Multifamily

Madison Marquette Opens 30-Story Travis Apartment Building in Midtown Houston

by Taylor Williams July 13, 2020

HOUSTON — Madison Marquette has opened The Travis, a 328-unit apartment building located in the Midtown area of Houston. The 30-story building houses one-, two- and three-bedroom units, as well as two-story penthouses and 14,000 square feet of ground-floor retail and restaurant space. Amenities include a pool with cabanas, fire pits, a 24-hour fitness center, conference center, coffee bar, concierge services, package locker service and valet dry cleaning. Baltimore-based CallisonRTKL designed the property, which also includes a seven-story parking garage. Los Angeles-based AECOM Hunt served as the general contractor.

July 13, 2020

Acquisitions California Multifamily Seniors Housing Washington Western

MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California

by Amy Works July 13, 2020

WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.

July 13, 2020

Development Florida Multifamily Southeast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado July 13, 2020

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

July 13, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado July 13, 2020

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

July 13, 2020

Development Multifamily South Carolina Southeast

Arnold Cos. Breaks Ground on Apartment Complex in Downtown Columbia

by Alex Tostado July 13, 2020

COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.

July 13, 2020

Loans Multifamily New York Northeast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams July 13, 2020

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

July 13, 2020

Loans Multifamily New York Northeast

Pembrook Capital Provides $12.4M Acquisition Loan for Multifamily Assets on Staten Island

by Taylor Williams July 13, 2020

NEW YORK CITY — Pembrook Capital Management has provided a $12.4 million acquisition loan for 100 Belmont Place and 101 Daniel Low Terrace, two multifamily assets totaling 112 units on Staten Island. Both properties were built in 1966. The undisclosed borrower will use a portion of the proceeds to fund capital improvements to the unit interiors and property exteriors.

July 13, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $7.9M Sale of Residential Property in Paterson, New Jersey

by Taylor Williams July 13, 2020

PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.

July 13, 2020

Acquisitions Multifamily New York Northeast

Westbridge Realty Brokers $1.4M Sale of Multifamily Building in The Bronx

by Taylor Williams July 13, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.

July 13, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois

by Kristin Harlow July 13, 2020

AURORA, ILL. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.

July 13, 2020

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