TOMS RIVER, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $50 million bridge loan for the acquisition of Silverwoods, a 313-unit multifamily property located in the coastal New Jersey community of Toms River. The 55-acre, age-restricted property consists of 46 one-story buildings that house seven studios, 41 one-bedroom units and 265 two-bedroom units. Amenities include a pool, fitness center and a clubhouse. Moshe Feiner of Sevenstone Capital arranged the debt on behalf of the borrowers, Mathias Deutsch and Isidore Bleier. In …
Developers of affordable housing in the United States are flummoxed by the Trump administration’s bull-in-a-china-shop approach to breaking bloated bureaucracies. Like their brethren in the market-rate multifamily sector, affordable housing developers are anticipating potentially higher material costs because of tariffs and generally elevated interest rates. But more specific to the affordable sector, developers remain in the dark as to how the administration’s view on housing policies and programs will impact their ability to build low-income units in the coming months and years. Within two months after assuming office, the Trump …
TEMPLE TERRAE, FLA. — Denver-based BMC Investments has purchased Park at Valenza, a 776-unit complex located at 6900 Aruba Ave. in Temple Terrace, about 10 miles northeast of Tampa. The seller and sales price were not disclosed, as well as BMC’s joint venture partner. A Prime Finance-sponsored fund provided acquisition financing for the deal. Park at Valenza was built in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom apartments. Residents have access to amenities such as a lounge, gym, pool, basketball court and …
TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located roughly 100 miles southeast of Boston near the northern tip of Cape Cod. Thirty-nine units will be restricted to households earning between 30 and 100 percent of the area median income. The other four apartments will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the …
COLUMBUS, OHIO — Affinius Capital LLC has originated a $73.4 million loan to finance the development of Rockpointe at Quarry Trails, a 486-unit project in Columbus. Thrive Cos. — a locally based developer, owner and operator — was the borrower. The community will offer units with walk-in closets, granite countertops, vinyl plank flooring, ceramic tile bathroom floors, stainless steel appliances and washers and dryers. Amenities will include a community kitchen, gaming areas, coworking facilities, a pool and cabanas. Rockpointe at Quarry Trails will comprise the fourth phase of the Quarry …
NORFOLK, VA. — The Breeden Co. has completed Lake Taylor Pointe Apartments, a 198-unit community located at 1060 Kempsville Road in Norfolk. The property offers carriage house and garden-style buildings. Units come in one-, two- and three-bedroom floor plans ranging from 723 square feet to 1,425, according to Apartments.com. Amenities include a pool, poolside fitness center, outdoor gathering areas, arcade room, electric vehicle charging stations and a bark park. Rental rates for the property begin at $1,750. Breedon Construction served as the general contractor for the $43 million development.
BOTHELL, WASH. — MainStreet Property Group has secured a $19 million loan for the refinancing of The 104 in Bothell, roughly 20 miles northeast of Seattle. Seth Heikkila and Bill Maloney of JLL Capital Markets Debt Advisory team secured the five-year, fixed-rate loan through Fannie Mae. JLL Real Estate Capital LLC will service the loan. The 104 features 115 apartments in one- and two-bedroom floor plans, averaging 773 square feet. Units feature stainless steel appliances, walk-in closets and exposed concrete details. Amenities include a lounge with kitchen, a community courtyard, …
FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development. The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank …
CALABASAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has hired Andrew Leahy as senior vice president and national director of IPA’s multifamily division. In this role, Leahy will lead IPA advisory teams across North America. Previously, he led investments for Elme Communities. He has also served with the Rockefeller Group, where he led acquisitions throughout the United States on behalf of domestic and global private equity investors. Leahy began his career as an analyst at The Blackstone Group.
INDIANAPOLIS — The Annex Group has hired Todd Sears as Chief Operating Officer (COO). In this role, Sears will lead the development, construction and property management teams within the Indianapolis-based company. Sears has more than three decades of experience in real estate and finance leadership. He also serves as an adjunct faculty member of Butler University’s Lacy School of Business. CJ Lukaart, who previously served as COO, will also transition to become Chief Legal and Administrative Officer. He will lead the company’s legal, HR, IT and marketing teams.