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BTR Daily - December 4, 2024 - Berkadia sells 183-unit BTR

BTR Daily - December 4, 2024 - Berkadia sells 183-unit BTR

Berkadia sells 183-unit BTR. Parkland Residential breaks ground. Moderne secures $41.1 million for Arizona BTR. Lincoln Avenue JV lands financing. Two new BTR deals.

Matt H & Aid Sopjani
December 04, 2024

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NEWS ROUNDUP

DISPOSITION: Berkadia sells 183-unit BTR. Berkadia has successfully sold and financed The Farmhouse on Estrella, a BTR community located in Goodyear, AZ. The community offers one-, two-, and three-bedroom homes featuring stainless steel appliances, full-size washers and dryers, 10-foot ceilings, and walk-in closets. Andrew Curtis, Mark Forrester, Dan Cheyne, Ric Holway and Kristin Watson of Berkadia were involved in the deal.

DEVELOPMENT: Parkland Residential breaks ground on Georgia BTR community. Parkland Residential has commenced development on Morgan Park, a 9.3-acre BTR community in Fayetteville, GA, featuring 124 rear-entry stacked townhomes. Land development is projected to take nine months, with home construction slated to begin in the summer of 2025. Jim Jacobi, President of Parkland Communities, expressed enthusiasm for the project, highlighting collaboration with city officials to address the area's housing needs.

FINANCING: Moderne secures $41.1 million refinancing for Arizona BTR. Moderne has secured a two-year, $41.1 million refinancing loan for Moderne at Rocking K, a 224-unit community in Vail, AZ. Calmwater Capital originated the loan, with Way Capital arranging the financing. Malcolm Davies, CEO and Founder of Way Capital, along with Senior Director RJ Opeka, facilitated the financing on behalf of Moderne Communities. According to Calmwater Managing Principal Larry Grantham, the cost to rent at Moderne at Rocking K is significantly lower than the monthly cost of owning a comparable home in the Tucson area.

FINANCING: Lincoln Avenue and WNC land financing for 271-unit BTR. Lincoln Avenue (LAC), in partnership with WNC, has secured financing for The Ranches at Gunsmoke, a 271-unit BTR development in Maricopa, AZ. The financing package includes a $91 million construction loan from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits. "LAC is proud to now have over 800 units of high-quality affordable housing for individuals and families under construction in Pinal County” - Jeremy Bronfman, CEO, LAC. Darrick Metz, SVP of originations at WNC, highlighted the project's family-oriented design and amenities.

READ: Rental homes remain attractive as buyers face high mortgage rates and prices.