Multifamily

Aspen Heights, Grand China Fund to Develop 166-Unit Student Housing Property in Austin

by Amy Works December 9, 2016

AUSTIN, TEXAS — Aspen Heights Partners has partnered with Grand China Fund to develop Aspen West Campus, a 166-unit student housing high-rise development at 1909 Rio Grande St. in Austin. The team commenced construction on the 17-story, 464-bed property in September, with completion slated for fall 2018. The property will feature units ranging from efficiencies to five-bedroom floorplans and amenity space, including a fitness center, game lounge, study lounge and pool area with grills overlooking the University of Texas campus. The development is Grand China Fund’s first venture into student housing.

December 9, 2016

Loans Multifamily Seniors Housing Texas

Ziegler Closes $67.6M in Bond Refinancing for Two CCRCs in Houston

by Amy Works December 9, 2016

HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.

December 9, 2016

Loans Multifamily Texas

Bellwether Enterprise Closes $125M in Refinancing for 10-Property Multifamily Portfolio in Texas, Ohio

by Amy Works December 9, 2016

CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.

December 9, 2016

Affordable Housing Loans Multifamily Texas

KeyBank Secures $33.5M in Construction Financing for Affordable Housing Property in San Antonio

by Amy Works December 9, 2016

SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.

December 9, 2016

Arizona Multifamily Western

Housing Trust Group Breaks Ground on $63M Aviva Apartments in Mesa

by Nellie Day December 8, 2016

MESA, ARIZ. — Housing Trust Group (HTG) has broken ground on the 325-unit Aviva apartment community in Mesa. The $63 million community will be located at 8350 E. Baseline Road. Aviva is scheduled to open in the third quarter of 2018. This is HTG’s first multifamily development in Arizona. Biltform Architecture Group designed the community, which Chasse Building Team will construct. HTG acquired the 16-acre vacant tract for $6.5 million. The firm also secured a $47.1 million construction loan from Walker & Dunlop.

December 8, 2016

Multifamily Nevada Western

Loft 5 Apartments in Las Vegas Sell for $51.5M

by Nellie Day December 8, 2016

LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.

December 8, 2016

California Loans Multifamily Seniors Housing Western

IPA Capital Markets Arranges $19.6M Loan for Age-Restricted Community in Rancho Santa Margarita

by Nellie Day December 8, 2016

RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.

December 8, 2016

Multifamily Northeast Rhode Island

JV Breaks Ground on 169-Unit Multifamily Development in Providence, Rhode Island

by Amy Works December 8, 2016

PROVIDENCE, R.I. — Braintree, Mass.-based John M. Corcoran & Co. and Providence-based Trilogy Development have broken ground on Commons at Providence Station, a multifamily building situated on 2.8 acres at Smith and Canal streets in Providence. Slated for completion in summer 2018, the 145,000-square-foot property will offer 169 rental units, 170 subsurface parking spaces, a yoga room, gym, and roof deck with views of the statehouse. The $54.1 million project is adjacent to the Providence train station with access to the Massachusetts Bay Transportation Authority and Amtrak train systems. The development was made possible with assistance from Rebuild Rhode Island tax credits awarded by the Rhode Island Commerce Corp. and will create 225 direct jobs and 125 indirect jobs for the community. The Rebuild Rhode Island program uses redeemable tax credits to finance at-risk real estate projects. The program has provided $400 million worth of private real estate investment over the past year and led to agreements to bring nine new companies to the state.

December 8, 2016

Multifamily Texas

Partnership to Develop 300-Unit Urban Living Community in Frisco

by Amy Works December 8, 2016

FRISCO, TEXAS — The Frisco Station Partnership has engaged Hillwood Multifamily to develop Station House, a 300-unit urban living community in Frisco. The project will be the first residential property to break ground in Frisco Station, a 242-acre multi-use development at the northwest quadrant of Dallas North Tollway and Warren Parkway. Designed by JHP Architecture/Urban Design, the four-story Station House will feature apartment homes with energy-efficient, stainless steel appliances and LED lighting, mudrooms, butler’s pantries, built-in desks, oversized soaking bathtubs and walk-in showers. Community amenities will include private interior courtyards with a pool area; outdoor kitchen and social spaces; massage room and Pilates studio; coffee bar and wine bar; resident lounge and library; demonstration kitchen and private dining room; game room; and terrace lounges. Additional project partners for Frisco Station include Rudman Partnership, which has owned the Frisco Station land since 1962, and Van Trust Real Estate, which serves as the office development partner.

December 8, 2016

Multifamily Texas

San Antonio Commercial Advisors Brokers Sale of Two Apartment Communities in San Antonio

by Amy Works December 8, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of two apartment communities in San Antonio for an undisclosed sum. The properties include The Montage at North Point and City Heights Apartments, located at 3601 Magic Drive and 9400 Fredericksburg Road, respectively. Built in 1982, The Montage at North Point features 208 apartments, a swimming pool, picnic space, sports court and a dog park. City Heights, which was built in 1972, features 272 apartments across 35 two-story buildings, two swimming pools and a fitness center. Brandon Lo Porto and Scott Weems of SACA represented the undisclosed seller in the deal. The name of the buyer was not released.

December 8, 2016

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