WESTBROOK, MAINE — Preston Hollow Community Capital has purchased $85.7 million in tax-exempt revenue bonds issued by the Finance Authority of Maine. Proceeds from the bond will be used to fund the development of a mixed-use development in Westbrook known as Rock Row. Piper Sandler & Co. served as sole underwriter for the bonds. Kutak Rock LLP served as bond counsel and authority counsel. Jensen Baird Gardner & Henry LLP acted as counsel to the city of Westbrook. Bernstein, Shur, Sawyer & Nelson P.A. served as the underwriter’s counsel. Situated …
BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:
PORTLAND, ORE. — Mill Creek Residential has begun the construction of Modera Woodstock, a mixed-use property in Portland. Located at 4804 SE Woodstock Blvd., the community will feature 194 apartments and 6,500 square feet of ground-floor retail space. Units will come in studio, one-, two- and four-bedroom floor plans. Five units will be affordable, but income restrictions for these units were not disclosed. Amenities include a clubhouse, courtyard, rooftop deck with grilling area and fire pit, game room, theater, coffee bar, pet spa and a fitness studio. Tenants will also have …
PORT RICHEY, FLA. — Southeast Property Group has acquired an 80-unit property at 9920 Grace Dr. in Port Richey, a city in Pasco County, Florida. The new owner plans to renovate the community with updates to unit interiors, expansions of on-site amenities and common areas and overall beautification of the exterior curb appeal. The asset will be rebranded as Coral Key Apartments. According to Apartments.com, units come in two-bedroom floor plans.
HOUSTON — JLL Capital Markets has hired Jim Humphries as a director to the firm’s single-family rental (SFR) team. In this role, Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally. He will work out of JLL’s Houston office alongside the current SFR team lead, Managing Director Matthew Putterman. Humphries previously served as a senior vice president with Colliers and worked with HFF as part of the Houston multi-housing investment sales team.
RICHMOND, VA. — Greysteel has brokered the sale of Fieldcrest, a 29-unit affordable community in Richmond. Fletcher Hultman and Henry Mathies of Greysteel’s National Affordable Housing team represented the seller, a joint venture between a local development group and April Housing, an affiliate of Blackstone. The buyer is Wincor Holdings, a recently formed private equity company. Fieldcrest was built in 2006 on a site adjacent to the Richmond Raceway. The property is subject to a Land Use Restrictive Agreement that restricts income and rent levels to 50 percent of the area …
NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay. The developments, which total more than 1,100 units, are currently under construction, …
NEW ROCHELLE, N.Y. — JLL Capital Markets brokered the $22.7 million sale of The Printhouse, a 71-unit property in the northern New York City suburb of New Rochelle. Invel Capital acquired the asset from an undisclosed seller. JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones brokered the deal. The Printhouse was built in 2019. The property offers studio, one- and two-bedroom units as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a …
GREAT FALLS, MT. — Community Preservation Partners (CPP), an affordable housing rehabilitation company, has acquired two developments in Great Falls: Sunshine Village and Broadview Manor East & West. CPP, in partnership with The Hampstead Cos., acquired the communities for $10.6 million. The development team plans to conduct $12.8 million in renovations for the two projects. The properties will remain affordable to households earning 50 percent and 60 percent of the area median income until 2074. Sunshine Village is a 72-unit senior’s community. The three-story building was built in 1979. Sunshine …
DALLAS — Ashland Greene Capital, a multifamily real estate investment firm headquartered in Dallas-Fort Worth, has appointed two new executives to its management team. Peter Hales has joined the board as chief financial officer. Hales will be responsible for overseeing all financial operations at Ashland Greene, including asset management, accounting, finance and acquisitions. Jesse Rosenstock has secured the position of vice president of finance and accounting. In this role, Rosenstock will lead Ashland Greene’s accounting department and contribute to the development of the firm’s finance department.