Multifamily

University Student Living Opens Community Near the Rochester Institute of Technology

by Amy Works August 18, 2017

HENRIETTA, N.Y. — University Student Living LLC has opened The Lodge, a student housing community located near the Rochester Institute of Technology in Henrietta, New York. The community offers 37 individual cottage homes and 37 townhouses along the Genesee River. The property features sidewalks; on-street parking; over 2.5 miles of walking trails; a 6,500-square-foot clubhouse; pool deck; study lounges; a business center; social areas with billiards, ping pong and media screens; outdoor grilling stations; a 24-hour fitness center with a yoga studio; athletic fields; and fire pits. All homes are fully furnished and leased by the bed. The property was 99-percent pre-leased, and opened one month ahead of schedule.

August 18, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Claremont Cos. Receives $17.6M in Refinancing for Seniors Housing Community in Massachusetts

by Amy Works August 18, 2017

SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.

August 18, 2017

Multifamily Northeast Pennsylvania

Colliers Facilitates $2.2M Sale of Development Site in Philadelphia

by Amy Works August 18, 2017

PHILADELPHIA — Colliers International has arranged the sale of a development site located at 201-11 E. Allen St. in the Northern Liberties neighborhood of Philadelphia. A private investment group acquired the site from Exceptional Foods for $2.2 million. The buyer plans to redevelop the property into residential units. The site consists of a 15,300-square-foot industrial property and 17,350 square feet of land. Michael Barmash and Richard Gorodesky of Colliers were the sole brokers in the transaction.

August 18, 2017

California Loans Maryland Multifamily Southeast Top Stories Western

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

by Kristin Harlow August 18, 2017

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller

August 18, 2017

California Loans Multifamily Western

Grandbridge Negotiates $90M Refinancing for Apartment Complex in San Francisco

by Nellie Day August 17, 2017

SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.

August 17, 2017

California Loans Multifamily Seniors Housing Western

Red Stone Partners Arranges $18.8M in Bonds to Preserve Three Affordable Communities Near LA

by Nellie Day August 17, 2017

LOS ANGELES — Red Stone Tax-Exempt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Development. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area. The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for low-income seniors. The rehabilitation budget for the properties is more than $35,000 per unit. BlueGreen is a California-based company that develops and preserves affordable housing.

August 17, 2017

Massachusetts Multifamily Northeast

Lena New Boston Continues $200M Residential Redevelopment in Boston

by Amy Works August 17, 2017

BOSTON — Lena New Boston, a partnership between New Boston Fund and Lena Park Community Development Corp., is continuing its $200 million redevelopment of the former Boston State Hospital site with 41 additional two- and three-bedroom units of mixed-income townhomes at Olmstead Green, the first workforce housing/homeowners project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development and the Neighborhood Housing Trust. The project’s overall master plan calls for 514 mixed-income rental and homeownership units. To date, Lena New Boston has completed 210 units of affordable housing and 19 units of homeownership townhouse at Olmstead Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April 2018. Eleven of the units will be priced at $210,000 for first-time homebuyers making at or below 80 percent of the area median income (AMI) and 11 of the units will be priced at $267,500 for first-time homebuyers making at or below 100 percent of AMI. The remaining 19 units will be sold at market rate, ranging between $320,000 to $360,000. Financing for the current phase, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private …

August 17, 2017

Multifamily Seniors Housing Texas

Drever Capital Management to Develop 213-Unit Seniors Housing Community in San Antonio

by Taylor Williams August 17, 2017

SAN ANTONIO — Drever Capital Management, a Calif.-based holding company, will develop Larkspur at Live Oak, a 213-unit senior living community situated on 15 acres near Interstate 35 and Loop 1604 in San Antonio. Designed by Dallas-based Merriman Anderson/Architects Inc., the four-story property will offer units ranging in size from 691 to 1,221 square feet and an outdoor recreation space with a pool, kitchen and cabanas. A 64-unit memory care community is also being planned as a separate facility within the development. Construction is scheduled to begin later this year and wrap up in early 2019.

August 17, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $39.8M Acquisition Loan for Multifamily Property in Tampa

by Camren Skelton August 17, 2017

TAMPA, FLA. — Berkadia has secured a $39.8 million acquisition loan through Fannie Mae for Landmark at Grand Palms, a 438-unit multifamily community located at 3831 Northgreen Ave. in Tampa. Electra America acquired the asset from Starwood Capital for an undisclosed price. The property will be rebranded as Northgreen at Carrollwood, and Electra America will invest approximately $3.5 million in capital improvements, including updated lighting and plumbing fixtures, plank flooring in common areas and amenity and clubhouse enhancements. Situated on 34 acres, Northgreen at Carrollwood includes one- and two-bedroom units and features a fitness center, four pools, tennis courts, children’s playground and a dog park. The property was 96 percent occupied at the time of sale.

August 17, 2017

Affordable Housing Michigan Midwest Multifamily

Wolverine to Convert Historic Orphanage Into $16M Affordable Housing Property in Marquette, Michigan

by Kristin Harlow August 17, 2017

MARQUETTE, MICH. — Wolverine Building Group will redevelop the Holy Family Orphanage in Marquette, in Michigan’s Upper Peninsula, into an affordable housing property. Wolverine has partnered with Home Renewal Systems Communities and Community Action Alger Marquette for the $16 million project. The orphanage, originally constructed in 1915 and vacant since 1965, is listed on the National Register of Historic Places. The six-story building featured classrooms, bedrooms, playrooms, a laundry room, kitchen and dining hall. It once housed up to 200 children. Upon renovation, 14 of the 56 units will be set aside as supportive housing units for formerly homeless persons and families in need. Rent for these tenants will be limited to 30 percent of their current incomes. Many of the structure’s historic features, including its sandstone multi-story front porch, will be preserved during the renovation. The original chapel has been restored for use as a community space.

August 17, 2017

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