Multifamily

Berkadia Arranges $217.2M Recapitalization of Multifamily Portfolio in Central Florida

by John Nelson July 20, 2023

ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.

July 20, 2023

Development Georgia Southeast Student Housing

LV Collective Delivers 565-Bed Whistler Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson July 20, 2023

ATLANTA — LV Collective has delivered Whistler, a 565-bed student housing community located in the Midtown neighborhood of Atlanta near the Georgia Tech campus. The 277,457-square-foot property is located at 859 Spring St. NW, on the edge of Midtown’s Tech Square district. The community offers 168 units in studio to five-bedroom configurations with bed-to-bath parity. Shared amenities include a second-floor study mezzanine with private study spaces, conference rooms and a podcast room; Daydreamer Coffee café; dog spa; fitness center with cardio and weightlifting equipment, yoga and spin studios and a sauna; and a 24th-floor deck with an infinity pool and hot tub. Whistler was developed through a partnership between LV Collective and ELV Associates Inc. Variant Collaborative provided interior design services for the project, and Niles Bolton Associates served as architect. JE Dunn was the general contractor, and Asset Living will manage the community. Move-in for residents is scheduled to begin on Aug. 11, in time for Georgia Tech’s 2023 fall semester.

July 20, 2023

Loans Multifamily New Jersey Northeast

Slate Property Group Provides $160M Bridge Loan for Jersey City Apartment Building

by Taylor Williams July 20, 2023

JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.

July 20, 2023

Affordable Housing Development Loans Mississippi Multifamily Southeast

BWE Arranges $10.6M HUD-Insured Loan for Rehabilitation of Affordable Housing Community in Starkville, Mississippi

by John Nelson July 20, 2023

STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.

July 20, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $7.5M Sale of Manhattan Apartment Building

by Taylor Williams July 20, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.5 million sale of a seven-unit apartment building located at 230-232 W. 72nd St. on Manhattan’s Upper West Side. The 11,500-square-foot building was constructed in 1900 and includes one retail space and two office spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the buyer, a private office, in the transaction. Andrew Natter and Harold Fuchs of Collaborative Group represented the seller, the Niederman Family. The deal traded at a cap rate of 4.8 percent.

July 20, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $21.7M Loan for Refinancing of Minneapolis Apartment Community

by Kristin Harlow July 20, 2023

MINNEAPOLIS — Northmarq has provided a $21.7 million Freddie Mac loan for the refinancing of Oaks Minnehaha Longfellow, a 179-unit apartment community in Minneapolis. Built in 2020, the property is situated near Minnehaha Regional Park. Mike Padilla of Northmarq originated the five-year loan, which features three years of interest-only payments and a 35-year amortization schedule.

July 20, 2023

Acquisitions Midwest Multifamily Nebraska

Mogharebi Group Arranges Sale of 180-Unit Multifamily Property in Ralston, Nebraska

by Kristin Harlow July 20, 2023

RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.

July 20, 2023

Affordable Housing Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights

by Kristin Harlow July 20, 2023

CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

July 20, 2023

California Loans Multifamily Western

Greystone, Affinius Arrange $172M Refinancing for Rise Koreatown Apartments in Los Angeles

by Jeff Shaw July 20, 2023

LOS ANGELES — Greystone Commercial Capital and Affinius Capital have arranged a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise apartment community in Los Angeles’ Koreatown neighborhood. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, delivered the property in February 2023.

July 20, 2023

Acquisitions Affordable Housing California Multifamily Western

BRIDGE Housing Acquires 195-Unit Eaves Daly City Multifamily Community Near San Francisco

by Jeff Shaw July 20, 2023

DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.

July 20, 2023

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