OLNEY, MD. — Cadence Living and Flournoy Development Group have broken ground on Cadence Olney, a 107-unit seniors housing community in Olney. The community is situated on 37 acres that includes 31 acres of forest preserve that will serve as a natural amenity for residents. The property will include a three-story building housing independent living and assisted living units and a two-story building for memory care residences. The property is situated 19 miles north of downtown Washington, D.C.
COLUMBUS AND MACON, GA. — Trillium Capital Resources has provided three loans totaling $10.5 million for two multifamily properties and a self-storage facility in Georgia. In Macon, Trillium provided a $1.6 million refinancing loan to a Valdosta, Ga.-based developer for an undisclosed 50-unit multifamily property. In Columbus, the locally based lender provided a $3.65 million refinancing loan for an undisclosed 80-unit community to a Phenix City, Ala.-based investor. The 10-year term loans featured fixed interest rates ranging from 3.14 percent to 3.57 percent. Also in Columbus, an undisclosed developer is building a 100,000-square-foot self-storage facility that is expected to deliver in summer 2021. Trillium provided the developer, which will own and manage the property upon completion, with a $5.26 million construction loan, featuring a fixed 3.77 percent interest rate.
QUINCY, MASS. — Marcus & Millichap has brokered the sale of a 34-unit apartment building located at 40 Butler Road in the southern Boston suburb of Quincy for $6.9 million. The property consists of 30 one-bedroom units and four two-bedroom residences and is located within walking distance of the Quincy Center MBTA station. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity
CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was undisclosed.
GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.
FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing community.
DENVER — Dayton, Ohio-based The Connor Group has purchased Broadstone Lowry, an apartment property located at 8505 Lowry Blvd. in Denver. Alliance Residential sold the asset for an undisclosed price. Built in 2019, Broadstone Lowry features 300 apartments with designer kitchens, hardwood-style plank flooring, stainless steel appliances, walk-in closets with built-in shelving, and patios and decks. Community amenities include a resort-style pool, spa, pool-side cabanas, outdoor kitchen and large fire pits; rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; wellness center with meditation pods and a living green wall; pet wash and grooming station; fitness center; yoga studio; and several courtyards. Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman of Newmark Knight Frank represented the seller in the deal.
HELENA AND CLANCY, MONT. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added challenges in these somewhat unusual times, but these buildings were well-run and the parties were pragmatic in dealing with those uncertainties,” says Dave Sedgwick, CareTrust’s chief operating officer. CareTrust’s total initial investment for the two assets was $16.5 million, inclusive of transaction costs and $500,000 of funding to Eduro to improve the facilities. Annual cash rent under the existing Eduro master lease, to which the two properties were added, will increase by approximately $1.6 million. The master lease has a remaining term of approximately 9.5 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisitions were funded using cash on hand.
Multifamily landlords have largely been able to collect rent through the coronavirus pandemic due to government assistance for those who are unemployed, a report from Marcus & Millichap has found. However, the federal funding of $600 per week for unemployed citizens expired at the end of July, leaving uncertainty surrounding rent collections moving into the third quarter. On Thursday, Sept. 3, the U.S. Commerce Department reported that 881,000 Americans filed for first-time unemployment benefits for the week ending Aug. 29. Continuing claims, for which data is a week behind, totaled 13.3 million for the week ending Aug. 22. On Tuesday, Sept. 1, the Centers for Disease Control & Prevention (CDC) and the Trump Administration halted evictions through the end of the year. Prior to the eviction moratorium, fundamentals in the second quarter were sliding. The nationwide vacancy rate rose 30 basis points to 4.7 percent in the second quarter. Irvine, California-based Marcus & Millichap expects vacancy to continue upward through the end of the year as COVID-19 keeps the jobless rate at historic highs. States are offering unemployment assistance, which could prove more valuable with the absence of federal unemployment funding. Each state, though, offers different benefits, making it harder …
WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.
