CAMBRDIGE, MASS. — Callahan Construction Managers has completed the renovation and expansion of Squirrelwood Apartments, an affordable housing project located across the Charles River from Boston in Cambridge. The project involved renovating 10 of the property’s buildings and constructing two more from the ground up. Of the 88 units, 64 are reserved for renters earning 60 percent or less of the area median income (AMI); 14 residences are restricted to households earning 30 to 50 percent of AMI, and the remaining 10 are designated as Massachusetts Workforce program units.
RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.
CHARLOTTE, N.C. — Waypoint Residential has acquired a 20-acre development tract in Charlotte’s Mountain Island Lake submarket. The Boca Raton, Fla.-based developer plans to build a 240-unit, garden-style apartment community on the site with units averaging approximately 900 square feet. No community amenities were announced. The land seller, locally based US Developments, is working with Waypoint Residential to find other development sites in the Charlotte MSA. Waypoint Residential plans to break ground in the fourth quarter and deliver first units in fourth-quarter 2023. The developer plans to fully deliver the unnamed community by the second quarter of 2024. The site is across the street from a Food Lion-anchored shopping center and is within three miles of the U.S. National Whitewater Center.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
ST. CHARLES, ILL. — Ready Capital has closed a $24.5 million loan for the acquisition, renovation and stabilization of a 220-unit multifamily property in the Fox River Valley submarket of St. Charles. The undisclosed borrower plans to renovate unit interiors and property exteriors as well as bring in new management. The nonrecourse, floating-rate loan features a three-year term and includes a capital expenditures facility.
Ziegler Arranges $24M Construction Loan for Onelife Seniors Housing Community in Springfield, Oregon
SPRINGFIELD, ORE. — Ziegler has acted as financial advisor in a debt placement totaling $24 million for a new seniors housing community in Oregon. The borrower, Onelife Senior Living, will use the funds to develop Esther Assisted Living Community, a 103-unit property in Springfield, a suburb of Eugene. The Esther will be the fifth assisted living/memory care community owned by Onelife in the state. The financing provides a construction and bridge term for Onelife to build and stabilize the community prior to placing long-term, permanent, fixed-rate financing via long-term agency debt. The transaction was closed with asset management firm Locust Point Capital.
NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.
NEWPORT NEWS, VA. — Berkadia has secured $36.6 million in HUD-insured construction financing for Huntington Pointe Apartments, a 176-unit multifamily project in the Hampton Roads city of Newport News. Amy Gay and Stephen Murden of Berkadia secured the loan on behalf of the borrower, Virginia-based The Breeden Co. The 40-year HUD 221(d)(4) loan was financed through the HUD Green MIP Reduction program and features a fixed 3.36 percent interest rate and an 85 percent loan-to-cost ratio. Designed by Humphreys & Partners Architects, Huntington Pointe will offer one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool, clubhouse with a clubroom, kitchen, business office and a fitness center. Located at 903 Denbigh Blvd., the property is situated about two miles from Newport News/Williamsburg International Airport and 30 miles from Norfolk.
MACON, GA. — Marcus & Millichap has brokered the sale of two multifamily properties in Macon that were sold for a total of $26.2 million. Mason Taylor and John McCalla of Marcus & Millichap represented the seller, New York-based Exact Capital Group LLC, in the transaction. Glenn Cove Group LLC purchased the property. The two properties included Hidden Lakes, a two-story, 144-unit apartment community located at 180 Hidden Lakes Court on 12 acres, and Shadowood West, a two-story, 152-unit apartment community located at 4394 W. Highland Drive on 19 acres. Both properties were 96 percent occupied at the time of sale. Community amenities at both properties include swimming pools, fitness centers, onsite management teams, 24-hour emergency maintenance, clubhouses, laundry centers, playgrounds, sand volleyball pits and fishing ponds.
HOUSTON — New York City-based investment firm Cadre has sold Lodge at Copperfield, a 330-unit apartment community in Houston. The property features one-, two- and three-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining areas and a dog park. Cadre originally acquired the property in 2018 and implemented a value-add program. The sales price was not disclosed. The undisclosed buyer has since rebranded the property as Weston at Copperfield.