GEORGETOWN, TEXAS — Locally based firm Novak Brothers Development Group has broken ground on Rise510, a 301-unit multifamily project located in the northern Austin suburb of Georgetown. The community will be situated on a 12-acre parcel within the 164-acre Wolf Lakes Village master-planned development. Amenities will include a pool, fitness center, hiking trails and a one-acre community park. Completion is slated for summer 2024.
CORPUS CHRISTI, TEXAS — Colliers Mortgage has provided a $4.5 million HUD-insured loan for the refinancing of Avanti at Greenwood, an 81-unit affordable housing complex in Corpus Christi. The property offers units for households earning 30, 50 or 60 percent of the area median income, as well as a handful or market-rate apartments. Jeff Rogers of Colliers Mortgage originated the loan, which carries a term and amortization schedule of 35 years, on behalf of the borrower, an entity doing business as Avanti at Greenwood LP.
LA PORTE, IND. — Flaherty & Collins Properties has opened The Banks, a $35 million luxury apartment complex in La Porte, a city in Northwest Indiana. A grand opening event will take place this Thursday, Oct. 6. The Banks features 194 units with 5,000 square feet of retail space. Amenities include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss was the tax credit purchaser. The tax credit was for remediating a brownfield site. The La Porte Redevelopment Commission supported the development with tax-increment financing. Flaherty & Collins Construction served as general contractor. Construction began in September 2020. Monthly rents have not been released.
LAWRENCE, KAN. — Northmarq has arranged the sale of 901 Lofts in Lawrence for $11.5 million. The apartment building rises seven stories with 55 units. Built in 2011, the property at 901 New Hampshire St. includes 20,843 square feet of commercial space. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, First Management Inc. Buyer information was not provided.
HANOVER, N.H. — Dartmouth College will develop a residence hall for undergraduate students on the north end of the institution’s campus in Hanover. The community will feature 128 apartment-style units with a total of 400 beds. The project is set to include indoor and outdoor common areas, fitness facilities and shuttle service to campus. Further details, including a timeline for construction and potential partnership with a private developer, were not announced.
SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a leading real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.
CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units. The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development. “To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat. Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas. First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed. Cassidy on Canal is one of several major …
WASHINGTON, D.C. — In the face of economic insecurity, high living costs and inflation, some cities are considering implementing rent control measures. Municipalities in New York and California have taken steps toward enacting further rent control measures, while other states, such as Nevada, are shooting down these ideas entirely. Rent control measures are government regulations that place a limit on the amount a landlord can charge to lease a home or renew a lease. These regulations are intended to keep living costs affordable for renters, particularly for tenants earning lower incomes. Once signed by a governor or passed through referendum, rent control regulations are legal and binding. As of 2022, only five states — California, Maryland, New Jersey, New York, Oregon and Minnesota — and the District of Columbia have rent control laws in place. Thirty-one states have pre-emptions that prevent rent control policies, including Florida, whose state law bans local governments from controlling the price of rent except in certain cases. But according to the Washington, D.C.-based National Multifamily Housing Council (NMHC), several cities in Florida have nonetheless been working to place a rent control referendum on their November ballots. In both Tampa and St. Petersburg, city councils rejected these efforts, but …
GIG HARBOR, WASH. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement will be used with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was placed directly with Truist Bank with a 10-year bank commitment. “This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.