Multifamily

HFF Negotiates $12.7M Sale, $9.5M Loan for Apartment Property in Philadelphia

by Amy Works October 25, 2016

PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.

October 25, 2016

Georgia Seniors Housing Southeast

Oak Hall, Jim Chapman Communities to Build 206-Acre Seniors Community in Metro Atlanta

by John Nelson October 25, 2016

GAINESVILLE, GA. — Oak Hall Cos. and Jim Chapman Communities have revealed development plans for a 206-acre, mixed-use, age-restricted community in Gainesville, approximately 55 miles northwest of Atlanta. The developers plan to start construction in spring of 2017. The community will feature a total of 739 residential units, all restricted to residents age 55 and older. The units are composed of 248 single-family detached homes, 32 cottages, 107 terrace homes, 27 stacked flats, 175 independent living units and 150 assisted living/memory care units. The yet-to-be-named community will also feature 1.1 miles of Lake Lanier frontage with 140 boat slip docks, as well as 24,000 square feet of retail, office and restaurant space. A large clubhouse and outdoor swimming pool are part of the master plan, as are paved sidewalks throughout the community. The developers intend to donate land to the city of Gainesville to build a new fire station.

October 25, 2016

Georgia Loans Seniors Housing Southeast

Grandbridge Arranges $125M Acquisition Financing for Independent Living Portfolio

by John Nelson October 25, 2016

ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged $125 million in financing for the acquisition of four independent living communities in four states. Details on the buyer, seller and specific communities were not disclosed. The financing was arranged as $25 million in supplemental loans and $100 million in assumption loans, which replace existing loans Grandbridge previously arranged for the seller. All the loans are through Fannie Mae. Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.

October 25, 2016

Maryland Multifamily Southeast

IBDAR Bank Acquires Apartment Community in Metro D.C. for $78M

by John Nelson October 25, 2016

MONTGOMERY COUNTY, MD. — Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has purchased a 326-unit apartment community in Montgomery County for $78 million. Built in 2001, the garden-style property is situated roughly 25 miles from downtown Washington, D.C. Ibdar Bank will renovate the asset, which is expected to yield a more than 9 percent return on investment. The seller and the name of the property were not disclosed.

October 25, 2016

Loans Maryland Multifamily Southeast

Capital One Closes $50.5M Refinancing of Apartment Community in Metro D.C.

by John Nelson October 25, 2016

SILVER SPRING, MD. — Capital One has provided a $50.5 million loan to repay an existing construction loan on Fenwick Apartments, a Class A, six-story apartment community in Silver Spring, a little over six miles north of Washington, D.C. Capital One provided the three-year, floating-rate loan to the borrower, Insight Property Group. The loan’s initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a 3 percent interest rate. Built in 2014, Fenwick Apartments consists of 310 units, including 39 affordable units, and is located within walking distance to the Washington Metropolitan Area Transit Authority’s Silver Spring station. Community amenities include a pool deck with cabanas, clubroom, billiards, TV gaming area and an outdoor living room with a fire pit. The community was 94 percent occupied as of July.

October 25, 2016

District of Columbia Multifamily Southeast

Toll Brothers Breaks Ground on Apartment Development in D.C.’s NoMa District

by John Nelson October 25, 2016

WASHINGTON, D.C. — Toll Brothers Inc. has begun construction on Union Place, a 525-unit apartment development located at 200 K St. N.E. in Washington, D.C.’s NoMa district. The property is a joint venture development between Toll Brothers’ subsidiary, Toll Brothers Apartment Living, and AECOM Capital. The 14-story development will include a rooftop pool, penthouse lounge, an outdoor courtyard and a fitness center with a rock climbing wall. Union Place will also feature a business lounge, pet salon and children’s play room. The community is expected to open for residency in the spring of 2018.

October 25, 2016

Florida Loans Multifamily Seniors Housing Southeast Top Stories

Capital One Provides $162.5M Credit Facility for Palm Garden Healthcare

by Katie Sloan October 25, 2016

SARASOTA, FLA. — Capital One Financial Corp. has provided a $162.5 million senior secured credit facility for Palm Garden Healthcare. The Sarasota-based company owns a total of 1,931 beds across 14 skilled nursing facilities and an assisted living facility. The company also operates home care agencies and provides outpatient therapy. Palm Garden locations can be found in cities throughout Florida, including Aventura, Clearwater, Gainesville, Jacksonville, Largo, Ocala, Sun City Center, Orlando, Pinellas, Port St. Lucie, Tampa, Vero Beach, West Palm Beach and Winter Haven. The credit facility consists of a real estate term loan, a capital expenditure line of credit and an asset-based revolver. Palm Garden will use the proceeds to refinance existing debt and provide capital to expand and improve its facilities. Mclean, Va.-based Capital One is a leading provider of financial services to the healthcare industry, with over $11 billion in total outstanding balances. — Katie Sloan

October 25, 2016

Multifamily New Jersey Northeast

FEM South Beach Urban Renewal, B. Harvey Construction to Begin Construction of Oceanfront Multifamily Community

by Amy Works October 24, 2016

LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.

October 24, 2016

Multifamily New York Northeast

Rosewood Realty Negotiates $35.8M Sale of Five-Building Multifamily Portfolio in the Bronx

by Amy Works October 24, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a five-building multifamily portfolio in the Fordham Manor section of the Bronx. An undisclosed buyer acquired the 214-unit portfolio for $35.8 million. Totaling 194,944 square feet, the buildings are located at 2489 Morris Ave., 1225 Sherman Ave., 2101 and 2499 Grand Ave. and 1900 Grand Course. Aaron Jungreis of Rosewood Realty Group represented the undisclosed seller and buyer in the deal.

October 24, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Knighthead Funding Provides $27M Construction Loan for Mixed-Use Project in Forest Hills, New York

by Amy Works October 24, 2016

FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.

October 24, 2016

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