DEKALB, IL – Security Properties recapitalized University Village, a three-phase 534-unit multifamily property in DeKalb, IL. University Village is a garden-style community comprised of both townhouses and apartments, and is a mixture of project-based Section 8 housing as well as income restricted units at 60% of area median income.

The property was originally developed in the 1970s and 80s utilizing various financing incentives offered by the U.S. Department of Housing and Urban Development and the Illinois Housing Development Authority. Two of the three phases also participated in the Low Income Housing Preservation and Resident Homeownership Act in 1995.

In June 2016, Security Properties received an allocation of 4% Low Income Housing Tax Credits, which facilitated the current recapitalization. That allocation was paired with an issuance of tax-exempt bonds by IHDA and 223(f) HUD-insured permanent financing sourced by Pillar Finance, a division of SunTrust Bank, with PNC Real Estate partnering with Security Properties as the tax credit equity investor.

“The revitalization of University Village is a complex undertaking that combines the restructuring of numerous regulatory agreements, layering of multiple sources of financing, and renovation of an entire apartment community for current and future residents. The Security Properties team was unrelenting in pursuing everything needed to get this deal done,” said Peter Nichol, Managing Director within the Pillar Division of SunTrust Bank which provided the FHA-insured loan for the project.

This transaction will allow for a significant rehabilitation of the property, which will occur over the next 12 months. The rehabilitation will upgrade the unit kitchens and bathrooms, provide significant exterior and site improvements including modifications related to ADA accessibility, as well as an expansion of the existing community center to include a resident resource and activity area.

“The preservation of University Village is the centerpiece of this transaction,” states Bryon Gongaware, Managing Director of Affordable Housing at Security Properties. “Being able to substantially rehabilitate the property while preserving critical affordable housing for the long-term is a win for everyone involved. We are excited for the transformation at the property, which will be to the benefit of the residents and the community as a whole.”

Evergreen Real Estate Services, which assumed on-site property management in May 2016, will be instrumental in orchestrating operational efficiencies while effectively communicating with residents and the community.

Steve TeSelle, Director of Affordable Housing at Security Properties said “From the residents and community members involved in the process, to IHDA and HUD tapping into their various financing platforms, this is a fantastic example of stakeholders working together for a very positive result.”

Powered by WPeMatico

YORBA LINDA, CA – Long known as “The Land of Gracious Living,” Yorba Linda now enjoys a new level of luxury rentals at The Bryant at Yorba Linda Apartment Homes. The first California project by Philadelphia-based Resource Residential (a second is Point Bonita in Chula Vista), the 400-unit community is undergoing a multimillion-dollar makeover, and will offer completely updated residences amid a bevy of amenities to suit modern lifestyles.

The transformed complex was named in recognition of one of the city’s founding families, in particular the successful businesswoman and horticulturalist Susanna Bixby Bryant. She took over her family’s Rancho Santa Ana property (which earlier was one of the area’s largest cattle ranches a former land grant named for the Santa Ana River on its border), developed a strong agricultural business and was particularly known for establishing the renowned, 200-acre Rancho Santa Ana Botanic Garden dedicated to better understanding native California plants.

The family’s mark is found throughout the area: Camino de Bryant leads to the apartment access road, children from the area attend Bryant Elementary School, and the Susanna Bixby Bryant Museum and Botanic Garden is a small walk away.

“This area enjoys a unique history thanks to the Bixby-Bryant family and their rich history with the land, and sets the stage for our own interpretation of ‘gracious living,'” said Christopher Badger, the community’s asset manager. “We are leasing renovated apartments now and are excited to complete the majority of the update by May 1.”

The soon-to-be-completed community facilities feature a state-of-the-art fitness center and yoga studio, Resident Lounge including gaming and TV viewing areas. Residents can socialize or shop online in the Resident iLounge, or delight in vacation inspired pools with outdoor kitchen, fire pit and cabanas.

The one- and two-bedroom apartments offer sleek and modern designer-inspired interiors incorporate custom flat-panel walnut cabinets, stainless steel appliance packages including a built-in microwave, modern quartz countertops, subway tile backsplashes, gray washed, wood-style flooring, and brushed nickel hardware and lighting packages. Rental rates start at $1,875 for a one-bedroom and at $2,500 for a two-bedroom.

The community is served by the award-winning Placentia-Yorba Linda Unified School District, including nearby Bryant Elementary School. Delight in simple access to the Disneyland Parks, Honda Center, Angel Stadium, The Outlets at Orange, Brea Mall, Savi Ranch Shopping Center and the 91/71freeways, among other attractions.

The nearby Susanna Bixby Bryant Museum and Botanic Garden (expected to reopen in May after a water leak) includes her former home and a small demonstration garden. Having went to Claremont, the main garden still thrives as the largest botanic garden dedicated to California native plants.

Powered by WPeMatico

JACKSONVILLE, FL – Capital Square 1031 announced that the firm recently completed its fourth acquisition in seven months financed with a loan originated by Walker & Dunlop to be assigned to Fannie Mae with the buy of Alexander Pointe Apartments.

Alexander Pointe Apartments is a Class B, garden-style community with 232 apartment homes located in the Jacksonville, Florida suburb of Orange Park.

Totaling more than $57 million, the four Fannie Mae acquisition loans were originated by Andrew Tapley, managing director, and Alexandra Huffman, assistant vice president, of Walker & Dunlop, one of the largest agency lenders in the United States, and the No. 1 Fannie Mae Green lender in 2016. The group of loans include favorable fixed interest rates for 10-year loan terms starting at 3.44 percent.

The Alexander Pointe acquisition loan was arranged using Fannie Mae Multifamily’s Green Rewards program, which features a lower interest rate, the potential for additional loan proceeds and an energy and water audit report designed to help finance property improvements resulting in reduced water or energy consumption.

“Alexander Pointe is our fourth loan with Walker & Dunlop, one of the largest Delegated Underwriting and Servicing (DUS®) lenders for Fannie Mae, and the first one in our growing multifamily portfolio to benefit from the Green Rewards program,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The green program is advantageous to all parties, resulting in a lower interest rate on the loan, reduced water and energy usage at the property, and lower utility costs for our tenants.”

In addition to the Alexander Pointe acquisition, Walker & Dunlop originated the loans Capital Square used to buy The Canopy Apartments in San Antonio, Crossroads Apartments in Phoenix, and Maple Springs Apartment Homes in Richmond, Virginia.

Powered by WPeMatico