Multifamily

J.G. Petrucci Breaks Ground on 172-Unit Mixed-Income Project in East Orange, New Jersey

by Taylor Williams October 5, 2021

EAST ORANGE, N.J. — J.G. Petrucci Co. Inc. has broken ground on The Station at East Orange, a 172-unit mixed-income residential community in Northern New Jersey. Thirty percent of the property’s one-, two- and three-bedroom units will be designated as affordable housing, with an area median income range starting at 30 percent to the upper limit of HUD requirements. Amenities will include a fitness center, business center, open terrace courtyards, an art gallery and 3,477 square feet of retail space. Completion is slated for 2022.

October 5, 2021

Loans Massachusetts Multifamily Northeast

MMCC Places $5.1M Loan for Refinancing of Multifamily Asset in Worcester, Massachusetts

by Taylor Williams October 5, 2021

WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5.1 million loan for the refinancing of a 46-unit multifamily property located at 44 Byron St. in Worcester. Robert Damigella of MMCC arranged the loan, which carried a 10-year term, fixed interest rate of 3.5 percent and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 5, 2021

Illinois Loans Midwest Multifamily

Associated Bank Arranges $57.2M Loan for Construction of 22-Story Apartment Tower in Chicago

by Kristin Harlow October 5, 2021

CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.

October 5, 2021

Affordable Housing Development District of Columbia Multifamily Southeast

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders October 4, 2021

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

October 4, 2021

Acquisitions Colorado Multifamily Western

MG Properties Enters Denver Market with $108.2M Acquisition of Neon Local Apartments

by Amy Works October 4, 2021

DENVER — San Diego-based MG Properties Group has acquired Neon Local Apartments, a multifamily property located in Denver’s South Broadway neighborhood. North America Sekisui House and Holland Partner Group sold the asset for $108.2 million. Built in 2020, Neon Local Apartments features 238 apartment and proximity to mass transit and commuter freeways. Jordan Robbins and Pamela Koster of JLL represented the sellers. JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice arranged acquisition financing through an affiliate of Apollo Global Management.

October 4, 2021

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Adds 338-Unit Multifamily Property in Tucson to Arizona Portfolio

by Amy Works October 4, 2021

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Desert Shadows, an apartment property located in Tucson. Located at 7425 N. Mona Lisa Road, Desert Shadows features 338 apartments. TMR plans a $6.8 million renovation and repositioning plan includes a marketing rebrand, upgrades to the common area amenity package and interior renovations to the units. TMR acquired the 368-unit Circ Tucson in 2019 and the 424-unit Envii Apartments in 2020.

October 4, 2021

Kansas Loans Midwest Multifamily

BMC Capital Arranges $57M Loan for Refinancing of Apartment Community in Suburban Kansas City

by Kristin Harlow October 4, 2021

OVERLAND PARK, KAN. — BMC Capital has arranged a $57 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, four-story apartment community was built in 2018. Noah Laredo and Clark Finney of BMC’s Dallas office arranged the Freddie Mac loan through Community Preservation Corp. The loan features a fixed interest rate of 2.8 percent for 10 years, a 30-year amortization schedule and five years of interest-only payments. Launch Development was the borrower.

October 4, 2021

Development Multifamily Seniors Housing Texas

Cadence McShane Begins Renovation of Historic Seniors Housing Property in San Antonio

by Taylor Williams October 4, 2021

SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located in San Antonio’s RiverWalk area. The project will involve a complete revitalization of the 249-unit building, which was originally constructed in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, as well as the addition of 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor to restore historic features. CREO Architects is the project architect. Merchants Capital and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) are providing financing for the project. Completion of the renovations is slated for late 2022.

October 4, 2021

Acquisitions Multifamily Texas

IPA Arranges Sale of 120-Unit Mosaic on Broadway Apartments in San Antonio

by Taylor Williams October 4, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic on Broadway, a 120-unit apartment complex that is located adjacent to the Pearl Brewery development in San Antonio. The property was built in 2013 and includes 15,593 square feet of retail space that is fully leased. In addition, Mosaic on Broadway offers a rooftop pool, spa and outdoor grilling area, along with a 24-hour fitness center, a resident lounge with media zone, coffee bar, mail center and a fenced-in dog park. Will Balthrope and Drew Garza of IPA represented the seller, Broadway Developments, in the transaction. The duo also procured the buyer, Moody National Cos.

October 4, 2021

Acquisitions Multifamily Texas

The Multifamily Group Negotiates Sale of 107-Unit Community in Arlington

by Taylor Williams October 4, 2021

ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Oaks of Arlington, a 107-unit community located about 1.5 miles from AT&T Stadium and Globe Life Field. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 502 to 1,184 square feet. Jon Krebbs of TMG represented the seller and the Chicago-based buyer, both of which requested anonymity, in the transaction.

October 4, 2021

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