Multifamily

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

by Amy Works October 6, 2020

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …

October 6, 2020

Loans Multifamily Texas

BRES, Advalurem Receive $60.5M Loan for Refinancing of Apartment Community in Metro Dallas

by Taylor Williams October 6, 2020

LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.

October 6, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $78.8M in Financing for Multifamily Redevelopment in South Boston

by Taylor Williams October 6, 2020

BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.

October 6, 2020

Acquisitions Massachusetts Multifamily Northeast

Rockport Mortgage Arranges $32.8M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams October 6, 2020

STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.

October 6, 2020

Development Multifamily New Jersey Northeast

Prism Capital Begins Leasing Final Phase of 300-Unit Apartment Complex in West Orange, New Jersey

by Taylor Williams October 6, 2020

WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.

October 6, 2020

Acquisitions Midwest Minnesota Multifamily Student Housing

JLL Brokers $25M Sale of Multifamily Property Near University of Minnesota

by Kristin Harlow October 6, 2020

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Stadium Village Apartments near the University of Minnesota for $25 million. Originally constructed in 1960, the 121-unit multifamily property is located at 1015 Essex St. within the Stadium Village neighborhood. Floor plans range from studios to two-bedroom units. Stewart Hayes, Josh Talberg, Dan Linnell, Mox Gunderson, Scott Clifton, Teddy Leatherman and Riley McChesney of JLL represented the seller. Buyer and seller information was not disclosed.

October 6, 2020

Loans Midwest Multifamily Wisconsin

Greystone Provides $9.3M Refinancing for Apartment Community in Metro Milwaukee

by Kristin Harlow October 6, 2020

OAK CREEK, WIS. — Greystone has provided a $9.3 million Fannie Mae loan for the refinancing of Country Oaks Apartments in Oak Creek, just south of Milwaukee. The 300-unit multifamily community features a swimming pool and a stackable washer and dryer in each unit. Clint Darby of Greystone originated the fixed-rate, 10-year loan, which features a 30-year amortization. The borrower was undisclosed.

October 6, 2020

Acquisitions Healthcare Midwest Ohio Seniors Housing Top Stories

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

by John Nelson October 6, 2020

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …

October 6, 2020

Acquisitions Colorado Multifamily Western

Griffis/Blessing Sells Lofts at Lincoln Station in Lone Tree, Colorado for $30.5M

by Amy Works October 5, 2020

LONE TREE, COLO. — Colorado Springs-based Griffis/Blessing has completed the disposition of Lofts at Lincoln Station, a four-story apartment building located at 9375 Station St. in Lone Tree. Boston-based Eaton Vance acquired the property for $30.5 million. Built in 2015, Lofts at Lincoln Station features 102 apartments in a mix of one- and two-bedroom layouts, with an average unit size of 787 square feet. Community amenities include a clubhouse, fitness center, dog wash station, outdoor kitchen and outdoor wading pool with two spas. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

October 5, 2020

Arizona Loans Multifamily Oklahoma Western

Gantry Arranges $86.5M in Financing for Seven-Property Multifamily Portfolio in Arizona, Oklahoma

by Amy Works October 5, 2020

TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.

October 5, 2020

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