Multifamily

Grandbridge Funds $30.4M Loan for Affordable Seniors Housing Community in Los Angeles

by Amy Works February 14, 2022

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”

February 14, 2022

Loans Multifamily Washington Western

Ready Capital Closes $7.3M in Financing for Multifamily Property in Spokane Valley, Washington

by Amy Works February 14, 2022

SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

February 14, 2022

Acquisitions Multifamily Washington Western

SB Real Estate Partners Buys Apartments Community in Vancouver, Washington for $75M

by Amy Works February 11, 2022

VANCOUVER, WASH. — SB Real Estate Partners has acquired Bridge Creek Apartments, a garden-style multifamily community in Vancouver. An undisclosed seller sold the property, which will be rebranded as Portola Bridge Creek, for $75 million. The community is located at 9211 NE 15th Ave. within the Hazel Dell North area of Vancouver, about 14 miles north of Portland, Ore. Built in multiple phases from 1984 and 1989, the property features 270 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 650 to 1,150 square feet. Community amenities include a swimming pool with poolside barbecue stations, a playground, dog parks, a fully automated Amazon package locker system and a 24-hour modern fitness center.

February 11, 2022

Arizona Loans Multifamily Western

Ready Capital Closes $36.8M Loan for Multifamily Community in Tempe

by Amy Works February 11, 2022

TEMPE, ARIZ. — Ready Capital has closed a $36.8 million loan for the acquisition, renovation and stabilization of a 197-unit apartment property in Tempe. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to perform interior, exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The name of the property was not disclosed.

February 11, 2022

Loans Multifamily Texas

JLL Arranges $38.5M Acquisition Loan for Metro Austin Apartment Community

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — JLL has arranged $38.5 million in acquisition financing for Summit at Rivery Park, a 228-unit apartment community located in the northern Austin suburb of Georgetown. Built on 32 acres in 2015, the property is situated within a larger mixed-use development that features a Sheraton Hotel and conference center, as well as office and retail space. Summit at Rivery Park offers one-, two- and three-bedroom units that range in size from 576 to 1,410 square feet. JLL arranged floating-rate acquisition financing through Vancouver-based QuadReal Finance Inc. on behalf of the borrower, Austin-based Old Three Hundred Capital. In addition, the firm structured joint venture equity with Sound Mark Partners. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the loan and joint venture partnership. The new ownership plans to implement a value-add program.

February 11, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 316-Unit Maxwell Townhomes in San Antonio

by Taylor Williams February 11, 2022

SAN ANTONIO — Newmark has brokered the sale of Maxwell Townhomes, a 316-unit apartment community in San Antonio. Built in 1982 on the north-central side of the city, Maxwell Townhomes features one-, two-, and three-bedroom units. Amenities include two pools, a fitness center, playground, putting green, sport court, dog park and a clubhouse. Patton Jones and Matt Michelson of Newmark represented the seller, Philadelphia-based Resource REIT Inc., in the transaction. The buyer, Orion Real Estate Partners, plans to further upgrade the unit interiors, building exteriors and common spaces.

February 11, 2022

Loans Multifamily Texas

Ready Capital Closes $9.5M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 11, 2022

HOUSTON — New York City-based Ready Capital has closed a $9.5 million loan for the acquisition, renovation and stabilization of an unnamed, 61-unit apartment complex in Houston’s Montrose submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 11, 2022

Loans Multifamily New York Northeast

Ready Capital Closes $16.5M Acquisition Loan for Multifamily Asset in New York City

by Taylor Williams February 11, 2022

NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.

February 11, 2022

Arkansas Georgia Loans Multifamily Southeast

Grandbridge Secures $113.7M Financing for Three Multifamily Properties in Arkansas, Georgia

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital LLC has secured $113.7 million in financing for three multifamily properties, including The Reserve at Chaffee Crossing in Fort Smith, Ark., and Medlock Woods Apartments and Country Club Apartments in Norcross, Ga. Sunbelt Residential was the borrower for the Medlock Woods and Country Club deals, while the borrower for The Reserve at Chaffee Crossing was Canyon View Capital. The Reserve at Chaffee Crossing is a 438-unit multifamily property that offers one- and two-bedroom floorplans. Grandbridge secured a $43 million acquisition loan with a five-year term, including an initial interest-only period and extension options to accommodate the lease up and stabilization of the property. Medlock Woods is a 246-unit multifamily property that offers one-, two- and three-bedroom floorplans. The borrower received $35.5 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options. Country Club is a 298-unit property that offers one-, two- and three-bedroom floorplans. The borrower received a $35.2 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options.

February 11, 2022

Development Multifamily New York Northeast Seniors Housing

Chelsea Senior Living Completes Expansion Project in Yaphank, New York

by Taylor Williams February 11, 2022

YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.

February 11, 2022

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