News
Changing the HVCRE Rules: What to Expect
In a strict lending environment, the clarification of High Volatility Commercial Real Estate (HVCRE) regulation could help improve loan terms for investors and developers. However, the long-awaited changes, stipulated in a bill referred to the House Financial Services Committee, have little chance of being approved and implemented, Alston & Bird’s Gregg Loubier told MHN.
KTGY, Trammell Crow Break Ground on $135M CA Mixed-Use Project
Dubbed the Alexan Webster, the 1.42-acre destination will include 234 luxury apartments with 15 percent of its units designated as affordable. Completion is scheduled for summer 2019.
10 Markets with the Lowest Expected Supply Growth
The multifamily industry has experienced a recent boom. But with a risk of oversaturation in some markets, development is slowing and deliveries are expected to peak.
RADCO Acquires Fifth Apartment Property in Houston
Champions Village Apartment Homes, which will be rebranded as City Gate at Champions, includes 278 units and will be overseen by the company’s management platform.
Greystone Provides $23M HUD Loan for FL Development
Viking Cos. will use the funds to build 23 West Apartments, a 176-unit community in Gainesville, Fla. The HUD-insured loan period covers 17 months of construction plus 40 years.
Affordable Housing Portfolio Secures $142M in Financing
Harmony Housing tapped KeyBank Real Estate Capital to provide loans to six of its properties, located in Texas, Michigan, Wisconsin and Florida. Each property reserves half of the units for residents making 60 percent of the area median income.
Sunshine Management Lands $34M Atlanta-Area Community
Sunshine Management acquired the 260-unit property from Fortress Investment Group. The sale was subject to a $25.4 million Fannie Mae loan.
New Luxury Senior Living Community Coming to Dallas
Construction is underway at Firewheel Senior Living Residences, a new 154-unit community in Garland, Texas. Seneca Investments plans to open the property by the end of 2018.
California Investor Expands Texas Portfolio
Creative Realty Partners acquired a 117-unit Dallas multifamily asset from Wellington Realty. The sale was subject to a $5.8 million loan from Hunt Mortgage Group.
NJ Community Changes Hands in $73M Deal
The Addison at Princeton Meadows was built in 1981 and offers studios and one- and two-bedroom units. It was purchased free and clear of existing debt.