Multifamily

NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach

by Alex Tostado September 23, 2020

VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.

September 23, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 42-Site Manufactured Housing Property in South Houston

by Taylor Williams September 23, 2020

HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

September 23, 2020

Loans Midwest Minnesota Multifamily

Hunt Real Estate Capital Provides $43M Refinancing for Multifamily Asset in Minneapolis

by Kristin Harlow September 23, 2020

MINNEAPOLIS — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has provided a $43 million Fannie Mae loan for the refinancing of Ironclad Apartments in the Downtown East area of Minneapolis. The 172-unit, luxury multifamily community opened last year. The loan refinances construction debt. It features a fixed interest rate and a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule.

September 23, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Arranges $38M in Financing for Renovation of Affordable Seniors Housing Community in Dayton, Ohio

by Kristin Harlow September 23, 2020

DAYTON, OHIO — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable seniors housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit and historic tax credit equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in 1929 as the Dayton Biltmore Hotel, The Biltmore Towers is a 230-unit, 18-story independent living community. Converted to seniors housing in 19981, it is restricted to residents age 55 or older. The historic landmark also features more than 23,000 square feet of community space and more than 14,000 square feet of commercial space. The renovation program — which focuses on environmental sustainability, historic preservation and amenity improvements — will include upgrades to the interiors of the apartments as well as the common areas and community spaces. It’s anticipated that no tenants will be permanently displaced during the renovation, which will take about 18 months. The project will include a new fitness …

September 23, 2020

Acquisitions Midwest Multifamily Ohio

Trilogy Real Estate Group Purchases 256-Unit Apartment Community Near Columbus

by Kristin Harlow September 23, 2020

LEWIS CENTER, OHIO — Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, has purchased The Mirada in the Columbus suburb of Lewis Center for an undisclosed price. The 256-unit apartment community, built in 2018, spans 224,635 square feet on nine acres. It features studios, one-, two- and three-bedroom floor plans and was 95 percent leased at the time of acquisition. Amenities include a pool, grilling area, sand volleyball court, clubroom, game area and fitness center. The seller was undisclosed.

September 23, 2020

Acquisitions Arizona Multifamily Student Housing Western

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works September 23, 2020

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

September 23, 2020

Affordable Housing California Development Multifamily Western

City of Huntington Beach, California Acquires Land Parcel for Affordable Housing Development

by Amy Works September 23, 2020

HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.

September 23, 2020

Loans Multifamily Seniors Housing Texas Top Stories

Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks Senior Living Community in Fort Worth

by Kristin Harlow September 23, 2020

FORT WORTH, TEXAS — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed. Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself. When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction. MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962. Ziegler, which served as underwriter, is a …

September 23, 2020

Arizona Development Multifamily Western

PCS Development, Route 2 Construction Open $50M Apartment Community in Mesa

by Amy Works September 22, 2020

MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.

September 22, 2020

California Development Multifamily Western

MIG Real Estate Enters Los Angeles, Bay Area Markets with Two Multifamily Developments

by Amy Works September 22, 2020

LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets. MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont. MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West and Sun Belt states. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year. The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.

September 22, 2020

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