Multifamily

NorthMarq Arranges $5M Refinancing for Seniors Housing Property in New York

by Amy Works June 9, 2016

MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.

June 9, 2016

Multifamily Texas

Ventures Development Group to Develop I-20 Apartments in Grand Prairie

by Haisten Willis June 9, 2016

GRAND PRAIRIE, TEXAS — Ventures Development Group LLC has closed a $29 million loan and broke ground on a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie. Leasing is expected to begin in spring 2017, with completion of the property expected by the following fall. The project is located at the northeastern quadrant of I-20 and Texas Highway 360. The one-, two- and three-bedroom residences will include granite countertops and in-unit washers and dryers. Amenities will include a fitness center, clubroom and tenant lounge, swimming pool and a structured parking garage with direct access to all residential units, which will range in size from 650 to 1,400 square feet. Humphreys & Partners Architects designed the project. Dallas-based Realty Capital Partners LLC provided a portion of the equity capital, and San Francisco-based Realty Shares Inc. provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Stream Residential, a division of Stream Realty Partners, will manage leasing and marketing efforts.

June 9, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Orlando for $32.1M

by Christina Cannon June 9, 2016

WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.

June 9, 2016

Loans Multifamily North Carolina Southeast

CBRE Arranges $28.9M Loan for Apartment Complex in Metro Charlotte

by Christina Cannon June 9, 2016

CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.

June 9, 2016

Alabama Loans Multifamily Southeast

KeyBank Provides $11M Fannie Mae Loan for Apartment Community in Birmingham

by Christina Cannon June 9, 2016

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.

June 9, 2016

Arizona California Multifamily Seniors Housing Western

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 232-Unit Apartment Complex in Indianapolis

by Christina Cannon June 9, 2016

INDIANAPOLIS — CBRE Group Inc. has brokered the sale of a 232-unit trophy apartment community on the north side of Indianapolis. Cityscape Residential, the original developer, sold 82 Flats at the Crossing to a private investor for an undisclosed price. Built in 2013, the property includes amenities such as a saltwater pool, game room, business center, media lounge, grilling cabana and outdoor lounge, cyber café with coffee bar and fitness center.

June 9, 2016

Indiana Midwest Multifamily

KeyBank Provides $7.5M Construction Loan for Supportive Housing Complex in Northwest Indiana

by Christina Cannon June 9, 2016

GARY, IND. — KeyBank, in partnership with TWG Development LP, has provided a $7.5 million construction loan for Village of Hope Apartments, a 40-unit supportive housing complex in Gary. The three-story building will target individuals and families whose household income is 30 to 60 percent of the area median income and will provide housing to people who are homeless or at risk of becoming homeless. Village of Hope Apartments will consist of 21 one-bedroom units, 17 two-bedroom units and two three-bedroom units. The project will benefit from a Section 8 Housing Assistance Payments contract that will provide subsidized rents for all units. Kelly Frank of KeyBank arranged the financing.

June 9, 2016

Illinois Midwest Multifamily Top Stories

CA Ventures, Habitat Partner on $600M Multifamily Portfolio in the Midwest

by Christina Cannon June 9, 2016

CHICAGO — CA Ventures and The Habitat Co. have formed a partnership whereby Habitat will manage a $600 million multifamily portfolio owned by CA Ventures. The five-property, 1,215-unit portfolio features four assets under construction and one that opened early this year. Additionally, the Chicago-based firms plan to pursue co-development and investment opportunities in select markets throughout the United States, targeting properties between $40 million and $120 million. “Since our inception, we have worked tirelessly to unearth opportunity in niche markets — both geographically and in various sectors of commercial real estate — where few other developers have thought to look,” says Tom Scott, CEO of CA Ventures. “Our strategic alliance with The Habitat Co. is one of many relationships we’ve established along the way and will supplement our development and investment expertise with best-in-class management services for which Habitat has been known for the past 45 years.” Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development: * The Buckler is an 11-story, 207-unit luxury rental community located west of the Milwaukee River in downtown Milwaukee. The development opened in early 2016 and is currently in lease-up. * 8 E. Huron is …

June 9, 2016

River Chase Apartments Temple Terrace The Park at Valenza

Florida Multifamily Southeast

Blue Rock Premier Purchases Apartment Community in Metro Tampa for $70M

by John Nelson June 8, 2016

TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.

June 8, 2016

Newer Posts

Older Posts