OKLAHOMA CITY — RRA Capital has provided a $20.6 million loan for the acquisition of a 252-unit complex in Oklahoma City. The property is located at 11239 Pennsylvania Ave. and was built in 1970s. Units come in one- and two-bedroom units. The borrower, GreenLite Holdings, plans to implement a value-add program that will upgrade the pool and clubhouse and install new appliances, flooring, lighting, plumbing and windows in the unit interiors.
BRIDGEPORT, CONN. — Eastern Union has arranged a $19.3 million construction loan to facilitate the conversion of a former healthcare facility in Bridgeport into a 150-unit community. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union brokered the loan, which covers a 24-month period on an interest-only basis. Dov Bakon served as underwriter for the transaction. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a …
GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of the first phase of Greenfield Commons in Greenfield. EAH Housing Inc. is developing the project. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap …
RICHMOND, VA. — A joint venture consisting of Cantor Fitzgerald, Silverstein Properties, Collins Capital Partners and Kaufman Jacobs has secured $53.6 million in construction financing for the first phase of Springline at District 60, the redevelopment of a former shopping center located in a qualified opportunity zone near Richmond. Truist Bank provided the financing. The first phase of the 42-acre project will include a community called The James at Springline, as well as a 150,000 square feet office building, an entertainment venue, specialty market and a structured parking facility. Future …
MESQUITE, TEXAS — Marcus & Millichap brokered the sale of Landmark at Courtyard Villas, a 256-unit property in the Dallas suburb of Mesquite. The property was built in 1999 on 17 acres adjacent to Samuell Farm North regional park. The unit mix includes 120 one-bedroom units, 120 two-bedroom units and 16 three-bedroom units. Amenities include a fitness center, swimming pool, laundry facilities and a playground. ShainRealty Capital acquired the asset from a California-based owner in a 1031 exchange. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas …
SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.
FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, …
JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The Jacksonville Downtown Development Review Board has approved the conceptual plan for the $500 million first phase of the project, which is called Pearl Street District. Phase one include three buildings in the North Core district of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. Gateway Jax plans to break ground midway through …
— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …
While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units). Total deliveries in 2023 are expected to rank as the second …