ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements. Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, fitness center, playground, courtyard and a tennis court. Located at 1600 Winters Creek Drive, Winters Creek is located close to Interstate 285. Winters Creek is near Assembly Yards, a redevelopment project on the site of the former General Motors plant in Doraville.
DENVER — Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla LLC, an entity of Generation Development, for the development of a speculative office building in Denver. Located at 2926 Umatilla St. within the LoHi submarket, the planned five-story property is situated on an infill lot formerly used for parking. The 32,734-square-foot building will feature underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin soon. Completion is slated for fourth-quarter 2022. George Smith Partners arranged the loan. Denver-based BOSS Architects is serving as project architect.
UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.
LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton. Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver Tech Center. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction on behalf of the seller, a partnership between Denver-based Griffis Residential and Pacific Coast Capital Partners. Trevor Fase, also of Walker & Dunlop, secured fixed-rate, interest-only acquisition financing through Fannie Mae on behalf of the buyer, Kennedy Wilson. This transaction follows a number of major multifamily deals in the Denver area during the month of October, including the sale of a five-building multifamily portfolio in Aurora; the funding of a 252-unit development and the $64.5 million sale of Mesa Verde Apartments in Arvada; and the $108.2 million acquisition of Neon Local Apartments in Denver. Griffis Residential owns a portfolio of multifamily communities across Colorado, Texas, Oregon, Washington …
NEW YORK CITY — Cushman & Wakefield (NYSE: CWK) and Greystone have announced a strategic joint venture to deliver advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40 percent stake in Greystone’s agency, HUD and servicing businesses. Greystone intends to use the capital to create new product offerings. The joint venture transaction is slated to close in the fourth quarter of 2021, subject to customary closing conditions. Greystone is a multifamily lender focused on bridge, Fannie Mae DUS, Freddie Mac Optigo and HUD loans. The joint venture will allow Cushman & Wakefield to access a broader range of debt products for property acquisition, refinancing, rehabilitation and new construction. “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac and HUD,” says Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services LLC, the …
TYSONS, VA. — Walker & Dunlop Inc. has secured $300 million in construction financing for The Mather, a two-building seniors housing community in Tysons. The project will be built in two phases, with Phase I projected to open in early 2024. The transit-oriented project will feature 19- and 27-story towers with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites. Community amenities will include multiple restaurants, a fitness center, wellness spa, art studio, rooftop terrace, saltwater pool, parking and retail. The Mather will feature approximately three acres of green space with landscaped gardens, walking paths, sculptures and an event lawn. Situated at the corner of Westpark and Westbranch drives, The Mather is just 15 miles from Washington, D.C., and is located within a half-mile of the Tysons Corner Metro Station and the Tysons Galleria Shopping Mall. Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger of Walker & Dunlop served as strategic advisors for the borrower, an entity doing business as Tysons LPC LLC that comprises a 50/50 equity partnership between nonprofit seniors housing operator Mather and Westminster Capital. The capital stack included a syndicated transaction led by The Huntington …
DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.
GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.
DECATUR, IND. — Ariel Property Advisors has arranged a $2.8 million loan for the refinancing of a 15,000-square-foot retail property occupied by Walgreens in Decatur, about 20 miles southeast of Fort Wayne. The property is located at 123 N. 13th St. Matt Dzbanek and Matt Swerdlow of Ariel arranged the five-year loan, which features a fixed interest rate of 3.99 percent. A national credit union provided the loan on behalf of the undisclosed borrower.
FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.