Multifamily

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson April 25, 2019

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

April 25, 2019

Arkansas Development Loans Multifamily Southeast

Grandbridge Provides $26.1M HUD Construction Loan for Little Rock Apartment Community

by John Nelson April 25, 2019

LITTLE ROCK, ARK. — Grandbridge Real Estate Capital has provided a $26.1 million construction loan for The Residences at Harbor Town Apartments, a planned 175-unit community in Little Rock. Alan Tapie of Grandbridge’s Atlanta office originated the loan through HUD’s 221(d)(4) program, which is the agency’s flagship loan product for the construction of new market-rate apartments and affordable housing projects. The loan will feature a 40-year term, fixed interest rate and a 40-year amortization schedule. Situated along the Arkansas River, The Residences at Harbor Town will be within walking distance of the Clinton Library and downtown Little Rock. The property will be situated behind the planned Rock City Yacht Club and will add 80 more boat slips to the marina, according to development plans on the yacht club’s website. The borrower/developer and construction timeline were not disclosed.

April 25, 2019

Acquisitions Multifamily Southeast Tennessee

Woodyard Realty Brokers $13.5M Sale of New Loft Apartment Community in Downtown Memphis

by John Nelson April 25, 2019

MEMPHIS, TENN. — Woodyard Realty Corp. has brokered the $13.5 million sale of Phase II of 266 Lofts in downtown Memphis. Pittsburgh-based Alpha Capital Partners purchased the second phase, which was fully occupied at the time of sale. The seller, VS Developments, delivered the 74-unit second phase in late 2018 and the 77-unit first phase in 2017. Lea Heilig of Woodyard Realty represented the seller and procured the buyer. Phase II also added two street-level retail spaces leased to a restaurant/bar and a boutique salon. Situated in the South Main Arts district in Memphis, the three-story multifamily community features units ranging from 790 to 1,300 square feet and amenities such as a fitness center, pool and a poolside restaurant that delivers room-service meals to residents.

April 25, 2019

Development Multifamily Texas

HS Development to Build 115-Unit Multifamily Project in Northwest Houston

by Taylor Williams April 25, 2019

HOUSTON — Local firm HS Development will build The Edge at Langham Creek, a 115-unit apartment project that will be located in northwest Houston. The property will offer convenient access to Interstate 10, the Energy Corridor and Texas Medical Center West Campus. Mark Crosswell and Eric Kline of Berkadia arranged approximately $1.8 million in preferred equity through MidHudson Capital to complete the $18 million capital stack for the project. Construction is underway and the developer expects to complete the project by May 2020.

April 25, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $3.3M Sale of West Hill Apartments in Colorado

by Amy Works April 25, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of The West Hill Apartments, a multifamily property located in Pueblo. An undisclosed buyer acquired the 36-unit property for $3.3 million, or $91,388 per unit. The six-building asset features 32 two-bedroom/two-bath units and four two-bedroom/one-bath units. All units are individually metered for gas and electric, while 32 of the units are individually metered for water. Chris Knowlton of Pinnacle Real Estate Advisors represented both parties in the deal.

April 25, 2019

Development Massachusetts Multifamily Northeast

Carlyle, Procopio to Develop 259-Unit Multifamily High-Rise Project in Metro Boston

by Taylor Williams April 25, 2019

LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.

April 25, 2019

Connecticut Loans Multifamily Northeast

Thorofare Capital Provides $53.5M Loan for Refinancing of Apartment Community in Connecticut

by Taylor Williams April 25, 2019

NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.

April 25, 2019

Development Midwest Minnesota Multifamily

Kroiss Development, D/O Architecture to Break Ground on 10-Story Condo Building in Minneapolis

by Kristin Harlow April 25, 2019

MINNEAPOLIS — A partnership between Kroiss Development and D/O Architecture known as TMBR Development LLC will break ground on a 10-story, 79-unit condo building in the North Loop of Minneapolis this fall. Known as TMBR, the project is the Twin Cities’ first timber-framed condominium. This type of construction is more sustainable than constructing with concrete and steel. Slated for completion in early 2021, the project will include 7,500 square feet of retail space, a green roof and electric car charging stations. Units will start at $450,000.

April 25, 2019

Illinois Loans Midwest Multifamily

Knighthead Funding Provides $14.3M Construction Loan for Multifamily Development in Chicago

by Kristin Harlow April 25, 2019

CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.

April 25, 2019

Acquisitions Illinois Midwest Multifamily

Tricap Acquisitions Purchases 550-Unit Apartment Community in Hoffman Estates, Illinois

by Kristin Harlow April 25, 2019

HOFFMAN ESTATES, ILL. — Tricap Acquisitions LLC has purchased Autumn Chase Apartments in Hoffman Estates for an undisclosed price. The 550-unit apartment community features a mix of studios, one- and two-bedroom units. Completed in the early 1970s, the property includes an outdoor pool, tennis court, clubhouse and multiple barbecue areas. John Jaeger and Dan Cohen of CBRE represented the seller, Greenwood Capital Investment LLC.

April 25, 2019

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