Multifamily

MidHudson Provides $24.5M in Preferred Equity for Development of 44-Story Apartment Tower in Milwaukee

by Kristin Harlow May 7, 2021

MILWAUKEE — MidHudson LLC has provided $24.5 million in preferred equity for the development of The Couture, a $191 million apartment tower in Milwaukee. The 44-story, 322-unit project will connect the Milwaukee lakefront to downtown through public plazas and pedestrian bridges. Barrett Lo Visionary Development (BLVD) is the developer. Plans call for 42,000 square feet of restaurant and retail space as well as a hub for the Milwaukee Streetcar. JLL is the Multifamily Accelerated Processing (MAP) lender and Baird arranged the equity placement. MidHudson’s investment included $11.7 million from its HUD Reserve Funding Program and $12.8 million of additional preferred equity. MidHudson is a specialty finance firm focused exclusively on projects and developers that use FHA senior debt. A timeline for construction was not released.

May 7, 2021

Acquisitions Illinois Midwest Multifamily

Golub & Co., Petiole Asset Management Acquire 492-Unit Lakehaven Apartments in Suburban Chicago

by Kristin Harlow May 7, 2021

CAROL STREAM, ILL. — Golub & Co. and Petiole Asset Management have acquired Lakehaven Apartments in Carol Stream, a western suburb of Chicago. The purchase price was undisclosed. Built in 1984, the 492-unit apartment community consists of 41 buildings. Units range in size from 700 to 1,100 square feet. Amenities include a clubhouse, pool, fitness center and dog park. Adam Short, Ania Najder and Kristin Nason of Golub & Co. and Chris Lord of Petiole led the acquisition. Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL represented the seller, Lakehaven Apartments LLC.

May 7, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Century Housing Opens 160-Unit Affordable Seniors Housing Community in Long Beach, California

by Amy Works May 7, 2021

LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …

May 7, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Amy Works May 7, 2021

EL CENTRO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the facility had fallen out of contract with a previous buyer. “The seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20 years and a sale transaction that went south,” says Kirby. Dave Sedgwick, CareTrust’s president and chief operating officer, notes that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25 percent of local Medicare referrals being sent more than an hour away to Yuma and San Diego. Care Trust has committed $150,000 for initial capital improvements to …

May 7, 2021

Loans Lument Multifamily New York Northeast

Lument Provides $18.5M in Agency Financing for Brooklyn Multifamily Properties

by Taylor Williams May 7, 2021

NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.

May 7, 2021

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for 224-Unit Multifamily Asset in Irving

by Taylor Williams May 6, 2021

IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of Courtyard of Roses, a 224-unit apartment community in Irving. The property, which consists of 17 two-story apartment buildings and a single-story clubhouse, was originally built in 1972 and renovated between 2015 and 2019. Colliers Mortgage originated the financing, which was structured with a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, MM Courtyards LLC.

May 6, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 144-Unit Community in White Settlement, Texas

by Taylor Williams May 6, 2021

WHITE SETTLEMENT, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sky Landing, an apartment community located in the western Fort Worth suburb of White Settlement that was built in 1968. According to Apartments.com, the property totals 144 units and offers amenities such as a sports court and onsite laundry facilities. Jon Krebbs of TMG represented the buyer and seller, both of which requested anonymity, in the deal.

May 6, 2021

Acquisitions Kansas Midwest Multifamily

29th Street Capital Acquires 280-Unit Apartment Community in Overland Park, Kansas

by Kristin Harlow May 6, 2021

OVERLAND PARK, KAN. — 29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park for an undisclosed price. The purchase marks the firm’s first multifamily acquisition in the Kansas City metro area. Built in 1984, 79 Metcalf Apartments is a 280-unit, Class C community. 29SC plans to fully renovate all units, enhance amenities and install new exterior siding. Haven Residential, 29SC’s in-house property management service, will oversee management and leasing. The seller was undisclosed.

May 6, 2021

Acquisitions Midwest Multifamily Ohio

SVN Brokers $6.7M Sale of Apartment Asset in Medina, Ohio

by Kristin Harlow May 6, 2021

MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland. The garden-style, luxury apartment property features 60 units and is located on the corner of North Jefferson Street and Reagan Parkway. The community was fully occupied at the time of sale. Jerry Fiume of SVN brokered the sale. A local investor sold the asset to CR Medina LLC.

May 6, 2021

Colorado Development Multifamily Western

McWhinney, PGIM to Break Ground on FoundryLine Multifamily High-Rise in Denver

by Amy Works May 6, 2021

DENVER — A joint venture between McWhinney and PGIM Real Estate will break ground this month on FoundryLine, an apartment community in Denver. Completion of the 17-story project is slated for mid-2023. Situated in Denver’s River North Arts District, FoundryLine will feature 348 apartments ranging from studio units to three-bedroom layouts and top-floor penthouses, with 30 units dedicated as attainable homes for qualifying residents who meet City of Denver income requirements. Located adjacent to the Regional Transportation District’s 38th & Blake A-Line commuter rail station, the transit-oriented property will also feature a rooftop pool; a curated art collection; sky terrace lounge with a kitchen and indoor/outdoor fireplace; a fitness center with an infrared sauna and steam room; coworking and indoor/outdoor lounge spaces; a dog run; on-site parking; fobbed access control; and Wi-Fi in the common areas. FoundryLine will also offer 14,000 square feet of ground-floor retail and restaurant space and a 282-car parking garage. The project team includes Hensel Phelps as general contractor, AvroKO, Craine Architecture, Dig Studio Office of Architecture and Denver-based Group 14 Engineering. Brady O’Donnell and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance secured construction financing for the project on behalf of the joint …

May 6, 2021

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