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 …
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 …
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. …
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 …
BUFFALO, N.Y. — Locally-based Largo Capital, a commercial finance and advisory firm, has arranged a $30 million loan to refinance an 11-property portfolio located in Buffalo, N.Y. The portfolio has a total of 789 units. The portfolio was was 99 percent occupied at the time of the sale. Ned Perlman, vice president of originations at Largo Capital, secured the 10-year balance sheet loan, which features a 30-year amortization and a flexible prepayment option. The borrower and direct lender were not disclosed.
WOODBRIDGE, VA. — Developers IDI Group Cos. and PTM Partners have jointly completed construction of Viridium, a 318-unit community located in Woodbridge, approximately 20 miles south of Washington, D.C. Construction began in the second quarter of 2021. Viridium features one, two- and three-bedroom apartment layouts, a range of resident amenities and access to the Occoquan River. According to Apartments.com, rents for Viridium range from $1,740 to $4,190 per month. The building completes the multi-phase development, which began more than 15 years ago with the construction of Viridium’s sister building, Rivergate …
HOUSTON — National real estate developer Wood Partners has broken ground on Alta Sunset Heights in Houston. The community will be comprised of 378 one- and two-bedroom units. Delivery is estimated to be early next year. Pre-leasing will begin in December. Equity for the community was provided by EuroInvestor, which is Wood Partners’ German-based partner on the deal. Amenities include a pool, outdoor kitchen, dog park and a clubhouse with a fitness center, business center and entertainment spaces.
OVERLAND PARK, KAN. — JLL Capital Markets has closed over $59.7 million in refinancing for The Residences at Galleria, a newly constructed, 322-unit community in the Kansas City suburb of Overland Park, Kansas. JLL represented the borrower, Block Real Estate Services, to secure the financing through Eagle Realty Group. The JLL Capital Markets Debt Advisory team was Jody Thornton, Mark Erland and Tony Nargi. Completed in 2022, the five-story The Residences at Galleria features one-, two- and three-bedroom units with large private patios, smart home features and an average unit …
JACKSONVILLE, FLA. — Toro Real Estate Partners has sold River City Landing Apartments in Jacksonville to Koda Capital for $30.9 million. NAI Hallmark Senior Vice President John Rutherford, Vice President Luke McCann and Associate Andrew Tyrrell brokered the transaction on behalf of both the buyer and seller. The community, located in the University Park submarket of Jacksonville, was built in 1968 and consists of 320 one-, two- or three-bedroom units within nine two-story buildings. Amenities include two pools, a playground, dog park and a two-story clubhouse. The apartments overlook a …
NEW YORK CITY — Hudson Realty Capital, a New York City-based commercial real estate investment management firm, has hired Brandon Eustace as Managing Director of FHA Originations. Eustace brings more than a decade of experience in FHA and HUD real estate finance. His addition comes as the firm’s FHA division continues to expand its capabilities in the market. In this role, Eustace is responsible for overseeing the origination of multifamily FHA/HUD and bridge loans. Hudson Realty Capital launched its FHA division in 2021. The company has continued to strategically grow …