NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.
CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …
By Taylor Williams Student housing developers say now is a favorable time to aggressively pursue new projects as their customers voice a strong desire to resume on-campus learning, and they are using lessons learned over the past six months to bring debt and equity partners to the table in order to jump-start deals. Whereas demand drivers for new development in the traditional multifamily space typically center on job and population growth, the student housing sector often responds to different economic and social factors. In the COVID-19 era, these fundamentals are manifesting themselves in unusual ways, such as with empirical data suggesting students overwhelmingly want to return to campus. A survey of 800 college students conducted earlier this year by Axios and College Reaction found that 75 percent would prefer to return to campus, even if it meant giving up parties and sporting events. Developers also point to several positive indicators, including moves by prominent universities to reduce density on campus without compromising enrollment, the inclusion of parental co-signors on new leases and the simple fact that occupancy in the space is not linked to unemployment. With regard to concerns over diminished enrollment, developers are encouraged by the fact that some …
COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, multisport simulator and a computer lab. The two-acre site will be situated at 8430 Baltimore Ave., less than one mile from campus. Providence, R.I.-based Gilbane Development expects to deliver the asset in August 2022. Gilbane Development is the project development, financing and ownership arm of Gilbane Inc., a private holding company.
NORTH BETHESDA, MD. — MAC Realty Advisors has arranged a $72.5 million construction-to-permanent loan for East Village at North Bethesda Gateway, a 335-unit multifamily community in North Bethesda. The borrower/developer, a partnership between Foulger-Pratt and Promark Partners, expects to deliver the asset by the end of 2020. The property is located at 5616 Nicholson Lane, 11 miles north of downtown Washington, D.C., on the former site of White Flint Mall. Andrew McAllister, Nick Rubenstein and Pate Hardison of MAC Realty originated the loan on behalf of the borrower through an undisclosed national lender.
MCKINNEY, TEXAS — Locally based owner-operator Conti Organization has acquired Rustic of McKinney, a 260-unit apartment community located at 2700 N. Brook Drive on the northern outskirts of Dallas. Built in 1997, the garden-style property is situated on 13 acres and offers amenities such as a newly renovated clubhouse, pool, outdoor kitchen and dog park. Taylor Hill, Michael Ware, Jay Gunn, Tom Burns and Will Jarnagin of Berkadia brokered the deal, the seller of which was not disclosed.
HARTFORD, CONN. — Connecticut-based developer RMS Cos. has begun construction of the $50 million first phase of Downtown North, a redevelopment project in Hartford that will ultimately add 1,000 new units to the local supply. Phase I of the project will feature studio, one- and two-bedroom floor plans, as well as retail and entertainment space and a 330-space parking garage, at Parcel C, located just north of Dunkin’ Donuts Stadium at Main and Trumbull streets. Construction of Phase I is expected to last about 20 months. The entire Downtown North redevelopment is valued at $200 million and will be developed in phases over the next five years.
JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.
DOVER, N.H. — Boston-based mortgage banking firm Fantini & Gorga has arranged two loans totaling $10.8 million for the refinancing of a pair of commercial assets in Dover, located near the Maine-New Hampshire border. The first property is a 32-unit apartment building with 9,000 square feet of commercial space that was built in 2015. The second asset is a historic building constructed in the late 1800s that features 24 commercial units and 21 residential units. Derek Columbe and Lindsay Feig of Fantini & Gorga placed the loans through a regional bank on behalf of the undisclosed borrower.
NEW YORK CITY — Vincent Theurer, CEO of Approved Oil, has acquired a 49-unit apartment building at 417-441 40th St. in the Sunset Park neighborhood of Brooklyn. The property sold for $9 million, or roughly $183,000 per unit. Adam Hess, Edward Setton and Lane Matalon of Meridian Capital Group represented the seller, Ilan Goldstein of Slope Realty, in the transaction.