Multifamily

Singh Development Opens $40M Assisted Living Community in Charlotte

by John Nelson September 6, 2016

CHARLOTTE, N.C. — Singh Development has opened Waltonwood Cotswold, a 120,000-square-foot assisted living and memory care community in the Cotswold submarket of Charlotte. The community is Singh’s second Waltonwood-branded community in Charlotte. Development costs were estimated at $40 million. Waltonwood Cotswold is built on more than eight acres and features 91 assisted living apartments and 26 memory care apartments. Leah Nash is executive director of the new community. Singh currently owns and operates nine other Waltonwood communities in Michigan and North Carolina and has several other communities in development and under construction in North Carolina, northern Virginia and the greater Washington, D.C., area.

September 6, 2016

Loans Multifamily Southeast Virginia

Greystone Provides $33.3M Construction Loan for Apartment Community in Virginia Beach

by John Nelson September 6, 2016

VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.

September 6, 2016

Alabama Loans Seniors Housing Southeast

Metropolitan Capital Arranges $18.8M Construction Loan for Assisted Living Community in Alabama

by John Nelson September 6, 2016

MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.

September 6, 2016

Florida Southeast Student Housing

Colliers Brokers Sales of Two Student Housing Properties Near the University of Florida

by John Nelson September 6, 2016

GAINESVILLE, FLA. — Colliers International has arranged the sale of two student housing properties near the University of Florida in Gainesville. Dispositions include The Polos, a 1,104-bed community offering one-, two- and three-bedroom apartments; and Lexington Crossing, a 1,020-bed community offering two-, three- and four-bedroom apartments. Community amenities at The Polos include three swimming pools, a hot tub, 24-hour fitness center, dog park and an indoor racquetball court. Community amenities at Lexington Crossing include two resort-style swimming pools, a media lounge, 24-hour fitness center, sand volleyball courts, tennis courts and basketball courts.

September 6, 2016

Midwest Multifamily North Dakota Seniors Housing Western

IRET Sells Entire Seniors Housing Portfolio to Edgewood Senior Living for $236M

by Nellie Day September 2, 2016

MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …

September 2, 2016

Colorado Multifamily Western

OZ Architecture to Redesign Assisted Living Community in Colorado

by Nellie Day September 2, 2016

BRUSH, COLO. — Eben Ezer Lutheran Care Center has selected OZ Architecture, a Denver-based firm, to redesign the assisted living and memory care community, located in Brush, approximately 90 miles northeast of Denver. Eben Ezer currently offers 54 assisted living units and 18 memory care units. The improvements will span 54,000 square feet, with the goal of increasing capacity and improving the campus. The community is over 100 years old and features a historic church at the heart of the campus. OZ’s design will build upon the previously developed master plan for the campus. Construction is slated to begin this month.

September 2, 2016

Multifamily New York Northeast

Private Investors Acquire 60-Unit Multifamily Building in Queens for $17M

by Amy Works September 2, 2016

NEW YORK CITY — Three private investors, JD Broadway Realty, JE Broadway Realty and 90-31 Whitney Broad, have acquired a multifamily building located at 90-31 Whitney Ave. in the Elmhurst section of Queens. Whitney LLC sold the six-story property for $17 million. Built in 1936, the 67,200-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty Group represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.

September 2, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Brookhill Properties Expands Portfolio with Acquisition of Mixed-Use Property in Manhattan

by Amy Works September 2, 2016

NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.

September 2, 2016

Multifamily New York Northeast

GFI Realty Services Arranges $4.3M Sale of Apartment Building in Manhattan

by Amy Works September 2, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 250 Sherman Ave. in Manhattan’s Inwood section. Lewis Barbanel of Barberry Rose Management acquired the property from a local investor for $4.3 million. The five-story, 17,350-square-foot building features 20 residential units. Daniel Shragaei of GFI represented the seller, while Sasha Berg, also of GFI, represented the buyer in the transaction.

September 2, 2016

Loans Multifamily Retail Texas

LMI Capital Closes Four Transactions Totaling Over $30M in Metro Houston

by Haisten Willis September 2, 2016

HOUSTON — Jamie Mullin of LMI Capital has arranged permanent financing for the acquisition and refinancing of three garden-style apartment complexes and one shopping center in the Houston area. In the first transaction, Mullin originated a 10-year, fixed-rate CMBS loan for a 200-unit asset in southeast Houston. The first mortgage loan featured a three-year, interest-only period and proceeds were for 75 percent of the purchase price. In the second transaction, Mullin arranged a refinancing loan for a 390-unit asset in the Alief submarket. The $11.4 million, 10-year Fannie Mae financing included a 3.9 percent interest rate with a three-year, interest-only period. The capital provided the borrower with over $2.5 million in cash out proceeds, which will be used for future acquisitions. In the third transaction, Mullin placed a $10 million, 10-year CMBS loan for a 60,000-square-foot shopping center located in southwest Houston. The loan featured one year of interest-only payments, minimal closing costs, a 4.4 percent interest rate and returned over $3 million of equity back to the borrower. Subsequent to their acquisition nine years ago, the owners spent over $3.5 million improving the center. The final transaction was a refinancing loan placed with a national bank for a 120-unit …

September 2, 2016

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