Multifamily

FCP, Tides Equities Acquire Solara at Mill Avenue Apartments in Tempe for $77M

by Amy Works September 25, 2020

TEMPE, ARIZ. — A joint venture between FCP and Tides Equities has purchased Solara at Mill Avenue, a multifamily community in Tempe. An undisclosed seller sold the asset for $77 million. Solara at Mill Avenue features 515 apartments in a mix of one- and two-bedroom layouts with updated kitchens, new cabinets, quartz countertops, wood-style flooring and large windows. Community amenities include a clubhouse, covered parking, dog park, fire pit, event lawn, swimming pool and 24-hour parcel/package concierge. Matt Pesch of CBRE brokered the transaction. Solara at Mill Avenue is adjacent to Tides at South Tempe, which the joint venture acquired in June.

September 25, 2020

Loans Multifamily Utah Western

RED Mortgage Capital Provides $39.3M Loan for Mixed-Income Multifamily Housing in Salt Lake City

by Amy Works September 25, 2020

SALT LAKE CITY — RED Mortgage Capital has provided a $39.3 million in Federal Housing Administration (FHA) financing for Liberty BLVD, an apartment community located in Salt Lake City. The borrower is Cowboy Properties. Liberty BLVD features 266 mixed-income apartments with a walkable location on the east side of downtown Salt Lake City. Twenty percent of the units are restricted to households earning up to 50 percent of the area median income. The community features 3,900 square feet of commercial space and resident amenities, including a lounge, fitness center, swimming pool, sun deck and rooftop terrace. The FHA Section 223(a)(7) loan will refinance existing debt derived from the property’s FHA Section 207/221(d)(4) financing in 2016. The reduced interest rate from the refinance will result in additional cash flow for the borrower.

September 25, 2020

Alabama Development Multifamily Southeast Student Housing

Greystar to Develop $70M Student Housing Community Near University of Alabama

by Alex Tostado September 25, 2020

TUSCALOOSA, ALA. — Greystar has acquired 17 acres in Tuscaloosa to develop Union on Frank, a $70 million student housing community serving students at the University of Alabama. The 200-unit property will comprise 396 beds and will be situated at 512 Frank Thomas Ave., two blocks from Bryant-Denny Stadium. The site currently has existing student and multifamily communities that will be demolished. A timeline for completion was not disclosed. Sean Baird, Jonathan Holt, Carter Brehm, Austin Weathington and Will Mathews of Colliers International represented both the buyer and undisclosed seller in the land transaction.

September 25, 2020

Development Florida Multifamily Southeast

Daniel Corp. to Break Ground on $60M Multifamily Community in Pensacola

by Alex Tostado September 25, 2020

PENSACOLA, FLA. — Daniel Corp. plans to break ground on a $60 million, a 336-unit multifamily community in Pensacola. The yet-to-be-named property will be situated within Pathstone, a master-planned community featuring more than 200 single-family homes and 75,000 square feet of retail space. Additionally, the community will be situated across the street from Navy Federal Credit Union’s campus on Nine Mile Road, which houses 8,500 employees. The Birmingham, Ala.-based developer expects to deliver the property in fall 2021.

September 25, 2020

Acquisitions Louisiana Multifamily Southeast

Berkadia Arranges Acquisition Financing for Two Apartment Communities in Metro New Orleans

by Alex Tostado September 25, 2020

HARVEY AND GRETNA, LA. — Berkadia has arranged acquisition debt and equity for Waterchase Apartments and Whitney Manor, two multifamily communities built in 1975 in metro New Orleans. One Real Estate Investment (OREI) acquired the properties, which are situated three miles from each other and roughly six miles south of downtown New Orleans. Mitch Sinberg and Brad Williamson of Berkadia originated acquisition loans through Freddie Mac’s Green Advantage program on behalf of OREI, which acquired Waterchase for $31.1 million and Whitney Manor for $14.6 million. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia sourced the undisclosed equity partner. The $23.3 million acquisition loan for Waterchase features a 10-year term with a fixed interest rate and four years of interest-only payments. The $10.9 million acquisition loan for Whitney Manor offers a 10-year term with a fixed interest rate and three years of interest-only payments. Waterchase features two- and three-story buildings offering one- and two-bedroom floor plans. The property is situated at 1013 Manhattan Blvd., in Harvey. Units range from 858 to 1,192 square feet. Communal amenities include a two-story community room, two swimming pools, two laundry facilities, breakfast/coffee concierge, courtyard, fitness center and a business center. Whitney Manor is located …

September 25, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $23.2M Freddie Mac Loan for Development of Michigan Affordable Housing Property

by Kristin Harlow September 25, 2020

KENTWOOD, MICH. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac tax-exempt loan for the development of CityLine Apartments, a 240-unit affordable housing property in Kentwood, just south of Grand Rapids. This is the first Freddie Mac tax-exempt loan to be utilized in Michigan, according to KeyBank. Herman & Kittle Properties Inc. is developing the project, which will be built and operated according to the Section 42 low-income housing tax credit program. Situated on 11.5 acres, the development is expected to serve families that are part of the local workforce. Construction is scheduled for completion in 2022.

September 25, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Merchants Capital Originates $7.2M in Financing for New Affordable Housing Complex in Madison, Wisconsin

by Kristin Harlow September 25, 2020

MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.

September 25, 2020

Acquisitions Multifamily Texas

Colliers Arranges Sale of 138-Unit Bonita Gardens Apartments in South Dallas

by Taylor Williams September 25, 2020

DALLAS — Colliers International has arranged the sale of Bonita Gardens, a 138-unit apartment community located at 3410 Fordham Road on the south side of Dallas. The garden-style community was built on 3.7 acres in 1976 and renovated in 2011. Units range in size from 661 to 762 square feet. Mark Allen and Courtland Charles of Colliers represented the undisclosed seller in the transaction. A Dallas-based buyer acquired the asset in an all-cash transaction.

September 25, 2020

Connecticut Loans Multifamily Northeast

JLL Provides $107.2M Agency Loan for Acquisition of Waypointe Apartments in Norwalk, Connecticut

by Taylor Williams September 25, 2020

NORWALK, CONN. — JLL has provided a $107.2 million Freddie Mac acquisition loan for The Waypointe, a 464-unit apartment community in Norwalk that also houses 56,000 square feet of retail and restaurant space. Units come in one-, two- and three-bedroom floor plans, and amenities include a fitness center, game room, saltwater pool and two parking garages totaling 1,027 spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan on behalf of the borrower, Invictus Real Estate Partners. The Waypointe was 93 percent occupied at the time of the loan closing.

September 25, 2020

Loans Multifamily Northeast Pennsylvania

Aquinas Realty Receives $13.2M Loan for Refinancing of Philadelphia Multifamily Asset

by Taylor Williams September 25, 2020

PHILADELPHIA — An affiliate of Aquinas Realty Partners LLC has received a $13.2 million loan for the refinancing of AQ Overbrook, a 128-unit multifamily asset in Philadelphia. The borrower acquired the property, which formerly served as a student housing complex for St. Joseph’s University, in 2018 and implemented a capital improvements program to reposition the asset as a market-rate apartment community. Cronheim Mortgage arranged the loan, which carries a five-year term and a fixed interest rate, through an undisclosed local bank.

September 25, 2020

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