Multifamily

NRP Group, RPW Group Complete 303-Unit Multifamily Project in White Plains, New York

by Taylor Williams July 19, 2023

WHITE PLAINS, N.Y. — A partnership between Cleveland-based developer The NRP Group and local owner-operator RPW Group has completed The Halden, a 303-unit multifamily project located north of New York City in White Plains. The site at 1133 Westchester Ave. spans 70 acres and is adjacent to a 620,000-square-foot office complex that formerly served as IBM’s world headquarters. The three-building community houses one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, fitness center, children’s play area and outdoor grilling and dining stations. Rents start at $2,800 per month for a one-bedroom apartment.

July 19, 2023

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Development Multifamily New York Northeast

Mid Hudson Construction Management Begins Leasing 20-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams July 19, 2023

POUGHKEEPSIE, N.Y. — Developer and general contractor Mid Hudson Construction Management has begun leasing Birchwood Commons, a 20-unit multifamily project located north of New York City in Poughkeepsie. The property consists of four buildings that each house five two-bedroom apartments. Residences are furnished with stainless steel appliances, quartz countertops and walk-in closets. Rents start at $2,750 per month.

July 19, 2023

Features Georgia Industrial Loans Multifamily Office Retail Southeast Southeast Feature Archive

Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle

by John Nelson July 19, 2023

The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 percent to 1 percent. Raising the feds fund rate is the primary way that the Federal Reserve combats inflation, which was at a 3 percent annual rate in June, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI). The CPI is at its lowest level in more than two years, which is generally viewed as a positive sign for economic stability, though the June figure is 100 basis points more than the Fed’s target inflation goal of 2 percent. Jason Scott, managing director and head of conventional loan production at Regions Bank, estimates that it can take six to eight months for each interest …

July 19, 2023

Acquisitions Florida Multifamily Southeast

ZOM Living to Sell Azalea Apartments in Metro Tampa to Trilogy Real Estate for $85.8M

by John Nelson July 18, 2023

BRANDON, FLA. — ZOM Living has sold Azalea Apartments, a 289-unit luxury multifamily community that the developer is currently building in Brandon, for $85.8 million. Simon Banke and Jesse Wright of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer, Trilogy Real Estate Group. Azalea Apartments is located on a 13-acre site in Brandon’s East Tampa neighborhood and will feature one-, two- and three-bedroom units ranging in size from 700 to 1,400 square feet. Amenities will include a resort-style pool deck with cabanas, relaxation area with hammocks and a fire pit, event lawn, pool pavilion, gaming area with a pool table and corn hole, fenced dog park and pet salon, personal workstations, meeting rooms and a fitness center with a spinning studio and an outdoor yoga lawn. ZOM Living is managing the project through completion.

July 18, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides Bridge Financing for $150M Acquisition of Supportive Living Portfolio in Metro Chicago

by Kristin Harlow July 18, 2023

CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

July 18, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7M HUD-Insured Loan for Rehabilitation of Minneapolis Affordable Housing Portfolio

by Kristin Harlow July 18, 2023

MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.

July 18, 2023

Ellis-Street-Commons-New-Britain-Connecticut

Affordable Housing Connecticut Development Multifamily Northeast

WinnDevelopment Breaks Ground on $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 18, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.

July 18, 2023

California Loans Multifamily Western

Slate Asset Management Provides $27M Senior Loan Facility for Lantana Uptown Apartments in Oakland

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.

July 18, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $47M Loan for Refinancing of Active Adult Community in Northern New Jersey

by Taylor Williams July 18, 2023

NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.

July 18, 2023

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