CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust. Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026. The last tranche of financing was $9.6 …
GRESHAM, ORE. — PH Development LLC has received $15.9 million in financing for the development of Woodland Flats, a hotel-to-multifamily conversion project located at 2752 NE Hogan Drive in Gresham, about 17 miles west of Portland. The project includes the conversion of an existing hotel into 120 apartments, as well as 6,400 square feet of ground-floor retail space. Units will come in studio, one- and two-bedroom floor plans. Monthly rates will range from $1,200 to $1,600 per month. Community amenities will include a pool, fitness center and exterior courtyard. Tom Wilson, …
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a portfolio of four properties totaling 112 units within the “Thumb Region,” the lower peninsula of Michigan. The portfolio features a mix of studio to three-bedroom units. Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization.
JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …
NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …
LEWISVILLE, TEXAS — Affinius Capital has provided a $34 million loan for the refinancing of Main & Mill, a 203-unit complex in Lewisville, 25 miles northwest of Dallas. Lauren Kaufman of JLL arranged the loan on behalf of the property owner, AMAC Development. Main & Mill consists of 143 one-bedroom and 60 two-bedroom units, as well as 6,400 square feet of retail space. Each residence features quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers. Select units also offer private patios and balconies. Residents have access to …
MIAMI — A joint venture between BH Group and InterVest Capital Partners has received a $77.7 million loan for the acquisition of Wake Biscayne Bay, a 338-unit community in Miami’s North Bay Village. Locally based BridgeInvest provided the loan. The property consists of two 10-story buildings at 7525 E. Treasure Drive and 1900 S. Treasure Drive. Apartments come in studio, one-, two- and three-bedroom floor plans, according to the property website.
PHOENIX — NexMetro Communities, the Phoenix-based BTR developer behind the Avilla Homes brand, has secured $271.9 million for the recapitalization of a portfolio of eight build-to-rent (BTR) properties located in Arizona, Colorado and Texas. Stockbridge invested $65.9 million of preferred equity, along with $206 million of existing assumable agency financing. The portfolio comprises 1,061 mostly detached, single-story BTR units. All of the properties were built between 2018 and 2019. The combined portfolio was valued at $620 million, with $145 million of equity committed and $366 million of senior debt. The eight properties included …
ATLANTA — AEW Capital Management has provided a $75 million loan for The Hadley, a 300-unit complex located at 770 Juniper St. NE in Midtown Atlanta. The undisclosed borrower will use the financing to refinance the original construction loan for the project. A joint venture between StreetLights Residential and PGIM Real Estate developed the community in 2023. The Hadley offers studios, one-, two- and three bedroom units ranging from 534 square feet to 1,716 square feet. Shared amenities include a fitness center, private resident bar, coffee lounge and coworking space, …
VANCOUVER, WASH. — Hamilton Zanze has sponsored the purchase of Arnada Pointe, a 200-unit community in Vancouver, situated roughly 11 miles north from Portland, Oregon, on the north bank of the Columbia River. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Located at 4820 Hazel Dell Ave., Arnada Pointe offers a mix of one-, two- and three-bedroom apartments. Units range from 700 to 1,188 square feet. Residents have access to amenities such as a clubhouse, outdoor pool, playground, barbecue/picnic areas and a fitness center. …