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Slate Property Group Secures $97 Million to Refinance The Yellowstone in Queens, New York

by Channing Hamilton March 8, 2024

NEW YORK CITY — Slate Property Group has secured a $97 million loan for the refinancing of The Yellowstone, a 166-unit community located within the Forest Hills neighborhood of Queens. Daniel Fromm of Newmark negotiated the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate Property Group. The Yellowstone offers one- and two-bedroom units that range in size from 475 to 950 square feet. Units feature granite countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Select units also include private balconies. The community offers amenities …

March 8, 2024

Affordable Housing Development Finance New York News Northeast

AMS Acquisitions to Develop $458 Million Teutonia Hall in Yonkers, New York

by Channing Hamilton March 7, 2024

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …

March 7, 2024

Creekside Park I and II in Napa, California

California Investment Sales News Western

Marcus & Millichap Arranges $47 Million Sale of Two-Property Portfolio in Napa, California

by Channing Hamilton March 6, 2024

NAPA, CALIF. — Marcus & Millichap has arranged the sale of Creekside Park I and II, a two-property portfolio totaling 188 units in Napa. The original developer of the portfolio sold it to an undisclosed buyer for $47 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer. Creekside Park was constructed in two phases in 1983 and 1985. The asset comprises 15 two-story residential buildings and two single-story amenities buildings on a 10-acre site. Units come in one-, two- …

March 6, 2024

Development Finance Georgia News Southeast

Madison Communities Secures $35.5 Million in Construction Financing for Madison Oglethorpe in Savannah, Georgia

by Channing Hamilton March 5, 2024

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. The garden-style community will offer 240 units, as well as amenities including a clubhouse and lounge with coworking space, fitness center, outdoor lounge, pool, grilling stations and a fire pit. The project is slated to deliver in late 2025. SGA|NW is the architect. BenCo Construction, an affiliate …

March 5, 2024

Investment Sales News Northeast Washington, D.C.

Greysteel Arranges $48.1 Million Sale of Four-Property Portfolio in Washington, D.C.

by Channing Hamilton March 4, 2024

WASHINGTON, D.C. — Greysteel has negotiated the $48.1 million sale of a four-property portfolio in Washington, D.C. American Housing was the buyer, while the sellers were locally based real estate investors. Greysteel represented the sellers in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act. The portfolio includes Newton Towers, a 56-unit community located in the Columbia Heights neighborhood; The Park Regent, a 96-unit property in Mount Pleasant; an unnamed 28-unit building located at 3654 New Hampshire Avenue; and a 43-unit building located in Penn Quarter. …

March 4, 2024

Investment Sales Nevada News Western

Tower 16 Capital Partners Acquires The Deco at Victorian Square in Reno, Nevada, for $43 Million

by Channing Hamilton March 1, 2024

RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …

March 1, 2024

Oakview Apartment Homes and The Biltmore at Thousand Oaks in Ventura County, California

California Investment Sales News Western

Institutional Property Advisors Brokers $153 Million Sale of Two-Property Portfolio in Ventura County, California

by Channing Hamilton February 29, 2024

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.

February 29, 2024

Affordable Housing Development Finance New York News Northeast

Joint Venture Secures Construction Financing for $125 Million Affordable Housing Project in Hell’s Kitchen

by Channing Hamilton February 28, 2024

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …

February 28, 2024

Affordable Housing Development Finance Illinois Midwest News

Merchants Capital Provides $103 Million to Rehabilitate Affordable Housing Community in Chicago

by Channing Hamilton February 27, 2024

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

February 27, 2024

California Development News Seniors Housing Western

Kennedy Wilson Nears Completion of 32-Acre Anacapa Canyon in Camarillo, California

by Channing Hamilton February 26, 2024

CAMARILLO, CALIF. — Kennedy Wilson is nearing completion of Anacapa Canyon, a 32-acre master-planned development in the southern California city of Camarillo. Anacapa Canyon will comprise 310 market-rate units, as well as 170 income-restricted units for senior citizens. The affordable seniors housing units are fully preleased to qualified renters. Anacapa Canyon will also feature 109 for-sale, single-family homes. Planned amenities include multiple pools and spas, a community garden, game room, event lounge, fitness center, dog parks and green spaces. The first move-ins are underway. The project is slated to complete …

February 26, 2024

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