Multifamily

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Loans Multifamily New Mexico ORIX Western

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

by Amy Works April 14, 2020

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

April 14, 2020

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

by Alex Tostado April 14, 2020

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of downtown Miami. Kobi Karp is designing the property’s multifamily component. Robert Ginsberg and David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of Weiss, which has owned the land since the 1970s.

April 14, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

Iowa Loans Midwest Multifamily

Arbor Provides $15M Refinancing for Apartment Complex in Waterloo, Iowa

by Kristin Harlow April 14, 2020

WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.

April 14, 2020

Market Reports Multifamily Texas Texas Market Reports

El Paso’s Multifamily Market Takes On COVID-19

by Taylor Williams April 14, 2020

As a multifamily investment sales brokerage firm, Greysteel has transacted close to 2,000 units in El Paso over the last 12 months. To say the El Paso multifamily market has been hot would be an understatement. But with a sudden pandemic causing economic chaos, jobs are at risk and multifamily owners are facing ever-increasing pressure. First, let’s talk about how El Paso has recently performed. Demand for multifamily product in El Paso has been particularly strong lately, and we’ve been able to bring new in-state and out-of-state investors into the market at cap rates never before seen in El Paso. Many of these investors are surprised to learn that El Paso is the sixth-largest metropolitan area in Texas and the 18th-largest city in the country. As cap rates on multifamily properties have compressed across the United States, El Paso has offered a safe haven for higher yields that can be elusive in major markets with high levels of competition. El Paso also has a diverse public/private sector that barely felt the pain of the 2008 recession — cumulative job losses totaled less than 3 percent of the total employment base. Job growth has expanded steadily, and employment was approximately 13 …

April 14, 2020

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Multifamily Capital Chases Limited Supply in Northern New Jersey

by Alex Patton April 14, 2020

An abundance of capital continues to flow into Northern New Jersey’s multifamily market, with most investors completing 2019 as net buyers and major institutions looking to remain active in 2020. Over the past decade, domestic and foreign investors alike have diversified into the multifamily space in Northern New Jersey and nationwide. The result has been a highly competitive playing field with limited opportunities. And with more capital in the market than opportunities to place it, many larger funds are now looking to make portfolio acquisitions in order to divest large amounts of capital at once. Brian Whitmer, Cushman & Wakefield Excluding portfolio deals, transaction volume for multifamily investment in Northern New Jersey reached $1.6 billion in 2019, marking a 38 percent year-over-year increase, with 4,846 units sold across 27 transactions. This rise in deal volume can be attributed largely to the “Mack-Cali Effect.” The locally based REIT made two major 2019 purchases in Jersey City — SoHo Lofts ($264 million) and Liberty Towers ($409 million) — that accounted for 41 percent of the year’s individual transaction volume. Buyer Patterns While larger institutions and REITs like Mack-Cali are active in Northern New Jersey, private investors still dominate the regional market. This …

April 14, 2020

Acquisitions Multifamily Texas

BSR REIT Sells Three Multifamily Assets in Longview, Texas for $52.5M

by Taylor Williams April 13, 2020

LONGVIEW, TEXAS — BSR REIT has sold Summer Brook, Summer Green I and Summer Green II, three multifamily assets located in Longview, about 100 miles east of Dallas. The sales price was $52.5 million. Summer Brook was built in 1997, totals 208 units and offers a pool, fitness center, basketball court, dog park and a business center. Summer Green I and II were both built in 1984, total 424 units combined and also feature a pool, fitness center and business center. The buyer(s) was not disclosed.

April 13, 2020

Acquisitions Idaho Multifamily Western

Berkadia Arranges Sale of Central Pointe Multifamily Property in Boise

by Amy Works April 13, 2020

BOISE — Berkadia has facilitated the sale of Central Pointe, a garden-style apartment property in Boise. Monarch Investment and Management Group sold the community to an undisclosed entity. The acquisition price was not released. Located at 1334 N. Liberty St., Central Pointe features a mix of one-, two- and three-bedroom floor plans with private balconies or patios. Community amenities include a fitness center, pool, playground, clubhouse, sundeck, laundry facilities, covered parking, an outdoor area with grilling stations, and a dog park. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia’s Seattle office, along with Alex Blagojevich of Berkadia’s Chicago office and Michael Sullivan of the firm’s Kansas City office, represented the seller in the deal.

April 13, 2020

Acquisitions Multifamily Seniors Housing Washington Western

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

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