Multifamily

RADCO Cos. Purchases Mesa Ridge Apartment Complex in San Antonio

by Haisten Willis November 4, 2016

SAN ANTONIO — The RADCO Cos. has acquired Mesa Ridge apartments in San Antonio. The property, which is being renamed City Crest, consists of 200 Class B units. RADCO Residential will manage the property, and the Atlanta-based multifamily investors plans to spend up to $2.9 million on capital improvements to the community. RADCO financed the acquisition using private capital through Prudential Financial. City Crest was built in 1984 and is located in the medical center submarket of northwest San Antonio. The property consists of two- and three-story buildings across 7.9 acres. The average unit size is 736 square feet, and the property offers a combination of one- and two-bedroom units.

November 4, 2016

Larkspur Capital Partners Breaks Ground on The Block on Bennett

by Haisten Willis November 4, 2016

DALLAS — Larkspur Capital Partners has broken ground on The Block on Bennett, a townhouse community in the Knox-Henderson area of Dallas. The project is scheduled for completion in early 2017 and will consist of 22 units.

November 4, 2016

Michigan Midwest Multifamily Student Housing

NorthPoint Capital Funding Arranges $21.3M Student Housing Development in Allendale, Michigan

by Kristin Harlow November 4, 2016

ALLENDALE, MICH. — NorthPoint Capital Funding Inc. has arranged a $21.3 million loan on a purpose-built student housing development in Allendale. The 192-unit, 576-bed property is expected to finish the first phase of construction in time for the 2017-2018 school year. Zimmer Development Co. and Orion II Construction Inc. are executing the development and construction. To meet the requirements of the project’s experienced developer, NPCF was able to arrange a construction line of credit converting to a commercial real estate loan with Flagstar Bank. The loan term was undisclosed. Mark Perkowski of NPCF was the loan originator. The borrower was from out of state.

November 4, 2016

Michigan Midwest Multifamily Seniors Housing

Cushman & Wakefield Negotiates Sale of Seniors Housing Portfolio in Southeast Michigan

by Kristin Harlow November 4, 2016

DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges Acquisition Financing for 102-Unit Independent Living Community in Redding

by Nellie Day November 4, 2016

REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.

November 4, 2016

Multifamily New Jersey Northeast

HFF Facilitates Sale of 212-Unit Multifamily Property in Riverdale, New Jersey

by Amy Works November 4, 2016

RIVERDALE, N.J. — HFF has arranged the $60 million sale of Alexan Riverdale, a multifamily property located at 6000 Riverdale Road in Riverdale. Situated on 15 acres, the 212-unit property features a mix of one- and two-bedroom units averaging 1,033 square feet. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking. Inland Real Estate Investments Inc. facilitated the purchase of the community, while Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller, a global real estate investment manager. Additionally, the HFF team worked to secure acquisition financing for the buyer.

November 4, 2016

Delaware Loans Multifamily Northeast

U.S. Realty Capital Arranges $31M in Financing for Multifamily Community in Delaware

by Amy Works November 4, 2016

NEW CASTLE COUNTY, DEL. — U.S. Realty Capital has originated $31 million in permanent financing for a multifamily complex located in northern New Castle County. The financing will replace an existing construction loan on the newly built 218-unit property. The property had significant pre-leasing activity and overall occupancy was close to 100 percent at completion. The property features a fitness center, pool and 9,000 square feet of retail space. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital arranged the financing for the undisclosed borrower.

November 4, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

California Multifamily Western

Advanced Real Estate Services Receives $73.9M to Refinance SoCal Multifamily Portfolio

by Nellie Day November 3, 2016

LOS ANGELES — Advanced Real Estate Services has received $73.9 million to refinance a five-property multifamily portfolio in Southern California. The portfolio contains a total of 479 units. The properties include Cantabria, Four Seasons, Lanter Bay, Solara and the Pines at Montclair. These assets are spread throughout Orange, Los Angeles and San Bernardino counties. The refinancing features a seven-year term, 3.78 percent interest rate and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the financing through a national bank. The transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs. It also provided cash-out proceeds to Advanced, which plans to use the excess funds for future acquisitions.

November 3, 2016

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