Lutz Real Estate, Northern Equities Complete $70M Conversion of Detroit’s Albert Kahn Building into Apartments |
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August 3, 2021 • Issue 21 |
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Lutz Real Estate, Northern Equities Complete $70M Conversion of Detroit’s Albert Kahn Building into Apartments |
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The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn.
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DETROIT — Lutz Real Estate Investments and Northern Equities Group have completed the $70 million conversion of The Albert Kahn Building in Detroit into a multifamily property named The Kahn Apartments. The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn. It first opened its doors in 1931 and later became listed on the National Register of Historic Places. The building was home to Kahn’s architectural firm for 90 years and once housed Saks Fifth Avenue on the first floor.
The building now features 206 apartment units ranging in size from 530 to 1,317 square feet. The penthouse units include interior stairwells. Kraemer Design Group designed the interiors and paid homage to the building’s Art Deco architecture. Amenities include a workspace area and library as well as a media room with large screen TVs. There is also a pet spa, 3,000-square-foot fitness center and outdoor rooftop deck. Farmington Hills-based Beztak will serve as property manager. Monthly rents start at $1,535.
The Fisher Brothers built carriage bodies for emerging automobile manufacturers in the early 1900s. General Motors purchased their company in 1926. The brothers resigned from GM in 1944 to devote their time to other interests, including the development of the Fisher Building on West Grand Boulevard in Detroit.
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Lument Provides $28.8M Freddie Mac Loan to Finance Construction of Affordable Development in Phoenix |
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JLL Arranges Sale of Apartment Community in Arlington, Virginia |
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Alexan Earl is located at 1122 North Hudson St., just off Wilson Boulevard and comprises studio, one- and two-bedroom units averaging 827 square feet. |
ARLINGTON, VA. — JLL Capital Markets arranged financing for and closed the sale of Alexan Earl, a 333-unit multifamily property in Arlington. JLL marketed the property on behalf of Trammell Crow Residential and secured the floating-rate, five-year loan with Mesa West Capital LLC. The property was acquired by a private company for an undisclosed price. Alexan Earl is located at 1122 North Hudson St., just off Wilson Boulevard and comprises studio, one- and two-bedroom units averaging 827 square feet. The apartments are surrounded by 28 million square feet of office space and 3.3 million square feet of retail within a two-mile radius. Amenities include movable and fixed islands, custom closets and hardwood-inspired laminate tile flooring. Community amenities include a heated rooftop pool with an indoor/outdoor bar, a social clubroom with a bar, billiards, a music room and 24/7 concierge. The JLL team representing the seller included Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin. The JLL team representing the borrower included Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott. |
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Colliers Mortgage Provides $11.2M HUD Loan for Rehab of Two Affordable Housing Properties Near Minneapolis |
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Lincoln Place (top) includes 48 apartments and Vadnais Highlands includes 35 townhome-style units, all covered by project-based Section 8 HAP contracts. |
VADNAIS HEIGHTS & MAHTOMEDI, MINN. — Colliers Mortgage has provided an $11.2 million HUD-insured loan for the rehabilitation of Lincoln Place and Vadnais Highlands. The properties are located in the northeast Minneapolis suburbs of Vadnais Heights and Mahtomedi. Lincoln Place includes 48 apartments and Vadnais Highlands features 35 townhome-style units, all covered by project-based Section 8 Housing Assistance Payments (HAP) contracts. The project will receive $88,000 of renovations per unit, totaling $7.3 million.
The project also utilized LIHTC and tax-exempt bonds. The bonds were underwritten by Colliers Securities. The seven-month rehabilitation is slated for completion in January 2022. The borrower is Vadnais Lincoln Limited Partnership, and the loan carries a 40-year term and amortization. |
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Cecil Baker + Partners to Redesign Former Nursing School To Accommodate Addiction Recovery in Philadelphia |
PHILADELPHIA — Project HOME, an organization that aids people in breaking the cycle of homelessness, has selected Cecil Baker + Partners Architects to redesign Temple Episcopal Hospital’s former School of Nursing into a multipurpose development, providing opportunities for addiction recovery. The development is located in the Kensington neighborhood of Philadelphia. The 120-year-old, 52,000-square-foot brick and stone building will include 62 supportive housing units and recovery program space. The five-story affordable housing development will offer 54 units on the second through fourth floors, each including a central dining area and common area. The ground floor of the property will offer employment and outreach services. This development will mark Project HOME’s 20th project in Philadelphia dedicated to aiding those transitioning out of homelessness. Project completion is slated for September 2022, with move-in for long term residents beginning at the end of 2022.
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Texas Multifamily & Affordable Housing Business — May/June issue |
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In the May/June issue:
- San Antonio/Austin Market Focus
- Rehab Projects Preserve Affordability
- Lender Roundtable
- COVID-19's Impact on Tax Valuations
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For advertising information, contact: Scott France
404-832-8262 x 108 scott@francemediainc.com
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Tracey Klasson
404-832-8262 x 121
tklasson@francemediainc.com |
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Standard Communities Completes 173-Unit Multifamily Development in Boise, Idaho |
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The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes and quartz countertops. |
BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise. Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project.
Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; outdoor fireplaces; a conference room; a dog park and spa; covered parking spots for resident and public use; and storage for 192 bicycles.
The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private patios and balconies, built-in shelving, smart home technology door locks and thermostats, and full-size washers and dryers.
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Lument Provides $50.4M in Freddie Mac Acquisition Financing for Multifamily Community near Indianapolis |
CARMEL, IND. — Lument has closed a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit multifamily community in Carmel, a northern suburb of Indianapolis. The property was originally constructed in 1967 and comprises 34 two-story buildings and 17 detached garages. The private seller purchased Gramercy in 2004 and the last renovation, totaling $19.7 million, was in 2016. The new owner, who is undisclosed, plans to complete an additional renovation post-acquisition totaling $5.2 million, approximately $12,000 per unit. The Freddie Mac loan features a 10-year term with three years of interest-only payments, an adjustable interest rate, and 30-year amortization schedule. |
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— FROM THE MAGAZINES — |
Affordable Housing Lenders in the West Weigh in On Region’s Near-Term Outlook |
The U.S. has a shortage of 6.8 million rental homes that are affordable and available to extremely low-income renters whose household incomes are at or below the poverty guideline, or 30 percent of the area median income (AMI). That sobering data point comes from a newly released report by the National Low Income Housing Coalition (NLIHC) titled, “The Gap: A Shortage of Affordable Homes.”
In fact, only 37 affordable and available rental homes exist for every 100 extremely low-income renter households, states the NLIHC. Extremely low-income renters face a shortage in every state and major metropolitan area. In Nevada, for example the supply of affordable and avail- able rental homes is only 20 for every 100 extremely low-income renter households.
More broadly speaking, nearly 10.8 million of the nation’s 44 million renter households have extremely low incomes. Against that backdrop, Western Affordable Housing Business reached out to some of the most active players across the region to get their take on the business climate for 2021, the effects of the pandemic, and how the industry is currently helping fill the supply-demand gap.
To read more on their insights, click here.
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