Multifamily

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw December 16, 2022

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

December 16, 2022

Affordable Housing Market Reports Multifamily Washington Western Western Market Reports

Multifamily Deals, Development Slow in Seattle After Breakneck Run

by Jeff Shaw December 16, 2022

It’s been quite the run for Seattle. Like many secondary markets out West, the Emerald City was a pandemic darling, racking up loads of new residents and workers over the past few years. Seattle-area employers added more than 102,600 workers in 2021 alone, according to Marcus & Millichap’s second-quarter market report, which predicts the area will add another 85,000 workers by year’s end. The report also forecasts Seattle’s population will increase by more than 220,000 residents over the next five years. All this activity has led to a bull run for multifamily owners, investors and developers. Net absorption in Seattle’s central business district surpassed the 5,000-unit mark for the first time on record last year, while rents have risen by 14 percent year over year. Demand was so fierce that all 20 of the metro’s submarkets recorded vacancy compression over the past four quarters, resulting in an average 2.8 percent vacancy rate, according to Marcus & Millichap. This is the lowest rate in two decades. Nearly 9,000 units — representing 1.9 percent of the supply — were added over the 12-month period that ended in March, with another 25,000 units still under construction at the end of the second quarter. …

December 16, 2022

Acquisitions Content Partner Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Freddie Mac Opens Its Doors to More Types of Multifamily Borrowers

by Sarah Daniels December 16, 2022

By Allison Herrera, Walker & Dunlop Effective Dec. 15, 2022, Freddie Mac began accepting ownership of two- to four-unit properties — aka duplexes, triplexes or quadplexes — as relevant experience for all loans in its Optigo® Small Balance Loans (SBL) program. Previously, Freddie Mac defined multifamily experience as controlling ownership of a property with at least five units or more and excluded two- to four-unit properties. By expanding its borrower experience definition, Freddie’s SBL program increases opportunities for investors who focus on small multifamily housing to grow their portfolios by accessing financing outside of banks. What Qualifies as Experience? Here’s what you should know. Freddie Mac expanded their definition of multifamily experience to include borrowers who have a portfolio of two- to four-unit properties that meet the following criteria: The borrower must own at least 10 units total The borrower must have owned each property for at least two years The borrower must have a controlling interest in all 10 units The 10 units do not need to be contiguous or located in the same county The new requirements provide investors access to agency debt when beginning to invest in larger properties, such as those with five to 50 units, …

December 16, 2022

California Development Loans Multifamily Western

PSRS Provides $14.7M in Construction Financing for Co-Living Development in Los Angeles

by Amy Works December 15, 2022

LOS ANGELES — PSRS has provided $14.7 million in construction financing for a co-living development in Los Angeles. The property will feature 18 units and 79 beds. Jacob Lee of PSRS secured the 24-month, interest-only loan, which a bank provided. The borrower was not disclosed.

December 15, 2022

Florida Loans Multifamily Southeast

Cushman & Wakefield Arranges $92M Refinancing for Aura Boca Apartments in Boca Raton, Florida

by John Nelson December 15, 2022

BOCA RATON, FLA. — Cushman & Wakefield has arranged the $92 million refinancing of Aura Boca, a recently completed, 322-unit apartment community located at 789 W. Yamato Road in Boca Raton. MetLife Investment Management provided the fixed-rate loan on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives. Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the loan. Amenities at Aura Boca include a fitness center, pool with waterfall, tanning ledge, Jacuzzi, private cabanas, enclosed bicycle storage and an onsite parking garage.

December 15, 2022

Development Hospitality Loans Louisiana Multifamily Office Southeast

Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson December 15, 2022

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

December 15, 2022

Acquisitions Multifamily Texas

Civitas Capital Acquires 287-Unit Apartment Community in Metro Houston

by Taylor Williams December 15, 2022

SPRING, TEXAS — Dallas-based investment firm Civitas Capital Group has acquired Cypresswood Apartments, a 287-unit multifamily community located north of Houston in Spring. The newly built, garden-style property sits on 12.2 acres and offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, playground, basketball court and a dog park. Houston-based Fidelis Realty Partners sold the property for an undisclosed price.

December 15, 2022

Acquisitions Development Multifamily Texas

Avison Young Arranges Sale of Multifamily Development Site in Manor, Texas

by Taylor Williams December 15, 2022

MANOR, TEXAS — Avison Young has arranged the sale of a multifamily development site in Manor, a northeastern suburb of Austin, that is approved for the construction of 200 units and 20,000 square feet of retail space. The 13.2-acre site is located within the 200-acre Las Entradas master-planned development. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented the seller, Las Entradas Development Corp., in the transaction. Gilles Ghez of DH Realty Partners represented the buyer, Maryland-based DD&B Construction.

December 15, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 148-Unit Apartment Complex in Killeen, Texas

by Taylor Williams December 15, 2022

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Ashton Park, a 148-unit apartment complex located in the Central Texas city of Killeen. According to Apartments.com, the property was built in 1974 and features studio, one- two- and three-bedroom units, as well as a pool, fitness center, tennis court and a basketball court. Paul Yazbeck of TMG represented the seller, and Chase Davis of TMG procured the buyer. Both parties requested anonymity.

December 15, 2022

Acquisitions Affordable Housing Illinois Midwest Multifamily

Partnership Acquires 297-Unit Concordia Place Apartments in Chicago, Plans Renovation

by Kristin Harlow December 15, 2022

CHICAGO — A partnership between L+M Development Partners and SAA|EVI has acquired Concordia Place Apartments in Chicago. The purchase price was undisclosed, but the partnership secured $99.7 million in funding for the acquisition and rehabilitation of the property. Located at 13037 S. Daniel Drive, the property consists of 297 affordable housing units across 29 buildings. Originally built in 1969, Concordia is federally subsidized by a HUD Section 8 Housing Assistance Payments (HAP) contract. The buyer’s renovation plans include upgraded kitchens and bathrooms, new flooring, Energy Star lighting fixtures, new paint, drywall repairs, new windows and boilers, a renovated community room and the addition of a computer lab and exercise room. The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4 percent Low-Income Housing Tax Credits syndicated by Raymond James, a Freddie Mac tax-exempt loan provided by Capital One, and a tax-exempt bridge loan provided by Fifth Third Bank.

December 15, 2022

Newer Posts

Older Posts