Multifamily

Silver Star Motors Tops Out 135,000 SF Mixed-Use Building in Long Island City

by Amy Works August 25, 2016

NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.

August 25, 2016

Loans Multifamily New Jersey Northeast

Russo Development Receives $73M in Financing for 398-Unit Multifamily Community in New Jersey

by Amy Works August 25, 2016

HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.

August 25, 2016

California Loans Multifamily Western

Meridian Capital Arranges $74.7M in Financing for Adagio at South Coast in Santa Ana

by Nellie Day August 25, 2016

SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.

August 25, 2016

Multifamily Oregon Western

Sienna Pointe in Bend Sells for $23.7M

by Nellie Day August 25, 2016

BEND, ORE. — A private investor from Louisiana has acquired the 168-unit Sienna Pointe apartment community in Bend for $23.7 million. The community is located at 1855 NE Lotus Drive. It was built in phases between 1990 and 1993. Cody Hagerman, Greg Frick, Rob Marton and Tyler Johnson of HFO Investment Real Estate represented the seller, Oregon Pacific, in this transaction.

August 25, 2016

Kansas Midwest Multifamily Seniors Housing

CA Ventures, Pathway Complete $22M Hotel Transformation to Seniors Housing in Kansas

by Christina Cannon August 25, 2016

OLATHE, KAN. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, approximately 25 miles southeast of Kansas City. The project is the first seniors housing community developed by CA Ventures, and is a $22 million adaptive reuse project of a former Holiday Inn. The two-story community sits on a seven-acre site near Olathe Medical Center and several medical office buildings. It features 75 assisted living units and 57 memory care units. CA Ventures owns the property, which Pathway operates. The community also features a rehabilitation facility on site — The Rehab Place at Travanse Living at Olathe — which Olathe Health System operates.

August 25, 2016

Florida Multifamily Southeast

Private Investor Purchases Two Apartment Communities in Tampa Area for $95.6M

by John Nelson August 25, 2016

TAMPA AND BRANDON, FLA. — An unnamed private investor has purchased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale included Columns at Brandon West, a 342-unit, Class A apartment community located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The one-, two- and three-bedroom units feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and a nature trail. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden-style property features one-, two- and three-bedroom units averaging 988 square feet. Units feature breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Community amenities include …

August 25, 2016

California Loans Multifamily Western

CBRE Arranges $48.8M Acquisition Loan for 300-Unit Apartment Complex in Temecula

by Nellie Day August 24, 2016

TEMECULA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the 300-unit Cape May at Harveston apartment community in Temecula. The community is located at 40140 Village Road. The garden-style complex was built in 2006. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate.

August 24, 2016

California Multifamily Seniors Housing Western

WNC Closes $102M Institutional LIHTC Fund

by Nellie Day August 24, 2016

IRVINE, CALIF. — WNC, an Irvine-based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institutional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in total, and is comprised of 17 multifamily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million.

August 24, 2016

Overlook-at-Prestonwood-Carrollton-Texas

Loans Multifamily Seniors Housing Texas

Love Funding Secures $26.3M Construction Loan for Seniors Housing Development

by Haisten Willis August 24, 2016

CARROLLTON, TEXAS — Love Funding has secured a $26.3 million loan for the construction and permanent financing of Overlook at Prestonwood, a seniors housing community under development in Carrollton. Overlook at Prestonwood will offer 183 age-restricted apartment units in one four-story building and five standalone cottages on 5.5 acres. The property will include one-, two- and three-bedroom units. The main building will also house a clubhouse and other amenities. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. James Sawyer, president of Warsaw Realty Group, brought the transaction to Love Funding. The principals of the ownership group include Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. NE Construction will be the general contractor, and Capstone is the property manager. Brian Rumsey of Cross Architects is the architect of record for this project.

August 24, 2016

Florida Multifamily Southeast

Marcus & Millichap Arranges $63M Sale of Multifamily Portfolio in Central Florida

by John Nelson August 24, 2016

ORLANDO, FLA. — Marcus & Millichap has brokered the $63 million sale of a six-property, 1,244-unit apartment portfolio in Central Florida. The properties include the 200-unit Millennium Eagle in Orlando, the 344-unit Eagle Reserve in Orlando, the 248-unit Eagle Bay in Daytona Beach, the 232-unit Eagle Oaks in South Daytona, the 120-unit Eagle Park in Daytona Beach and the 100-unit Eagle Briar in New Smyrna Beach. The portfolio was 94 percent occupied at the time of sale. Michael Donaldson, Nicholas Meoli and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, a family partnership based in Daytona Beach. The team also procured the buyer, a private investor based in Miami.

August 24, 2016

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