Multifamily

Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon

by Amy Works January 27, 2020

MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.

January 27, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 320-Unit Multifamily Community in Charlotte

by Alex Tostado January 24, 2020

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 15 acres in south Charlotte to develop Broadstone Ayrsley, a planned 320-unit multifamily community. Alliance Residential will begin construction this year and expects to welcome its first residents in 2021. Named Broadstone Ayrsley, the property will comprise one-, two- and three-bedroom apartments and townhomes averaging 939 square feet. Amenities will include a pool, clubroom, fitness center, dog park and a walking path on property. Broadstone Ayrsley will be situated at 2215 Silver Crescent Drive, nine miles south of downtown Charlotte. Cline Design Associates served as the architect.

January 24, 2020

Acquisitions Multifamily Texas

RADCO Sells 2,769-Unit Multifamily Portfolio in Texas, Oklahoma

by Taylor Williams January 24, 2020

HOUSTON, TULSA AND OKLAHOMA CITY— The RADCO Companies, a value-add multifamily investment firm based in Atlanta, has sold a portfolio of 10 apartment properties totaling 2,769 units in Texas and Oklahoma. The communities were built in the 1970s and 1980s and are located in Houston, Tulsa and Oklahoma City. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE’s Southeast Multifamily team worked with CBRE’s Clint Duncan and Matt Phillips in Texas and Brian Donahue in Oklahoma to arrange the sale. The buyer was Wisconsin-based MLG Capital.

January 24, 2020

Acquisitions Multifamily Student Housing Texas

Harrison Street Acquires 515-Bed Lyndon Springtown Student Housing Community in San Marcos

by Taylor Williams January 24, 2020

SAN MARCOS, TEXAS — Chicago-based investment firm Harrison Street has acquired The Lyndon at Springtown, a 515-bed student housing community located near Texas State University in San Marcos. The 233-unit property features one-, two- and four-bedroom units and amenities such as an indoor and outdoor fitness center, pet park, pool and a recreation room. Kevin Larimer, Greg Gonzalez, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Austin-based Endeavor Real Estate Group, in the transaction.

January 24, 2020

Affordable Housing Development Loans Multifamily Oregon Western

KeyBank Secures $93M in Construction Financing for Affordable Housing Project in Oregon

by Amy Works January 24, 2020

GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.

January 24, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $78.5M Sale of Parc Midtown Apartment Complex in Phoenix

by Amy Works January 24, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parc Midtown, a multifamily property located in Phoenix. Evergreen sold the asset to FSC Realty for $78.5 million, or $256,536 per unit. Situated at the intersection of Central Avenue and Indian School Road, Parc Midtown features 306 apartments with proximity to Indian School/Central Avenue Valley Metro Rail station and Steele Indian School Park. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

January 24, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Buchanan Mortgage Funds $55M Construction Loan for The Orchard Mixed-Use Project in Azusa, California

by Amy Works January 24, 2020

AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.

January 24, 2020

Loans Multifamily New Jersey Northeast

Berkadia Arranges $43M Refinancing for Deer Creek Apartments in Plainsboro, New Jersey

by Taylor Williams January 24, 2020

PLAINSBORO, N.J. — Berkadia has arranged a $43 million loan for the refinancing of Deer Creek, a 288-unit apartment community in Plainsboro, a northern suburb of Trenton. The property is situated on 34 acres, features one- and two-bedroom units, and offers amenities such as a pool, tennis courts and a fitness center. Robert Falese of Berkadia arranged the loan on behalf of the borrower, a joint venture between Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group, which acquired the asset in 2016 and implemented a value-add program.

January 24, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

by Alex Tostado January 23, 2020

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Cos., in the transaction. Hathaway and Lynx Capital, both based in Atlanta, acquired the property.

January 23, 2020

Acquisitions Mississippi Multifamily Southeast Student Housing

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

by Alex Tostado January 23, 2020

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the undisclosed seller in the transaction. The buyer and terms of the transaction were also not disclosed.

January 23, 2020

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