Multifamily

Dwight Capital Provides $23.8M HUD Green Loan for Refinancing of Austin Apartments

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $23.8 million HUD loan for the refinancing of Oxford at Tech Ridge, a 256-unit apartment community in Austin. The property features one- and two-bedroom units and amenities such as a pool, fitness center, indoor basketball court, resident clubhouse, business center and a dog park. Brandon Baksh and Brian Yee of Dwight Capital originated the loan through HUD’s Green Mortgage Insurance Premium program, which allowed for a reduced rate of 0.25 percent based on the property’s green/energy efficient status. The sponsor was Justin Swartz, owner of Oxford at Tech Ridge Apartments LLC.

May 21, 2020

Development Multifamily Student Housing Texas

Focal Point Development to Build 76-Bed Student Housing Property Near UT Austin

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — California-based Focal Point Development will build The Point North, a 76-bed student housing community that will be located one block north of the University of Texas at Austin. The property is expected to be complete in summer 2021 and will feature an amenity courtyard, fitness studio and two study lounges. Craig Miller of FourPoint Capital Markets arranged an undisclosed amount of construction financing for the project.

May 21, 2020

California Development Multifamily Western

CIT Provides $37.3M Investment for Jordan Downs Apartment Project in Los Angeles

by Amy Works May 21, 2020

LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property. Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income. The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.

May 21, 2020

Acquisitions Multifamily Washington Western

Milestone Properties Buys Queen Anne Gardens Multifamily Building in Seattle for $9M

by Amy Works May 21, 2020

SEATTLE — Milestone Properties has acquired Queen Anne Gardens, a multifamily property located at 1250 Fifth Ave. N. in Seattle. A private investor sold the asset for $9 million, or $746 per square foot. Built in 1991, Queen Anne Gardens features 38 apartments. Dan Swanson of Kidder Mathews represented the buyer in the deal.

May 21, 2020

Indiana Loans Midwest Multifamily

Greystone Provides $27.6M Acquisition Loan for Indiana Apartment Complex

by Kristin Harlow May 21, 2020

HAMMOND, IND. — Greystone has provided a $27.6 million Freddie Mac loan for the acquisition of Tanglewood Apartments in Hammond, about 25 miles south of Chicago. The 384-unit Class B multifamily property consists of 16 three-story buildings. Amenities include a clubhouse, pool, sauna, fitness center and picnic areas. Dan Sacks and Eric Rosenstock of Greystone originated the loan on behalf of the borrower, Bayshore Properties. The 10-year loan, which features two years of interest-only payments, includes a 30-year amortization. Bayshore purchased the asset for $33.5 million.

May 21, 2020

Acquisitions Colorado Multifamily Western

Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M

by Amy Works May 20, 2020

BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.

May 20, 2020

Affordable Housing Arizona Development Multifamily Western

Greenlight Communities Completes Two Affordable Housing Properties in Phoenix

by Amy Works May 20, 2020

PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …

May 20, 2020

California Loans Multifamily ORIX Western

Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego

by Amy Works May 20, 2020

SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

May 20, 2020

Eagle-Rock-Assisted-Living-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Panorama Plans 109-Unit Seniors Housing Community in Los Angeles’ Eagle Rock

by Amy Works May 20, 2020

LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.

May 20, 2020

Development Multifamily Southeast Virginia

PointOne Holdings, NRP Group to Develop 390-Unit Multifamily Community in Northern Virginia

by Alex Tostado May 20, 2020

TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline for completion was not disclosed.

May 20, 2020

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