Multifamily

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson August 16, 2024

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

August 16, 2024

Affordable Housing District of Columbia Loans Multifamily Southeast

MBA: Multifamily Lending Declined by 49 Percent in 2023

by John Nelson August 16, 2024

WASHINGTON, D.C. — Multifamily lending declined 49 percent year-over-year in 2023, according to a report by the Mortgage Bankers Association (MBA). Lenders provided a total $246.2 billion for apartment buildings with five or more units last year, with 51 percent of active lenders making five or fewer multifamily loans throughout the year. The Washington, D.C.-based organization previously estimated that multifamily originations totaled $264 billion. By volume, the top five multifamily lenders in 2023 included Berkadia, Walker & Dunlop, JP Morgan Chase & Co., CBRE and Greystone. Nearly half (42 percent) of the dollar volume went to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.

August 16, 2024

Loans Multifamily Texas

Greystone Provides $18.6M Agency Acquisition Loan for Fort Worth Multifamily Property

by Taylor Williams August 16, 2024

FORT WORTH, TEXAS — Greystone has provided an $18.6 million Fannie Mae acquisition loan for The Residences of Diamond Hill, a 204-unit multifamily property in Fort Worth. The garden-style community was built in 2003 and comprises 40 buildings that house two-, three- and four-bedroom units. Amenities include a fitness center, pool, outdoor grilling and picnic area, playground and an after-school program. The property is subject to land-use restriction agreements that limit resident incomes on 121 apartments, and more than half of the units at the complex are reserved for households earning below 30 or 60 percent of the area median income. John Williams of Greystone originated the loan, which carries a 10-year term, 35-year amortization schedule and interest-only payments for the first five years. The borrower and seller were not disclosed.

August 16, 2024

Acquisitions Kansas Midwest Multifamily

MLG Capital Acquires 280-Unit Silverwood Apartments in Mission, Kansas

by Kristin Harlow August 16, 2024

MISSION, KAN. — MLG Capital has acquired Silverwood Apartments in Mission, a southwest suburb of Kansas City. The purchase price was undisclosed. Located at 5100 Foxridge Drive and built in 1986, the 280-unit multifamily property features amenities such as a pool, fitness center, clubhouse and picnic area. Approximately 80 percent of the units have been recently renovated, and MLG plans to renovate and modernize the remaining units. The firm plans to install in-unit washers and dryers in all units. MLG is partnering with Parkwest Real Estate on the execution of its business plan at the property. Silverwood marks MLG’s third acquisition in metro Kansas City and brings the firm’s total number of units owned in Kansas to 913. Michael Spero and Niko Vrentas of Berkadia represented the seller, California-based Canyon View Capital.

August 16, 2024

California Loans Multifamily Seniors Housing Western

JLL Arranges $52M Refinancing for Atria Newport Beach Seniors Housing Community in California

by Amy Works August 16, 2024

NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.

August 16, 2024

Affordable Housing Features Multifamily

Challenges, Opportunities Abound in Addressing US Affordable Housing Crisis

by Taylor Williams August 16, 2024

By Derrick Barker, founder and CEO, Nectar Many founders and CEOs in commercial real estate have seen their fair share of market cycles. Analyzing today’s affordable housing crisis within the current multifamily rental market lends itself to sharing personal insights and most importantly, discussing how we can address these challenges head-on. A Cautionary Tale from 2013 Consider this personal story as anecdotal evidence. In 2013, this writer, a private investor at the time, acquired an apartment complex in Austell, Georgia, a suburb of Atlanta. It was a prime investment: cash-flowing and competitively priced due to it being a buyer’s market. For a while, we were the crown jewel of the submarket, which gave us a competitive advantage when leasing. But the tide turned quickly. Neighboring properties that were previously underperforming sold at discounts. New owners used their cost savings to renovate and undercut our rental rates. Suddenly, our competitive edge vanished, and we found ourselves with overpriced, outdated units. This experience imparted a crucial lesson: In real estate, you must always be prepared for market shifts — because the market ALWAYS shifts. Fast forward to today, and we’re seeing some eerily familiar patterns in the following areas: The Developer’s Dilemma …

August 16, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $17.2M Sale of Multifamily Portfolio in Chicago’s Uptown Neighborhood

by Kristin Harlow August 15, 2024

CHICAGO — Kiser Group has brokered the $17.2 million sale of Ravenswood Gardens, a multifamily portfolio consisting of 151 units across seven buildings in the Sheridan Park Historic District of Chicago’s Uptown neighborhood. Katie LeGrand, Lee Kiser and Jacob Price of Kiser brokered the transaction. Initially marketed in summer 2023, the portfolio went under contract but did not close due to market volatility. The seller, continuing its strategic exit from Chicago, revisited the sale in 2024. The buyer plans to reposition the units and rebrand them as Sheridan Park. The buyer assumed the seller’s existing loan, which features an interest rate below 4 percent for the next five years. The buyer now owns more than 400 units in the Uptown neighborhood.

August 15, 2024

Development Florida Southeast Student Housing

Landmark Properties Delivers 759-Bed Student Housing Community Near University of South Florida

by John Nelson August 15, 2024

TAMPA, FLA. — Landmark Properties has delivered The Metropolitan Tampa, a 759-bed student housing development located at 2701 E. Fowler Ave. near the University of South Florida (USF) campus in Tampa. The community offers 276 fully furnished units in studio through four-bedroom configurations. Shared amenities at the property include an outdoor rooftop swimming pool, jumbotron, grilling areas, a gaming lawn, two courtyards, fitness center, study centers and onsite parking. The development also features 1,700 square feet of retail space at the ground level. The development team for the five-story project included Niles Bolton Associates and Landmark Construction, the in-house construction arm of Athens, Ga.-based Landmark Properties.

August 15, 2024

Affordable Housing Florida Loans Multifamily Southeast

JLL Arranges $69.6M Refinancing for Metro Orlando Apartment Community

by John Nelson August 15, 2024

DAVENPORT, FLA. — JLL has arranged a $69.6 million loan for the refinancing for Phase I of Atlantica at Town Center, a multifamily community located at 1121 Loblolly Lane in the Orlando suburb of Davenport. Phase I of the property, which was delivered in December 2022, comprises 360 units. Gregory Nalbandian, Kenny Cutler and Josh Odessky of JLL arranged the two-year, floating-rate bridge loan through Timbercreek Capital on behalf of the borrowers, Sovereign Properties and Invest Capital Group. Atlantica at Town Center features one-, two- and three-bedroom units ranging in size from 683 to 1,435 square feet, as well as a resort-style pool, gaming lawn, dog park, pet spa, fitness center, yoga and spin room, demonstration kitchen and coworking space.

August 15, 2024

Georgia Loans Multifamily Southeast

Berkadia Secures $24.4M Agency Refinancing for River Walk Savannah Apartments

by John Nelson August 15, 2024

SAVANNAH, GA. — Berkadia has secured a $24.4 million loan for the refinancing of River Walk Savannah, a 220-unit apartment community located at 101 Saint George Blvd. in Savannah. Mitch Sinberg, Scott Wadler, Brad Williamson, Matthew Robbins and Hugo Hernandez of Berkadia arranged the Freddie Mac Loan on behalf of the borrower, Vantage Point Acquisitions, a real estate private equity firm. The loan features a five-year term and a fixed interest rate. Built in 1988, River Walk Savannah features one- and two-bedroom apartments, as well as a clubhouse, gated access, pickleball court, pet park, swimming pool and a fitness center.

August 15, 2024

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