Multifamily

United American, World Premier Receive $92M Refinancing for Grand Plaza in San Marcos

by Nellie Day February 10, 2017

SAN MARCOS, CALIF. — United American Properties and World Premier Investments have received a $92 million loan to refinance debt on Grand Plaza, a retail power center in San Macros. Anchored by Sprouts Farmers Market, the 356,796-square-foot property is 94 percent leased to a variety of tenants such as Orchard Supply Hardware, Bed Bath and Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks Coffee, Ulta Beauty and Nordstrom Rack. John Chun, Sebastian Trujillo and AJ Manas of HFF arranged the 25-year, fixed-rate loan with J.P. Morgan Asset Management.

February 10, 2017

Indiana Loans Midwest Multifamily

Dougherty Arranges $26.6M Fannie Mae Loan for Acquisition of Multifamily Property in Indianapolis

by Kristin Harlow February 10, 2017

INDIANAPOLIS — Dougherty Mortgage LLC has arranged a $26.6 million Fannie Mae loan for the acquisition of Coppertree Apartments, a 772-unit multifamily property located in Indianapolis. The property was built in 1969 and renovated in 2012. The seven-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office for the borrower, Tanglewood Apartments LLC.

February 10, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Negotiates $11.7M Loan for Refinancing of Multifamily Property Portfolio Near Milwaukee

by Kristin Harlow February 10, 2017

MILWAUKEE — Walker & Dunlop Inc. has negotiated an $11.7 million loan for the refinancing of the Supreme Apartment Portfolio, a six-property portfolio located in Wisconsin. Constructed between 1988 and 1993, the properties consist of 340 garden-style units. The properties include: Greenfield Park in Greenfield, Parkway South in Milwaukee, River Park in Oconomowoc and Orchard Park, Central Park and Parkway Central in West Allis. Matt Ewig, Jeff Robbins and Luke Erlandson of Walker & Dunlop originated the loan with a life insurance company for the borrower, Supreme Builders.

February 10, 2017

Multifamily Seniors Housing Texas

Titan Senior Living Starts Construction on 109-Unit Seniors Housing Community in Corpus Christi

by Amy Works February 9, 2017

CORPUS CHRISTI, TEXAS — Titan Senior Living has started construction on Elan: A Senior Lifestyle, a 109-unit seniors housing community that will be situated at the intersection of Saratoga Boulevard and Staples Street in Corpus Christi. Slated to open in the summer of 2018, the property will feature assisted living and memory support services, chef-prepared meals, a bistro, salon, wellness center and 24/7 concierge services. Civitas Senior Living will operate the property.

February 9, 2017

Connecticut Multifamily Northeast

Paredim Partners Purchases Multifamily Property in Stamford, Connecticut, for $33.3M

by Amy Works February 9, 2017

STAMFORD, CONN. — Paredim Partners has acquired Parallel 41 Apartments, a multifamily property located in Stamford, for $33.3 million. The property was nearly 100 percent occupied at the time of acquisition. The property features 124 apartments, a fitness center, lounge and roof deck. The buyer plans to implement a renovation and rebranding program for the property, which was built in 2012. The name of the seller was not released.

February 9, 2017

Loans Midwest Multifamily Ohio

Pillar Originates $11.3M Fannie Mae Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow February 9, 2017

CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.

February 9, 2017

Florida Loans Multifamily Southeast

Hall Structured Finance Closes $37.7M Construction Loan for Apartment Community in Central Florida

by John Nelson February 9, 2017

KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.

February 9, 2017

Florida Seniors Housing Southeast

SLIB Negotiates $15.5M Sale of Two Seniors Housing Communities in South Florida

by John Nelson February 9, 2017

HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.

February 9, 2017

Multifamily Oregon Western

Land and Houses Buys Yard Apartment Tower in Portland for $126.7M

by Nellie Day February 9, 2017

PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.

February 9, 2017

California Multifamily Western

Cherry Heights Buys Legends at Rancho Belago Apartments in Moreno Valley for $33.8M

by Nellie Day February 8, 2017

MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St. Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016. Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.

February 8, 2017

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