Multifamily

CBRE Brokers $140M Sale of Soltra at SanTan Village Apartments in Gilbert, Arizona

by Jeff Shaw July 25, 2023

GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit apartment community in the southeast Phoenix suburb of Gilbert. Leon Multifamily sold the asset for $140 million. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Parkway. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller.

July 25, 2023

Acquisitions Affordable Housing Loans Multifamily Oregon Western

KeyBank Provides $20.4M in Financing for Salem Manor Affordable Housing Community in Salem, Oregon

by Jeff Shaw July 25, 2023

SALEM, ORE. — Hampstead Development Partners has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable housing community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credits (LIHTC). KeyBank also arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at or below 60 percent of the area median income. Hampstead plans to conduct a $4 million rehabilitation of the 10-building property. Renovations include updating kitchens and bathrooms, full ADA accessibility upgrades to select units, exterior updates such as new windows and repainting, upgrades to the buildings electrical system and a new fitness center.

July 25, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 303-Unit Apartment Community in Manchester, Connecticut

by Taylor Williams July 25, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.

July 25, 2023

Development Loans Multifamily New York Northeast

Naftali Credit Partners Provides $48M in Financing for Manhattan Multifamily Project

by Taylor Williams July 25, 2023

NEW YORK CITY — A subsidiary of locally based lender Naftali Group has provided $48 million in financing for 8 Carlisle Street, a 64-story, 400-unit multifamily project that will be located in Manhattan’s Financial District. Proceeds will be used to refinance existing debt on the land and fund various predevelopment costs. The borrower is North Carolina-based developer Grubb Properties. Construction of the building, which will include ground-floor retail space, is slated for a 2026 completion.

July 25, 2023

Development Massachusetts Multifamily Northeast

RISE Nears Completion of 42-Unit Multifamily Redevelopment in Haverhill, Massachusetts

by Taylor Williams July 25, 2023

HAVERHILL, MASS. — Locally based developer RISE is nearing completion of a multifamily redevelopment project at 86 Essex St. in Haverhill, a northern suburb of Boston. The project is converting a seven-story former industrial building in the downtown area that was originally constructed in 1910 into a 42-unit apartment complex that will be known as Essex Street Lofts. Full completion is scheduled for October.

July 25, 2023

Conference Coverage Features Multifamily

InterFace Panel: Multifamily Lenders Have Reason to Kill Deals

by Taylor Williams July 25, 2023

By Taylor Williams HOUSTON — Industry professionals say that while the fundamentals that underlie multifamily properties in major Sun Belt markets are quite healthy, the broader conditions of the U.S. capital markets are so choppy and disruptive that lending volumes are depleted across the board. The dearth of deals isn’t exclusively attributable to the Federal Reserve raising interest rates, which has now happened 11 times in 17 months. The nation’s central bank is now targeting a short-term benchmark range from roughly 5.25 to 5.5 percent, the highest level since 2001. Underwriting standards are tightening as owners reckon with serious increases in property taxes and insurance, among other items. Major banks are scaling back their originations in favor of keeping more reserves on hand in anticipation of exposure to defaults on office loans that are coming due within the next 12 to 18 months. The wounds of the collapses of regional lenders Silicon Valley Bank and Signature Bank in March are still fresh, and the country is scarcely a year removed from what will assuredly be a heated and divisive presidential election. For debt providers, the combined effect of those factors is major reluctance to transact. Lenders and investors have largely shifted …

July 25, 2023

Development Southeast Student Housing Top Stories Virginia

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson July 25, 2023

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

July 25, 2023

Florida Loans Multifamily Southeast

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes, Florida

by John Nelson July 24, 2023

MIAMI LAKES, FLA. — Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were not disclosed.

July 24, 2023

Acquisitions Multifamily Southeast Tennessee

Walker & Dunlop Brokers Sale of 271-Unit Apartment Community in Nashville

by John Nelson July 24, 2023

NASHVILLE, TENN. — Walker & Dunlop has brokered the sale of The Guthrie North Gulch, a 271-unit apartment community located at 600 11th Ave. N in Nashville. Russ Oldham of Walker & Dunlop represented the undisclosed seller in the transaction, and Stephen Farnsworth, Hanes Dunn and Jessie Bland of Walker & Dunlop arranged Freddie Mac financing on behalf of the buyer, GF Properties. The sales price and loan amount were not disclosed. Units at the property include apartments in one-, two- and three-bedroom layouts. Amenities include a fitness center, dog park and a recording studio.

July 24, 2023

Affordable Housing Loans Multifamily Texas

BWE Provides $14.3M Agency Refinancing of Affordable Housing Complex in Buda, Texas

by Taylor Williams July 24, 2023

BUDA, TEXAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.3 million Freddie Mac loan for the refinancing of Tuscany Park Apartment Homes, a 176-unit affordable housing complex located in the southern Austin suburb of Buda. The property consists of 14 buildings, and the majority (142) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, fitness center, playground and a community room. Jon Killough and John Roberts of BWE originated the financing, which was structured with a floating interest rate and five years of interest-only payments, on behalf of the borrower, Alabama-based Envolve Communities.

July 24, 2023

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