News

Cushman & Wakefield Arranges $77.5 Million Sale of Broadstone Ingleside in South Carolina

by Lynn Peisner February 14, 2023

LADSON, S.C. — Cushman & Wakefield has arranged the $77.5 million sale of Broadstone Ingleside in Ladson, South Carolina, about 27 miles northwest of Charleston. Cushman & Wakefield’s John Phoenix, Louis Smart and Austin Green represented the undisclosed seller in the transaction. The community was acquired by a joint venture made up of Abacus Capital and Westbrook Partners affiliates. The 336-unit community was built in 2021 by Alliance Residential. Cline Design Associates was the architect on the project.

February 14, 2023

Development Finance New York News Northeast

Wells Fargo Provides $288 Million in Financing for Affordable Housing Project in New York City

by Kari Lloyd February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in the Inwood neighborhood of Manhattan. The financing package includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income (AMI), and approximately 15 …

February 13, 2023

Affordable Housing Finance Massachusetts News Northeast

MassHousing Provides $12.4 Million Affordable Housing Financing for St. Mary’s Plaza in Suburban Boston

by Kari Lloyd February 13, 2023

LYNN, MASS. — MassHousing has provided $12.4 million in affordable housing financing to St. Mary’s Plaza Inc. for 99-unit St. Mary’s Plaza in Lynn, a northern suburb of Boston. The transaction will extend affordability protections for at least 25 years, as well as involve approximately $1.4 million in property improvements. As part of the transaction, St. Mary’s Plaza Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payments contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on …

February 13, 2023

Illinois Investment Sales Midwest News

Bayshore Properties Acquires 586-Unit Community in Chicago’s Northwest Suburbs

by Kari Lloyd February 13, 2023

ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in Arlington Heights in Chicago’s northwest suburbs for $131 million. The Conor Group was the seller. Stonebridge of Arlington Heights was built in 1973 and features one- and two-bedroom floor plan layouts across six buildings. The average apartment size is 1,075 square feet. Resident amenities include a fitness center, pool, basketball court and bike storage. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks …

February 13, 2023

Development New Jersey News Northeast

Hampshire Cos. to Develop 70-Unit Property in Allendale, New Jersey

by Kari Lloyd February 13, 2023

ALLENDALE, N.J. — The Hampshire Cos. a New Jersey-based real estate and development firm, will develop a 70-unit community in Allendale. he 104,620-square-foot property is located at 220 W. Crescent St. and is scheduled to be completed in the second quarter of 2024. The property will also feature a clubroom, storage, lounge, and a 9,460-square-foot courtyard. Designed by DMR Architects, nine of the units will be subject to income restrictions including six Council on Affordable Housing (COAH) units designated for first responders.

February 13, 2023

Development Investment Sales News Southeast Tennessee

HHHunt Acquires Abberly Riverwalk in Nashville for $106 Million

by Lynn Peisner February 13, 2023

NASHVILLE, TENN. — HHHunt has acquired Abberly Riverwalk in Nashville for $106 million. JLL Capital Markets represented HHHunt and arranged a $62 million floating-rate bridge loan for the new owner. Abberly Riverwalk, formerly known as Alta Riverwalk, is a 304-unit community that is still under construction with completion expected by July. Abberly Riverwalk will offer studios and one- and two-bedroom floor plans as well as amenities such as an outdoor fire pit, fitness center, golf simulator, coworking spaces and an outdoor kitchen. The property sits along the Cumberland River near …

February 13, 2023

Affordable Housing Development News Texas

NHP Foundation Breaks Ground on $45 Million Houston Project for Homeless

by Channing Hamilton February 13, 2023

HOUSTON — The NHP Foundation (NHPF), a nonprofit affordable housing developer headquartered in New York City, is constructing RoseMary’s Place in Houston. RoseMary’s Place will offer 149 units for people experiencing homelessness. Funding for the $45 million project includes $18.7 million from the city of Houston Housing and Community Development Department, $10.2 million from Harris County Community Services Department, $13.6 million from the sale of tax credits to Hudson Housing and $2.4 million from Magnificat Houses Inc. (MHI) as a sponsor loan. Building features and resident services will include in-house …

February 13, 2023

Illinois Investment Sales Midwest News

Kiser Group Arranges Sale of 94-Unit Property in Chicago’s Lakeview for $18.3 Million

by Kari Lloyd February 10, 2023

CHICAGO — Kiser Group has brokered the condominium deconversion sale of 3825 N. Pine Grove in Chicago’s Lakeview neighborhood. The seller, the 3825 N. Pine Grove Condominium Association, received $18.3 million in the transaction. The buyer was not disclosed. According to CoStar, this is only the third building of 90 or more units that has been traded in Lakeview in the last five years. The property is home to 94 units featuring both studio and two-bedroom layouts and 54 parking spaces. At the time of sale, 90 percent of the …

February 10, 2023

San Paseo, a brown rectangular building with black roofing and a pool and courtyard at its center.

Development News Texas

Sueba USA To Develop San Paseo in Houston

by Channing Hamilton February 10, 2023

HOUSTON — Sueba USA will develop San Paseo, a 292-unit, gated-community in Houston. Twenty of the units will be townhomes. San Paseo will be constructed next to two other Sueba USA-developed multifamily properties, San Tierra and San Remo. Southhampton Management Inc., an affiliate of Sueba USA, will manage the property, and pre-leasing is expected to begin in March 2024. Apartments come in studio, one-, two- and three-bedroom floor plans and include features such as stainless steel appliances, granite countertops, wood-style flooring, in-unit washers and dryers and patios or balconies in some homes. …

February 10, 2023

Rendering of NRP Group's seventh Charlotte development, South Tryon

Development News North Carolina Southeast

NRP Group Breaks Ground on South Tryon in Charlotte, North Carolina

by Lynn Peisner February 9, 2023

CHARLOTTE, N.C. — The NRP Group has broken ground on South Tryon, a 310-unit community in Charlotte’s South End neighborhood. The project cost was not disclosed, but Canyon Partners Real Estate (Canyon) has provided a preferred equity investment, and CIBC Bank USA has provided a construction loan. South Tryon is Canyon’s seventh equity transaction with The NRP Group. The five-story development will include a mix of one-, two- and three-bedroom apartments. Den floor plans will be available for one-bedroom units to accommodate post-pandemic, work-from-home trends. The NRP Group says South …

February 9, 2023

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