Multifamily

Bolt + Tie Apartment Community Opens in Clarksville, Indiana

by Kristin Harlow May 25, 2021

CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.

May 25, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $7M Affordable Housing Townhome Project in Minnesota

by Kristin Harlow May 25, 2021

BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.

May 25, 2021

Development Hospitality Multifamily New York Northeast

Fleet Financial Group Receives Approval for 350,178 SF Queens Hotel, Multifamily Project

by Taylor Williams May 25, 2021

NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio is designing the project in conjunction with architect of record Fleet Architects PC. Construction is scheduled to begin this summer, and completion is slated for 2024.

May 25, 2021

Acquisitions Colorado Multifamily Western

CBRE Global Purchases 320-Unit Fletcher Southlands Apartment Community in Aurora, Colorado

by Amy Works May 24, 2021

AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.

May 24, 2021

Acquisitions Arizona Build-to-Rent Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $37.6M Financing for Build-to-Rent Acquisition in Flagstaff

by Amy Works May 24, 2021

FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.

May 24, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $17.5M Acquisition of The Arboretum Multifamily Property in Denver

by Amy Works May 24, 2021

DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.

May 24, 2021

Loans Multifamily Oregon Seniors Housing Western

Berkadia Secures $50.2M HUD Refinancing for Seniors Housing Community in Portland, Oregon

by Amy Works May 24, 2021

PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.

May 24, 2021

Acquisitions Multifamily Texas

Huffines Communities Sells 1,429-Unit Apartment Complex in Metro Dallas

by Taylor Williams May 24, 2021

LEWISVILLE, TEXAS — Locally based developer Huffines Communities has sold Hebron 121 Station, a 1,429-unit apartment community located in the northern Dallas suburb of Lewisville. The 90-acre community is located near several major thoroughfares, including Interstate 35, State Highway 121 and President George Bush Turnpike. Hebron 121 Station was developed in phases, beginning with the delivery of 250 units in 2011. Amenities include four pools with beaches and swim-up bars, entertainment lounges, an onsite restaurant and convenience store, dog parks, outdoor kitchens, two fitness centers and a 10,000-square-foot clubhouse and leasing center. The buyer was EastSky Properties. The sales price was undisclosed.

May 24, 2021

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $4.4M Sale of Multifamily Development Site in Leland, North Carolina

by Julia Sanders May 24, 2021

LELAND, N.C.— Capstone Land Sales has brokered the $4.4 million sale of a 22.8-acre multifamily development site within the Westgate community of Leland, about 10 miles west of Wilmington, N.C. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community at the site. Caleb Troop and Eric Liebich of Capstone Land Sales led the sales transaction. The seller was not disclosed. Kotarides’ apartment project will offer views of Jackeys Creek and be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park. The project will be the first apartment property in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. The regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.

May 24, 2021

Loans Lument Multifamily Northeast Pennsylvania Seniors Housing

Lument Arranges $35.6M Construction Loan for Skilled Nursing Facility in Bellefont, Pennsylvania

by Taylor Williams May 24, 2021

BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.

May 24, 2021

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