LYNN, MASS. — MassHousing has provided $12.4 million in affordable housing financing to St. Mary’s Plaza Inc. for 99-unit St. Mary’s Plaza in Lynn, a northern suburb of Boston. The transaction will extend affordability protections for at least 25 years, as well as involve approximately $1.4 million in property improvements. As part of the transaction, St. Mary’s Plaza Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payments contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on …
ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in Arlington Heights in Chicago’s northwest suburbs for $131 million. The Conor Group was the seller. Stonebridge of Arlington Heights was built in 1973 and features one- and two-bedroom floor plan layouts across six buildings. The average apartment size is 1,075 square feet. Resident amenities include a fitness center, pool, basketball court and bike storage. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks …
ALLENDALE, N.J. — The Hampshire Cos. a New Jersey-based real estate and development firm, will develop a 70-unit community in Allendale. he 104,620-square-foot property is located at 220 W. Crescent St. and is scheduled to be completed in the second quarter of 2024. The property will also feature a clubroom, storage, lounge, and a 9,460-square-foot courtyard. Designed by DMR Architects, nine of the units will be subject to income restrictions including six Council on Affordable Housing (COAH) units designated for first responders.
CHICAGO — Kiser Group has brokered the condominium deconversion sale of 3825 N. Pine Grove in Chicago’s Lakeview neighborhood. The seller, the 3825 N. Pine Grove Condominium Association, received $18.3 million in the transaction. The buyer was not disclosed. According to CoStar, this is only the third building of 90 or more units that has been traded in Lakeview in the last five years. The property is home to 94 units featuring both studio and two-bedroom layouts and 54 parking spaces. At the time of sale, 90 percent of the …
NEW YORK CITY — Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies have created a joint venture to develop 585 Union Street, a 224-unit project in the Gowanus neighborhood of Brooklyn. Located in a qualified opportunity zone, the project will be capitalized with $57.7 million of equity and a $107 million senior construction loan from Pacific Western Bank. 585 Union Street will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center and a rooftop pool among other amenities. Twenty-five percent of available …
BUFFALO, N.Y. — Locally-based Largo Capital, a commercial finance and advisory firm, has arranged a $30 million loan to refinance an 11-property portfolio located in Buffalo, N.Y. The portfolio has a total of 789 units. The portfolio was was 99 percent occupied at the time of the sale. Ned Perlman, vice president of originations at Largo Capital, secured the 10-year balance sheet loan, which features a 30-year amortization and a flexible prepayment option. The borrower and direct lender were not disclosed.
WOODBRIDGE, VA. — Developers IDI Group Cos. and PTM Partners have jointly completed construction of Viridium, a 318-unit community located in Woodbridge, approximately 20 miles south of Washington, D.C. Construction began in the second quarter of 2021. Viridium features one, two- and three-bedroom apartment layouts, a range of resident amenities and access to the Occoquan River. According to Apartments.com, rents for Viridium range from $1,740 to $4,190 per month. The building completes the multi-phase development, which began more than 15 years ago with the construction of Viridium’s sister building, Rivergate …
OVERLAND PARK, KAN. — JLL Capital Markets has closed over $59.7 million in refinancing for The Residences at Galleria, a newly constructed, 322-unit community in the Kansas City suburb of Overland Park, Kansas. JLL represented the borrower, Block Real Estate Services, to secure the financing through Eagle Realty Group. The JLL Capital Markets Debt Advisory team was Jody Thornton, Mark Erland and Tony Nargi. Completed in 2022, the five-story The Residences at Galleria features one-, two- and three-bedroom units with large private patios, smart home features and an average unit …
Long known as a key center for oil and gas companies and dubbed “The Energy Capital of the World,” Houston today is positioning itself as the proving ground for alternative energies. Jobs, and therefore apartment demand, are following close behind, keeping investors busy. Per Yardi Matrix, Houston is one of only a few metros in which employment rates have returned to pre-pandemic levels. The multifamily sector, alongside many others, is reaping the benefits of such a bounce. Employment expanded by 150,400 jobs, about 5.2 percent, from March 2021 to July …
NEW YORK CITY — Hudson Realty Capital, a New York City-based commercial real estate investment management firm, has hired Brandon Eustace as Managing Director of FHA Originations. Eustace brings more than a decade of experience in FHA and HUD real estate finance. His addition comes as the firm’s FHA division continues to expand its capabilities in the market. In this role, Eustace is responsible for overseeing the origination of multifamily FHA/HUD and bridge loans. Hudson Realty Capital launched its FHA division in 2021. The company has continued to strategically grow …