WACO, TEXAS — Hunt Capital Partners, in collaboration with co-developers Mears Development & Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for the construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50 and 60 percent of the area median income. Crossroads Housing Development Corp. is the general contractor, and Brownstone Architects & Planners Inc. is the project architect. Construction of the development began in August 2020 and is scheduled for completion in January 2022.
NEW YORK CITY — Locally based construction firm Falcon Pacific Builders has completed a 50-unit apartment building at 28-16 21st St. in the Astoria neighborhood of Queens. Architect Mark Markowitz designed the seven-story building, and The Saab Family LP developed it. The building’s total footprint is 45,498 square feet, with 7,200 square feet reserved for commercial usage. Residences come in one-, two- and three-bedroom formats, with 20 percent of the units designated as affordable.
ST. PAUL, MINN. — Kraus-Anderson has completed construction of 590 Park Street, a 92-unit apartment project in St. Paul. The $20 million development offers micro, studio and one-bedroom units. Located on the site of the former Capitol Professional Office Building, the project is situated near the State Capitol, Regions Hospital and a Green Line transit stop. Amenities at the six-story building include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson Development is the developer, UrbanWorks Architecture is the architect and Engelsma LP is the owner. Monthly rents start at $926.
COSTA MESA, CALIF. — A public-private partnership between Orange Coast College and Servitas has completed the construction of a $123 million residence hall on the college’s campus in Costa Mesa. Named The Harbour, the 321,105-square-foot development offers 823 beds in 326 apartment-style, fully furnished units. Shared amenities at the property include study lounges on each floor, package lockers, bicycle storage, courtyards, onsite laundry and parking. “Servitas is honored to deliver this historic residence hall for Orange Coast College that not only provides its students with on-campus housing for the first time, but also serves as a guide for many surrounding community colleges looking to offer student housing,” says Angel Rivera, senior vice president of development services at Servitas. “During the final month of construction, all teams faced many challenges due to COVID-19 including a Southern California Glaziers union labor strike.”
MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
HUNTERSVILLE, N.C. — HHHunt Corp. has broken ground on Abberly Liberty Crossing, a 320-unit multifamily community in Huntersville. The developer expects development costs to total more than $55 million. The property will offer one- through three-bedroom floor plans ranging from 792 to 1,499 square feet. Unit interiors will include Shaker-style cabinets, granite countertops, stainless steel appliances and wood-style flooring. Communal amenities will include a fitness center, pool, sundeck, dog park, car charging stations and a car care center. The complex will be situated near the intersection of Independence Hill and Keith Hill roads, 12 miles north of downtown Charlotte. HHHunt expects to deliver the community by fall 2021. HHHunt also developed Abberly Woods in Charlotte and Abberly Green in nearby Mooresville.
SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.
NASHVILLE, TENN. — Capstone Apartment Partners has arranged the $15 million sale of The Lofts at Rose Monte, a 229-unit apartment complex in south Nashville. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and laundry facilities. The property was delivered in 2017 and was 96 percent occupied at the time of the sale. The Lofts at Rose Monte is located at 3705 Lausanne Drive, 12 miles south of downtown Nashville near Brentwood and Franklin, Tenn. Austin Heithcock, Adam Klenk, Tyler Mayo and Jonathan Hawks of Capstone procured the buyer, Washington D.C.-based RSE Capital Partners. The seller was not disclosed.
WALTHAM, MASS. — Marcus & Millichap has arranged the $5.1 million sale of two apartment buildings totaling 21 units in the western Boston suburb of Waltham. The first property is located at 30A Amory Road, totals 11 units and sold for $2.3 million. The second building is located at 266-274 River St., features 10 units and fetched a sales price of $2.8 million. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the sellers and procured the buyers in both transactions.
FORT WORTH, TEXAS — Dallas-based apartment developer Lang Partners has completed The Cooper, a $65 million, 390-unit apartment project located at 1001 W. Rosedale St. in Fort Worth’s Near Southside district. The Cooper features a mix of one-, two- and three-bedroom units ranging in size from 540 to 1,810 square feet, with rents starting at $1,200 per month for a one-bedroom unit. Amenities include a pool, outdoor grilling areas, a fitness center with a yoga studio, pet park, coworking office space and a media center. GFF designed the project, and KWA Construction served as the general contractor.