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Madrone-Mountain-View
CaliforniaDevelopmentFinanceNewsWestern

Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley

by Lynn Peisner

MOUNTAIN VIEW, CALIF. — Northmarq has arranged a $105 million refinancing of Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, 35 miles south of San Francisco. The financing was arranged on behalf of Prometheus Real Estate Group by Northmarq’s San Francisco team, led by Nathan Prouty and Andrew Slaton. The five-year, full-term interest-only loan was provided by New York Life and refinances approximately $90 million in existing debt originally arranged by Northmarq in 2016. Prometheus is planning to develop eight accessory dwelling units (ADUs) following …

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Matthew-Griffin-Madison
Company NewsDevelopmentNewsNorth CarolinaSeniors HousingSoutheast

Madison Communities Expands Into Luxury Senior Housing, Names Industry Veteran to Lead Initiative

by Lynn Peisner

Charlotte, N.C. — Madison Communities, a Charlotte-based private multifamily development and property management firm, is expanding into senior housing and age-restricted development with a new business line focused on ground-up communities across the Sun Belt. The development program will produce what Madison calls “luxury senior living and memory care, with programming built around hospitality-driven amenities and robust social activities.” Madison Communities will partner with seniors housing operators to manage the properties. Matthew Griffin has joined the company as executive managing director of development to lead the initiative. Griffin brings approximately …

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Canopy-Apartments-Everett
Investment SalesNewsWashingtonWestern

Timberlane, EOS Buy Canopy Apartments in Everett, Washington, for $82.8M

by Lynn Peisner

EVERETT, WASH. — Timberlane Partners has acquired Canopy Apartments in Everett, 25 miles north of Seattle, for approximately $82.8 million. The seller was a limited partnership comprising RISE Properties Trust and Aegon Real Assets US. Timberlane acquired the asset in partnership with EOS Residential Investors. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across an approximately 16-acre site. Its 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes, with an average unit size of 878 square feet. Many of the …

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Chris-Bruen-pull-quote
FinanceInvestment SalesLeasing & MarketingMarket ReportsNewsOperations

NMHC Chief Economist Chris Bruen on Why Lending Conditions Worsened in Third Quarter

by Lynn Peisner

Multifamily owners are facing sharply worsening capital conditions even as market fundamentals have changed relatively little, according to the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions, released Oct. 22. NMHC’s quarterly survey evaluates the multifamily sector across four benchmarks: market tightness, which reflects changes in vacancy and rent conditions; apartment sales volume; equity financing availability; and debt financing conditions. In practical terms, a tighter apartment market generally means lower vacancies and stronger rent growth, while a looser market generally means higher vacancies and weaker rent growth. …

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Greybarn-Amityville
FinanceNew YorkNewsNortheast

JLL Arranges $154.3M Refinancing for Rechler Equity Partners’ Greybarn Amityville

by Lynn Peisner

AMITYVILLE, N.Y. — Rechler Equity Partners has obtained a $154.3 million refinancing loan for Greybarn Amityville, a 335-unit property in Amityville. The JLL Capital Markets team that arranged the financing was led by Peter Rotchford, Andrew Scandalios and Clayton Ross. PCCP was the lender. Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. It features 335 apartments, comprising 269 market-rate units and 66 workforce units reserved for households earning up to 80 percent of area median …

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Indy-Town-Portfolio
IndianaInvestment SalesMidwestNews

Marcus & Millichap Arranges Four-Property Indianapolis Portfolio Sale for $25.8M

by Lynn Peisner

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a four-property, 412-unit portfolio called Indy Town. Aaron Kuroiwa based in Marcus & Millichap’s Indianapolis office arranged the transaction on behalf of the undisclosed seller. The buyer, described as Northeast-based, also was not identified. The portfolio sold for $25.8 million. The properties, Arlington Green, Glen Ridge, Frederick Square and Greenway were constructed between 1950 and 1968, and all units were renovated in 2019. Arlington Green is an 181-unit, five-building property, Glen Ridge comprises 70 units and 21 buildings, Frederick Square …

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Affordable HousingDevelopmentNewsNortheastPennsylvania

Construction Begins on 121-Unit, $65M Redevelopment of Philadelphia Housing Authority Building

by Lynn Peisner

PHILADELPHIA — The Philadelphia Housing Authority (PHA) and Alterra Property Group have broken ground on Twenty-Twelve, a $65 million, 14-story mixed-income community at 2012 Chestnut St. in the Center City District of Philadelphia. The project is a redevelopment of the former PHA administrative headquarters, which has been vacant for approximately 20 years. The new community will feature 121 apartments, about 72 of which will be reserved for households earning up to 80 percent of area median income, and 2,000 square feet of ground-floor retail space. The architect is JKRP Architects, …

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The-Crossing-Lofts-Indianapolis
DevelopmentIndianaMidwestNews

Thompson Thrift Breaks Ground on The Crossing Lofts in Fishers District

by Lynn Peisner

FISHERS, IND. — Thompson Thrift has broken ground The Crossing Lofts at Fishers District, a 273-unit community with approximately 10,000 square feet of ground-floor commercial space in the Indianapolis suburb of Fishers. The four-story development is located within The Crossing at Fishers District, the southern portion of Thompson Thrift’s Fishers District master planned community and home to the 7,500-seat Fishers Event Center. Once complete, the approximately $750 million, 123-acre project will include multifamily, hotel, office dining, retail and entertainment spaces connected by pedestrian paths. Amenities will include a resort-style heated …

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The-Averly-Richmond-Hill
DevelopmentGeorgiaLeasing & MarketingNewsSoutheast

ECI Group Begins Leasing $60M Development in Metro Savannah

by Lynn Peisner

RICHMOND HILL, GA. — ECI Group has begun pre-leasing at The Averly Richmond Hill, a $60 million, 291-unit development in Richmond Hill, approximately 20 miles south of Savannah, Georgia. The gated community offers 243 one-, two- and three-bedroom apartments and 48 three-bedroom townhomes that feature a private porch or balcony. Amenities include an 8,400-square-foot clubhouse, package room, coworking space, a coffee bar, resort-style pool, golf simulator, a dog park, an open lawn with hammocks, a fire pit and table tennis and detached garages and storage units for rent. Atlanta-based ECI …

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The-Flynn-Dallas
DevelopmentNewsTexas

Conor Commercial-Led JV Opens The Flynn at Live Oak in Dallas

by Lynn Peisner

DALLAS — Conor Commercial Real Estate and Cadence McShane Construction have completed The Flynn at Live Oak, a 327-unit development located at 4931 Live Oak St. in East Dallas. The five-story building includes studios, one- and two-bedroom floor plans complemented by a rooftop lounge, coworking spaces, a fitness center, market, a pet spa, a resort-style pool, firepits, grills, a yoga area and a dog park. The development is a joint venture investment among Conor Commercial Real Estate, Globe Corp. and Origin Investments. JLL’s Dallas office assisted with the capital raise. …

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