CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.
MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.
In June, Student Housing Business, sister publication to REBusinessOnline, reached out to Timothy Bradley, founder of TSB Capital Advisors, for an update on the market for financing in the student housing sector and the outlook for the year ahead. SHB: How would you describe the market for financing student housing at present? Tim Bradley: The market is challenging but not impossible for the right deal with strong sponsorship. For cash-flowing student housing assets, there is still an element of “wait and see until fall” for refinancings and acquisitions in the debt markets. We are still receiving quotes from agencies on student housing transactions, but they include conditions such as heads in beds, school starting and upfront interest reserves. It’s also important to note that agencies are focused on best-in-class owners and operators and sound real estate at this time. All-in rates are still in the low- to mid-3 percent range for fixed-rate quotes. National banks are being very selective on new originations for existing clients and we have found regional banks to be more active in the current market. Life companies are mostly on the sidelines for student housing until the fall semester plays out. For construction, we’ve been able to secure …
CHARLOTTE, N.C. — Alliance Residential has purchased 10.8 acres to develop Broadstone Highland Creek, a planned 260-unit multifamily community in north Charlotte’s Highland Creek neighborhood. The community will offer one-, two- and three-bedroom floor plans averaging 991 square feet. Communal amenities will include a pool, clubroom, dog park and a fitness center, as well as 8,000 square feet of ground-level retail space. The property is located at 5050 Ridge Road, 14 miles north of downtown Charlotte. Alliance Residential expects to break ground later this year and open the community in early 2022. The project team includes architect Cline Design Associates and civil engineer McAdams Co.
HOMEWOOD, ALA. — ApexOne Investments has acquired The Moretti at Vulcan Park, a 135-unit multifamily community in Homewood. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, car wash area, clubhouse, fitness center and a conference room. The asset is located at 101 Moretti Circle, three miles south of downtown Birmingham. Stephen West, Matt Wallach and Will Baker of Walker & Dunlop originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features five years of interest-only payments and a fixed interest rate. Kris Mikkelsen and Telly Fathaly of Walker & Dunlop represented the seller, Raia Capital Management, in the transaction. The sales price was not disclosed.
AUSTIN, TEXAS — KeyBank Real Estate Capital has provided $20 million in Freddie Mac financing for Heritage Estates at Owen Tech, a 174-unit affordable housing project coming to Austin. The property will be situated on five acres and will consist of 102 one-bedroom units and 72 two-bedroom units ranging in size from 614 to 1,131 square feet. The majority (85 percent) of the units will be reserved for renters earning 60 percent or less of the area median income, and about 10 percent of the units are restricted to renters earning 40 percent of the AMI. Construction is scheduled to be complete by early 2022. Robbie Lynn of KeyBank structured the loan, which carries a fixed interest rate, 17-year term and a 40-year amortization schedule. The borrower is a partnership between Dallas-based Generation Housing Development, developer Hill Tide Partners and the Austin Affordable Housing Corp. The borrowers also secured low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax-exempt bonds issued by the Housing Authority of the City of Austin to fund the development of Heritage Estates at Owen Tech.
WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.
BLOOMINGDALE, ILL. — Parkview Financial has provided a nearly $19 million construction loan for Bloomingdale Trails, a 90-unit rental multifamily project located at 290 Stonington Drive in Bloomingdale. Schiller Park, Ill.-based MB Bloomingdale Trails LLC was the borrower. Situated on 5.3 acres, the development will feature four three-story buildings. All of the units will be two-bedroom floor plans and average 1,170 square feet. Currently, about 20 percent of the construction has been completed, including demolition, underground utilities and foundation. Completion is slated for September.
MAYWOOD, ILL. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed it since 2017, and Evergreen Construction Co. managed the nine-month project. Garden House is a HUD apartment property. HUD residents usually pay 30 percent of their gross income for rent. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, appliances and flooring were replaced in many units. Bathrooms were also repainted and refitted, with 15 units receiving accessibility upgrades. Common areas received new paint, flooring and furniture, with complimentary Wi-Fi installed throughout. In addition, the large lounge area was reconfigured to create dedicated spaces for a library, TV room, kitchen and multi-purpose community room. Elevators were modernized, and the electrical, plumbing and HVAC systems were upgraded and enhanced. Exterior improvements include a facade restoration, new roofing, repaired sidewalks and curbs, resurfaced parking lot with two accessible spaces, and a …
