ORLANDO, FL – Dallas-based Lantower Residential announced the acquisition of Lantower Grande Pines in the heart of the I-4 tourism corridor in southwest Orlando.

Built in 2017, the 282-unit community features contemporary one-, two- and three- bedroom floorplans. Interior amenities include wine racks, Energy Star stainless-steel appliances, granite countertops with kitchen islands, and “smart home” systems. Residents delight in luxury community amenities including a 10,000 SF clubhouse with a state-of-the-art fitness center, separate yoga room, clubroom with entertaining space and billiards, resort-style pool with cabanas, lake with LED-lit fountains, bark park, and Fitness on Demand.

The property is located at 11128 Grande Pines Circle between International Drive and Interstate 4, providing quick access to the major employment centers of Orlando. The area benefits from Orlando’s $60 billion tourism industry as Disney World, Universal Studios, and Seaworld are within minutes of the property. Major local employers, Lockheed Martin and Darden Restaurant Headquarters, are also within a small drive to the community.

“The acquisition of Lantower Grande Pines enables Lantower Residential to expand its current Orlando position with a newly constructed institutional-quality asset in one of the strongest submarkets in Orlando. We are excited to continue growing our Florida portfolio and are quite pleased that our reputation in the market as a buyer-of-choice for institutional sellers continues to grow.” Lantower Residential COO Philippe Lapointe said in prepared remarks.

Upon acquisition of Lantower Grande Pines, Lantower Residential’s portfolio will encompass 14 multifamily properties consisting of 4,882 residential units.

Lantower Residential is a vertically integrated real estate company and subsidiary of H&R REIT specializing in the acquisition, ownership and management of multifamily communities in the U.S.

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NEW YORK, NY – Walker & Dunlop announced that it structured a $93,925,200 loan with the United States Department for Housing and Urban Development (“HUD”) for Polyclinic Apartments. The Section 8 property provides affordable housing units to tenants in the Hells Kitchen neighborhood in New York City, one of the most expensive areas of the country.

The Walker & Dunlop team, led by Chris Rumul, arranged the financing via HUD’s 223(f) program for Standard Communities, the affordable housing division of Standard Property Company (the “Borrower”). The loan not only provides acquisition financing, but will also allow the Borrower to make immediate repairs and fund future renovations. In conjunction with the buy, the Borrower preserved the existing 151 affordable housing units by renewing the property’s 20-year Section 8 HAP Contract and obtaining a 35-year Article XI tax abatement approval through the New York City Department of Housing Preservation & Development.

Mr. Rumul stated, “This HUD transaction was unusual because it involved an acquisition, the negotiation of multiple different tax agreements, and coordination with several state and local government authorities. The team’s efficient, diligent underwriting focus and management of the HAP and tax abatement timelines ensured the success of this deal.”

Standard Communities’ Co-Founder, Scott Alter, added, “Acquiring and preserving this unique and well-located property as affordable housing when it was at-risk of converting to a market rate property was vital to us. We are glad that all parties were able to support the creative structure used to ensure these apartments remain affordable for years to come.”

Located on West 50th Street, between 9th and 8th Avenues, Polyclinic Apartments is ideally situated just blocks away from Central Park. The property is in close proximity to mass transit, including the 50th Street Subway station, which is on the same city block. The historic building in which Polyclinic Apartments is located was originally constructed in 1910, and a large addition was made to the property in 1930. Formerly a local hospital, the building underwent a complete renovation and conversion to multifamily apartments in 1981, when it was first awarded a Section 8 HAP Contract. The community has maintained an average occupancy of 99.4 percent over the past three years and maintains a waiting list exceeding 180 potential tenants, thanks to its affordability and desirable location.

Walker & Dunlop is a leader in the multifamily lending space, ranking within the top five largest multifamily lenders with Fannie Mae, Freddie Mac, and HUD. The Company has also increased its lending on affordable rental housing in 2017, originating over $960 million in loans for this asset class in the first half of 2017, up from a total of $622 million in 2016.

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TAMPA, FL – Preferred Apartment Communities announced the acquisition of a 180-unit Class A multifamily community in Tampa, Florida constructed in 2016 called Overlook at Crosstown Walk.  

“We bought this property using our previously negotiated buy option discount, which further demonstrates the success of our unique real estate loan investment program,” said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC. 

Crosstown Walk offers one, two and three bedroom apartment homes in a gorgeous setting that combines the comforts of home with superior resident services and outstanding community amenities. The groundbreaking new apartments offer large open floor plans with soaring 9 foot ceilings that maximize views, light and living space. They are well equipped with culinary kitchens and designer finishes like gorgeous walnut plank flooring and generous closet space. The unsurpassed is only minutes from downtown Tampa and even closer to the Crosstown Expressway, I-75, I-4, I-275 and the Tampa International Airport.

Mr. DuPree added, “We are thrilled to add Overlook at Crosstown Walk to our existing asset Crosstown Walk and is the second and final phase of the Crosstown Walk multifamily community.”

PAC bought this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Fannie Mae originated by Berkadia Commercial. 

The first mortgage loan is approximately $22.2 million, bears interest at a fixed rate of 3.95% per annum, has a seven-year term and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership.  

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.  As part of its business strategy, they enter into forward buy contracts or buy options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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