LAS VEGAS — Ready Capital National Bridge team has closed the financing for the acquisition, conversion, renovation and stabilization of a 156-unit student housing property in the University District submarket of Las Vegas. Upon acquisition, the undisclosed sponsor plans to reposition the asset from student housing to traditional multifamily through a rebranding and renovation program. Ready Capital closed the $29.6 million non-recourse, interest-only, floating-rate loan, which features a 36-month term and two extension options. Additionally, the loan includes a facility to provide future funding for capital expenditures.
ST. PETERSBURG, FLA. — Boca Raton, Fla.-based Mill Creek Residential and Boston-based CrossHarbor Capital Partners have broken ground on Modera St. Petersburg, a 383-unit mixed-use apartment community near downtown St. Petersburg. The property is expected to be open for first move-ins by late 2023. Modera St. Petersburg will be a 20-story, high-rise community with 14,000 square feet of ground-floor retail space. The property will offer one-, two- and three-bedroom floorplans with den layouts and penthouses available. Unit features will include wood plank-style flooring, nine-foot ceilings, built-in shelves and desks in select homes, ceiling fans, private balconies, stainless steel appliances, quartz countertops, tile backsplashes, kitchen islands, USB ports, in-unit washers and dryers, walk-in closets and central heating and air with programmable thermostats. Community amenities will include a fitness center, outdoor pool, rooftop lounge and terrace, grilling area, outdoor dining, clubhouse, conference room, coworking spaces, common-area Wi-Fi, game room, package lockers, onsite pet spa and secured garage parking with electric vehicle charging stations. Other community features will include access to bike storage, additional storage options and mobile-app and key-fob entry. Situated at 201 17th St. South, Modera St. Petersburg will border the Pinellas Trail, a 47-mile bike trail that stretches north to …
SEATTLE — Shea Properties has opened EdgePoint Apartments, a multifamily community located at 320 N. 85th St. in Seattle’s Greenwood neighborhood. The six-story, 203-unit property features a mix of open one-, one- and two-bedroom units ranging in size from 561 square feet to 990 square feet. Units offer quartz countertops, wood-style flooring, stainless steel appliances and high-end finishes throughout. Additionally, the property features a sky deck, lounge, fitness center, pet spa and 4,500 square feet of onsite retail space. Rush served as general contractor and Runberg Architecture Group served as architect for the project.
MCDONOUGH, GA. — Ready Capital has closed on a $16.6 million acquisition loan for a 132-unit, two-property multifamily portfolio in McDonough, a southern suburb of Atlanta in Henry County. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes renovating unit interiors, improving curb appeal and community amenities and addressing deferred maintenance. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and flexible prepayment.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.
LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.
HOUSTON — New York City-based Ready Capital has closed a $41.3 million loan for the acquisition, renovation and stabilization of an unnamed, 449-unit apartment community in Houston’s Clear Lake submarket. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate, two extension options and a facility to fund capital improvements. The name of the sponsor was not disclosed.
By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …
CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a total of $48 million in financing for Eastway Park Apartments, a 132-unit affordable seniors housing development in Charlotte. The financing includes a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae mortgage-backed security (MBS) as Tax-Exempt Bond Collateral (MTEB). In addition, KeyBank subsidiary Key Community Development Corp. (KCDC) is investing $12 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity to support the development. The nonprofit borrower and developer, Harmony Housing, did not disclose a construction timeline for the project. Eastway Park will include age-restricted units for those 55 years of age and older. The property will serve households earning a range from 30 percent to 80 percent of area median income (AMI) and will be subject to an agreement ensuring ongoing affordability for at least 30 years. Out of the 132 units, 40 of the one-bedroom units will have project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) Vouchers from Inlivian, formerly known as Charlotte Housing Authority. The development will provide supportive services to tenants including a shuttle service. The development team has also contacted organizations such as …
AUSTIN, TEXAS — Locally based developer Lincoln Ventures has acquired land in East Austin for the development of a 625-unit multifamily project. The six-story property at 2700 E. Fifth St. will house a mix of one-, two- and three-bedroom units, with 10 percent of the residences reserved as affordable housing. The development will also include retail space that is preleased to a café and an urban grocer. The amenity package will consist of two pools, a fitness center with yoga and spin studios, coworking space, a pet park and spa and a catering kitchen. Construction is slated to begin in the second half of the year and to be complete in summer 2024.