SAN FERNANDO VALLEY, CALIF. — Matthews Real Estate Investment Services has directed the sale of a nine-property multifamily portfolio in San Fernando Valley. The portfolio traded for $20.2 million in an off-market transaction. The names of the seller and buyer were not released. Totaling 124 units, the portfolio consists of nine apartment buildings spread across the San Fernando Valley, a 250-square-mile urbanized region of Los Angeles County comprising 34 neighborhoods and nearly 1.7 million people. Daniel Withers and John Boyett of Matthews Multifamily division arranged the sale.
MONTANA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 338 beds in Montana. The seller is a national operator that was looking to leave the state to focus on other markets. The undisclosed buyer assumed the seller’s HUD debt against the properties. The price and locations of the facilities were not disclosed.
TACOMA, WASH. — Ready Capital has closed $2.1 million in refinancing for an apartment building located in Tacoma. The undisclosed sponsor constructed the 10-unit, Class B asset in 2015. The non-recourse, hybrid-rate loan features a 20-year term (seven years fixed rate and 13 years floating rate), a 30-year amortization schedule and yield maintenance prepay.
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Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus
In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …
DURHAM, N.C. — JLL has negotiated the $65.9 million sale of Lodge at Croasdaile, a 320-unit, garden-style multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans totaling 340,160 square feet of rentable commercial space. The community was developed in three phases and was completely delivered in 2019. Communal amenities include a saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a dog park. The property is situated at 3130 Hillandale Road, six miles north of downtown Durham. Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark, John Currin and Justin Good of JLL represented the seller, a joint venture between Boston-based The Davis Cos. and Gemini Partners LLC, in the transaction. The buyer was Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.
NAPLES, FLA. — Gates Construction has delivered The Pineapple House at Sapphire Lakes, a two-story, 127-unit seniors housing community in Naples. The owner and operator is Senior Care Residence Sapphire Lakes at Naples LLC. The property spans 115,381 square feet and offers an open-air courtyard, fitness center, massage areas, hydrotherapy room, pool, beauty salon, theater room, library, chapel, craft room, private dining room, clubroom bar and dining options that will include a bistro and an open-air patio. The new community is located at 7901 Radio Road, seven miles east of downtown Naples. Michael Kerner, Development Consulting LLC and Phoenix Associates of South Florida Inc. designed the community.
THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.
LOS ANGELES — Ready Capital has closed a $48 million loan to refinance a 17-property multifamily portfolio in Los Angeles. The non-recourse, hybrid loan features a 20-year term, 30-year amortization and yield maintenance prepay. The collateral consists of garden complexes totaling 232 units with construction dates ranging from 1928 to 1991 and an average occupancy above 95 percent. The majority of the properties are located in San Fernando Valley. The undisclosed sponsor has owned the properties in the portfolio for a range of two to 18 years.
LOUISVILLE, COLO. — Newmark Knight Frank (NKF) has arranged a $22.4 million Freddie Mac loan to refinance Copper Ridge Apartment Homes, located at 240 McCaslin Blvd. in Louisville. Charlie Williams of NKF Multifamily Capital Markets’ Denver office secured the 10-year, fixed-rate refinancing for the undisclosed borrower. Constructed in 1994, Copper Ridge features 129 garden-style apartments, a clubhouse, 24-hour fitness facility, pool, courtyard with grills and business center. Over the last six years, the property underwent a complete renovation.
CINCINNATI AND CLEVELAND — Fifth Third Bank NA and Bellwether Enterprise Real Estate Capital LLC have formed a new strategic relationship for multifamily financing. The arrangement brings together two institutions that are committed to providing affordable multifamily housing. Cleveland-based Bellwether Enterprise’s wide capabilities with government lending programs, including Fannie Mae, Freddie Mac, FHA and USDA, will provide long-term agency financing for Fifth Third’s clients. Cincinnati-based Fifth Third will gain access to Bellwether Enterprise’s diverse permanent lender platform, which also includes correspondent relationships with life insurance companies in addition to agencies. Fifth Third will also be able to invest in new market tax credits, low-income housing tax credits, workforce housing equity and other products offered by Bellwether Enterprise’s parent company, Enterprise Community Investment Inc. The relationship will enable Bellwether Enterprise to leverage Fifth Third’s short-term and construction lending products, as well as treasury management, capital markets and investment solutions. Fifth Third Acquisition Holdings LLC, a wholly owned subsidiary of Fifth Third, made a minority equity investment in Bellwether Enterprise as part of the relationship. Beekman Advisors advised Bellwether Enterprise on negotiation and execution of the transaction.