Multifamily

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

by Julia Sanders March 4, 2021

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.

March 4, 2021

Company News Multifamily Texas

Walker & Dunlop Hires Former Berkadia Multifamily Investment Sales Team in Houston

by Taylor Williams March 4, 2021

HOUSTON — Walker & Dunlop has hired a former Berkadia multifamily investment sales team to its Houston office that consists of Ryan Epstein, Jennifer Ray, Nathan Jones, Scott Bray, Leslie Ginzel, Lauren Ehlers, Jamie VanWunnik and Chris Cassidy. The team, led by Epstein and Ray, brings approximately 30 years of multifamily investment sales experience within the Houston market to Walker & Dunlop. Epstein and Ray have transacted more than $7.5 billion in apartment sales over the course of their careers.

March 4, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 181-Unit Union at River East Apartments in Fort Worth

by Taylor Williams March 4, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Union at River East, a 181-unit multifamily community in Fort Worth. Built on three acres in 2019, the property features studio, one- and two-bedroom units with an average size of 883 square feet. Amenities include a pool, coworking area, lounge, dog park and a package concierge system. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented the seller, Criterion Development Partners, and procured the buyer, MBP Capital.

March 4, 2021

Acquisitions Midwest Minnesota Multifamily

Oak Residential Partners Acquires 249-Unit Apartment Community in Suburban Twin Cities

by Kristin Harlow March 4, 2021

COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.

March 4, 2021

Development Multifamily New York Northeast

Toll Brothers Completes 421-Unit Carraway Apartments in West Harrison, New York

by Taylor Williams March 4, 2021

WEST HARRISON, N.Y. — Toll Brothers Inc. (NYSE: TOL), in a joint venture with J.P. Morgan Global Alternatives, has completed Carraway, a 421-unit apartment community in West Harrison, about 30 miles north of New York City. The property offers studio, one- and two-bedroom units that are furnished with quartz countertops, marble-style backsplashes and wood-style flooring. Communal amenities include a pool, fitness center, private workspaces, resident clubroom and a private dining room. Rents start at $1,275 per month for a studio unit, according to Apartments.com.

March 4, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Begins Leasing 259-Unit Caldwell Apartments in Metro Boston

by Taylor Williams March 4, 2021

LYNN, MASS. — Locally based developer The Procopio Cos. has begun leasing Caldwell, a 259-unit apartment complex in the northern Boston suburb of Lynn. The property offers studio, one- and two-bedroom units with quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, rooftop terrace and a lounge area with a bar. Rents start at roughly $1,600 per month for a studio unit.

March 4, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Negotiates Sale of Nursing Home Near Boston for Conversion to Multifamily

by Taylor Williams March 4, 2021

WEYMOUTH, MASS. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property into a workforce housing asset. The seller and sales price were not disclosed. Located on 2.1 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. Jason Skalko, Zach Rigby, Brannan Knott and C.J. Kodani of JLL represented the seller in the transaction.

March 4, 2021

Acquisitions Montana Multifamily Western

Brinkman Enters Montana Market, Acquires 128-Unit King West One Apartments in Billings

by Amy Works March 4, 2021

BILLINGS, MONT. — Brinkman Real Estate, in partnership with Blue Field Capital, has purchased King West One, an apartment property in Billings. The acquisition is Brinkman’s first in Montana. Built in 2009, King West One features 128 two-story, townhome-style apartments ranging from 680 square feet to 1,100 square feet with individual detached garages. The complex is spread across 13 buildings. At the time of sale, the property was nearly 100 percent occupied. Terms of the transaction were not released.

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Features Hospitality Multifamily

Lenders See Opportunity Amid Adversity, Forecast Survey Reveals

by Sarah Daniels March 3, 2021

By Matt Valley Despite a tumultuous 2020, a year in which the country was turned upside down by a deadly pandemic that led to economic upheaval, the commercial real estate lending community overwhelmingly believes brighter days are ahead on the business front. France Media’s 2021 forecast survey of direct lenders and financial intermediaries nationally reveals that 84 percent of respondents expect the total dollar amount of commercial and multifamily loans closed by their firm this year to increase when compared with 2020 deal volume. Only 6 percent of survey respondents anticipate business volume will decrease at their firm on a year-over-year basis, and 10 percent project business volume will remain the same. “I expect our loan volume to increase by 50 percent in 2021 versus 2020, as many lenders were unable to make decisions or even set loan policies during COVID,” says Ben Kadish, president of Maverick Commercial Mortgage, a Chicago-based mortgage banking firm. “As the vaccine process expands, and the world opens up, lending for more property types will expand. Some lenders will start looking at retail, office and hospitality now.” As of late February the death toll in the United States from COVID-19 had surpassed 500,000, according to …

March 3, 2021

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