LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …
BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac agency acquisition loan for Estraya Boerne, a 288-unit mixed-income property in the northwestern San Antonio suburb of Boerne. Built in 2022, the community offers one-, two- and three-bedroom units. Half the units are subject to income restrictions, but details regarding these requirements were not disclosed. Amenities include a pool and a fitness center. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.
CHARLOTTE, N.C. — JLL Capital Markets has arranged $25 million in joint venture equity and $69 million in construction financing for 515 Parkwood Ave, a 287-unit project located in the Mill District region of Charlotte. The complex will comprise 235,480 square feet across eight stories. Units will come in studio, one-, two-, three- and four-bedroom layouts. Planned amenities include a rooftop deck, courtyard, electric bikes, fitness center, shared dining area and coworking spaces. The property will also feature 2,945 square feet of ground-floor retail space. JLL worked alongside the developer, …
ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit property in Atlantic City. The asset traded hands for $5.8 million. Joni Sweetwood of Kislak represented the seller and procured the buyer in the deal. Both parties requested anonymity. The community consists of 11 buildings, which were recently renovated. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has brokered the sale of a 48-unit asset located at 7920 19th Ave. in Brooklyn. John Brennan and Bryan Ellis of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were limited liability companies. The building features one- and two-bedroom units. The property traded hands for $6 million.
JERSEY CITY, N.J. — Marcus & Millichap (NYSE: MMI) has brokered the $2.3 million sale of a 15-unit property located at 19 Hopkins Ave. in Jersey City. Built in 1910, the property features studio, one- and two-bedroom units. Jonathan Zamora of Marcus & Millichap marketed the property on behalf of the seller, a local private investor, and procured the buyer, 19 Hopkins Ave LLC.
SOUTH LAKEWOOD, COLO. — S2 Capital has acquired Dartmouth Woods, a 201-unit asset in South Lakewood, approximately eight miles west of downtown Denver, for an undisclosed price. Dartmouth Woods was constructed in 1990. Located at 10025 W. Dartmouth Ave., the property consists of buildings that rise two and three stories. The buyer plans to implement interior renovations, including stainless steel appliances, modern lighting, new flooring and updated cabinets, along with extensive renovations to the exterior and amenities space.
SIMI VALLEY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has brokered the sale of The Landing at Arroyo in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. The asset traded hands for $95 million. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller, USA Properties Fund, and procured the buyer, a private multifamily investor. The Landing at Arroyo was built in 2022. The community consists of 212 units across seven buildings on a 10-acre site. Apartments feature washers …
WINTER PARK, FLA. — Hillpointe LLC, a developer headquartered in the Orlando, Florida suburb of Winter Park, has appointed Will Bohn to the role of managing director, asset management. Prior to joining Hillpointe, Bohn served as senior vice president of asset management at Simply Self Storage. He began his career with National Storage Affiliates, a public REIT, where he held positions focused on data science, revenue management and acquisitions. Bohn secured a Master of Finance and a Bachelor of Arts in Finance and Legal Studies from Tulane University.
PENSACOLA, FLA. — JLL Capital Markets has negotiated financing for Preserve at Perdido, a 312-unit community in Pensacola. JLL worked on behalf of the borrower, Graycliff Capital, to secure the seven-year, fixed-rate loan through Freddie Mac. Trent Niederberger and Danté Thomas led the JLL Capital Markets Debt Advisory team. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender. Built in 2022, Preserve at Perdido features one-, two- and three-bedroom apartments with an average size of 1,201 square feet. The complex consists of 13 …