Multifamily

Northmarq Secures $26.4M in Refinancing for Multifamily Complex in Portland

by Amy Works January 29, 2025

PORTLAND, ORE. — Northmarq has secured a $26.4 million loan on behalf of Fairfield for the refinancing of 735 St. Clair, an apartment property in Portland’s Goose Hollow neighborhood. The 24-story building features 212 studio, one- and two-bedroom apartments ranging from 650 square feet to more than 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, Calif., and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with three years of interest-only payments and a 35-year amortization schedule.

January 29, 2025

Loans Midwest Minnesota Multifamily

PACE Loan Group Provides $15.8M C-PACE Loan for Office-to-Multifamily Conversion Project in St. Paul

by Kristin Harlow January 29, 2025

ST. PAUL, MINN. — PACE Loan Group has provided a $15.8 million C-PACE loan for the conversion of the former Ecolab office building in downtown St. Paul into multifamily units. Developers Kaeding Development, Ron Clark and Inland Real Estate began construction in July. The 197,692-square-foot property will be transformed into 174 apartment units and will be named Stella. The C-PACE assessment is part of a total $68 million capital stack, which also includes federal and state historic tax credits of $18 million. Inland Real Estate Group of Cos. purchased the project site for $17.9 million in 2022. The PACE proceeds will be used to finance qualifying energy conservation measures, including building envelope, windows, HVAC, plumbing, lighting systems, mechanical and domestic hot water pumps. The renewable and energy conservation measures are expected to save $1.2 million annually in the payback period of 13.6 years. Matthew McCormack of PLG originated the loan. When complete, the project will include 2,339 square feet of retail space, a coffee lounge, mailroom and leasing office on the main floor. The lower levels will include tenant storage, bike storage and a pet run. The second floor will feature a fitness area, three “Zoom room” coworking rooms, a …

January 29, 2025

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 175-Unit Apartment Complex in New Haven, Connecticut

by Taylor Williams January 29, 2025

NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.

January 29, 2025

Acquisitions District of Columbia Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Jamestown Unloads Stake in Georgetown Renaissance Portfolio in DC to Acadia Realty Trust

by John Nelson January 28, 2025

WASHINGTON, D.C. AND ALEXANDRIA, VA. — Atlanta-based Jamestown has sold its stake in The Georgetown Renaissance Portfolio, a collection of 22 boutique retail and residential buildings in Washington, D.C.’s Georgetown neighborhood and a lone property in nearby Alexandria, Va. New York-based Acadia Realty Trust, already a minor owner of the portfolio, purchased Jamestown’s stake for an undisclosed price. Eastdil Secured represented Jamestown in the transaction. Jamestown originally acquired its interest in The Georgetown Renaissance Portfolio in 2011. The firm had previously sold off a portion of its interest to EastBanc, which used acquisition funds from Acadia Realty Trust, back in 2016. The portfolio is now home to several retail and design brands such as B&B Italia, Poliform, Molteni, Lululemon, Patagonia and Design Within Reach.

January 28, 2025

Development Multifamily Southeast Tennessee

Mill Creek Underway on 396-Unit Apartment Community in Nashville

by John Nelson January 28, 2025

NASHVILLE, TENN. — Mill Creek Residential is underway on the construction of Modera Nations, a 396-unit apartment community situated along the Cumberland River in Nashville’s The Nations neighborhood. The podium-style community will over views of the river and the downtown Nashville skyline and will eventually include a trailhead to the city’s Greenways expansion on the north end of the property. Located at 1650 54th Ave. N, Modera Nations will offer studio, one-, two- and three-bedroom apartments, as well as a bowling alley. Other amenities will include a resort-style swimming pool, spa with two saunas and a cold plunge tub, coworking lounge, fitness center, courtyards, community garden, dog park, rooftop deck, EV charging stations, bike lockers and a cold storage delivery station. Mill Creek plans to deliver the community by the end of the year.

January 28, 2025

Acquisitions Multifamily Texas

Newmark Arranges $28.8M Sale of Apartment Complex in Victoria, Texas

by Taylor Williams January 28, 2025

VICTORIA, TEXAS — Newmark has arranged the $28.8 million sale of Aria Victoria, an apartment complex located about 85 miles north of Corpus Christi in South Texas. According to Apartments.com, the property was built in 2015 and totals 240 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, grilling stations, dog park and an outdoor lounge. Brad Shaffer of Newmark represented the undisclosed seller in the transaction. The buyer was an entity doing business as Aria Victoria Apartments LLC.

January 28, 2025

Acquisitions Colorado Multifamily Western

JRK Property Holdings Sells 248-Unit Courtney Park Apartment Community in Fort Collins, Colorado

by Amy Works January 28, 2025

FORT COLLINS, COLO. — JRK Property Holdings has completed the disposition of Courtney Park, a garden-style multifamily property in Fort Collins, to ColRich Multifamily for $64.1 million. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 4470 S. Lemay Ave., Courtney Park offers 248 one- and two-bedroom apartments spread across 13 two- and three-story residential buildings. Each unit features stainless steel appliances, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse building, business center, fitness center, swimming pool, hot tub, an outdoor grilling area, a playground, pet park and 441 parking spaces. Built in 1986, the property was renovated in 2008. Renovations include upgrades to the apartment interiors, clubhouse and common area.

January 28, 2025

Affordable Housing Development Midwest Multifamily Nebraska

Annex Group to Build 175-Unit Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow January 28, 2025

LINCOLN, NEB. — The Annex Group has unveiled plans to build Central at South Haymarket, a 175-unit affordable housing community in Lincoln. The five-story property will consist of one-, two-, three- and four-bedroom units that will be reserved for households whose income level is 50 to 70 percent of the area median income. The nearly $55 million project, which is being built in an area that is currently a parking garage, is slated to open at the end of 2026. Central at South Haymarket will feature amenities such as a community room, fitness center, business center, playground, community gardens, outdoor pet area and grilling area. Partners on the project include BVH Architecture, REGA Engineering, the City of Lincoln, Impact Housing Indiana Corp. and KeyBank’s debt and equity teams, which provided more than $20 million in total equity, over $22 million in permanent debt financing and more than $40 million in construction financing. Key Bank Capital Markets was the bond underwriter on $26 million in bonds issued by Nebraska Investment Finance Authority. The City of Lincoln issued a 20-year tax-increment financing along with parking rights provided in surrounding city-owned lots and garages to help make the project financially feasible. The project …

January 28, 2025

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $2.8M Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow January 28, 2025

FARMINGTON HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $2.8 million loan for the refinancing of Botsford Place Terrace Apartments in the Detroit suburb of Farmington Hills. The multifamily property features 98 units. David Ruff of BFG arranged the loan with Genisys Credit Union on behalf of the borrower, Botsford Place Terrace Apartments LLC.

January 28, 2025

Development Loans Multifamily New Jersey Northeast

LCOR Breaks Ground on 386-Unit Multifamily Project in Hoboken

by Taylor Williams January 27, 2025

HOBOKEN, N.J. — Locally based developer LCOR has broken ground on a 386-unit multifamily project in Hoboken. The 27-story building will be known as Charlie and will be located within the $900 million Hoboken Connect mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans, with 20 percent of the residences to be reserved as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and pet spa, as well as a second floor and rooftop amenity space with a fitness center, entertainment kitchen, coworking spaces, dining areas and an outdoor pool. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged a $155 million construction loan through insurance accounts managed by KKR for the project. The loan carried a five-year term and a floating interest rate.

January 27, 2025

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