Cityscape Residential Secures $82M for Three Midwest Developments
- Aug 26, 2014
Overland Park, Kan., & Louisville, Ky.—Multifamily real estate development and construction firm Cityscape Residential has closed nearly $82 million in joint venture financing over the last 90 days in a round led by two commercial banks and a long term institutional equity partner. The funding will allow Cityscape to continue to expand its footprint across the Midwest with three new apartment communities.
In Kansas, Cityscape has broken ground on its 130-unit West End Flats at Prairiefire in Overland Park. The project is the second phase of construction at the Prairiefire master planned community following The Residences at Prairiefire, a 300-unit asset that opened in February and is nearing stabilization. In nearby Olathe, Kan., Cityscape is beginning to build a 228-unit property known as Greenwood Reserve, which is located on College Boulevard, an employment center within suburban Kansas City.
The $82 million investment has also allowed Cityscape to enter Louisville with the construction of Apex on Preston, a 312-unit asset. That project broke ground in July, and according to the developer, is the first of its kind in the area to offer top-of-the-line finishes and community amenities.
“Our team is dedicated to developing Class-A multifamily communities through strategic alliances with long-term institutional partners,” says Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to standardize deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”
In addition to these three projects, Cityscape has nearly 1,800 units under development throughout Indiana, Kentucky, Missouri and Kansas. Cityscape has plans for a second multi-million dollar apartment community in Louisville, Ky., called Axis Apartments, which will offer 300 units.
Huntington Bank provides $90M for Pittsburgh mixed-use projects
Pittsburgh, Pa.—Two major mixed-use developments in Pittsburgh are receiving a healthy dose of financing through Huntington Bank’s commercial real estate division. Oxford Development Co. and The Mosites Co. received a combined $90 million in loans for projects totaling 477 units in the city’s East End and South Side.
In a joint venture with Morgan Management, The Mosites Co. received $70 million in Huntington-led syndicated loans for entities related to Eastside III. The project connects the Shadyside and East Liberty neighborhoods, and is the final phase of a 16-acre master-planned project. It will include 360 units, 554 parking spaces and 43,000 square feet of retail situated on 6 acres.
Huntington also provided Oxford Development Co. with a $20 million construction loan for Hot Metal Flats, a 117-unit, five-story Class A project with a 96-stall garage located in Pittsburgh’s South Side Works.
“We continue to see a tremendous amount of multifamily construction in Pittsburgh and in markets across our footprint as the economy improves and with increased desire by young professionals and empty-nesters to live, work and play in urban settings,” says Huntington senior vice president and Commercial Real Estate Regional Manager Dave Tetrick. “New developments and office-to-apartment conversions typically funded by multiple public and private sources are proving to be real wins for many cities.”