Multifamily

Ryan Cos. Completes 182-Unit Seniors Housing Community Near San Diego

by Amy Works July 21, 2020

RANCHO BERNARDO, CALIF. — Ryan Cos. has completed construction of Silvergate Rancho Bernardo, an 11-acre seniors housing campus in Rancho Bernardo, approximately 25 miles north of San Diego. AmeriCare Health & Retirement developed the community, which Ryan Cos. built. The development features of 20 cottages, 108 apartments, six penthouse units and 48 memory care units, and was 90 percent pre-leased. The apartments range from 400 square feet to 1,200 square feet, while the cottages run between 1,400 square feet and 1,600 square feet. Silvergate Rancho Bernardo is AmeriCare’s third development of its kind and is considered the company’s flagship community. Warner Design Associates handled interior design.

July 21, 2020

Development Loans Multifamily Utah Western

Trez Capital Closes $12.1M in Construction Loans for Two Multifamily Projects in Utah

by Amy Works July 21, 2020

OGDEN, UTAH — Trez Capital has closed two construction loans, totaling $12.1 million, for the development of two rental townhome communities along Canyon Road in Ogden approximately 40 miles from Salt Lake City. The two loans are part of Trez’s first financing agreement with the borrower, Lotus Co., to develop Class A affordable townhome rental properties. Construction for both properties, Foxridge and Whisperwood, began in January. Foxridge features 38,000 square feet of rentable space divided into 26 townhomes with two- and three-bedroom floor plans. Completion of Foxridge is slated for December. Totaling 57,000 rentable square feet, Whisperwood will feature 40 townhomes in a mix of two- and three-bedroom layouts. All units offer a high-end design with two-car garages and energy-efficient upgrades. Completion is scheduled for February 2021. Interiors of both properties will feature stainless steel appliance packages and custom kitchens with high-end countertops, upgraded plumbing and electrical fixtures and oversized windows. The properties will also offer residential community space, including barbecues, walking paths and gazebos.

July 21, 2020

Development Multifamily Texas

High Street Residential Breaks Ground on 43-Story Apartment Tower in Downtown Houston

by Taylor Williams July 20, 2020

HOUSTON — High Street Residential, a subsidiary of Trammell Crow, has broken ground on a 43-story apartment tower that will be located at 808 Crawford St. in downtown Houston, adjacent to the 12-acre Discovery Green urban park. The property will house one-, two- and three-bedroom floor plans, as well as 16 two-story townhomes and four two-story penthouses for a total of 309 units. Residences will feature floor-to-ceiling windows, quartz countertops and custom cabinetry. Amenities will include a rooftop pool and lounge area, clubroom with a catering kitchen, business center with coworking space, fitness center and a yoga terrace, indoor pet spa and a complimentary coffee bar, as well as package and concierge services. Completion is slated for late 2022.

July 20, 2020

Development Multifamily Seniors Housing Texas

Investcor Completes Renovations of Historic Fairhaven Assisted Living Facility in Denton

by Taylor Williams July 20, 2020

DENTON, TEXAS — Investcor has completed the renovation of Fairhaven Assisted Living, a historic seniors housing building in Denton. The development team for the 47-unit project included Pi Architects, Coastal Reconstruction, Allison Engineering, TDi Engineering, MEP Associates Design Groups and Architexas. The original building was designed by Texas architect O’Neil Ford, whose designs blended the surrounding environment into the building and featured the use of natural elements and materials. Fairhaven was originally developed in the 1950s, but closed in 2007 and fell into disrepair. After teaming with New Haven Assisted Living and Memory Care, Investcor launched the renovation a year ago.

July 20, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 60-Bed Skilled Nursing Facility in Johnson City, Texas

by Taylor Williams July 20, 2020

JOHNSON CITY, TEXAS— Senior Living Investment Brokerage (SLIB) has negotiated the sale of LBJ Medical Center, a 60-bed skilled nursing facility in Johnson City, approximately 45 miles west of Austin. The property was built on 2.6 acres in 1989 and totals 16,045 square feet. A local owner-operator exiting the seniors housing industry sold the asset to a regional owner-operator based in Texas that will implement a capital improvements program. Matthew Alley of SLIB arranged the transaction.

July 20, 2020

California Loans Multifamily Western

PSRS Secures $19M Refinancing for Manufactured Housing Community in Riverside, California

by Amy Works July 20, 2020

RIVERSIDE, CALIF. — PSRS has secured $19 million in refinancing for Riverside Meadows, a 358-unit manufactured home community in Riverside. Michael Tanner and Jonny Soleimani of PSRS’ Los Angeles office arranged the non-recourse loan that features a 10-year term and 30-year amortization schedule. Situated among the 15, 60 and 215 freeways, Riverside Meadows features mostly double-wide lots and an array of amenities.

July 20, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $53M Construction Loan for Seniors Housing Expansions in Pennsylvania

by Taylor Williams July 20, 2020

MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.

July 20, 2020

Acquisitions Multifamily New York Northeast

Westbridge Brokers $1.1M Sale of Residential Development Site in Brooklyn

by Taylor Williams July 20, 2020

13,556-square-foot residential development site at 3602 Holland Ave. in the Williamsburg neighborhood of Brooklyn. The property is zoned for the development of a 20-unit multifamily building. Menachem Babayov of Westbridge Realty represented the buyer, SHG 3602 LLC, and Steven Westreich represented the seller, Chukwuemeka Dike.

July 20, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Opens 51-Unit Affordable Housing Community in Kokomo, Indiana

by Kristin Harlow July 20, 2020

KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.

July 20, 2020

Development Florida Multifamily Southeast

McShane Construction Delivers 134-Unit Multifamily Community in Tampa Bay Area

by Alex Tostado July 17, 2020

CLEARWATER, FLA. — McShane Construction Co. has delivered 1100 Apex, a 134-unit multifamily community in downtown Clearwater. The property offers studio through three-bedroom floor plans. Unit interiors feature stainless steel appliances, quartz and granite countertops, wood plank flooring and private balconies. Communal amenities include a clubhouse, fitness center, putting green, pool, outdoor lounge with grills, a fire pit and private cabanas. The asset also includes a parking deck with 202 parking spaces and 4,300 square feet of ground-level retail space. GSP Development developed the 15-story building and Kimmich Smith Architecture designed the community. Located on 2.1 acres at 1100 Cleveland St., the asset is situated equidistant from Tampa Bay and downtown Tampa.

July 17, 2020

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