Multifamily

FCP Acquires Apartment Complex in Metro Atlanta for $29.5M

by Alex Tostado February 14, 2019

AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 14, 2019

Florida Loans Multifamily Southeast

HFF Arranges $28.9M in Equity for Development of Apartment Community in Orlando

by Alex Tostado February 14, 2019

ORLANDO, FLA. — HFF has arranged $28.9 million in equity financing for the development of Radius Apartments in Orlando. The 13-story, 389-unit community will be situated two blocks north of Lake Eola and less than a mile north of downtown Orlando. HFF worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.9 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue-chip life company. The building is slated for completion in 2020 and will feature 12 stories of residential space situated above street-facing retail space on the first floor, an adjacent six-story parking garage and a public courtyard. The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf.

February 14, 2019

Development Midwest Multifamily Ohio Seniors Housing

110-Unit Seniors Housing Property Opens in Suburban Dayton, Ohio

by Kristin Harlow February 14, 2019

BEAVERCREEK, OHIO — Project partners Confluent Senior Living and Harbor Retirement Associates (HRA) have opened HarborChase of Beavercreek, a 110-unit seniors housing property in Beavercreek, a suburb of Dayton. Located at 4175 Indian Ripple Road, the property includes 64 assisted living units and 46 memory care apartments. Community amenities include a bar and lounge, beauty salon, library, fitness center, game room, putting green and concierge services. The project team included Eppstein Uhen Architects and The Douglas Company as general contractor.

February 14, 2019

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $8.2M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow February 14, 2019

CHICAGO — Interra Realty has negotiated the $8.2 million sale of a 43-unit apartment building located at 820-26 W. Cuyler Ave. in Chicago’s Buena Park neighborhood. Built in 1921, the property features 23 studios and 20 one-bedroom units. The building was 95 percent occupied at the time of sale. Joe Smazal of Interra represented the seller, a limited liability company controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, represented the private local buyer, which purchased the property through a 1031 tax-deferred exchange.

February 14, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works February 14, 2019

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

February 14, 2019

District of Columbia Loans Multifamily Southeast

Wells Fargo Bank Tops MBA’s 2018 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.

February 13, 2019

Florida Loans Multifamily Southeast

NXT Capital Closes $36M Acquisition Loan for Apartment Complex in Southwest Florida

by Alex Tostado February 13, 2019

FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.

February 13, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Capital Provides $30M Refinancing for New Multifamily Community in Baton Rouge

by Alex Tostado February 13, 2019

BATON ROUGE, LA. — Hunt Real Estate Capital has provided a $30 million Fannie Mae refinancing loan for River House Apartments, a complex built in 2017 in Baton Rouge. The loan features a 10-year term amortized over 30 years with two years of interest-only payments. The 224-unit property is situated at 1480 Nicholson Drive, about a mile south of downtown Baton Rouge. It was 95 percent occupied as of October. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. arranged the financing on behalf of the undisclosed borrower.

February 13, 2019

Loans Multifamily New York Northeast

Lightstone Secures $187M Refinancing for 428-Unit ARC Multifamily Property in Long Island City

by David Cohen February 13, 2019

NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.

February 13, 2019

Acquisitions Multifamily New Hampshire Northeast Uncategorized

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

by David Cohen February 13, 2019

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team secured financing for the buyer through an agency execution. DSF plans to operate the properties as one community in order to gain operational efficiencies. Both of the buildings have new roofs, exterior siding and windows.

February 13, 2019

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