Multifamily

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

by Amy Works February 15, 2018

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.

February 15, 2018

Loans Midwest Missouri Multifamily

NorthMarq Arranges $20M Construction Loan for Apartment Property in St. Louis

by Kristin Harlow February 15, 2018

ST. LOUIS — NorthMarq Capital has arranged a $20 million construction loan for Hibernia Apartments in the Dogtown neighborhood of St. Louis. The 100-unit apartment property will include 16,000 square feet of retail space to be occupied by a local grocer. David Garfinkel and Dan Baker of NorthMarq arranged the loan through The Bank of Washington. Indianapolis-based Pearl Cos. is developing the project. Completion is slated for the end of this year, according to the St. Louis Post Dispatch. Fields Foods is expected to fill the grocery space.

February 15, 2018

Multifamily Seniors Housing Washington Western

The Wolff Co. Plans 146-Unit Independent Living Community Near Seattle

by Nellie Day February 14, 2018

ISSAQUAH, WASH. — The Wolff Company, an Arizona-based private equity firm and senior living developer, has broken ground on a 146-unit independent living community in the Seattle suburb of Issaquah. The three-story Revel Issaquah is scheduled to open in late 2018. Wolff cited the fast growth of the 75-and-older population in Kings County for its selection of the area. Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

February 14, 2018

Multifamily Washington Western

Apartment Complex Sells for $33.8M in in Puyallup, Washington

by Nellie Day February 14, 2018

PUYALLUP, WASH. — An investor in a 1031 exchange has acquired the 154-unit Willow Springs Apartments in Puyallup for $33.8 million. The community is located at 608 39th Ave. SW. Willow Springs is situated across the street from a Pierce County Transit terminal and South Hill Mall. The gated complex was built in 1996. It contains a mix of one- to three-bedroom apartments. Amenities include a fitness center, swimming pool, Jacuzzi, playground and car wash stations. Timothy Ufkes, Evan McLeod and Jordan Smith of Marcus & Millichap represented both the buyer and seller, a private partnership, in this transaction.

February 14, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $12.6M in Financing for Redevelopment of Multifamily Property in Connecticut

by Amy Works February 14, 2018

HARTFORD, CONN. — KeyBank Real Estate Capital has provided $12.6 million in construction-to-permanent financing to support the redevelopment of an office building located at 101 Pearl St. in downtown Hartford. The long-vacant building will be converted into a 12-story multifamily property featuring 157 market-rate apartment units and 6,113 square feet of ground-floor retail space. Peter Hausherr, Melissa Maher and Kirsten Carlson of Key’s Commercial Mortgage Group arranged the first mortgage financing, which is structured as a three-year construction loan with a five-year balance sheet perm loan, for the undisclosed borrower.

February 14, 2018

Arizona Multifamily Seniors Housing Western

Civitas, Summerlin, Deser Land Group Break Ground on Age-Restricted Community in Arizona

by Nellie Day February 14, 2018

LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.

February 14, 2018

Massachusetts Multifamily Northeast

NAI Hunneman Negotiates $5.2M Sale of Two-Building Apartment Complex in Winthrop, Massachusetts

by Amy Works February 14, 2018

WINTHROP, MASS. — NAI Hunneman has arranged the sale of a two-building, 38-unit apartment complex located at 87 and 90 Winthrop Shore Drive in Winthrop. RCG LLC purchased the multifamily property from Winthrop Shore Drive for $5.2 million. The property comprises two 19-unit apartment buildings with a mix of studio, one- and two-bedroom layouts. Robert Tito and Gina Barroso of NAI Hunneman represented the seller and procured the buyer in deal.

February 14, 2018

Multifamily Student Housing Texas

FourPoint Brokers Sale of Three Student Housing Assets Totaling 815 Beds in DFW Area

by Taylor Williams February 14, 2018

DENTON, ARLINGTON AND FORT WORTH, TEXAS — FourPoint Student Housing Investments has brokered the sale of a portfolio of three student housing properties totaling 815 beds in Denton, Arlington and Fort Worth. The portfolio consists of the 432-bed Midtown Denton, the 218-bed Midtown Arlington and the 165-bed Edge 55. The properties, which total 241 units, serve University of North Texas, University of Texas at Arlington and Texas Christian University, respectively. The seller of the portfolio was not disclosed. A partnership between two California-based student housing investment firms, RedBridge Capital and Juniper Ridge Partners, purchased Midtown Arlington and Edge 55 and will implement renovation programs at both properties. The buyer of Midtown Denton was not disclosed.

February 14, 2018

Multifamily Texas

Sterling Acquires 111-Unit Apartment Community in San Antonio

by Taylor Williams February 14, 2018

SAN ANTONIO — Sterling Real Estate Holdings, a joint venture between California-based investment firms Barker Pacific Group and Pacific Real Estate Apartments, has acquired La Fiesta Apartments in San Antonio. Built in 1970, the 111-unit property is located in the Alamo Heights neighborhood. Amenities include picnic areas, a pool, on-site laundry facilities and a garden courtyard. Sterling will invest in capital improvements to the property’s landscaping and common areas. The seller was not disclosed.

February 14, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $72.5M Refinancing for Three Multifamily Properties in Michigan

by Kristin Harlow February 14, 2018

CANTON TOWNSHIP, COMMERCE TOWNSHIP AND NOVI, MICH. — Greystone has provided $72.5 million in Fannie Mae loans for the refinancing of three multifamily properties in Michigan. Fred Levine of Greystone originated the loans on behalf of the borrower, Singh Development Co. Each of the 10-year loans features a 30-year amortization schedule. The properties include Turnbury Park in Canton Township, Brownstones in Novi and Briarcliff Village in Commerce Township. The Class A properties include a range of one-, two- and three-bedroom units.

February 14, 2018

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