Multifamily

HFF Arranges Capitalization of 39-Story High-Rise Tower in Houston

by John Nelson January 8, 2018

HOUSTON — HFF has arranged the capitalization of Hanover River Oaks, a 39-story luxury high-rise apartment tower under construction in Houston’s River Oaks neighborhood. Cortney Cole, Scott Galloway and Dustin Selzer of HFF represented Hanover Co. and institutional investors advised by J.P. Morgan Asset Management to capitalize the project’s equity and construction financing. Located at 2930 Kirby Drive in Houston’s Upper Kirby District, the property will feature 370 residential units and nearly 10,000 square feet of ground-level retail space. Units will average 1,172 square feet and feature stainless steel appliances, stone countertops, kitchen islands and pantries, garden tubs, walk-in closets, computer niches and/or dry bars, floor-to-ceiling windows and faux wood and tile flooring throughout. Community amenities will include a rooftop pool with sunbeds and poolside cabanas, outdoor grilling and dining stations, 24-hour fitness club, clubhouse with lounge seating, catering kitchen with private dining room, theater, landscaped garden courtyard, water wall garden, pet washing station, 24-hour concierge, controlled-access parking garage and panoramic city views. The project broke ground in December, with the first units expected to open in the first quarter of 2020.

January 8, 2018

California Multifamily Student Housing Western

Chapman University To Build 402-Bed Student Housing Development in Orange, California

by Nellie Day January 5, 2018

ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.

January 5, 2018

Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 65-Bed Skilled Nursing Facility in Washington

by Nellie Day January 5, 2018

CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.

January 5, 2018

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Natixis Arranges $480.8M Construction Loan for Development in Boston Seaport Square

by Amy Works January 5, 2018

BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.

January 5, 2018

Multifamily New Jersey Northeast

Jefferson Apartment Group to Develop 490-Unit Apartment Complex in Metro Philadelphia

by Amy Works January 5, 2018

MT. LAUREL, N.J. — Jefferson Apartment Group is developing an apartment complex located on 77 acres in Mt. Laurel, an inner suburb of Philadelphia. Jefferson Place Mt. Laurel will comprise 21 separate three-story buildings. Seventeen of the buildings will feature elevators and range in size from 16 to 32 units each. The community will include 98 low- and moderate-income units. The 490 units will range in size from 690 square feet to 1,300 square feet in a mix of one- and two-bedroom layouts with either balconies or patios. On-site amenities will include a 7,100-square-foot clubhouse with a resort-style swimming pool, fire pits, a fitness center, a cyber lounge and a pub room. Construction is slated to break ground this month, with delivery scheduled for spring 2019. JAG Management Co. will provide property management services for the community.

January 5, 2018

Civic Loans Mixed-Use Multifamily New York Northeast

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

by Amy Works January 5, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.

January 5, 2018

Loans Mixed-Use Multifamily Texas

HFF Closes $126M Construction Loan for Main Street District of The Village in Dallas

by John Nelson January 5, 2018

DALLAS — HFF has closed a $126 million construction loan for the development of Main Street, the amenity district of The Village, a 300-acre “city-within-a-city” in Dallas. The Village features 16 neighborhoods totaling 7,000 apartment homes, a fitness center and three miles of jogging trails. The new Main Street project will comprise community parks, urban plazas, a private resident club, private fitness center, residential dwellings, boutique hotel, market and multiple dining options to better serve the established community. Andy Scott, Michael Cosby and Jody Thornton of HFF placed the loan through Bank of America on behalf of the co-developers, Phoenix Property Co. and Lincoln Property Co. The co-developers have disclosed the project will take between 24 and 36 months to complete.

January 5, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works January 5, 2018

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

January 5, 2018

Loans Multifamily Texas

Ready Capital Arranges $8.7M Loan for Multifamily Portfolio in Houston

by John Nelson January 5, 2018

HOUSTON — Ready Capital Structured Finance has closed an $8.7 million acquisition loan for a four-property multifamily portfolio in Houston’s Montrose neighborhood. The floating-rate loan features a three-year term with two extension options and two years of interest-only payments. The undisclosed borrower will use the loan to purchase and renovate the portfolio’s interiors, exteriors and amenity offerings. The four properties are located at 2212 Dunlavy St., 1507 California St., 606 Harold St. and 306 Stratford St.

January 5, 2018

Illinois Midwest Student Housing

Harrison Street to Acquire Six Student Housing Properties in Germany

by Kristin Harlow January 5, 2018

CHICAGO — Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. The portfolio consists of more than 1,000 beds and serves university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. In addition, Harrison Street has formed a strategic joint venture with MPC Capital to acquire student housing properties across Europe. Headquartered in Germany, MPC Capital is a developer and operator of student accommodations. A press release announcing the transaction didn’t provide a purchase price or the expected closing date. Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC Capital has identified several other properties as possible acquisitions for the joint venture, which will also be managed under the STAYTOO brand. Germany has Europe’s largest student population and a supply-constrained student accommodation market, according to Robert Mathias, senior managing director and head of international at Harrison Street. Those attributes plus strong user demand and enrollment growth present an attractive investment opportunity, adds Mathias. Chicago-based Harrison Street is one of the largest owners of student housing in the United States and Europe. Harrison …

January 5, 2018

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