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Multifamily

Northgate-One-Camden
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheast

Hudson Valley Property Group Buys 321-Unit Affordable Housing Building in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.

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Pulse-Millenia-Chula-Vista-CA
AcquisitionsCaliforniaMultifamilyWestern

Northwestern Mutual Sells Pulse Millenia Multifamily Community in Chula Vista, California for $116M

by Amy Works

CHULA VISTA, CALIF. — Northwestern Mutual has completed the disposition of Pulse Millenia, a garden-style apartment property at 2043 Artisan Way in the Otay Ranch submarket of Chula Vista, just south of San Diego. An undisclosed buyer acquired the asset for $116 million. Built in 2106, Pulse Millenia features 273 one-, two- and three-bedroom floor plans averaging 970 square feet with stainless steel appliances, granite countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a central sundeck plaza with a heated pool and spa; a 24-hour fitness center; a social lounge with a billiard table and kitchen; a multi-station business center; a conference center and private dining room; a multi-sport/bocce ball court; and barbecue grilling stations. Pulse Millenia was the first apartment community constructed as part of the $4 billion Millenia master plan within Otay Ranch. Kip Malo led the JLL Capital Markets Investment Sales Advisory team that represented the seller in the deal. Charles Halladay, Annie Rice, Brandon Smith, Rick Salinas of JLL Capital Markets Debt Advisory secured a $71.8 million, seven-year, fixed-rate loan through Freddie Mac Multifamily for the undisclosed buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

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Affordable HousingLoansMidwestMultifamilyOhio

KeyBank Provides $18.1M in Construction Financing for Affordable Housing Project in Cleveland

by Kristin Harlow

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million of 4 percent Low-Income Housing Tax Credit equity and provided a $7.9 million construction loan for the development of Henrietta Homes in Cleveland. The project will consist of 40 lease-to-purchase single-family homes in the city’s Hough neighborhood. Henrietta Homes will target family households with incomes between 30 and 60 percent of the area median income. The development will be partially subsidized, of which eight homes will be supported by 20-year Section 8 project-based vouchers provided through Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan and a $1.2 million equity bridge loan through Ohio Housing Finance Agency’s Housing Development Loan program. Nonprofit the Famicos Foundation is the project sponsor. The homes will be available to lease during a 15-year period. At year 16, residents will have the opportunity to purchase the home at an affordable price. Famicos will prepare tenants to transition into homeownership by providing financial training and homeownership counseling during the 15-year leasing period. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing.

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DevelopmentFloridaLoansMultifamilySoutheastTop Stories

Mast Capital Receives $600M Construction Loan for 80-Story Cipriani Residences Miami Condo Tower

by Kristin Harlow

MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast. Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021. Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million. All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the …

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San-Palmas-Houston
AcquisitionsMultifamilyTexas

Sueba USA Completes 370-Unit San Palmas Apartments in West Houston

by Taylor Williams

HOUSTON — Locally based developer Sueba USA has completed San Palmas, a 370-unit apartment community in West Houston. The four-story building houses studio, one-, two- and three-bedroom units that range in size from 480 to 2,196 square feet and are furnished with stainless steel appliances, tile backsplashes and nickel hardware. Amenities include a pool, fitness center, outdoor grilling and dining stations, a pickleball court, catering kitchen, coffee bar, lounges and a conference center. Rents start at $1,075 per month for a studio apartment.

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DevelopmentFloridaLoansMultifamilySoutheast

JLL Arranges $60.9M Refinancing for Multifamily Development in Miami

by John Nelson

MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.

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LoansMultifamilyTexas

Greystone Provides $16.1M in Agency Financing for Multifamily Properties in Smith County, Texas

by Taylor Williams

LINDALE AND WHITEHOUSE, TEXAS — Greystone has provided four Fannie Mae loans totaling $16.1 million for a quartet of multifamily properties in Smith County, located roughly midway between Dallas and Shreveport, La. The properties are located in Lindale and Whitehouse, both of which are part of the Tyler metro area, and total 136 units. Stella Plotkin of Greystone originated the nonrecourse loans, all of which were structured with 10-year terms, fixed interest rates and 30-year amortization schedules. The borrower(s) was not disclosed.

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AcquisitionsMultifamilyTexas

KW Commercial Arranges Sale of 28-Unit Apartment Building in San Antonio

by Taylor Williams

SAN ANTONIO — KW Commercial has arranged the sale of Buena Vida Apartments, a 28-unit apartment building located on the south side of San Antonio. According to Apartments.com, the property was built in 1968 and offers one- and two-bedroom units. Jaxton Hoelting of KW Commercial represented the California-based seller in the transaction. Jackie Oldbury of Keller Williams represented the Texas-based buyer.

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The-Lawrence-Buffalo
DevelopmentLoansMultifamilyNew YorkNortheast

Gantry Arranges $38.1M Construction Loan for Buffalo Multifamily Project

by Taylor Williams

BUFFALO — San Francisco-based mortgage banking firm Gantry has arranged a $38.1 million construction loan for The Lawrence, a 132-unit multifamily project that will be located adjacent to the Niagara Medical Campus in Buffalo. Units will come in studio, one- and two-bedroom floor plans, and the project will include the construction of a 78-space parking garage. Daniel Monte of Gantry arranged the five-year, fixed-rate loan through an undisclosed regional bank. The borrower and developer, a private joint venture, also requested anonymity.

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DevelopmentIllinoisMidwestMultifamily

Marquette Cos. Completes Conversion of Former Mary Thompson Hospital in Chicago into Apartments

by Kristin Harlow

CHICAGO — Marquette Cos. has completed The Thompson at Fulton Market, a 210-unit apartment building located at 150 N. Ashland Ave. in Chicago’s Fulton Market district. The project transformed the former Mary Thompson Hospital into apartments. Named for Dr. Mary Thompson, Chicago’s first female doctor and the first woman known to have performed major surgery, The Thompson is comprised of a new 12-story building that is integrated with an original five-story building that was constructed in the 1920s as part of the hospital. Units range from 502 to 2,098 square feet, with monthly rents ranging from $2,155 to $5,350. In addition to the market-rate apartments, there are 32 affordable housing units. Amenities include The Collaboratory, a 24-hour coworking space; The Parlor, a social hub featuring a resident bar and lounge; a fitness center; and dog wash station. An outdoor courtyard features grill stations, seating and a covered terrace. The penthouse level includes an indoor lounge and a rooftop deck overlooking Union Park. Chicago-based artist Lefty Out There created several murals for the common areas. Marquette Management is the property manager, ParkFowler Plus served as the architect and Power Construction was the general contractor.

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