Multifamily

MG Developer, Baron Property Group to Build $204M Luxury Multifamily Project in Coral Gables, Florida

by Katie Sloan May 19, 2022

CORAL GABLES, FLA. — A partnership between MG Developer and Baron Property Group has announced plans for Merrick Parc, a $204 million, two-tower luxury multifamily project located at 3191 SW 39 Ave. in Coral Gables. Designed by Behar & Font, the 43,785-square-foot community will offer 450 rental units in one- and two-bedroom configurations alongside ground-floor retail space. The development site is located four miles from Miami International Airport and five miles away from downtown Miami’s Brickell neighborhood. The developers partnered with Colliers to finance an initial $24 million tranche with an additional $13 million in equity financing for the project, a timeline for which was not announced. The initial land acquisition was funded by S3 Capital and closed in late April. Demand is high for luxury rental units in the Miami and Coral Gables areas, according to Alirio Torrealba, CEO and founder of MG Developer. The company is currently developing a 10-story multifamily project in Hialeah, roughly 11 miles outside Miami, and is preparing to break ground on another 48-unit community in Coral Gables named Gables Village. A number of additional multifamily projects have been recently announced in the Miami area, including a $220 million mixed-use project by Shoma Group; …

May 19, 2022

Acquisitions Florida Loans Multifamily Southeast

Mesa West Provides $135M Acquisition Loan for Sophia at Abacoa Apartments in South Florida

by John Nelson May 18, 2022

JUPITER, FLA. — Mesa West Capital has provided a $135 million acquisition loan for The Sophia at Abacoa, a 390-unit multifamily community in Jupiter. Matt Williams and James Maynard of Newmark arranged the loan on behalf of the borrower, Berkshire Residential Investments. Located in the Abacoa neighborhood, Sophia at Abacoa was built in 2002 and offers a variety of one-, two- and three-bedroom floor plans housed in low-rise residential buildings on a 22-acre site. The property features a wide variety of amenities including a clubhouse, fitness center, two resort-style pools, dog park, sand volleyball court, outdoor grilling areas with picnic tables and a car detailing station. The property also benefits from being within walking distance of downtown Abacoa, which features shopping, dining and entertainment options. The Sophia at Abacoa is also near Roger Dean Stadium, the spring training facility for the Miami Marlins and the St. Louis Cardinals, in addition to 16 golf and country clubs in Jupiter. With the loan for Berkshire, Mesa West Capital has originated over $550 million in first mortgage and mezzanine debt in Florida over the past 12 months.

May 18, 2022

Development Loans Multifamily Southeast Tennessee

Legacy South, Patterson Close Construction Financing for Rowan Townhomes in Metro Nashville

by John Nelson May 18, 2022

ANTIOCH, TENN. — Legacy South, with the assistance of its capital advisor Patterson Real Estate Advisory Group, closed on equity and debt construction financing for The Rowan, an 80-unit rental townhome community in the south Nashville suburb of Antioch. Patterson arranged an undisclosed amount of joint venture equity financing with TriGate Capital and debt financing through Hancock Whitney. Upon completion, The Rowan will be spread across 16 different buildings with an average unit size of 1,575 square feet, and each unit will contain three bedrooms and three-and-a-half bathrooms. Situated near I-24, I-40, I-65 and Route 254, the property offers easy access to Nashville’s primary job centers, including Nashville International Airport and downtown Nashville.

May 18, 2022

Development Loans Multifamily Texas

Zale Properties to Develop 394-Unit View at Sapphire Bay Apartments in Metro Dallas

by Taylor Williams May 18, 2022

ROWLETT, TEXAS — Locally based developer Zale Properties will build The View at Sapphire Bay, a 394-unit lakefront multifamily project that will be located in Rowlett, a northeastern suburb of Dallas. Units will be available in one-, two- and three-bedroom formats and will have an average size of 941 square feet. Interiors will be furnished with stainless steel appliances, quartz/granite countertops, full-size washers and dryers and private balconies. Amenities will include a pool, coworking space, game rooms, fitness center, pet spa, garden courtyard and kitchen and a landscaped picnic area. Completion is slated for May 2024. John Brownlee and Wilson Bauer of JLL arranged $58.3 million in fixed-rate construction financing through Principal Global Investors on behalf of Zale Properties.

May 18, 2022

Acquisitions Multifamily Texas

Clarion Partners Acquires 354-Unit Modera Domain Apartments in North Austin

by Taylor Williams May 18, 2022

AUSTIN, TEXAS — New York-based investment firm Clarion Partners has acquired a 354-unit apartment community located at the entrance to The Domain in North Austin. Completed earlier this year, Modera Domain offers studio, one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, dog park and a resident lounge, as well as coworking and private workspaces. Patton Jones and Andrew Dickson of Newmark represented the seller, a joint venture between Mill Creek Residential and PGIM, in the transaction.

May 18, 2022

Development Multifamily New Jersey Northeast

Partnership Completes 116-Unit Multifamily Project in Secaucus, New Jersey

by Taylor Williams May 18, 2022

SECAUCUS, N.J. — A partnership between New Jersey-based Woodmont Properties, Canoe Book Development and affordable/workforce housing owner-operator PIRHL has completed The Waterton, a multifamily project in the Northern New Jersey community of Secaucus. Of the property’s 116 units, 23 are reserved for households earning between 20 and 60 percent of the area median income. Residences are available in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, entertainment lounge, children’s playroom, coffee bar and outdoor grilling and dining areas. Rents start at $2,600 per month for a studio apartment.

May 18, 2022

Loans Multifamily New Jersey Northeast Northmarq

Northmarq Provides $16M Agency Permanent Loan for Northern New Jersey Apartment Complex

by Taylor Williams May 18, 2022

EAST ORANGE, N.J. — Northmarq has provided a $16 million Fannie Mae permanent loan for The Harrison, a 103-unit apartment complex located in the Northern New Jersey community of East Orange. The newly built property offers studio, one- and two-bedroom units with private balconies, stainless steel appliances and walk-in closets. Robert Ranieri of Northmarq originated the loan on behalf of the undisclosed borrower.

May 18, 2022

Loans Multifamily New York Northeast

Urban Standard Capital Funds $6.2M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 18, 2022

NEW YORK CITY — Locally based private equity firm Urban Standard Capital has funded a $6.2 million construction loan for a multifamily project in Brooklyn’s Crown Heights neighborhood that will comprise 10 residential units and one commercial space. The six-story building’s residential units will have an average size of 970 square feet, and the commercial component will span 1,300 square feet. Isaac & Stern is the project architect. The borrower is Avdoo & Partners Development.

May 18, 2022

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner Underway on Construction of 25-Story Apartment Building in Minneapolis

by Kristin Harlow May 18, 2022

MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.

May 18, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $96M Sale of Hudson on Farmer Apartments in Downtown Tempe

by Amy Works May 18, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hudson on Farmer, an apartment community in downtown Tempe. Ideal Capital Group purchased the property from 8th & Farmer Owner LLC for $96 million, or $561,404 per unit. Completed in 2021, Hudson on Farmer features 171 apartments with full-size washers/dryers, walk-in showers and private balconies. Community amenities include a heated swimming pool, spa and second-story resident lounge with social space, a conference room and workspaces. The landscaped courtyard offers a covered outdoor dining area, barbecue grills, a firepit, desert vegetation and misting systems. The property also features a fitness center, bike parking room and electric vehicle charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

May 18, 2022

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