ATLANTA, GA – McShane Construction Company has successfully completed the construction of Noble Vines at Braselton, a new multi-family residence near Atlanta, Georgia. The development was constructed on behalf of Claret Communities utilizing HUD 221(d)(4) financing. Built with sustainability in mind, it meets the National Green Building Standard Bronze Level.
Moderate-income families can find themselves in a tough spot when it comes to finding housing. Market-rate apartments may be out of their budget while their income is too high to qualify for affordable housing, commented Scott Hoppa, Senior Vice President of McShane s Southeast Region. Through HUD 221(d)(4) financing, Noble Vines will provide moderate-income families with a gorgeous home and fantastic amenities at a price they can afford.
Positioned on nearly 18 acres of land at 1500 Noble Vines Drive, Noble Vines at Braselton features 10 three-tale, wood-frame garden-style apartment buildings incorporating a total of 248 units. Each unit boasts of an open floor plot and integrates attractive tile backsplashes, granite countertops and stainless steel appliances in the kitchen.
The development also incorporates many resident amenities, including a clubhouse with a resident lounge, fully equipped fitness center, expansive sundeck with grilling stations and a resort-style swimming pool. The property also provides tenants with access to a pet washing station, dog park and car wash.
The architect of record for Noble Vines at Braselton is Studio for Housing Design.

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CHICAGO, IL – Pacific Oak Residential Trust, Inc. a wholly owned subsidiary of Pacific Oak Strategic Opportunity REIT, Inc., announced the acquisition of a 196 single-family rental home portfolio in Illinois.
The announcement comes on the heels of the company’s July 1st merger with Battery Point Trust, Inc. Following the Battery Point merger and Illinois asset acquisition, Pacific Oak Residential Trust now owns and manages a portfolio of approximately 1,750 single-family rental homes located throughout the United States.
“This acquisition marks another step forward in the continued development of Pacific Oak’s single-family residential investment business,” said Jeremy Healy, president of Pacific Oak Residential Trust. “We have already bought an attractive portfolio of single-family homes and continue to identify potential additions to our rapidly growing asset base.”
Peter McMillan, president and chairman of Pacific Oak Strategic Opportunity REIT, added, “The single-family rental home sector has fared well during the ongoing COVID-19 pandemic and we believe this compelling asset class will continue to do so over the long-term. The demand versus supply balance and the outlook for revenue growth is very favorable compared to many property sectors.”
John Pawlowski, senior analyst of residential at Green Street Advisors, a respected leader in real estate investment research, predicted in a recent presentation that single-family rentals will outpace the multifamily sector in terms of rent, revenue and net operating income growth for the next several years.
“We don’t see any meaningful cracks in the single-family rental homes’ fundamentals,” Pawlowski stated at the conclusion of his presentation.

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NEW YORK, NY – Hunt Real Estate Capital, a division of ORIX Real Estate Capital, announced it has provided a Fannie Mae conventional multifamily loan in the amount of $6.4 million to refinance a property located in Glen Burnie, Maryland, a suburban community near the Baltimore-Towson metropolitan area.
Glen Burnie Town Apartments is a 54-unit, four-tale property that was built in 2000 and bought by the borrower in 2018 via a proprietary bridge loan from Hunt. The new Fannie Mae loan puts in place low-cost, permanent financing and provides additional funds for repairs and renovations.
“This closing allowed us to pay off a bridge loan from Hunt, and we executed entirely during the increasing concern over the coronavirus pandemic,” said Chip Davis of Corner Lot Advisors, part of the borrowing entity. “To get to the end line, we all had to be flexible about inspections and understanding what was, and what was not, possible to get the deal done in the time frame necessary.”
The Fannie Mae loan features a low fixed rate and 12-year term, with interest only for the first four years. In addition, the closing provides for over $125,000 in renovations, including resurfacing a concrete courtyard, upgrading units, and improving elevated walkways.
“This property had a commercial space we could not count in the underwriting, and we had additional escrows required by Fannie Mae,” said Bryan Cullen, senior managing director at Hunt Real Estate Capital. “Yet there were enough excess proceeds to fund these escrows and we fully expect this property to perform well through the next year to return these funds to the borrower.”
The property will continue to be managed by Promark Real Estate Services, LLC, a privately owned, full-service real estate company serving the National Capital Region.

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