Multifamily

Gebroe-Hammer Brokers $29.3M Sale of 108-Unit Apartment Community in New Jersey

by Amy Works June 17, 2016

RAHWAY, N.J. — Gebroe-Hammer Associates has arranged the sale of Meridia at Waters Edge, an apartment community located at 4 City Hall Plaza in Rahway. 4 City Hall Plaza Urban Renewal LLC acquired the 108-unit property from Meridia’s Water Edge Urban Renewal Rahway LLC for $29.33 million. Built in 2014, the five-story residential building features one- and two-bedroom layouts. On-site amenities include a fitness center, laundry rooms, business center and lounges. Ken Uranowitz and Gehane Triarsi of Gebroe-Hammer represented the seller and identified the buyer in the deal.

June 17, 2016

Illinois Loans Midwest Multifamily Seniors Housing

KeyBank Provides $324M in Financing for Enlivant Assisted Living Portfolio

by Christina Cannon June 17, 2016

CHICAGO — KeyBank Real Estate Capital has provided a $182 million Freddie Mac loan and a $142 million corporate credit facility to Enlivant, a Chicago-based owner and operator of nearly 200 seniors housing communities throughout the United States. The Freddie Mac loan is secured by 36 assisted living communities comprised of 1,477 units in 14 states. The capital provides permanent, non-recourse financing. The corporate credit facility is comprised of a $100 million term loan and a $42 million revolver, secured by 40 assisted living communities that are located throughout 12 states. The credit facility provides Enlivant with capital to implement its operating and growth strategy. Charlie Shoop of KeyBank Healthcare Mortgage Banking Group arranged the Freddie Mac financing. Paul Di Vito, Tim Sylvain and Mark Amantea of KeyBank Real Estate Capital’s Healthcare Group arranged the corporate credit facility.

June 17, 2016

Midwest Missouri Multifamily Student Housing

Annex Student Living Breaks Ground on 324-Bed Student Housing Project

by Christina Cannon June 17, 2016

WARRENSBURG, MO. — Annex Student Living has broken ground on Annex 56, a 324-bed student housing community located adjacent to the University of Central Missouri campus in Warrensburg. The community will offer 87 two- and four-bedroom, fully furnished units with bed-to-bath parity. The project will be ready for student occupancy in August 2017.

June 17, 2016

Loans Multifamily Texas

BMC Capital Arranges $6M Refinance Loan for Multifamily Property in Irving

by Haisten Willis June 17, 2016

IRVING, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6 million loan for the cash-out refinance of a multifamily property in Irving. The five-year loan features a 3.6 percent fixed interest rate and a 25-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.

June 17, 2016

The District at Vinings Apartments Atlanta

Georgia Multifamily Southeast

Sutter Hill Buys Apartment Community in Atlanta for $68.8M

by John Nelson June 17, 2016

ATLANTA — Toronto-based Sutter Hill Acquisition Corp. has purchased The District at Vinings Apartments, a 464-unit multifamily community located in Atlanta’s Vinings district. Sutter Hill acquired the property for $68.8 million and plans to invest up to $7 million in renovations. The community is situated on nearly 38 acres at 2800 Paces Ferry Road S.E., less than 3 miles from the new SunTrust Park under construction in Cobb County. Sutter Hill has hired Stonemark Management to manage the pet friendly community and supervise the renovations, which will include updates to the clubhouse, fitness center, landscaping and exteriors.

June 17, 2016

Multifamily South Carolina Southeast

CBC Atlantic Brokers $50M Sale of Apartment Portfolio in Metro Charleston

by John Nelson June 17, 2016

CHARLESTON, S.C. — Coldwell Banker Commercial Atlantic International Inc. (CBC Atlantic) has brokered the $50 million sale of a five-property multifamily portfolio in metro Charleston totaling 1,039 units. The buyer, Framingham, Mass.-based VTT Management, plans to complete interior and exterior renovations at the portfolio, including upgrades to the portfolio’s common area amenities. The properties include the 184-unit Brentwood Townhomes, the 170-unit Brandywine Townhomes and the 412-unit Pine Harbour Apartments in Goose Creek; the 76-unit Colony Square Apartments in Hanahan; and the 207-unit Moss Creek Apartments in West Ashley. Brent Case and John True of CBC Atlantic brokered the transaction.

June 17, 2016

Arizona Multifamily Seniors Housing Western

Gardner Capital to Develop 102-Unit, $18M Affordable Seniors Housing Community in Phoenix

by Nellie Day June 16, 2016

PHOENIX — Gardner Capital Development has announced plans for El Caro Seniors Residence, an $18 million, 102-unit affordable seniors housing property in Phoenix. The Arizona Department of Housing has reserved low-income housing tax credits (LIHTC) for the project. Construction of the five-acre development, named after the former golf course located at the site, is scheduled to begin in the first quarter of 2017, with completion expected 15 months later. All units will be leased to seniors earning generally between $18,000 and $34,000 per year, with a mix of apartments set aside at 40 to 60 percent of the Metro Phoenix median income. A quarter of the units will be reserved for seniors or family members with developmental disabilities. Gardner will serve as lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed. Gardner Capital is an affordable housing and renewable energy tax credit development, syndication and investment company with offices located in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Mo.

June 16, 2016

Multifamily Oregon Seniors Housing Western

Blueprint Arranges $1M Sale of 36-Unit Assisted Living Community in Oregon

by Nellie Day June 16, 2016

BROOKINGS, ORE. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the $1 million sale of Macklyn Place, a 36-unit assisted living community in Brookings, located along the Pacific Coast near the California border. A regional operator and developer purchased the property from a national owner/operator looking to divest non-core assets. Sold as a value-add opportunity, the buyer plans to add memory care services at the property. The sales price equates to $30,000 per unit. Ben Firestone, Jacob Gehl and Trent Gherardini were lead advisors on this transaction.

June 16, 2016

Midwest Minnesota Multifamily Seniors Housing

Nottingham Construction Breaks Ground on 118-Unit Senior Living Community Near Minneapolis

by Christina Cannon June 16, 2016

LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.

June 16, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Arranges $6M Loan for 235-Unit Apartment Property in Taylor, Michigan

by Christina Cannon June 16, 2016

TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.

June 16, 2016

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