REBusinessOnline

Arbor Provides $1.6M Acquisition Financing for Multifamily Property in Hutchinson, Kansas

HUTCHINSON, KAN. — Arbor Realty Trust Inc. has provided a $1.6 million Fannie Mae loan for the refinancing of Sandhill Properties in Hutchinson, about 50 miles northwest of Wichita. The 48-unit, garden-style property features amenities such as a swimming pool, basketball court and carports. Eugene Yanovskiy of Arbor originated the 12-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not

Hunt Real Estate Capital Provides $39M Loan for Manufactured Housing Community in Boulder, Colorado

BOULDER, COLO. — Hunt Real Estate Capital has provided a Fannie Mae conventional multifamily loan in the amount of $39 million to refinance a manufactured housing community in Boulder. The borrower is a diversified real estate investment firm. The 10-year loan has a 30-year amortization and 114-month yield maintenance. Developed in 1970, Boulder Meadows MHC is a 638-unit multifamily/mobile home park community. On-site amenities include a swimming pool, tennis court, playground, …

Wilshire Skyline Receives $25M in Financing for 82-Unit Line Lofts Apartments in Hollywood

LOS ANGELES — Wilshire Skyline has received $25 million in refinancing for The Line Lofts, a newly completed multifamily community in Los Angeles’ Hollywood neighborhood. Mark Wintner of HFF arranged the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company for the borrower. Located at 1737 N. Las Palmas Ave., The Line Lofts feature 82 lofts and flats, ranging from 415 square feet to 1,477 square feet, featuring luxury kitchens and baths, double-pane …

Multifamily Roundup: High-Growth Austin vs. Steady San Antonio

Despite being located 80 miles apart, the Austin and San Antonio metros might as well be on different planets when comparing growth and multifamily operations during the current business cycle. While both multifamily markets have been in growth mode since the Great Recession, Austin has outpaced San Antonio with a rapid rate of expansion during this time. Austin’s job growth has risen steadily at an average annual pace near 4 percent since 2010. In addition, strong migration to the metro has …

Koelsch Communities Plans $15M Memory Care Community Puyallup, Washington

PUYALLUP, Wash. — Koelsch Communities has unveiled plans for Deer Ridge Memory Care, a 52-unit standalone memory care community in Puyallup, approximately 35 miles south of Seattle. Deer Ridge will total roughly 42,000 square feet, with an estimated project cost of $15 million. The community will stand on a four-acre site that is under contract to close for approximately $2 million later this year. Koelsch plans to break ground in April of 2019, with an anticipated opening in June of …

Brookdale Completes $2.5M Memory Care Expansion at Community in Phoenix

PHOENIX — Brookdale Senior Living has completed an expansion at its Brookdale Desert Ridge community in Phoenix, adding 20 units for memory care residents. Brookdale invested approximately $2.5 million into the project. Memory care will be provided through the company’s Clare Bridge program. A grand opening for the expansion was held on Thursday, Oct. 11. Brookdale Senior Living is the largest owner and operator in the United States, with approximately 980 communities in 46

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty

Taurus Investment Acquires 296-Unit Multifamily Property in Orlando for $47.9M

ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units …

Carter Multifamily Buys Apartment Community Near New Orleans for $28.6M

SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to …

Cushman & Wakefield Arranges $17.5M Construction Financing for Seniors Housing Community Near Charlotte

ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $17.5 million in financing for the construction of HarborChase of Riverwalk, an 88-unit assisted living and memory care community in the Charlotte suburb of Rock Hill in South Carolina. An affiliate of OZ Real Estate is providing the capital on behalf of the borrower, private equity firm Bridgeforth Capital. HarborChase of Riverwalk, expected to open mid-2019, will feature 63 assisted living units …

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