Finance & Investment
Phase 2 of Brooklyn Affordable Project on Track
A joint venture of The Hudson Cos. and BEC New Communities has closed on the financing and acquisition of BEC Continuum Resyndication, which includes 550 units across 43 properties.
TruAmerica Makes 3rd FL Investment
The company purchased the metro Miami community from a joint venture of Robbins Electra and LEM Capital. It plans on making significant upgrades to all unit interiors as well as amenity spaces.
Berkadia Arranges $57M Loan for Denver Community
Veranda Highpointe consists of one- to three-bedroom residences as well as 41,000 square feet of retail space.
Arbor Funds $15M in Charlotte Fannie Mae Deal
The company provided financing for the acquisition of Pressley Ridge Apartment Homes, a fully affordable, 504-unit property. Blackfin Real Estate Investors currently owns the asset.
2 CA Communities Trade for $33M
The Commons Apartment Homes, a 100-unit community on Standiford Ave., and Summerview Apartment Homes, a 136-unit community on Prescott Road, both in Modesto, Calif., have traded for a total of $32.56 million.
Meridian Secures $32M for Far North Dallas Community
Azure Partners is set to acquire a 267-unit community in Fairview, Texas, completed last year. Meridian’s Abe Hirsch and Moshe Majeski secured the five-year, fixed-rate loan.
Greystone Provides $79M FHA Loan for Michigan Portfolio
The portfolio includes both market-rate and affordable housing communities that will be renovated using the funds. Most of the properties are owned by the Altman Cos.
Senior Affordable Community Comes Online in Huntsville
Stratus Development LLC developed the 60-unit property, which is restricted to residents who are 55 or older and earning 60 percent of the area median income or less.
Steele Acquires AL Affordable Apartments for $23M
The company plans to renovate the 200-unit Summit Ridge Apartments in Birmingham, giving the community new roofs, exterior doors, siding repairs and attic insulation for increased energy efficiency.
$500M Fund to Focus on Suburban Multifamily
Greg Ward, CIO at Atlantic|Pacific Real Estate Cos., revealed the company’s plans for its second multifamily investment fund with Blue Arch Advisors and the challenges they face in the multifamily market.