Multifamily

Dwight Mortgage Trust Provides $108.1M Bridge Loan for Brooklyn Multifamily Project

by Taylor Williams March 19, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $108.1 million bridge loan for The Shoreline, a 248-unit multifamily project located near Brooklyn’s Bath Beach neighborhood. Designed by Hill West Architects and developed by NY Developers & Management, the 31-story building houses studio, one- and two-bedroom units and 28,610 square feet of commercial space. Amenities include a pool, fitness center, business center and an outdoor lounge. The borrowers will use the proceeds to retire existing debt and fund additional construction and lease-up costs. Construction is slated for completion by the end of April.

March 19, 2024

Acquisitions Multifamily Northeast Pennsylvania

Colliers Brokers Sale of 24-Unit Barclay Flats Apartments in Philadelphia

by Taylor Williams March 19, 2024

PHILADELPHIA — Colliers has brokered the sale of Barclay Flats, a 24-unit apartment building in Philadelphia’s Arts North/Fairmount & Ridge neighborhood. The five-story building was originally constructed in 2018 and offers one-bedroom units, according to Apartments.com. Jeff Algatt, Michael Barmash and Larry Steinberg of Colliers brokered the deal. The buyer and seller were not disclosed.

March 19, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of 52-Unit Apartment Property in Minneapolis

by Kristin Harlow March 19, 2024

MINNEAPOLIS — Marcus & Millichap has brokered the sale of First Avenue Apartments, a 52-unit apartment property located on First Avenue in Minneapolis. The sales price was undisclosed. Constructed in 1917 and 1919, the asset is comprised of two neighboring buildings within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.

March 19, 2024

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of 65-Unit Seniors Housing Property in Plano

by Taylor Williams March 18, 2024

PLANO, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 65-unit seniors housing facility in Plano. The unnamed property was built in the 1990s and offers assisted living and memory care services. The seller was a national development and investment firm, and the buyer was a regional seniors housing owner-operator. Both parties requested anonymity. Giancarlo Riso, Amy Sitzman and Alex Florea of Blueprint brokered the deal.

March 18, 2024

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.6M Sale of Apartment Building in Sumner, Washington

by Amy Works March 18, 2024

SUMNER, WASH. — Marcus & Millichap has brokered the sale of 1314 Maple, a multifamily property in Sumner. A limited liability company sold the asset to an undisclosed buyer for $3.6 million, or $495 per square foot. Located at 1314 Maple St., the building features 16 studio and urban one-bedroom units, averaging 458 square feet. The sellers completed a more than $1 million interior and exterior renovation to the property. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller in the deal.

March 18, 2024

Development Florida Multifamily Southeast

Kolter Multifamily Begins Leasing 300-Unit Alton Serenoa Apartments in Clermont, Florida

by John Nelson March 18, 2024

CLERMONT, FLA. — Kolter Multifamily LLC, an affiliate of Delray Beach, Fla.-based The Kolter Group, has begun leasing Alton Serenoa, a 300-unit apartment community in Clermont. The property sits about 26 miles west of Orlando and serves as a multifamily component of Serenoa, a master-planned community. Alton Serenoa will feature a mix of one-, two- and three-bedroom floor plans, as well as a one-story clubhouse and a resort-style swimming pool. Monthly rental rates range from $1,535 to $2,305, according to the property website.

March 18, 2024

Development Loans Multifamily New York Northeast

SCALE Lending Provides $140M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams March 18, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a 354-unit multifamily project that will be located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Designed by S. Wieder Architect PC, the seven-story building will feature ground-floor retail space, onsite parking and amenities such as a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. Leah Paskus of Landstone Capital Group arranged the loan on behalf of the borrower and developer, Clipper Equity. Completion is slated for the third quarter of 2025.

March 18, 2024

Development Multifamily New York Northeast Student Housing

Syracuse University to Develop Two New Residence Halls

by Taylor Williams March 18, 2024

SYRACUSE, N.Y. — Syracuse University will develop two new residence halls. The first community will be developed at 700 Ostrom Ave. and will offer 450 beds upon completion. An undisclosed architect has been selected for the project, with construction expected to begin this year. The university concurrently announced plans to demolish Marion Hall, Kimmel Hall and an existing dining center on the corner of Comstock and Waverly avenues to make way for a new residence hall. A timeline for the development was not disclosed.

March 18, 2024

Acquisitions Illinois Midwest Multifamily Seniors Housing

Ziegler Negotiates Sale of 100-Bed Skilled Nursing Facility in Chicago

by Kristin Harlow March 18, 2024

CHICAGO — Ziegler has negotiated the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner of Ziegler led the transaction with the support of colleague Melanie Shaffer.

March 18, 2024

Indiana Midwest Multifamily

Friedman Communities to Manage 398-Unit Veridian Castleton Apartments in Indianapolis

by Kristin Harlow March 18, 2024

INDIANAPOLIS — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage Veridian Castleton Apartments in Indianapolis. Constructed in 1965, the property contains 398 units with a mix of one-, two- and three-bedroom layouts. Amenities include a fitness center, pool, lounge area, playground, two bark parks and a picnic and grilling area.

March 18, 2024

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