Affordable Green Project Opens in Newark

RPM's LEED certified affordable asset opens; a $10 million mixed-use site hits the Miami market; and Johnson Capital’s Dallas office arranges bridge, acquisition and rehab loans in Texas and Kansas.

Richardson Lofts

Newark, N.J.—RPM Development LLC has completed Richardson Lofts, a LEED Platinum certified 67-unit affordable housing community located on Columbia Street in Newark. The project received financing and an allocation of federal Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency (HMFA).

“Richardson Lofts creates safe, decent, and affordable housing in close proximity to public transportation and jobs in Essex County,” says Anthony Marchetta, executive director of HMFA.

The asset was built in a former light industrial building and features 36 market-rate units and 31 units for households with income less than 60 percent of the American median income. Amenities include a green roof, on-site laundry, covered private parking and a community room.

Miami Mixed-Use Site Hits Market for $10M

Miami Mixed-Use Development

Miami—Marcus & Millichap Real Estate Investment Services has secured the exclusive listing rights to sell a 1.58-acre land parcel on Northeast First Place and Northeast First Avenue in Miami. The site is approved for a ready-to-build 31-story mixed-used tower that will include 28 residential units, 168 hotel rooms, 250,000 square feet of office space and 1,139 parking spaces. The listing price is $10 million.

“As the performance of urban infill rental properties in Miami continues to improve tremendously many developers are looking to invest in new multifamily and mixed-use projects in the area,” says Ryan Shaw, a senior associate at Marcus & Millichap’s Miami office. “This area is experiencing a boom with plans for the Resort World Miami project and the groundbreaking of the Miami Science Center.”

The property is also near American Airlines Arena, Interstate 95, State Route 836, the Port of Miami and Miami International Airport.

Johnson Capital’s Dallas office arranges bridge, acquisition/rehab loans in Texas, Kansas

Austin—Johnson Capital arranged three loans totaling $18.2 million for three different multifamily properties located in Austin, Texas, Houston, and Overland Park, Kansas.

One of the loans was for $6.7 million secured by the 289-unit Quivira Place Apartments in Lenexa, Kansas, which is near Overland Park, Kansas. Built in 1971 on 27 acres, the multifamily community was renovated from 2009 to 2011. The three-year bridge loan was provided by a local bank.

In Austin, Texas, Pumpelly structured a $6.5 million loan for the acquisition and renovation of the 248-unit Research Pointe apartment complex. The owner, a private investor, rebranded the property The Park at Crestview. The property was originally built in 1973 and comprises 13.15 acres. The three-year bridge/rehab loan was provided by a regional bank.

Lastly, Pumpelly arranged a $5 million loan for the acquisition and renovation of the 200-unit Northwoods Apartments in Houston, Texas by a private investor. The property, originally built in 1979 on 17.71 acres, is undergoing renovations and has been rebranded Cypress Parc. The three-year bridge/rehab loan was provided by a regional bank.

Commenting on these transactions, Pumpelly said, “These loans demonstrate that for experienced multifamily owners, capital is available at attractive terms. The multifamily market is improving in each of these three cities, and each property, once renovated, will provide upgraded housing for residents seeking professionally managed apartment homes in excellent locations. It is a good time in the market to acquire, refinance and to fund renovations.”