Author

Channing Hamilton

WildHorse Creek in Chesterfield, Missouri
DevelopmentFinanceIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Five Hurdles General Contractors Face in Today’s Dynamic Multifamily Arena

by Channing Hamilton

— By Erick Hartzell, project director, Brinkmann Constructors — As the housing market generated uncertainty in a pandemic-driven economy, many individuals gravitated toward the stability and convenience of multifamily housing communities. Amid the rising demand, shifting consumer priorities urged developers and contractors to refocus on this subsector, allowing multifamily construction to boom.  Regardless of the steady influx of multifamily developments, demand remains prominent. As contractors work to meet the demand, there are several significant challenges to be aware of, including a lack of qualified labor, a rise in material prices, …

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CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Brokers $16.7 Million in Construction Financing for The Hobart in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets arranged the $16.7 million construction take-out financing for The Hobart, a 39-unit community in the Los Angeles neighborhood of Koreatown. Chris Collins and Brad Vansant represented the borrower, Jannone Development, to secure the two-year, floating-rate loan. The Hobart was built in 2023. The building rises six stories at 3050 W. 11th St. Units come in one-, two- and three-bedroom floor plans.

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Affordable HousingDevelopmentLeasing & MarketingNew YorkNewsNortheast

Terwilliger & Bartone Properties Begins Leasing The Cornerstone Westbury in Westbury, New York

by Channing Hamilton

WESTBURY, N.Y. — Terwilliger & Bartone Properties has begun leasing The Cornerstone Westbury, a community located 1,000 feet from the Westbury Train Station in Westbury. The first phase of the development delivers 72 units, and the second phase will add 58 more. The second phase is slated to complete in early 2024. Amenities include a rooftop patio, fire pits, a clubhouse, fitness center, on-site parking and events for residents. Of the total 130 units, 18 will be set aside as workforce housing. The Cornerstone Westbury received over 1,200 applications for these …

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CaliforniaDevelopmentFinanceInvestment SalesNewsWestern

PACT Capital Arranges $362 Million for Acquisition of 1600-Acre Community Near San Francisco

by Channing Hamilton

SAN JOAQUIN COUNTY, CALIF. — PACT Capital has arranged a $362 million acquisition land loan for a 1,600-acre property in San Joaquin County, about 60 miles from San Francisco. Originally planned in the 1990s, the site is entitled for 5,500 residential units, as well as 263 acres of entitled multifamily, mixed-use, industrial and commercial space. The buyer was a private family office in Northern California. The acquisition financing was provided through a real estate investment banking syndicate. PACT Capital’s advisory team was led by Adam Mortanian, Tyler Shegerian, Connor Haubursin …

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DevelopmentFinanceMaineNewsNortheast

Preston Hollow Community Capital Purchases Rock Row in Westbrook, Maine for $85.7 Million

by Channing Hamilton

WESTBROOK, MAINE — Preston Hollow Community Capital has purchased $85.7 million in tax-exempt revenue bonds issued by the Finance Authority of Maine. Proceeds from the bond will be used to fund the development of a mixed-use development in Westbrook known as Rock Row. Piper Sandler & Co. served as sole underwriter for the bonds. Kutak Rock LLP served as bond counsel and authority counsel. Jensen Baird Gardner & Henry LLP acted as counsel to the city of Westbrook. Bernstein, Shur, Sawyer & Nelson P.A. served as the underwriter’s counsel. Situated …

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Stone Ends in Stoughton, Massachusetts.
Investment SalesMassachusettsNewsNortheast

Harbor Group International Sells 1,722-Unit Portfolio in Metro Boston

by Channing Hamilton

BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:

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Affordable HousingDevelopmentNewsOregonWestern

Mill Creek Residential Begins Developing Modera Woodstock in Portland, Oregon

by Channing Hamilton

PORTLAND, ORE. — Mill Creek Residential has begun the construction of Modera Woodstock, a mixed-use property in Portland. Located at 4804 SE Woodstock Blvd., the community will feature 194 apartments and 6,500 square feet of ground-floor retail space. Units will come in studio, one-, two- and four-bedroom floor plans. Five units will be affordable, but income restrictions for these units were not disclosed. Amenities include a clubhouse, courtyard, rooftop deck with grilling area and fire pit, game room, theater, coffee bar, pet spa and a fitness studio. Tenants will also have …

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Coral Key Apartments in Port Richey, Florida
FloridaInvestment SalesNewsSoutheast

Southeast Property Group Acquires Coral Key Apartments in Port Richey, Florida

by Channing Hamilton

PORT RICHEY, FLA. — Southeast Property Group has acquired an 80-unit property at 9920 Grace Dr. in Port Richey, a city in Pasco County, Florida. The new owner plans to renovate the community with updates to unit interiors, expansions of on-site amenities and common areas and overall beautification of the exterior curb appeal. The asset will be rebranded as Coral Key Apartments. According to Apartments.com, units come in two-bedroom floor plans.

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Build-to-RentCompany NewsInvestment SalesNewsPeople NewsTexas

JLL Capital Markets Adds Jim Humphries as Director with Single-Family Rental Team

by Channing Hamilton

HOUSTON — JLL Capital Markets has hired Jim Humphries as a director to the firm’s single-family rental (SFR) team. In this role, Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally. He will work out of JLL’s Houston office alongside the current SFR team lead, Managing Director Matthew Putterman. Humphries previously served as a senior vice president with Colliers and worked with HFF as part of the Houston multi-housing investment sales team.

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Fieldcrest in Richmond, Virginia
Affordable HousingInvestment SalesNewsSoutheastVirginia

Greysteel Arranges Sale of Affordable Housing Property in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — Greysteel has brokered the sale of Fieldcrest, a 29-unit affordable community in Richmond. Fletcher Hultman and Henry Mathies of Greysteel’s National Affordable Housing team represented the seller, a joint venture between a local development group and April Housing, an affiliate of Blackstone. The buyer is Wincor Holdings, a recently formed private equity company. Fieldcrest was built in 2006 on a site adjacent to the Richmond Raceway. The property is subject to a Land Use Restrictive Agreement that restricts income and rent levels to 50 percent of the area …

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