Multifamily

Brightview Receives $43.6M Loan from SunTrust to Finance New Seniors Housing Project in Metro D.C.

by Camren Skelton February 1, 2018

BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.

February 1, 2018

Florida Loans Multifamily Southeast

Hunt Mortgage Provides $24.5M Refinancing for Two Apartment Communities in South Florida

by Camren Skelton February 1, 2018

LAKE WORTH AND HIALEAH, FLA. — Hunt Mortgage Group has provided two loans totaling $24.5 million for the refinancing of two multifamily properties in South Florida: Village at Lake Osborne Apartments in Lake Worth and Amelia Oaks Apartments in Hialeah. Hunt Mortgage provided a $13 million, 10-year Fannie Mae loan for Village at Lake Osborne on behalf of the borrower, AHS Development Group LLC. The loan features two years of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 118-unit property, located at 2430 Lake Worth Road, includes three, three-story apartment buildings and 168 parking spaces. In addition, the gated community features nearby public transportation, a fitness center and a pool. In Hialeah, Hunt Mortgage provided a $10.5 million Fannie Mae loan for the refinancing of Amelia Oaks on behalf of the borrower, Hialeah 2.71 Acres LLC. The 10-year loan features five years of interest-only payments and a 30-year amortization schedule. Located at 295 W. 79th Place, Amelia Oaks features 82 units housed in five, three-story buildings and 164 parking spaces.

February 1, 2018

Delaware Multifamily Northeast

HFF Facilitates $20M Sale of Two Apartment Communities in Dover, Delaware

by Amy Works January 31, 2018

DOVER, DEL. — HFF has arranged the sale of two adjacent apartment communities: Alder Park Apartments and Pine Grove Apartments in Dover. Dover Investors LP, an affiliate of Anderson Vedic, sold the properties to a regional private buyer for $20 million. Totaling 311 units, the properties were 95 percent occupied at the time of sale. The 215-unit Alder Park is located at 51 Webbs Lane, and the 96-unit Pine Grove is located at 255 Webbs Lane. The communities share amenities, including a swimming pool with a clubhouse, a fitness center, a barbecue area, on-site laundry facilities and on-site public transit access. Carl Fiebig, Mark Thomson and Francis Coyne of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.

January 31, 2018

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $8.8M Sale of Mixed-Use Property in Greenwich Village

by Amy Works January 31, 2018

NEW YORK CITY — Alpha Realty arranged the sale of a mixed-use building located at 133 W. Third St. in Manhattan’s Greenwich Village. An undisclosed buyer acquired the 6,200-square-foot property for $8.8 million, or $1,437 per square foot. The building features seven apartments and one retail space. Scott Schwartz of Alpha Realty represented the buyer, while Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented the seller in the deal.

January 31, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

Arizona Multifamily Western

HQ Capital Real Estate Sells 248-Unit Apartment Complex in Phoenix

by Nellie Day January 31, 2018

PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.

January 31, 2018

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County

by Nellie Day January 31, 2018

ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.

January 31, 2018

Multifamily Texas

Praedium Group Acquires 291-Unit Apartment Community in Metro DFW

by Taylor Williams January 31, 2018

GRAPEVINE, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Terrawood, a 291-unit multifamily community in the Dallas-Fort Worth (DFW) metro of Grapevine. Built in 2010, the property offers a mix of one-, two- and three-bedroom units ranging in size from 701 to 1,455 square feet. Amenities include a fitness center, dog park, saltwater pool and an outdoor kitchen area. The seller and sales price were not disclosed.

January 31, 2018

Loans Multifamily Texas

NXT Capital Secures $24.5M Acquisition Loan for Apartment Community in San Antonio

by Taylor Williams January 31, 2018

SAN ANTONIO — Chicago-based NXT Capital has secured a $24.5 million loan for the acquisition of a 224-unit multifamily community located in the Alamo Heights neighborhood of San Antonio. The Class B property offers convenient access to the San Antonio International Airport, as well as amenities including a pool, fitness center and business center. Luke Donahue of NorthMarq placed the loan with NXT Capital on behalf of Jevan Capital, a Phoenix-based multifamily investment firm.

January 31, 2018

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