Multifamily

High Street Residential, Carlson Break Ground on Luxury Apartment Community in Downers Grove, Illinois

by Kristin Harlow April 18, 2017

DOWNERS GROVE, ILL. — Developer High Street Residential and general contractor Carlson Construction have broken ground on Maple&Main, a 115-unit luxury apartment community in Downers Grove, a western suburb of Chicago. The six-story building will include 4,000 square feet of ground-floor retail space. The community will offer one-, two- and three-bedroom units. Amenities will include a pet spa, bike lounge, coffee station, fitness center, yoga studio, pool and sky deck. Maple&Main is slated to open for occupancy in the second quarter of 2018. ESG Architects is the project architect. David Paino and Jerry Ebert of High Street Residential are overseeing project development. Jacob Dell of CBRE is handling retail leasing.

April 18, 2017

Midwest Minnesota Multifamily Seniors Housing

Catholic Eldercare to Develop 65-Unit Seniors Housing Property in Minneapolis

by Kristin Harlow April 18, 2017

MINNEAPOLIS — Catholic Eldercare has unveiled plans to develop a 65-unit seniors housing property in Minneapolis. Construction will begin this August with occupancy slated for summer 2018. In addition to one- and two-bedroom units, the community will feature food and concierge services. Apartment sizes will range from 800 to1,300 square feet. Catholic Eldercare has owned the land site, located at 2nd Street and Broadway Avenue, since 1994. Miller Hansen Partners is designing the new building, while Frana Cos. Inc. is serving as contractor.

April 18, 2017

Multifamily New York Northeast

Cadre Sells Multifamily Portfolio in NYC for $70M

by Haisten Willis April 18, 2017

NEW YORK CITY — Cadre has closed on the $70 million sale of a portfolio consisting of four multifamily apartment buildings in the Astoria neighborhood of Queens. Acquired in January 2015, the portfolio was renovated during Cadre’s ownership, including improvements to common areas and individual units, such as the addition of bedrooms and bathrooms to some units.

April 18, 2017

Multifamily New York Northeast

Rosewood Realty Arranges $20.9M Sale of Multifamily Property in NYC

by Haisten Willis April 18, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the $20.9 million sale of an apartment property located at 188-30 and 188-34 87th Dr. in the Holliswood neighborhood of Queens. A Brooklyn-based family purchased the six–story, 68,466-square-foot property, adding to its other holdings in Queens, Brooklyn and the Bronx. The 1950-built building includes 96 apartments as well as a storage area, laundry room and indoor parking for up to 40 vehicles.

April 18, 2017

Connecticut Healthcare Mixed-Use Multifamily Northeast

Mixed-Use Medical, Residential Project Planned in Downtown New Canaan, Conn.

by Haisten Willis April 18, 2017

NEW CANAAN, CONN. — CH Vitti Street Associates and Collins Enterprises will develop a mixed-use medical and residential property at 23 Vitti St. in New Canaan. Known as New Canaan Medical Arts Center, construction will begin in May and will be completed in spring 2018. Do H. Chung & Partners is the project architect and Avison Young will serve as leasing agent. The two-story, 9,000-square-foot medical center will be constructed along the parcel’s 121 feet of frontage, with a public courtyard along Vitti Street. The commercial portion of the project includes 2,000 square feet of medical space on the first floor and 7,000 square feet on the second floor, which can be subdivided. Building features will include automated doors and a medical grade HVAC system with HEPA filtration. The project also includes eight apartments to be developed as a separate building on the site. Each use will have its own entrance and will be separated by a landscaped parking area and residential pathways. The site is located in downtown New Canaan within walking distance of restaurants, services and transportation.

April 18, 2017

California Loans Multifamily Western

PSRS Arranges $80M Loan for 266-Unit Apartment Complex in Goleta

by Nellie Day April 17, 2017

GOLETA, CALIF. — PSRS has arranged an $80 million loan for a 266-unit apartment complex in Goleta. The luxury complex is situated on a 13.7-acre lot. It features 18 buildings and amenities such a business center, clubhouse, fitness center, swimming pool, barbecue, fire‐pits and spa. The loan was used to pay off construction costs. PSRS’ Mike Thorp arranged the financing. The 10‐year, fee-simple loan will amortize in 30 years. One of PSRS’ correspondent life companies provided the capital for the loan.

April 17, 2017

California Multifamily Western

San Francisco Apartment Building Sells for $3.2M

by Nellie Day April 17, 2017

SAN FRANCISCO — A private investor has acquired a four-unit apartment building in San Francisco for $3.2 million. The community is located at 537-541 Dolores St. The units look directly into Dolores Park. Clinton Textor and Nick Bonn of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.

April 17, 2017

Loans Massachusetts Multifamily Northeast

CBRE Arranges $56.3M Loan for Multifamily Portfolio in Massachusetts

by Haisten Willis April 17, 2017

BOSTON & LYNN, MASS. — On behalf of Helge Capital, CBRE New England’s multifamily debt and structured finance team has secured a $56.3 million first mortgage loan to finance the recapitalization of a 19-building multifamily portfolio in metro Boston and Lynn, Mass. The assets consist of workforce housing of both market-rate and affordable apartments. CBRE’s John Kelly arranged the financing through a national lender on behalf of Helge Capital, a commercial real estate investment and operating company specializing in multifamily and development properties in the greater Boston area.

April 17, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Secures $38.7M Financing for Multifamily Portfolio in Massachusetts

by Haisten Willis April 17, 2017

BOSTON, CAMBRIDGE & BRIGHTON, MASS. — KeyBank Real Estate Capital has secured $38.7 million in Fannie Mae financing for a four-property multifamily portfolio located in Massachusetts. A $20.7 million first mortgage loan was secured by Boylston Apartments, a 129-unit property built in 1927 in Boston; a $10.1 million first mortgage loan was secured by Cambridge Apartments, a 56-unit property built in 1880 in Cambridge; and a $7.9 million first mortgage loan was secured by Commonwealth & Lothian Apartments, two properties totaling 61-units built between 1925 and 1928 in Brighton. Hayley Suminski of KeyBank’s commercial mortgage group arranged the financing with 10-year terms, five years of interest-only payments and 30-year amortization schedules. The non-recourse loans were used to refinance existing debt.

April 17, 2017

Multifamily Seniors Housing Southeast Tennessee

Ryan Cos. Buys 11 Acres Near Nashville for $48.5M Seniors Housing Community

by John Nelson April 17, 2017

HENDERSONVILLE, TENN. — Ryan Cos. US Inc. has acquired an 11-acre land parcel in the Nashville suburb of Hendersonville. The buyer will use the property to build Clarendale at Indian Lake, a $48.5 million, 189-unit independent living, assisted living and memory care community. Project partners include LCS and Harrison Street Real Estate Capital. It will be the fourth Clarendale-branded community. The developers plan to start construction this spring for completion in fall 2018. Life Care Services, an affiliate of LCS, will operate the community once construction is completed. HFR Design, a Nashville-based architecture and engineering firm, designed the property. Bone McAllester Norton provided legal services. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the land acquisition. The price was not disclosed.

April 17, 2017

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