Dallas–Mill Creek Residential Trust LLC and Rockwood Capital have formed a new joint venture partnership to invest in multifamily development, construction and acquisitions throughout the United States. The partnership includes an investment of $200 million by Rockwood Capital and Crow Holdings in Mill Creek Residential Trust LLC.
The new partnership will target core market areas that have been historically profitable in development, construction, and acquisition efforts and have above average population growth, strong employment trends, and a consistent institutional investment demand.
“Our team at Mill Creek has a strong reputation and legacy within the industry, and we are excited about the many opportunities that lay ahead for Mill Creek Residential Trust,” says Charles Brindell, Chairman and CEO of Mill Creek Residential Trust. “To be working with such prestigious firms as Rockwood Capital and Crow Holdings only further demonstrates our longstanding commitment to excellence in the development and acquisition of multifamily communities across the country.”
NorthMarq arranges $24M mortgage for Annapolis apartments
Annapolis, Md.–NorthMarq has arranged first mortgage financing of $23.99 million for Annapolis Roads Apartments, a 282-unit multifamily property located at One Eaglewood Road in Annapolis, Md. Financing was based on an eight-year term and a 30-year amortization schedule. The mortgage was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
Michael James, vice president of NorthMarq’s Upstate New York Regional office, and Robert W. Ranieri, senior vice president and managing director of the firm’s Capital Services Group East, arranged the financing.
“The borrower was able to secure favorable fixed-rate financing through this Fannie Mae funding structure,” says James.
Red provides FHA financing and acts as bond structuring agent
Columbus, Ohio–Red Capital Markets LLC structured bond financings for two, adjacent affordable housing projects in Columbus, Ohio.
One of the projects is a to-be-built 35-unit Section 202 senior community, known as Elim Manor Section 202, and the second project is a to-be-built, 63-unit garden-style affordable apartment community, known as Elim Manor Apartments.
Elim Manor Apartments is financed with $2,500,000 in FHA Section 231 and GNMA-collateralized New Issue Bond Program tax-exempt bond proceeds; $700,000 in additional tax-exempt bonds; $2,280,000 in Columbus Metropolitan Housing Authority equity funds; $1,080,000 in low income housing tax credit proceeds; and $650,000 in construction financing from the Affordable Housing Trust for Columbus and Franklin County.
Elim Manor Section 202 is financed with $3,815,000 in 202 grant proceeds; $3,300,000 in tax-exempt bond proceeds; $1,475,000 in low income housing tax credit proceeds and $785,000 in construction financing from the Affordable Housing Trust. Tax credits for both properties were placed by the Ohio Capital Corporation for Housing.
Elim Manor Apartments is co-owned/sponsored by Columbus Housing Partnership and the Columbus Metropolitan Housing Authority. All 63 units within the single two-story and four single-story cottage buildings receive project-based Section 8 vouchers from Columbus Metropolitan Housing Authority.
All 35-units in Elim Manor Section 202, which also is owned/sponsored by Columbus Housing Partnership, receive project-based PRAC operating assistance in conjunction with the Section 202 Grant. Both projects serve senior households (ages 62 and older) and will share amenities including a fitness center, community space and picnic area. The sites are approximately six miles southeast of the Columbus Central Business District.
“The multiple HUD, Tax Credit, bond and other program requirements resulted in a development with a very complicated financial and legal structure,” says Amy Klaben, president/CEO of Columbus Housing Partnership. “The folks at Red Capital were an integral part of the team we assembled to take on the unique challenges of a deal with this complexity. At the end of the day, we are all proud of the teamwork and effort that went into developing 98 new, high-quality affordable rental opportunities for seniors in our community.”