Multifamily

Ziegler Closes $111M in Bond Financing for Construction of CCRC in Oklahoma

by Katie Sloan June 27, 2016

STILLWATER, OKLA. — Ziegler, a specialty investment bank, has arranged $111 million in tax-exempt bonds for Epworth Living at The Ranch, a continuing care retirement community (CCRC) in Stillwater, approximately 60 miles north of Oklahoma City and west of Tulsa. Local nonprofit operator Epworth Living is developing the 380,000-square-foot community on a 55-acre site near Oklahoma State University. When completed, The Ranch will consist of 114 independent living apartments, 23 independent living villas, 48 assisted living apartments, 20 memory support suites, and 40 skilled nursing beds. The Ranch was 70.1 percent pre-leased at the time of the bond issue. The bonds will be used to fund the construction and development of the community, refinance a $6.8 million predevelopment loan, fund interest for two years, establish debt-service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2 million in equity to the financing. The Weitz Company will serve as the construction manager for the project.

June 27, 2016

Florida Multifamily Southeast

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

The Violet 1515 Rhode Island Washington DC

District of Columbia Loans Multifamily Southeast

Eastern Union Funding Arranges $4.3M Loan for Apartment Development in D.C.

by John Nelson June 27, 2016

WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.

June 27, 2016

Massachusetts Multifamily Northeast

Roseland Residential Breaks Ground for 237-Unit Residential Community in Massachusetts

by Amy Works June 27, 2016

WORCESTER, MASS. — Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corp., has broken ground for 145 Front Street at City Square in downtown Worcester. As part of a multi-phased mixed-use development, the first phase will feature 237 apartments in a mix of studio, one- and two-bedroom layouts; an outdoor swimming pool with sundeck; a courtyard with fire pit; barbecue grills; a fitness center; a full-time concierge and a clubroom with billiards, computers, lounge area and game room. Additionally, the building will feature 10,000 square feet of retail space. At full build out, the mixed-use development will feature 365 apartments, a hotel, public parking garage and significant retail space. The first-phase community is slated for completion in third quarter 2017.

June 27, 2016

Loans Multifamily New York Northeast Student Housing

Madison Realty Capital Provides $44M Loan for Student Housing Development in Manhattan

by Amy Works June 27, 2016

NEW YORK CITY — Madison Realty Capital has provided a $44 million first mortgage loan to recapitalize a student housing development located at 350 E. 10th St. in Manhattan’s East Village neighborhood. The 110,000-square-foot property was originally constructed in 1906 and operated as an elementary school until its closure in the mid-1970s. The undisclosed borrower acquired the vacant asset in 1999 and has since been pursuing the entitlement and redevelopment of the property. Proceeds of the loan will retire the existing indebtedness and provide capital for the pre-development. Upon completion, the five-story property will offer a variety of suite layouts and amenities, including a health center, fitness room and outdoor spaces.

June 27, 2016

Mixed-Use Multifamily New York Northeast Retail

Citicore Arranges $14.9M Sale of Mixed-Use Portfolio in the Bronx

by Amy Works June 27, 2016

NEW YORK CITY — Citicore has arranged the sale of a two-building mixed-use portfolio in the Bronx. Steven Staz, a Bronx-based investor, acquired the 81,174-square-foot portfolio from Semper Fi Management 7 Corp. and Cavan Properties for $14.9 million. The portfolio consists of a seven-story, 67-unit apartment building with two commercial stores located at 340 E. 184th St. and a five-story, 34-unit apartment building with five retail units located at 899 E. 169th St. Timour Shafran, Gem Algan and Steven Benatar of Citicore represented the buyer and the seller in the deal.

June 27, 2016

Loans Multifamily New Jersey Northeast

Case Real Estate Capital Funds $15.1M Acquisition Loan for Fully Entitled Land in New Jersey

by Amy Works June 27, 2016

WOODBRIDGE, N.J. — Case Real Estate Capital, through Case Investors III, has provided a $15.1 million first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a residential developer, for the purchase of 7.1 acres of fully entitled land in Woodbridge. The property is approved for the construction of 355 residential units. Case expects the borrower to partner with a construction lender within a year to develop the residential property.

June 27, 2016

Midwest Missouri Multifamily Seniors Housing

Tutera to Break Ground on $9.5M Skilled Nursing Expansion in Missouri

by Christina Cannon June 27, 2016

BELTON, MO. — Tutera Senior Living & Health Care is set to break ground on the $9.5 million Carnegie Village Rehabilitation and Health Care in Belton, located in the Kansas City metro area. The skilled nursing facility is an expansion of Carnegie Village Senior Living Community, an independent living, assisted living and memory care community that was built in 2002. With the addition, the community will now feature the entire continuum of care. Tutera expects to complete construction in April 2017. The facility will feature 60 private suites, along with a rehabilitation gym, wellness center, spa services and other amenities. Interior design firm studioSIX5, architecture firm Prelogar & Jones Architects and engineering firm CFS Engineering will all participate in the expansion’s design.

June 27, 2016

Kansas Midwest Multifamily

McPherson Contractors to Break Ground on $49M Apartment Project Near Kansas City

by Christina Cannon June 24, 2016

OVERLAND PARK, KAN. — McPherson Contractors is set to start construction in July on a $49 million mixed-use apartment project in downtown Overland Park, approximately 13 miles south of Kansas City. The Vue will include 219 luxury one- and two-bedroom units, 10,000 square feet of ground-floor retail space and a multi-level parking garage. Hoefer Wysocki will design the project, and Hunt Midwest is the developer. Amenities at The Vue will include a pool, outdoor grills, cyber café, game room, clubhouse, fitness center and bicycle parking. The project is slated for completion in 2018.

June 24, 2016

Illinois Midwest Multifamily Seniors Housing

IPA Brokers Sale of 188-Unit Seniors Housing Community in Metro Chicago

by Christina Cannon June 24, 2016

CREST HILL, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Falls Senior Living, a seniors housing community in Crest Hill, approximately 40 miles southwest of Chicago. Dial Retirement Communities bought the property for an undisclosed price in a joint venture with a private equity fund. The seller is a pair of entities controlled by Greg and Renee Wolf, owners of the property since 1994. Dial will operate the community, which consists of 112 assisted living and memory care units and 76 independent living units.

June 24, 2016

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