EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
CHICAGO — Joseph J. Duffy Co. has begun construction of a seven-story, mixed-income apartment community in Chicago’s Jefferson Park neighborhood. Nonprofit organization Full Circle Communities is the developer for the 75-unit building located at 5150 N. Northwest Highway. The project will provide housing for veterans, persons with disabilities and working families. Sixty of the units will be affordable and 15 will be market-rate. Amenities will include a community room, library, business center, picnic area, community garden, dog run and 40 parking spaces. The project is expected to receive LEED Silver certification upon completion. Cordogan, Clark & Associates is the project architect.
DETROIT — Bedrock has begun pre-leasing The Flats at 2660 John R. Street, the first of five market-rate multifamily properties to be located in City Modern, an 8.4-acre development in Detroit’s Brush Park neighborhood. The first property is home to 35 units, comprised of studios, one- and two-bedroom floor plans. Amenities include bicycle storage, dry cleaning lockers, a package delivery system and third-floor outdoor terrace. Move-ins will begin in April. Lorcan O’Herlihy Architects designed the property. Detroit-based Bedrock is a full-service real estate firm. Since its founding in 2011, the company and its affiliates have invested and committed over $5.6 billion to acquiring and developing more than 100 properties.
CHICAGO — Interra Realty has arranged the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit condominium building in Chicago’s Rogers Park neighborhood, for $6.5 million. Built in 1929, the property rises three stories. Renovated two- and three-bedroom units feature exposed brick, kitchens with granite countertops and stainless-steel appliances as well as in-unit laundry. Craig Martin and Lucas Fryman of Interra represented the buyer, a local investment group that purchased the asset through a 1031 tax-deferred exchange. Martin and Fryman also represented the sellers, a private equity group that owned 36 of the units, three individual investors who each owned a unit and one owner-occupier.
Charles Cronin of Axiom Capital Corp. discusses how the longest upcycle in history is impacting the lending environment. Cronin weighs in on the overall health of the commercial real estate lending industry now and what people learned from the 2007/08 financial crisis. What can people expect from the market going into 2020, especially with high prices and fierce competition in both sales and lending? Low credit spreads and rates are positive signs for commercial real estate. However, challenges related to high-end apartments and areas with very high costs of living signal the need for both discipline and flexibility as secondary and tertiary markets become more attractive. Watch the video to hear more about what Cronin sees in today’s market. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.
NEW YORK CITY — Brix Real Estate Advisors has arranged the $6.3 million sale of a 36-unit multifamily building in the Kingsbridge neighborhood of The Bronx. The six-story building is located at 55 E. 196th St. and was completed in the 1940s. Matthew Barbaccia and Christian Dedvukaj represented the seller, Rooftops Realty Inc. The team also represented a group of undisclosed local investors as the buyers.
Multifamily developers in the Dallas-Fort Worth (DFW) metroplex in 2020 expect to see a slightly slower pace of rent growth brought on by record levels of new supply in recent years. This trend, paired with higher costs of adding features that distinguish properties from their competition, could lead to slightly more modest profit margins for multifamily developers. According to the latest data from CoStar Group, the average rate of multifamily rent growth in DFW between 2015 and 2019 was roughly 3.5 percent, skewed in part by a massive annual gain of 6.1 percent in 2015 and 3.9 percent in 2016. The citywide vacancy rate compressed below 7 percent in those two years, leading to an even more pronounced building boom. Since then, annual rent growth has maintained the current projection of 2 to 3 percent, with gains in the Class B space outpacing those of Class A product, a classification that captures virtually all new construction outside of purpose-built affordable housing. During the five-year period ending in 2019, nearly 110,000 new units were delivered in DFW, with annual supply growth as a percentage of total inventory topping 10 percent in some years. The new year purports to be the first …
DUNEDIN, FLA. — Primerica Group One Inc. has sold Dunedin Commons, a 280-unit apartment complex in Dunedin, for $62.5 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, media center, cyber café, fitness center, infinity pool, outdoor kitchen, playground, dog washing station and walking and jogging trails. Dunedin Commons is situated at 2701 Dunedin Commons Place, 25 miles west of downtown Tampa. Jason Stanton, Cole Whitaker and Marc Sumner of Berkadia represented the Tampa-based seller in the transaction. Dallas-based Westdale Asset Management Ltd. acquired the property.
SPRING HILL, TENN. — The Kirkland Co. has brokered the $53.3 million sale of Commonwealth at 31, a 248-unit multifamily community in Spring Hill. The gated community offers one-, two- and three-bedroom floor plans and communal amenities such as a pool, fitness center, dog park, storage units, outdoor kitchen and a business center. San Francisco-based Hamilton Zanze acquired the property, which is situated at 2880 Commonwealth Drive, 32 miles south of downtown Nashville. Miller Harris, Dennis Harris and William Kirkland of Kirkland represented the buyer and undisclosed seller in the transaction.
