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Kingsley Apartments in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

Colliers Mortgage Negotiates $24.4 Million Construction Financing for Affordable Housing Property in Los Angeles

by Channing Hamilton

LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged a $24.4 million construction loan for Kingsley Apartments, a 136-unit affordable housing development in the Koreatown neighborhood of Los Angeles. Once completed, Kingsley Apartments will comprise 72,800 square feet. The community will offer studio and one-bedroom floor plans. Units will be available to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of …

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DevelopmentLeasing & MarketingMichiganMidwestNews

Thompson Thrift Opens 344-Unit The BLVD at Wilson Crossings in Grand Rapids, Michigan

by Channing Hamilton

WYOMING, MICH. — Thompson Thrift has opened The BLVD at Wilson Crossings, a 344-unit asset in the Grand Rapids suburb of Wyoming. The property offers townhome-style units that come in one- to four-bedroom floor plans. Select units feature attached garages and private yards. Amenities include a clubhouse, fitness center, pickleball courts, game lawn with fire pit, pool and dog park. The first residents began moving in during the winter of 2023. The community is 45 percent leased. Thompson Thrift expects construction to conclude this fall.

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CaliforniaFinanceNewsWestern

JLL Capital Markets Arranges $2.5 Million Refinancing for The Madison Apartments in San Diego

by Channing Hamilton

SAN DIEGO — JLL Capital Markets has arranged a $2.5 million refinancing for The Madison Apartments, a 12-unit community in the East County neighborhood of San Diego. JLL placed the three-year, fixed-rate loan with a regional bank. The borrower was Pace Properties. Chris Collins and Emily Pohlman led the JLL Capital Markets Debt Advisory team. The Madison Apartments is situated at 5074-5084 Madison Ave. The community consists of eight two-bedroom apartments and four accessory dwelling units that are studios with loft space. All units feature recently renovated kitchens, bathrooms and …

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Live Oaks Village in Virginia Beach, Virginia
Investment SalesNewsSoutheastVirginia

SLN Capital Markets Brokers $12.2 Million Sale of Live Oaks Village in Virginia Beach, Virginia

by Channing Hamilton

VIRGINIA BEACH, VA. — SLN Capital Markets, a division of S.L. Nusbaum Realty Co., has arranged the sale of Live Oaks Village, a 32-unit asset in Virginia Beach. Live Oaks Village offers three-bedroom, townhome-style apartments. Lasgo Inc. purchased the property from BBD Holdings LLC for $12.2 million. Doug Aronson and Nathan Shor of SLN Capital Markets negotiated the deal. The seller was finishing up renovations to the property at the time of the sale, according to SLN Capital Markets.

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The Taylor in Opelika, Alabama
AlabamaLeasing & MarketingNewsSoutheast

Arey Group Begins Pre-Leasing for 198-Unit The Taylor in Opelika, Alabama

by Channing Hamilton

OPELIKA, ALA. — Arey Group has begun pre-leasing at The Taylor, a 198-unit community in the historic downtown area of Opelika. Located at 411 South 10th Street, The Taylor will offer one-, two- and three-bedroom layouts. Apartments feature stainless steel appliances and quartz countertops. Monthly rents begin at $1,250. Amenities include an entertainment area and fitness center. The community is slated to open in Q3 2024. The Taylor was designed by Geheber Lewis Associates. Focus Design Interiors provided interior design services.

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Serena Vista Apartments in Fountain Valley, California
CaliforniaFinanceNewsWestern

Northmarq Provides $60 Million Refinancing for Two Properties in Orange County, California

by Channing Hamilton

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach …

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Affordable HousingCompany NewsInvestment SalesMidwestNewsWisconsin

AHIB Brokers Receivership Sale of Five-Property Affordable Housing Portfolio in Wisconsin

by Channing Hamilton

MADISON AND MILWAUKEE, WIS. — A court-appointed receiver has retained Affordable Housing Investment Brokerage (AHIB) to secure new ownership for portions of Heartland Housing’s Wisconsin portfolio. Heartland Housing was an affordable housing developer and a subsidiary of Heartland Alliance. The non-profit developer went out of business in 2023. The portfolio comprises 166 affordable housing units across five properties in Madison and Milwaukee. Cinnaire Solutions acquired the two properties in Madison, Rethke Terrace and Tree Lane Apartments. Rethke Terrace was built in 2016 and comprises 60 units. Tree Lane Apartments is …

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FinanceMassachusettsNewsNortheast

KeyBank Provides $24 Million Agency Loan for Refinancing of Pine Brook Place in Haverhill, Massachusetts

by Channing Hamilton

HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac agency loan for the refinancing of Pine Brook Place, a 240-unit complex located in the northern Boston suburb of Haverhill. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co. Pine Brook Place was built on nine acres in 1974. The property offers studio, one- and two-bedroom apartments across 10 buildings. Community amenities include a pool, courtyard and onsite laundry facilities.

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The Clarendon Apartments in Los Angeles
CaliforniaFinanceNewsWestern

Gortikov Capital Arranges $101 Million Refinancing for The Clarendon in Los Angeles

by Channing Hamilton

LOS ANGELES — Santa Monica-based Gortikov Capital has negotiated a $101 million loan for the refinancing of The Clarendon, a 335-unit property in the Woodland Hills neighborhood of Los Angeles. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund. The borrower was AMCAL Housing, a developer headquartered in Agoura Hills, California. The Clarendon was built in 2020. The community offers studio, one-, two-, three-bedroom floor plans. Apartments feature in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry …

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Investment SalesNewsUtahWestern

TruAmerica Acquires 288-Unit The Falls at Canyon Rim Near Salt Lake City

by Channing Hamilton

SOUTH OGDEN, UTAH — TruAmerica Multifamily has acquired The Falls at Canyon Rim, a 288-unit community in South Ogden, 25 miles north of Salt Lake City. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal. The Falls at Canyon Rim is situated on a 14.5-acre site. The community offers one-, two- and three-bedroom floor plans. Units average about 1,200 square feet. Amenities include a pool and hot tub, fitness center, BBQ grills, two playgrounds, basketball and tennis courts, a recreation room and dog …

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