(RECAP: Fannie Mae is doubling its loan limit for small multifamily mortgages in an effort to ensure an increased affordable housing supply. Effective immediately, the government-sponsored enterprise’s small loan limit is now $6 million, doubling the previous limit of $3 million or less nationwide and increasing the limit for certain high-cost areas by $1 million.)
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(RECAP: The Commonwealth of Virginia has announced more than $8.9 million in Affordable and Special Needs Housing loans for 14 projects throughout the Commonwealth. These projects are focused on affordable new construction and rehabilitation housing projects, as well as permanent supportive housing options for people with intellectual and developmental disabilities.)
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FORT WAYNE, IN – Besyata Investment Group and The Scharf Group, both NY-based single-family offices, have bought Three Rivers Apartments in Fort Wayne, IN for a Buy Price of $32.25 Million.
Three Rivers Apartments, the tallest residential building in Downtown Ft Wayne, is a 354-unit apartment community offering one of the most comprehensive amenity packages in its submarket. Three Rivers Apartments benefits from being within walking distance of Parkview Field Ballpark, Fort Wayne Museum of Art, as well as outdoor green spaces such as Headwaters Park and the Wabash & Erie Canal Towpath Trails.
Another major advantage is Riverfront Fort Wayne, an initiative to revitalize the areas surrounding the St. Mary’s River. Through the addition of parks and myriad public spaces, Fort Wayne residents will have access to incredible amenities and green space with the benefits that come with it. This $20 million-dollar project will include a promenade park, pavilion, elevated boardwalk and dock.
By capitalizing on the exterior capital improvement program implemented by previous ownership, Besyata and Scharf plot to add value to the property through gradual unit renovations in addition to amenity/common area enhancements to better compete with properties in the area.
A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.
A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.
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