Multifamily

Gebroe-Hammer Associates Brokers $100M Sale of 642-Unit Apartment Complex in Lodi, New Jersey

by Amy Works January 25, 2017

LODI, N.J. — Gebroe-Hammer Associates has arranged the sale of Cedar Wright Gardens, an apartment complex located at 77 Mary St. in Lodi. Cedar Wright Apartments LLC acquired the property from Cedar Wright Gardens LP for $100 million. Situated on 31 acres, the property features 642 units in a mix of one- and two-bedroom layouts, on-site laundry facilities, off-street and optional garage parking and courtyards. Ken Uranowitz, Joseph Brecher and Greg Pine of Gebroe-Hammer represented the seller and identified the buyer in the transaction.

January 25, 2017

Massachusetts Multifamily Northeast Seniors Housing

Benchmark Opens 90-Unit Assisted Living Community Near Boston

by Amy Works January 25, 2017

NORWOOD, MASS. — Benchmark Senior Living has opened Benchmark Senior Living on Clapboardtree, a 90-unit assisted living and memory care community in the Boston suburb of Norwood. The community features 69 assisted living units and 21 memory care units. It is Benchmark’s 53rd community. Based in nearby Waltham, Benchmark is a developer, owner and operator of seniors housing communities in the Northeast, largely focused on New England.

January 25, 2017

Multifamily New York Northeast Retail

Cignature Realty Arranges $17.5M Sale of Mixed-Use Building in New York City

by Amy Works January 25, 2017

NEW YORK CITY — Cignature Realty has arranged the sale of a mixed-use property located at 3880 Broadway in the Washington Heights section of New York City. A South Florida investor acquired the building from Coltown Properties for $17.5 million, or $390 per square foot. The 44,868-square-foot building features 32 apartment units and three commercial spaces. Lazer Sternhell and Peter Vanderpool of Cignature represented the buyer and seller in the deal.

January 25, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Living Plans 114-Unit Expansion to Independent Living Community in New Jersey

by Amy Works January 25, 2017

NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.

January 25, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $13M Acquisition Loan for 224-Unit Multifamily Property in Arlington

by Amy Works January 25, 2017

ARLINGTON, TEXAS — Dougherty Mortgage has closed a $13 million Fannie Mae loan for the acquisition of Las Lomas Apartments in Arlington. The borrower, DCP 834 Timberlake Drive LLC, used the loan to acquire the 224-unit property. The Fannie Mae 10-year loan features two years of interest-only payments and a 30-year amortization schedule. Dougherty’s Vienna, Va., office arranged the loan through a partnership with Old Capital Lending.

January 25, 2017

Loans Midwest Minnesota Multifamily

Grandbridge Negotiates $10M Loan for Refinancing of Apartment Property in Moorhead, Minnesota

by Kristin Harlow January 25, 2017

MOORHEAD, MINN. — Grandbridge Real Estate Capital has negotiated a $10 million first mortgage loan for the refinancing of a 133-unit apartment property in Moorhead, near the border of North Dakota. A life insurance company funded the 15-year loan, which features a 30-year amortization schedule. Tony Carlson and Jeff Witt of Grandbridge originated the loan.

January 25, 2017

Georgia Loans Multifamily Southeast

Bellwether Enterprise Secures $18.7M Refinancing for Multifamily Portfolio in Metro Atlanta

by John Nelson January 25, 2017

ATLANTA — Bellwether Enterprise has arranged the $18.7 million refinancing of a 12-property, 458-unit multifamily portfolio in the metro Atlanta area. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the financing on behalf of the borrower, Nelkin Real Estate. The financing includes a fixed-to-float hybrid lending structure, fixed 4.07 percent interest rate for 10 years and three years of interest-only payments.

January 25, 2017

Alabama Florida Seniors Housing Southeast

SLIB Brokers Sale of Two Seniors Housing Communities in Alabama, Florida

by John Nelson January 25, 2017

PRATTVILLE, ALA., AND ORMOND BEACH, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of seniors housing communities in Alabama and Florida. In the first transaction, SLIB arranged the sale of Green Springs, a 32-unit assisted living community in the Montgomery suburb of Prattville. The 4.5-acre site will allow future expansion of the community. In the second transaction, SLIB arranged the sale of Seasons by Riviera, a 36-unit memory care community in Ormond Beach, a coastal town located between Jacksonville and Orlando. The buyer intends to re-open the vacant community. Bradley Clousing of SLIB brokered both transactions. The sales prices were undisclosed.

January 25, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $20M Acquisition Loan for Multifamily Property in Fort Worth

by Amy Works January 24, 2017

FORT WORTH, TEXAS — Dougherty Mortgage has closed a $20 million Fannie Mae loan for the acquisition of La Jolla Terrace Apartment Homes, a 340-unit market-rate multifamily property located in Fort Worth. The 12-year loan features one-year of interest-only payments and 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, Katz La Jolla Terrace LLC.

January 24, 2017

Loans Multifamily Texas

HFF Secures Financing for 379-Unit Multifamily Property in Houston

by Amy Works January 24, 2017

HOUSTON — HFF has arranged fixed-rate financing for Hanover Rice Village, an apartment community located near Rice University in Houston. Cortney Cole, Scott Galloway and Dustin Selzer of HFF arranged the 10-year loan for the borrower, The Hanover Co. Completed in 2013, the property features 379 residential units and 22,599 square feet of retail space. Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen occupy the retail space. On-site amenities include a swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and television, outdoor banquette seating and dining space, a resident club, pet washing station and controlled-entry parking garage.

January 24, 2017

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