Multifamily

Berkadia Negotiates $33.3M Sale of Multifamily Community in North Charleston

by Alex Tostado November 25, 2020

NORTH CHARLESTON, S.C. — Berkadia has negotiated the $33.3 million sale of Palmetto Creek Townhomes, a 260-unit multifamily community in North Charleston. The property offers one-, two- and three-bedroom floor plans, 75 percent of which were recently renovated. According to Apartments.com, rents range from $1,000 per month to $1,175. Communal amenities include a pool, fitness center, playground and a grilling area. Palmetto Creek is situated at 3311 Mountainbrook Ave., 16 miles northwest of downtown Charleston. Mark Boyce and Blake Coffey of Berkadia represented the seller, Dallas-based Lurin Capital, in the transaction. Washington, D.C.-based Brick Lane acquired the asset.

November 25, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $77.1M Bond Financing for Seniors Housing Expansion in Dallas

by Taylor Williams November 25, 2020

DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community in North Dallas. The proceeds of the bonds will finance an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. Of the 97 units being marketed, 72 percent are already pre-sold. The project also includes renovations to the community’s existing common areas.

November 25, 2020

Acquisitions Multifamily Texas

Colliers Negotiates Sale of 230-Unit Ridge at Trinity Apartments in Southeast Dallas

by Taylor Williams November 25, 2020

DALLAS — Colliers International has negotiated the sale of Ridge at Trinity Apartments, a 230-unit affordable housing community in southeast Dallas. The property, which consists of 19 buildings on 17.4 acres, was built in 1970 and renovated between 2015 and 2019. Amenities include a leasing office, onsite laundry facilities and open green spaces with playgrounds. Mark Allen and Courtland Charles of Colliers represented the seller, affordable housing owner-operator Hope Housing, in the transaction. The buyer and sales price were not disclosed.

November 25, 2020

Iowa Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

by Kristin Harlow November 25, 2020

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.

November 25, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $10.4M Bridge Loan for Skilled Nursing Facility in Boonville, New York

by Taylor Williams November 25, 2020

BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.

November 25, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

Partnership Breaks Ground on 42-Unit Seniors Housing Project in East Boston

by Taylor Williams November 25, 2020

BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.

November 25, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Negotiates $49.2M Sale of Raven Multifamily Property in Phoenix

by Amy Works November 25, 2020

PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.

November 25, 2020

Arizona Loans Multifamily Western

NorthMarq Arranges $65.1M Refinancing for Summerly at Zanjero Apartments in Glendale, Arizona

by Amy Works November 25, 2020

GLENDALE, ARIZ. — NorthMarq has arranged $65.1 million for the cash-out refinancing of Summerly at Zanjero Apartments in Glendale. Brandon Harrington and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team executed the permanent, floating-rate loan through Freddie Mac for the undisclosed borrower. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Built in 2019, Summerly at Zanjero features 340 apartments in a mix of one-, two- and three-bedroom layouts. The property located is within minutes of Westgate Entertainment District and State Farm Stadium.

November 25, 2020

Loans Michigan Midwest Multifamily Top Stories

ACRE Provides $78.5M Bridge Loan for Final-Phase Construction of Detroit City Club Apartments

by Kristin Harlow November 25, 2020

DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …

November 25, 2020

Acquisitions California Multifamily Western

IPA Negotiates $91M Acquisition of Riata Multifamily Complex in Chandler, Arizona

by Amy Works November 24, 2020

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Riata, a newly constructed apartment property located in Chandler. A private family trust acquired the asset for $91 million, or $303,333 per unit, as part of a 1031 exchange. San Antonio, Texas-based Embrey Partners developed and sold the property. Marty Cohan of Marcus & Millichap, in collaboration with Cliff David and Steve Gebing of IPA, represented the buyer, while CBRE represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap is the firm’s broker of record in Arizona. Completed in 2020 on nine acres, Riata features 300 units. The property is within walking distance of the Chandler Fashion Center and close to the Loop 101 and Loop 202 freeways. The complex features 13 four-story, elevator-serviced buildings; air-conditioned corridors; a club-style gym; and pool and spa area. Units offer nine-foot ceilings, granite countertops and full-size, in-unit washers/dryers. Select units feature kitchen islands with pendent lighting and under-counter wine refrigerators.

November 24, 2020

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