Multifamily

Grandbridge Secures $38M Refinancing of Multifamily Asset in Augusta, Georgia

by Camren Skelton October 16, 2017

AUGUSTA, GA. — Grandbridge Real Estate Capital, a subsidiary of Branch Banking & Trust Co. (BB&T), has arranged a $38 million Freddie Mac loan for the refinancing of Grand Oaks at Crane Creek, a 300-unit multifamily community in Augusta. Bill Mattice and Phillip Cox of Grandbridge arranged the seven-year loan with a 30-year amortization schedule and a floating interest rate starting in the 3 percent range. The borrower was not disclosed. Grand Oaks at Crane Creek features a pet wash station, fitness center, spin room, yoga studio, shuffleboard and a resort-style saltwater pool with a sundeck.

October 16, 2017

Illinois Midwest Seniors Housing

$27.7M Supportive Living Facility Opens in Chicago

by Kristin Harlow October 16, 2017

CHICAGO — Montclare Senior Residences SLF of North Lawndale has opened in Chicago. The $27.7 million supportive living community, located at 4339-47 W. 18th Place, features 120 studio and one-bedroom apartments. Amenities include a main dining room, recreation room, general store, library, wellness clinic and barbershop. City assistance for the project included $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF) and $1.1 million in low-income housing tax credits that generated $10.2 million in equity for the project. Other financing included a $12.3 million HUD loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity. Under the Illinois Supportive Living Program, supportive living communities are an alternative to nursing home care for low-income older persons and persons with physical disabilities under Medicaid. Montclare Senior Residences SLF of Lawndale LLC developed the property, while a joint venture between Joseph J. Duffy Co., Safeway Construction Co. and Brown & Momen Co. managed the construction. Worn Jerabek Wiltse Architects P.C. served as the architect. Gardant Management Solutions will manage the property.

October 16, 2017

Loans Midwest Ohio Seniors Housing

KeyBank Provides $5.7M Construction Financing for Seniors Housing Property in Dayton, Ohio

by Kristin Harlow October 16, 2017

DAYTON, OHIO — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million in construction financing for Audubon Crossing, an affordable seniors housing property in Dayton. The 50-unit apartment community will be restricted to renters age 55 and older. The project will be restricted to households with incomes that are 35 to 60 percent of area median income (AMI). The property is part of a larger development known as Salem Crossing Hope IV. Kelly Frank of KeyBank arranged the loan for the borrower, The Woda Group Inc. The project utilizes multiple sources of funding, including an allocation of 4 percent Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.

October 16, 2017

Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers $23.8M Sale of 159-Unit Active Adult Community in Sandy

by Nellie Day October 16, 2017

SANDY, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Sandy, a 159-unit active adult community in the Salt Lake City suburb of Sandy, for $23.8 million. Completed in 2013, the property is restricted to residents over the age of 55. The one-building community has three elevators and access hallways to each unit. Nearby shopping venues include a Walmart Supercenter, Harmons Grocery, Smith’s Food and Drug, and Lowe’s. Other nearby features include the Marv Jenson Recreation Center, Storm Mountain Park and the Henry J. Wheeler Historic Farm. Danny Shin and Brock Zylstra of Marcus & Millichap represented both the seller, a local developer, and the buyer, an out-of-state investor, in the transaction. The price equates to more than $149,000 per unit.

October 16, 2017

Arizona Multifamily Seniors Housing Western

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

Loans Maryland Multifamily Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

Loans Multifamily Texas

Dougherty Closes $6.6M Acquisition Loan for Apartment Property in Metro Dallas

by Taylor Williams October 13, 2017

DESOTO, TEXAS — Dougherty Mortgage LLC has arranged a $6.6 million Fannie Mae loan for the acquisition of Thorn Manor Apartments, a 113-unit multifamily property located at 300 W. Wintergreen Road in the Dallas metro of DeSoto. Dougherty secured the 12-year loan, which has a 30-year amortization schedule, through Old Capital Lending on behalf of the borrower, TM-DeSoto101 LLC.

October 13, 2017

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