Multifamily

Allied Orion Nears Completion of 360-Unit Southbrook Multifamily Project in Metro Austin

by Taylor Williams September 17, 2020

LEANDER, TEXAS — Allied Orion Group is nearing completion of The Southbrook, a 360-unit multifamily project that will be located in the northern Austin suburb of Leander. Designed by Dallas-based Humphreys & Partners Architects, the property will offer one, two- and three-bedroom floor plans and amenities such as a pool, fitness center, resident lounge with billiards tables, dog park, courtyard and package delivery services. The first units are expected to be available for occupancy in the fourth quarter.

September 17, 2020

Acquisitions Multifamily Washington Western

Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M

by Amy Works September 17, 2020

TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction

September 17, 2020

Development Multifamily South Carolina Southeast

Alliance Residential to Develop 336-Unit Multifamily Community in North Charleston

by Alex Tostado September 16, 2020

NORTH CHARLESTON, S.C. — Alliance Residential Co. will develop Broadstone Ingleside, a 336-unit multifamily community in North Charleston. The Phoenix-based developer recently closed on the acquisition of a 24-acre parcel situated at 8400 Palmetto Commerce Parkway, 20 miles northwest of downtown Charleston. The property will offer one-, two- and three-bedroom floor plans averaging 926 square feet. Communal amenities will include a pool, fitness center, coworking space and a walking trail. Cline Design Associates is the architect, and Seamon Whiteside is the civil engineer. Alliance Residential expects to open the community in fall 2021.

September 16, 2020

Alabama Development Multifamily Seniors Housing Southeast

KIRCO Delivers 137-Unit Seniors Housing Community in Birmingham

by Alex Tostado September 16, 2020

BIRMINGHAM, ALA. — KIRCO has completed construction of The Bluffs at Greystone, a 137-unit seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units. The community features a dog park, indoor pool, bocce ball court, movie theater, game room and an arts and crafts studio. The asset is located at 6328 Farley Lane, 13 miles southeast of downtown Birmingham.

September 16, 2020

Florida Loans Multifamily Southeast Student Housing

Berkadia Arranges $23M Refinancing Loan for Student Housing Community Near Florida State University

by Alex Tostado September 16, 2020

TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.

September 16, 2020

Acquisitions Multifamily Texas

Rosewood Realty Brokers Sale of 268-Unit Creekside Apartments Near San Antonio

by Taylor Williams September 16, 2020

NEW BRAUNFELS, TEXAS — New York City-based Rosewood Realty Group has brokered the sale of Creekside Apartments, a 268-unit apartment community located in the San Antonio suburb of New Braunfels. The property offers one- two- and three-bedroom residences and amenities such as a pool, clubhouse and a fitness center. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and the buyer, New Jersey-based Borei Olam Management, in the deal.

September 16, 2020

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 154-Unit Spanish Keys Apartments in San Antonio

by Taylor Williams September 16, 2020

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Spanish Keys Apartments, a 154-unit community in San Antonio. Built in 1965, the property offers studio, one- and two-bedroom units and amenities such as a pool and a business center. Chris Siemasko and Bryce Smith of TMG represented the Dallas-based seller and procured the buyer in the transaction. Both parties requested anonymity.

September 16, 2020

Affordable Housing Loans Multifamily New York Northeast

Bellwether Provides $5.6M Agency Perm Loan for Affordable Housing Project in Brooklyn

by Taylor Williams September 16, 2020

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.

September 16, 2020

Development Midwest Multifamily Nebraska Seniors Housing

Immanuel Begins Expansion of Independent Living Community in Omaha

by Kristin Harlow September 16, 2020

OMAHA, NEB. — Immanuel has started construction of new assisted living and memory care units, as well as new common areas, at Pacific Springs, a seniors housing community in West Omaha. The expansion is scheduled to open in fall 2021. Pacific Springs is located adjacent to the Pacific Springs Golf Club and currently offers exclusively independent living. Renovation plans call for a fitness center and wellness studio; onsite restaurant and lounge featuring a golf simulator; outdoor areas and walking paths; and a chapel adorned with a locally designed stained glass window donated by residents.

September 16, 2020

Loans Midwest Multifamily Nebraska

American Street Capital Arranges $5.5M Refinancing for Omaha Multifamily Property

by Kristin Harlow September 16, 2020

OMAHA, NEB. — American Street Capital (ASC) has arranged a $5.5 million loan for the refinancing of a 111-unit multifamily property in Omaha. Built in 1968, the asset features a mix of studio, one- and two-bedroom floor plans with updated interiors and private patios. Amenities include a pool and onsite laundry facilities. The property was 99 percent occupied at the time of closing. Igor Zhizhin of ASC arranged the CMBS loan, which features a fixed rate for 10 years. The new loan will retire the existing HUD debt on the complex. The borrower was undisclosed.

September 16, 2020

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