Multifamily

Watercrest to Build 128-Unit Assisted Living Community in Florida

by John Nelson July 27, 2016

PORT ST. LUCIE, FLA. — Watercrest Senior Living Group plans to construct Watercrest of St. Lucie West Assisted Living and Memory Care Community, a 128-unit seniors housing community in Port St. Lucie, located along the east coast of Florida midway between Orlando and Miami. D2 Architecture designed the luxury community, which Walker & Co. is building. The facility is scheduled to open in fall 2017. When completed, there will be 102 assisted living units and 26 memory care units in a 112,000-square-foot building. Watercrest, the developer, will operate the community.

July 27, 2016

District of Columbia Mixed-Use Multifamily Office Retail Southeast Top Stories

First Potomac Realty Trust Sells Storey Park in Washington D.C. for $54.5M

by Haisten Willis July 27, 2016

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …

July 27, 2016

California Loans Multifamily Western

NorthMarq Capital Arranges $70M in Financing for Silicon Valley Apartment Project

by Nellie Day July 26, 2016

SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.

July 26, 2016

California Multifamily Western

Patio Garden Apartments in Long Beach Trades for $35.3M

by Nellie Day July 26, 2016

LONG BEACH, CALIF. — An unnamed buyer has purchased the 127-unit Patio Garden Apartments in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Long Beach Traffic Circle neighborhood. Patio Garden is less than two miles from California State University, Long Beach. It was built in 1958. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone represented both the buyer and the seller in this transaction.

July 26, 2016

Loans Multifamily Texas

LMI Capital Secures Two Loans Totaling $30M in Houston

by Haisten Willis July 26, 2016

HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinancing of two garden-style apartment complexes in Houston. Mullin placed a 10-year loan exceeding $24.5 million for a 650-unit asset in southwest Houston. The agency loan was a refinance that provided cash-out proceeds to the borrower and featured a fixed 4.1 percent interest rate and five years of interest-only payments. The borrower will use the excess proceeds to return capital, make ongoing improvements to the property and fund future acquisitions. The second transaction for Mullin pertained to a 250-unit property in Houston’s Brookhollow submarket. The acquisition financing included a 10-year term, five-year interest-only period, fixed 3.9 percent interest rate and leverage exceeding 73 percent of the purchase price. The borrower plans to complete a capital improvement plan, the funds for which will be provided by the lender.

July 26, 2016

Multifamily Texas

Allied Orion Group to Manage Tree Tops at Post Oak in Houston

by Haisten Willis July 26, 2016

HOUSTON — Allied Orion Group has been selected to manage Tree Tops at Post Oak, a 112-unit apartment community located in Houston’s Galleria area. Located inside the 610 Loop at 4510 Briar Hollow Place, the three-story apartment community includes 13 floor plans with one- and two-bedroom options. Owned by Nimes Capital, Tree Tops at Post Oak Apartments features ceramic tile floors, ceiling fans, nine- and 10-foot ceilings, crown molding, walk-in closets and balconies/patios. Residents have access to amenities including a business center with high-speed internet, 24-hour fitness center, pool, outdoor gas grills, covered parking and laundry centers on every floor.

July 26, 2016

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $18M Loan for Residential Conversion in Massachusetts

by Amy Works July 26, 2016

MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.

July 26, 2016

Florida Loans Southeast Student Housing

Walker & Dunlop Arranges $22M Refinance for Student Housing Portfolio in Gainesville

by John Nelson July 26, 2016

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.

July 26, 2016

California Multifamily Seniors Housing Western

JCH Brokers $1M Sale of 32-Bed Memory Care Community in Walnut Creek

by Nellie Day July 25, 2016

WALNUT CREEK, CALIF. — JCH Seniors Housing Group has brokered the $1 million sale of Heatherwood Alzheimer’s Assisted Living, a 32-bed memory care community in Walnut Creek, located approximately 25 miles northeast of San Francisco. Next Level Skilled Nursing purchased the community from Alzheimer Program Development Corp. Heatherwood was built in 1964 and has undergone numerous renovations since that time. Shep Roylance and Chris Harmon of JCH facilitated the transaction.

July 25, 2016

Massachusetts Multifamily Northeast

The Davis Companies Breaks Ground on 85-Unit Condo Building in Massachusetts

by Amy Works July 25, 2016

ALLSTON, MASS. — The Davis Companies has broken ground on Telford 180, a condominium building in Allston. The six-story building will feature 85 condos in a mix of studio, one-, two- and three-bedroom layouts. Each residence will include large windows, high ceilings, a washer/dryer, and a kitchen with an open layout. On-site amenities include a first-floor lobby; rowing room; bike storage area with lounge and dog wash; an outdoor courtyard with grills, a fire pit and green space; private conference rooms and a fitness center with an outdoor wellness retreat area. The project is slated for completion in early fall 2017. CUBE3 with Stantec is serving as project architect and Ryan Associates is providing landscape design services.

July 25, 2016

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