Multifamily

Africatown, Community Roots Break Ground on Affordable Housing Development in Central Seattle

by Amy Works February 8, 2022

SEATTLE — Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH) have broken ground on 23rd and East Spring Street in Seattle’s Central District. Situated on a half-acre site, the seven-story building will feature 126 affordable housing units, including 59 studio apartments for households earning up to 50 percent of the area median income (AMI). Additionally, the community will feature 36 one-bedroom and 31 two- and three-bedroom units for households earning up to 60 percent of AMI. The landlord will provide heat, hot water, potable water, sewer and trash collection for the residents. The building’s ground floor will contain space for ACLT’s new headquarters, an affordable commercial kitchen to be used by local culinary entrepreneurs, a community room and bike storage. The design team includes GGLO, DREAM Architects and David Baker Architects. The general contractor group is a joint venture between Absher and MAD Construction, which is an African American-owned general contractor. In addition, 30 percent of the total value of the mechanical, electrical and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American-owned subcontractor. KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, …

February 8, 2022

California Development Multifamily Western

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works February 8, 2022

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

February 8, 2022

Gregg Gerken TD Bank Affordable Housing quote

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels February 8, 2022

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

February 8, 2022

Development Healthcare Maryland Mixed-Use Multifamily Office Southeast Top Stories

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Development Multifamily Texas

JaRyCo, Wood Partners Break Ground on 325-Unit Multifamily Project in Allen, Texas

by Taylor Williams February 7, 2022

ALLEN, TEXAS — A partnership between JaRyCo, the master developer of the 135-acre Farm at Allen mixed-use development in metro Dallas, and multifamily developer Wood Partners has broken ground on a 325-unit multifamily project in the northeastern Dallas suburb. The property, known as Alta at The Farm, will offer studio, one- and two-bedroom units that will be furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities will include a pool, fitness center, outdoor activity areas, remote workspaces and a rooftop deck. Preleasing is scheduled to begin this winter, and full completion is slated for early 2023.

February 7, 2022

Acquisitions Multifamily Texas

Conti Capital Acquires 300-Unit Pioneer Hill Apartments in Northeast Austin

by Taylor Williams February 7, 2022

AUSTIN, TEXAS — Dallas-based Conti Capital has acquired Pioneer Hill, a 300-unit apartment community located at 1625 Edgeworth Bend in northeast Austin. The property was built in 2021, according to Apartments.com. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, movie theater, 24-hour fitness center, business center, outdoor grilling and dining areas, package lockers and a dog park. The seller and sales price were not disclosed.

February 7, 2022

Development Multifamily Texas

PointOne Holdings Completes 266-Unit Main Street Lofts in Mansfield, Texas

by Taylor Williams February 7, 2022

MANSFIELD, TEXAS — PointOne Holdings, a development and investment firm with offices in Atlanta and South Florida, has completed Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Units are available in studio, one-, two- and three-bedroom formats. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Information on starting rents was not disclosed.

February 7, 2022

Loans Multifamily Texas

Ready Capital Closes $24.5M Acquisition Loan for San Antonio Apartments

by Taylor Williams February 7, 2022

SAN ANTONIO — New York City-based Ready Capital has closed a $24.5 million loan for the acquisition and stabilization of an unnamed, 288-unit apartment complex in San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 7, 2022

Loans Lument Multifamily New York Northeast

Lument Provides $115M Agency Loan for Refinancing of New York City Multifamily Property

by Taylor Williams February 7, 2022

NEW YORK CITY — Lument has provided a $115 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in New York City. The property was originally built in the 1950s and consists of seven residential buildings, 40 commercial units and a parking garage. The loan carries a 10-year term, fixed interest rate and a 30-year amortization schedule. Nicholas Diamond led the transaction for Lument. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

February 7, 2022

Georgia Loans Multifamily Southeast

New York Life Real Estate Investors Provides $88.8M Loan for Apartment Community in Atlanta

by Julia Sanders February 7, 2022

ATLANTA — New York Life Real Estate Investors has provided an $88.8 million loan for The Edge on The Beltline, a 350-unit apartment community in Atlanta’s Inman Park neighborhood. James Maynard and Brian Kochan of Newmark arranged the seven-year, fixed-rate loan on behalf of the borrower, Nashville-based Carter-Haston. Built in 2019, The Edge on The Beltline offers studio, one-, two- and three-bedroom floorplans. Units include granite countertops, walk-in closets, hardwood-style flooring, stainless steel appliances, available storage units and private balconies. Community amenities include a pool, tropical oasis courtyard, office pods available for lease, onsite restaurants, fitness center, pet spa, package room, clubroom, private garage parking, electric car charging stations and bike maintenance and storage. Located at 670 Dekalb Ave. NE, The Edge is located directly adjacent to the Eastside Trail of the Atlanta BeltLine. The property is also 3.3 miles from Georgia Tech, a little over one mile from Georgia State University and 11.5 miles from Hartsfield-Jackson Atlanta International Airport.

February 7, 2022

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