LAFAYETTE, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $37.2 million construction loan, and Key Commercial Mortgage Group has arranged a $28.8 million permanent loan to finance the construction of Vita Lifestyle Lafayette. The 198-unit affordable housing development is located in Lafayette, approximately 60 miles northwest of Indianapolis. Vita Investment Holdings LLC has partnered with CRF Affordable Housing to develop the project. Vita Lifestyle Lafayette will consist of 159 affordable units and 39 market rate units, including one-bedroom, two-bedroom, and cottage-style units. Affordable units are restricted …
INDIANAPOLIS — Milhaus, Gershman Partners and Citimark have opened Versa, a 232-unit community in the Broad Ripple neighborhood of Indianapolis. Located at 6220 Guilford Ave., Versa is comprised of studio, one-, two- and three-bedroom units, including three penthouse apartments with panoramic views of Broad Ripple Avenue. The development also offers 245 parking spaces, 4,000 square feet of retail space and a rooftop deck. Architecture and interior design was provided by DKGr. The property’s name was inspired by the phrase “vice versa.” Amenities include a clubhouse with a game room, a …
CHICAGO — Interra Realty has arranged the $2.3 million sale of 1350-1352 N. Cleveland Ave. in Chicago’s Old Town neighborhood. Interra’s Senior Managing Partner Brad Feldman represented the seller, Highland Real Estate Partners. Feldman also represented the buyer, a private investment firm. The building was fully occupied at the time of sale. Constructed in 1969, the property features six three-bedroom apartments with granite countertops, stainless steel appliances, individual HVAC units and in-unit laundry. The property also includes six on-site parking spots.
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WinnResidential Tapped to Manage 28-Property Affordable Housing Portfolio
INDIANAPOLIS — WinnResidential has been retained by KCG Cos. to operate 28 of the Indianapolis-based developer’s properties. Winn assumed leadership of operations and property management of 4,147 units in July and is expected to be selected to manage future communities over the coming year. KCG-owned workforce and affordable housing communities are located in Colorado, Georgia, Maryland, New York, Ohio, South Carolina, Texas, Virginia and Wisconsin. The company’s portfolio is comprised of approximately 34 communities. WinnResidential is the property management division of Boston-based WinnCompanies.
APPLE VALLEY, MINN. — Trident Development has begun construction of Orchard Place Apartments in Apple Valley, 20 miles south of Minneapolis. The community’s 135 units will be offered as studios, one-, two- and three-bedroom floor plans, all housed within one four-story building. Amenities at Orchard Place will include a 24-hour fitness center and yoga studio, a sport court, a business center, outdoor gathering spaces, a rooftop patio, a sky lounge and a central courtyard with a firepit and grills. Residents also will have access to a fenced dog park with …
CHICAGO — Interra Realty has arranged the sale of two Chicago properties totaling 34 units. The transactions included a 24-unit community at 4954 N. Christiana Ave. in the Albany Park neighborhood, which sold for $4.5 million, and a 10-unit community located at 4321-23 N. Tripp Ave. in the Old Irving Park neighborhood, which sold for $2.2 million. Interra Managing Partner Craig Martin represented the seller, HP Ventures Group, in both transactions. Martin also represented the buyers: Eloy Burciaga, who purchased 4954 N. Christiana, and John Krumsee, who acquired 4321-23 N. …
ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac refinancing loan for Pure St. Peters, a 143-unit community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor, Tilden Legacy Pure St. Peters Apartments LLC. The property was 94 percent occupied at the time of the loan closing. Located at 2100 Pure St., the three-story community was built in 2019 and offers one- and two-bedroom apartments with open-concept layouts. Amenities at …
BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from …
NOBLESVILLE, IND. — Marcus & Millichap has arranged the sale of Deer Chase, a 288-unit property in Noblesville, 34 miles northwest of Indianapolis. The seller was the unidentified original developer, and the buyer was an undisclosed, locally operated company. The property was built in 2004 on approximately 13 acres and includes a unit mix of two-, three- and four-bedroom floor plans, all of which feature private entrances, full-size washers and dryers and exterior storage space. A fitness center, pool, playground and sports courts are among the community’s amenities. The sales …
DES PERES, MO. — Chicago-based Albion Residential along with project partners Koplar Properties and Theis Group have broken ground on Magnolia Ridge in Des Peres, 15 miles west of St. Louis. Brinkmann Constructors is the general contractor, and construction financing was provided by Old National Bank. Completion is slated for spring 2027. The community will be a five-story, 182-unit property located at 13431 Manchester Road. Amenities will include a fitness center with a sauna and yoga room, a private dining room, a game lounge, a speakeasy with wine lockers, a …
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