BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit community in the southern Kentucky city of Bowling Green. Ryan Duling of the company’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium. The borrower was not disclosed. The Hub was built in 2020. The property offers 42 buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and …
CHESTER, VA. — Thalhimer Multifamily has been awarded management of The Station at Chester, a 201-unit property in the southern Richmond suburb of Chester. The Station at Chester was built in 2022 and features one-, two- and three-bedroom apartments. Amenities include a pool with a sundeck, clubhouse, fitness center, business center, pet spa, dog park, walking trails and garage rentals. Christy Pangelinan of Thalhimer Multifamily has been assigned as the portfolio manager.
NORCROSS, GA. — FIDES Development has finished constructing The Perry, a 160-unit community located at the intersection of Jimmy Carter and Peachtree Industrial boulevards in the Atlanta suburb of Norcross. The garden-style community offers amenities such as a lounge for hosting guests, a pool, lobby, bike room, coworking space, a mail room, pet spa and a gym. Ware Malcomb designed the interior architecture and amenity spaces. General contracting services for the project were provided by Fortune-Johnson.
ROGERS, ARK. — CBRE has arranged financing for the development of Pinnacle Springs, a mixed-use development located at 1800 S. Osage Springs Drive in Rogers. Pinnacle Springs will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. SJC Ventures plans to break ground on the project before the end of the year. The developer plans for the development to deliver in 2025. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta …
SAVANNAH, GA. — JLL Capital Markets has arranged $4 million in acquisition financing for Alice Hall, a 14-unit building within Savannah’s historic district. JLL worked on behalf of the borrower, The AltAccom Group, to secure the three-year loan with two one-year extensions from the lender. Jonah Aelyon, Sarah Murphy and Ethan Habecker led the JLL Capital Markets debt advisory team. Built in 2007, Alice Hall offers 14 units across three stories. Units come in two- and three-bedroom floor plans. The AltAccom Group plans to convert the units from term tenancy to short- and …
The City of Jacksonville’s pro-development plans have apartment developers feeling confident amid soft market conditions challenging many cities today. Downtown Jacksonville is a 3.9-square-mile area that straddles about six miles of the St. Johns River. It’s made up of eight districts or neighborhoods along the river’s north and south banks. The Downtown Investment Authority (DIA) has identified these eight districts as sites for future development for residential, hotel, retail and office projects. Within these districts, developers are expected in 2024 to complete 31 multifamily projects, which include 8,402 units, according …
NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two communities totaling 642 units in the Southeast. TA Realty acquired both assets from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights, comprises 322 apartments in Nashville. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, spa and fitness center. Crescent Communities developed the property in partnership with Pearl Street Partners. The second property, NOVEL Cary, features 320 units in studio, one-, two- and three-bedroom floor plans within the Raleigh suburb …
WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent community currently under construction in the Raleigh suburb of Wendell. The undisclosed seller and developer sold the unnamed project for $50 million. This acquisition brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first …
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Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften
Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …
STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units at the community are reserved for tenants earning up to 60 percent of the area median income and are covered by Section 8 project-based vouchers. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. The recapitalization also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the …