Multifamily

CAPRI CAPITAL BUYS APARTMENT BUILDING IN STAMFORD FOR $135M

by admin January 8, 2014

STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.

January 8, 2014

FANTINI & GORGA ARRANGES $4.4M LOAN FOR NEEDHAM CONDOS PROJECT

by admin January 8, 2014

NEEDHAM, MASS. — Fantini & Gorga has arranged $4.6 million in equity and debt financing for the construction of Webster Street Green, a 10-unit townhouse condominium project in Needham, a western suburb of Boston. Webster Street Green will include 10 two- and three-bedroom units with garages. The equity portion of the financing was placed with a private investment fund, and the debt with a regional bank. Tim O’Donnell, a principal at Fantini & Gorga, arranged the financing.

January 8, 2014

Multifamily Texas

LMI CAPITAL ARRANGES $86.1M IN LOANS FOR HOUSTON MULTIFAMILY PROPERTIES

by admin January 8, 2014

HOUSTON — LMI Capital has arranged $86.1 million in financing across eight multifamily properties in Houston on behalf of AM Houston, a joint venture between Ascension Commercial Real Estate and Moriah Partners. The loans will provide for the refinancing of seven previously owned properties and the acquisition of one property, together totaling more than 2,300 units. Originally purchased by AM Houston in 2011, the newly refinanced properties have an average occupancy of 93 percent, up from 70 percent at the time of purchase. The acquisition loan, which accounts for $18.5 million of the financing, includes five years of interest-only payments.

January 8, 2014

Seniors Housing Texas

HFF BROKERS KATY SENIORS HOUSING SALE FOR $71.3M

by admin January 8, 2014

KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.

January 8, 2014

Multifamily Western

LAS VEGAS APARTMENT BUILDING SELLS FOR $42M

by admin January 8, 2014

LAS VEGAS — The Praedium Group has purchased the 320-unit South Blvd. Apartments in Las Vegas for $41.9 million. The community is located at 10200 Giles Street. It is currently 93 percent occupied. The seller, Nevada West Development, was represented by Hendricks-Berkadia.

January 8, 2014

Midwest Multifamily

CONNOR GROUP BUYS LENNOX FLATS IN COLUMBUS FOR $17M

by admin January 7, 2014

COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.

January 7, 2014

Midwest Multifamily

DOUGHERTY CLOSES $11.2M LOAN FOR BUZZA LOFTS OF UPTOWN

by admin January 7, 2014

MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.

January 7, 2014

Multifamily Southeast

HISTORIC DRAYTON MILL PURCHASED FOR CONVERSION TO LUXURY APARTMENTS

by admin January 6, 2014

SPARTANBURG, S.C. — Westbridge Partners and TMS Development have reached an agreement to purchase the historic Drayton Mill, two 111-year-old former mill buildings located minutes from downtown Spartanburg. Westbridge and TMS will purchase the buildings from property owner Pacolet Milliken. The development team, headed by Pacolet Milliken, will develop 288 apartment units in the former mills, which feature 16-foot ceilings, maple floors and heavy timber construction. The project team features Durham, N.C.-based architect Belk Architecture, historic consultant Meek Architecture and Atlanta-based general contractor Gay Construction Co. In addition to the apartments, Pacolet Milliken plans to develop an event space, restaurant, community center and office space at the 230-acre Drayton Mill site. The development will be connected to the Spartanburg Trails & Greenway Master Plan via a one-mile greenway. Construction is slated to begin this spring, pending approval from the National Park Service.

January 6, 2014

Multifamily Southeast

NAI EARLE FURMAN BROKERS $19.4M SALE OF COLUMBIA APARTMENT COMMUNITY

by admin January 6, 2014

COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.

January 6, 2014

Midwest Seniors Housing

BERKADIA PROVIDES $28M IN FINANCING FOR THREE SENIORS HOUSING PROPERTIES

by admin January 6, 2014

HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.

January 6, 2014

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