Multifamily

Gregg Gerken TD Bank Affordable Housing quote

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

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Secures $67M in Financing for Multifamily Property in Davie, Florida

by Julia Sanders February 7, 2022

DAVIE, FLA. — Walker & Dunlop has secured $67 million in financing for Zona Village, a 201-unit multifamily property in Davie. Tom Melody, Eric McGlynn, Jonathan Paine and Wes Wallace of Walker & Dunlop arranged the 10-year, non-recourse loan with a fixed interest rate for the borrower, Ceiba Groupe, to replace the existing construction financing. An undisclosed national life insurance company was the lender. Built in 2021, Zona Village offers studio, one- and two-bedroom floorplans, as well as 16,500 square feet of ground-ﬂoor retail space. Unit features include balconies and patios, granite countertops, large soaking tubs, in-unit washers and dryers and large closets. Community amenities include a resort-style pool, conference room, working stations, fitness facilities, onsite pet spa, bike storage, onsite retail and a resident lounge. Located at 3890 Davie Road, Zona Village is situated less than eight miles from downtown Fort Lauderdale and 22 miles from downtown Miami. The property is also near Interstate 595 and the Florida Turnpike.

February 7, 2022

Development Multifamily North Carolina Southeast

Wood Partners Breaks Ground on 306-Unit Apartment Project in Raleigh

by Julia Sanders February 7, 2022

RALEIGH, N.C. — Wood Partners has broken ground on Alta Vale, a 306-unit apartment project in Raleigh. The community is scheduled to open in March 2023. Once complete, Alta Vale will offer one-, two- and three-bedroom floor plans. Unit features will include quartz countertops, stainless steel appliances, tile backsplashes, in-home washer and dryer sets and vinyl plank flooring throughout the kitchen, living room and baths. Community amenities will include a pool, outdoor kitchen and lounge, clubhouse, fitness center, resident café, game room, coworking and conference spaces, pet spa, onsite dog park and access to the Crabtree Creek Greenway Trail. Located just outside the 440 Beltline, the project will be situated near downtown Raleigh, North Carolina State University and Research Triangle Park. The property will be located near the North Carolina Museum of Art, PNC Arena, Raleigh-Durham International Airport and the 5,600-acre Umstead State Park.

February 7, 2022

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