Multifamily

Silver-Ridge-Health-Care-Center-Las-Vegas-NV

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

by Amy Works March 1, 2021

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.

March 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 30-Unit Multifamily Building in Beverly, Massachusetts

by Taylor Williams March 1, 2021

BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.

March 1, 2021

Loans Multifamily Southeast Top Stories Virginia

JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia

by Taylor Williams March 1, 2021

ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …

March 1, 2021

Features Multifamily

Technology Implementation Lies at the Forefront of Multifamily Design

by Taylor Williams March 1, 2021

By Michael Procopio, vice president of development, The Procopio Cos. Undeniably, as we progress through 2021, one of the hottest trends in the field of owning and operating multifamily properties will continue to be technology and automation. According to the 2019 Zillow Consumer Housing Trends Report, 43 percent of Gen Z buyers and 35 percent of millennials rated smart home features as “very important.” Although Zillow’s 2019 report shows that older generations are less concerned with smart technology, we know that the desire for technology will continue to grow as younger generations enter the market to rent and buy and as older generations adapt to its use and convenience. Evolution of Amenities For decades, as the multifamily amenity wars heated up, residents placed an increasing focus on lifestyle amenities. Just having a gym was no longer appropriate; robust fitness centers with boutique offerings like yoga, spin and rowing became the norm. Basic lounges gave way to designer-finished club and sport spaces, where virtual golf replaced ping-pong, and interconnected coworking suites replaced the ever-so-sterile business centers of the 2000s. As we progress further into the 2020s, it’s becoming clearer that the focus on technology as it impacts the resident experience will …

March 1, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

by Julia Sanders February 26, 2021

MIAMI — Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet of retail space anchored by Target. Terra and Grass River expect to complete Grove Central in 2023. As part of a Miami-Dade County initiative to improve mass transit offerings, the project will include a new bus terminal for Miami-Dade Transit. Terra and Grass River Property entered into a 90-year ground lease with the County, which enables the partnership to build, manage and lease the property. The developers are building Grove Central in line with the City of Miami’s sustainability, efficiency and green building requirements with Gold Level certification under the National Green Building Standard (NGBS) program. Sustainability features include water-resilient plantings that will be used to absorb storm water, as well as a large cistern that will capture roof runoff or reuse. Additionally, the project includes future capacity for solar energy and battery storage. The development of Grove Central is expected to create more than 1,500 …

February 26, 2021

Development Florida Multifamily Southeast

Suffolk Opens 226-Unit Sanctuary at Doral Apartments in South Florida

by Julia Sanders February 26, 2021

DORAL, FLA. — Suffolk, a Florida-based general contractor,  has opened Sanctuary at Doral, a 226-unit apartment community located at 9400 NW 41st St. in Doral. Shoma Group selected Suffolk as the builder and MSA Architects as the designer. The development exceeds 500,000 square feet and features two five-story parking garages, two standalone retails buildings with grade parking, a three-story clubhouse, eight acres of outdoor amenities and a ground-floor pool. According to Apartments.com, Sanctuary at Doral’s rental rates range from $2,289 to $3,815 per month. Community amenities include a fitness center, sauna, spa, pool with a sundeck and cabana, playground, bike storage, walking trails, game room, Zen garden and a picnic area.

February 26, 2021

Acquisitions Multifamily North Carolina Southeast

IMG Sells Two Multifamily Communities in Raleigh for $29.8M

by Julia Sanders February 26, 2021

RALEIGH, N.C. — Investors Management Group Inc. (IMG) has sold a two-property multifamily portfolio in Raleigh to Abacus Capital Group for $29.8 million. The communities include Millbrook Apartment Homes and Lynn Lake Apartment Homes. Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court, and Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle. IMG acquired the two apartments in 2018 for $23.2 million. More than $2 million was invested to upgrade the properties, including upgrades to the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park and pool area upgrades. Unit interiors were modernized with energy-efficient lighting, low-flow plumbing fixtures, new paint, flooring, cabinets and cabinet hardware. IMG and its investors will reallocate proceeds from the sale into several multifamily communities as part of its multifamily investment plan. The firm currently owns three multifamily communities in Raleigh encompassing 576 units.

February 26, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.2M Acquisition Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow February 26, 2021

MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

February 26, 2021

California Development Multifamily Western

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

by Amy Works February 26, 2021

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.

February 26, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Near Completion of 68-Story Apartment Tower in Jersey City

by Taylor Williams February 26, 2021

JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.

February 26, 2021

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