Multifamily

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

by Alex Tostado May 12, 2020

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.

May 12, 2020

Acquisitions Multifamily Texas

Turner Impact Capital Acquires 312-Unit Bridgeport Apartments in Irving

by Taylor Williams May 12, 2020

IRVING, TEXAS — California-based investment firm Turner Impact Capital has acquired Bridgeport Apartments, a 312-unit multifamily community in Irving. Built in 1982, the property features one- and two-bedroom units and amenities such as a pool, tennis court, business center, resident clubhouse, dog park and onsite laundry facilities. The new ownership will implement capital improvements designed to reduce water and energy consumption. With this acquisition, Turner Impact Capital’s portfolio now comprises roughly 10,000 units.

May 12, 2020

Loans Michigan Midwest Multifamily

Knighthead Funding Provides $37.3M for Three Multifamily Projects in Michigan

by Kristin Harlow May 12, 2020

ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.

May 12, 2020

Development Massachusetts Multifamily Northeast

RD Management to Develop 230-Unit Multifamily Project in Metro Boston

by Alex Patton May 11, 2020

BILLERICA, MASS. — RD Management LLC, a New York-based developer, will develop a 230-unit luxury multifamily project in Billerica, a northwestern suburb of Boston. The project will be constructed as an addition to RD Management’s 306,876-square-foot Shops at Billerica retail center. At the time of the multifamily project announcement, major tenants of the retail center included a 69,560-square-foot Burlington store, as well as grocer Market Basket, Big Lots and Planet Fitness. According to the development team, the project is on track to break ground by the end of year despite construction restrictions amid the COVID-19 health crisis.

May 11, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 288-Unit Multifamily Community in Durham

by Alex Tostado May 11, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Southpoint Crossing, a 288-unit multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans ranging from 635 to 1,301 square feet. The asset was 96 percent occupied at the time of sale. Communal amenities include a 24-hour fitness center, pool with lounge, a 24-hour business center, grilling area with picnic tables, playground, dog park and Amazon Hub package lockers. The seller, New York City-based Duck Pond Realty, upgraded several unit interiors with new appliances, resurfaced counters and faux-wood flooring in kitchens and bathrooms. The community is located at 1800 Southpoint Crossing Drive, seven miles south of downtown Durham. Toronto-based Starlight Investments purchased the property for an undisclosed amount. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller in the transaction.

May 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Brokers $22.2M Sale of Seniors Housing Community in Stuart, Florida

by Alex Tostado May 11, 2020

STUART, FLA. — Cushman & Wakefield Senior Housing Capital Markets has brokered the $22.2 million sale of The Pointe at Ocean Boulevard, an independent living community in Stuart. Sentio Investments sold the seniors housing asset to an affiliate of Waypoint Real Estate Investments. Arrow Senior Living has been retained to operate the community. The Pointe at Ocean Boulevard features 150 units and is located at 2750 SE Ocean Blvd., a mile west of the Atlantic Ocean and three miles east of downtown Stuart. The property was built in 1986 and was recently renovated. Richard Swartz, Jay Wagner, Tim Hosmer, Chris Remeika and Jack Griffin of Cushman & Wakefield brokered the sale.

May 11, 2020

Development Multifamily Texas

KWA Construction Completes 300-Unit Apartment Project in Denton, Texas

by Taylor Williams May 11, 2020

DENTON, TEXAS — Locally based general contractor KWA Construction has completed The Village at Rayzor Ranch, a 300-unit multifamily community located within the 400-acre Rayzor Ranch Town Center development in Denton. The property offers amenities such as complimentary concierge services, a pool with cabanas, fitness center with a yoga studio, pickleball and bocce ball courts and a dog park with a grooming station. EPC Real Estate Group developed the community, and Studio A Architecture designed it.

May 11, 2020

Development Midwest Multifamily Ohio

Harbor Bay Real Estate Advisors to Develop 298-Unit Apartment Project in Cleveland

by Kristin Harlow May 11, 2020

CLEVELAND — Harbor Bay Real Estate Advisors has unveiled plans to develop INTRO Cleveland, a 298-unit apartment project in Cleveland’s Ohio City neighborhood. The nine-story project will also include nearly 40,000 square feet of retail space and 340 parking spaces. TSB Capital Advisors arranged an undisclosed amount of construction financing with First National Bank of Omaha, First National Bank of Pennsylvania and Busey Bank. In addition, Ohio’s Development Services Agency provided a $10.8 million loan and the City of Cleveland provided a $2 million loan. Construction of the project is expected to last approximately 22 months with completion slated for the first quarter of 2022. The building is the country’s tallest wooden building, according to the developer.

May 11, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners Completes Exterior Construction of Affordable Housing Project in Minneapolis

by Kristin Harlow May 11, 2020

MINNEAPOLIS — Lupe Development Partners has topped off the sixth floor and completed exterior construction of its Lake Street Dwelling project in the Uptown neighborhood of Minneapolis. The leasing office is now open, and residents are expected to begin move-ins in November. Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. Phase I includes 111 affordable housing units, with nine units reserved for homeless veterans. To qualify, residents will need to meet the annual income restriction of $30,000 to $42,000. Amenities will include a green roof, fitness facility, business center, community room and bike repair station. Frana Cos. is the general contractor. Lupe is partnering with Hennepin County and the nearby Ballentine VFW Post 246. Plans for phases II and III include a 132-unit market-rate building and a 95-unit affordable building.

May 11, 2020

Development Illinois Midwest Multifamily

Skender Tops Out Six-Story Women’s Shelter on Chicago’s North Side

by Kristin Harlow May 11, 2020

CHICAGO — Skender has topped out a new 36,000-square-foot, six-story housing facility for nonprofit Sarah’s Circle in Chicago’s Uptown neighborhood. The project includes a basement, 38 units for long-term housing, an emergency overnight space with 50 nonpermanent beds and a food hall. Skender is collaborating with architect Perkins+Will and Brinshore Development. Sarah’s Circle serves women who are homeless or in need of a safe space. It provides food, clothing, shelter, housing and clinical services for domestic violence and trauma.

May 11, 2020

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