households …

July 13, 2021

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