MARANA, ARIZ. — Thornydale Apartments LLC, c/o Sears Financial Corp., has broken ground on The Alexander, a $49 million multifamily property located at 3915 W. Aerie Drive in Marana. The 292,850-square-foot development will feature two main mid-rise buildings, six garage buildings providing 12 loft units with attached garages, and two freestanding garages. The 209-unit property will offer technology and wellness amenities, including property-wide high-speed internet, keyless door and property access, lighting and temperature controls, and DISH TV, as well as blackout blinds in the bedrooms and adjustable smart lighting to customize the in-unit environment. Community amenities will include a dog park, barbecue area, bike storage and repair area, a resort-style pool, fitness center, outdoor fitness area and a variety of wellness offerings. Completion is slated for June 2023. Thornydale Apartments is owner/developer of the property, which Shelton Residential will manage. The project team includes Way Architects P.C., EMJ Construction, Dish Fiber and Data Link, Perry Engineering and The Planning Center.
ATLANTA — Lee & Associates has arranged the sale of Novel Upper Westside, a 345-unit apartment community in Atlanta that was renamed as Luna Upper Westside. Equity Residential, a Chicago-based multifamily investment firm, purchased the property for $122 million. Crescent Communities was the property’s developer. Allen Eager of Lee & Associates represented the buyer in the sale. Located at 2265 Marietta Blvd., Luna Upper Westside offers studio, one-, two- and three-bedroom layouts. The units feature stainless steel appliances, glass mosaic backsplashes, wood-style flooring, double vanity sinks in select units, in-unit washers and dryers and walk-in closets. Community amenities include a fitness center, yoga and spin room, coworking spaces, dog park, bike storage, pool with cabanas, grilling stations, clubroom, community beer taps and a sky lounge. The property is part of a redevelopment at Moore’s Mill and Marietta Boulevard that includes a 45,000-square-foot Publix grocery store.
MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac to be $78 billion for each agency for a combined total of $156 billion. The 2022 caps are based on FHFA’s projections of the overall growth of the multifamily originations market. This year the caps are set at $70 billion a piece for both Fannie Mae and Freddie Mac. The FHFA wants the agencies to keep their focus on providing liquidity for affordable housing and underserved markets. Just like this year, the organization is requiring that at least 50 percent of Fannie Mae’s and Freddie Mac’s multifamily business in 2022 to be mission-driven affordable housing, or for units affordable to residents earning 80 percent of area median income (AMI). However, at least 25 percent of the agencies’ multifamily business is required to be affordable to residents at or below 60 percent of AMI, up from the 20 percent required this year. Additionally, the FHFA is expanding certain definitions of what it determines as “mission-driven affordable housing.” Starting next year, the FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or …
MCKINNEY, TEXAS — CBRE has negotiated the sale of Parkside at Craig Ranch, a 1,824-unit apartment community in the northern Dallas suburb of McKinney. The community was built in five phases between 2013 and 2021 within the 2,200-acre Craig Ranch master-planned development. The five phases total approximately 1.5 million square feet of net rentable space and feature an onsite convenience store, multiple fitness centers and a centralized workroom with private offices. Danny Baker, Johnathan Makus, Nita Stewart, Chandler Sims, Kevin O’Boyle and Mikey Bryant with CBRE represented the seller, Columbus Realty Partners, in the transaction. Mike Bryant, Jon Wooton and Kathryn Womble, also with CBRE, arranged a $242 million acquisition loan on behalf of the buyer, funds sponsored by Harbert Management Corp.
FORT WORTH, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of Longhorn Crossing Apartments, a 240-unit multifamily asset in Fort Worth. Built in 2016, the garden-style property offers one-, two- and three-bedroom units and amenities such as a fitness center, pool and a business center. Fisher Wells of Greysteel arranged the nonrecourse loan, which carried a five-year term and a floating interest rate. The borrower was an undisclosed 1031 exchange investor.
TROY, MICH. — Dwight Capital has provided a $35.4 million HUD-insured loan for the refinancing of The Gables of Troy, a 544-unit apartment complex in Troy. The property is comprised of 42 three-story buildings and a clubhouse. Amenities include a dog park, media room, fitness room, racquetball area and two outdoor pools. The 223(a)(7) loan benefits from a Green Mortgage Insurance Premium (MIP) set at 25 basis points because the property qualifies as green and energy efficient. Karnveer Bal of Dwight originated the loan.
COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.
DORAL, FLA. — Shoma Group has sold Sanctuary Doral Apartments, a 226-unit, six-story apartment building in Doral. The buyer, Avanti Group, purchased the property for $102.5 million, or $453,539 per unit. Still Hunter of Walker & Dunlop represented the seller in the transaction. Built in 2020, Sanctuary Doral includes one-, two- and three-bedroom floorplans. Rental rates average $2,210 to $3,660 for a 12-month lease and $2,410 to $3,860 with a seven-month lease. Other community amenities include a gym with steam room and sauna, pet spa, pool, bike path, mini soccer field, yoga lawn and a two-story clubhouse. The apartment property was fully occupied at the time of sale. Located at 9400 NW 41st St., Sanctuary Doral is situated close to retailers and restaurants such as McDonald’s, Walgreens, Starbucks and Publix. The apartment community is also about 13.3 miles from downtown Miami and 17.7 miles from Miami Beach.
HOUSTON — New York City-based investment firm The Praedium Group has purchased Lenox Grand Crossing, a 330-unit apartment community in the western Houston suburb of Katy that was built in 2020. Units within the 10-building community feature stainless steel appliances, granite countertops, tile backsplashes and full-sized washers and dryers. Amenities include a pool with cabanas, outdoor pavilion with grilling stations, recreational lounge with a pool table and bar seating, a fitness center, two dog parks and a package locker system. The seller was not disclosed.