ATLANTA — Lument has provided a $17.5 million proprietary bridge loan to refinance The Peach, a recently renovated, 68-unit high-rise apartment community in Midtown Atlanta. R.J. Guttroff of Lument led the transaction. The loan features a two-year term with two six-month extension options, along with a floating interest rate. The sponsor was not disclosed. Originally built in 1964 as an office building, The Peach underwent a renovation earlier this year to reposition the property to multifamily. The Peach offers one- and two-bedroom floor plans with a monthly rent range of $1,525 up to $6,500, according to Apartments.com. Unit features include luxury flooring, stainless steel appliances, wood cabinetry, in-unit washers/dryers and patio and balconies with views of Atlanta’s Midtown and Buckhead neighborhoods. Community amenities include a business center, conference rooms and a pet play area. Located at 1655 Peachtree St. NE, The Peach is located less than a half-mile from Savannah College of Art and Design (SCAD), 1.6 miles from the Georgia Tech campus and 3.2 miles from downtown Atlanta.
AUSTIN, TEXAS — Newmark has brokered the sale of Walnut Park, a 277-unit apartment community in Austin’s Silicon Hills neighborhood. Built on 18.3 acres in 2016, Walnut Park features one- and two-bedroom units with an average size of 978 square feet. Amenities include a pool with a sundeck, clubhouse with a full kitchen and bar area, 24-hour fitness center, indoor spa and event space with a media room. Patton Jones and Andrew Dickson of Newmark represented the seller, locally based developer Larry Peel Co., in the transaction. Matthew Steinberg represented the buyer, Los Angeles-based Langdon Street Capital, on an internal basis. The sales price was not disclosed. Walnut Park was 97.5 percent occupied at the time of sale.
ONTARIO, CALIF. — CBRE has arranged the sale of Hallmark at Mission, a multifamily property in Ontario. A private investor sold the asset to a private foreign investor for $28 million in an all-cash transaction. Located at 840 S. Magnolia Ave., the four-story property features 75 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, spa, clubhouse, fitness center and private attached garages. The property was constructed in 2019. Eric Chen of CBRE represented the seller and buyer in the deal.
SEATTLE — Kidder Mathews has arranged the sale of Studio 7, a multifamily building located at 4029 Seventh Ave. NE in Seattle. The property traded for $15.8 million. The names of the seller and buyer were not released. Built in 2017, Studio 7 features 75 studio apartments. At the time of sale, the property was nearly 60 percent vacant. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Simon and Anderson team represented the seller in the transaction.
CLEVELAND — City Club Apartments has broken ground on a new 23-story development in downtown Cleveland. Located at 776 Euclid Ave. and dubbed an “apartment hotel,” the project will feature 304 luxury apartment units and penthouses along with street-level retail space, including a restaurant and speakeasy, café and doggie daycare. Guests can rent a furnished or unfurnished unit for a day, week, month or multiple years. The units will come in 22 different floorplans. Amenities will include an entertainment sky club, heated rooftop pool, sky park, fitness center, yoga room, business center and theaters. Construction will begin later this month with pre-leasing scheduled to begin in the fourth quarter of 2022. First move-ins are slated for spring 2023.
SPENCER, IOWA — Colliers Mortgage has provided a $7.3 million Fannie Mae loan for the refinancing of Windcrest Village II in the northwest Iowa town of Spencer. The 93-unit multifamily property, built in 2020, features a fitness center, dog park and community center. The seven-year loan features a 30-year amortization schedule. An entity doing business as Windcrest Village II LLC was the borrower.
HACKENSACK, N.J. — Enburg Group, a developer that was established in Taiwan in 1978 as a food manufacturer, has opened Brick of Hackensack, a 378-unit apartment community in the Northern New Jersey city’s downtown area. The 15-story building features studio, one- and two-bedroom units that are furnished with stainless steel appliances, marble quartz countertops and individual washers and dryers. Amenities include a pool, fitness center with a yoga studio and a clubhouse with a pool table and TVs. Rents start at $1,800 per month for a studio unit.
NEW YORK CITY — Walker & Dunlop has arranged a $36 million loan for the refinancing of a 64-unit multifamily property in the Bushwick neighborhood of Brooklyn. Built in 2018, the property consists of 23 studios and 41 two-bedroom apartments with 30 percent of units designated as affordable housing, as well as 14,080 square feet of retail space that is fully leased. Aaron Appel, Michael Diaz, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the five-year, floating-rate loan through Amherst Capital Management on behalf of the borrower, Cayuga Capital Management.
BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.
Louisville’s multifamily market has long benefited from the city’s highly diversified employment base. With strongholds in distribution (boosted by the recent surge of e-commerce sales), manufacturing, healthcare and professional services, Louisville has rebounded from the pandemic-induced recession more quickly than much of the rest of the country. As of July 2021, the local unemployment rate was 4.5 percent, while the national rate was 5.4 percent. In addition to increased job growth, local employers are raising wages to attract top talent needed for expansion requirements. This wage growth, coupled with employment demand, has created a considerable advantage for multifamily property owners that have been able to push rental rates on an annual basis. Integra Realty Resources (IRR) reports that overall market vacancy is hovering at a low 4 percent. The combination of low vacancy rates and wage growth has allowed multifamily owners to increase rent structures. Landlords have seen high single-digit annual rent increases for the last four years in the Louisville MSA. Class A properties have been achieving rents approaching $2 per square foot for some unit types in luxury developments. IRR also reports that there are currently over 4,000 multifamily units planned or under construction in the Louisville MSA. …