Multifamily

Lancaster Pollard Provides $25M Refinancing for Chaska Heights Senior Living in Minnesota

by Kristin Harlow August 28, 2020

CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.

August 28, 2020

Development Multifamily Southeast Student Housing Tennessee

Annex Group to Develop $19.1M Student Housing Community Near University of Memphis

by Alex Tostado August 28, 2020

MEMPHIS, TENN. — The Annex Group will develop Annex of Memphis, a 208-bed student housing community near the University of Memphis. The Indianapolis-based developer expects development costs to total $19.1 million. The property will offer studio, two-, three- and four-bedroom floor plans. Rents will range from $1,050 per month per student for studios down to $705 per month for four-bedroom units. Communal amenities will include a fitness center and covered parking. The Annex of Memphis will be situated at 3601 Midland Ave., two blocks from campus and seven miles east of downtown Memphis. The Annex Group expects to break ground in the coming weeks and will welcome its first students in summer 2021. Axis Architecture + Interiors designed the community, which Granite Student Living will manage upon completion. First Merchants Bank is providing construction financing.

August 28, 2020

Company News Multifamily New York Northeast

Blackstone Acquires $300M Stake in Tricon Residential

by Taylor Williams August 28, 2020

NEW YORK CITY — A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has acquired a $300 million stake in Tricon Residential, Toronto-based investment and development firm with a portfolio of approximately 30,000 single- and multifamily units in the United States and Canada. BREIT acquired the stake at an exchange price of $8.50 per share, which represents a 16 percent premium over Tricon’s 30-day weighted average trading price as of Aug. 26. Tricon will use the proceeds to pay off its corporate debt.

August 28, 2020

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 193,000 SF Oppenheim Building in Scranton, Pennsylvania

by Taylor Williams August 28, 2020

SCRANTON, PA. — Marcus & Millichap has brokered the sale of The Oppenheim Building, a 193,000-square-foot historic office property in downtown Scranton. The property was built in 1888 and was 27 percent occupied at the time of sale. Craig Dunkle and Jackson Day of Marcus & Millichap handled the sale on behalf of the undisclosed seller through Ten-X auction platform. The buyer, a Pennsylvania-based developer, will convert the building into a Class A multifamily property.

August 28, 2020

Colorado Development Multifamily Retail Western

Greystar Completes 13-Story The Pullman Apartment, Retail Community in Denver

by Amy Works August 28, 2020

DENVER — Greystar, as owner and operator, has completed the construction of The Pullman, an apartment and retail community located at 1959 Wewatta St. in Denver’s Union State neighborhood. Designed by The Mulhern Group, the 13-story property features 168 apartments in a mix of one-, two- and three-bedroom layouts plus two-story penthouses. Units range from 819 square feet to 3,784 square feet and offer KitchenAid gas cooktops, quartz countertops, engineered hardwood flooring and custom wood cabinetry. Penthouses suites include in-wall fireplaces, secondary butler’s entrances, full-body showers and Wolf and Subzero appliances. Community amenities include a hotel-style lobby, 8,000-square-foot rooftop and spa terrace, outdoor kitchen and dining area, fitness center and yoga studio, billiards lounge with wet bar, pet spa, bicycle storage, demonstration kitchen, members-only club room, and a coffee and tea bar. The property also features 3,500 square feet of ground-floor retail space, plus above- and below-ground structured parking for 212 vehicles.

August 28, 2020

California Loans Multifamily Western

NorthMarq Secures $51.5M Loan for Vanoni Ranch Multifamily Property in Ventura, California

by Amy Works August 28, 2020

VENTURA, CALIF. — NorthMarq has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments in Ventura. Dennis Williams, Tom Wright, Jackie Goldsmith and Soraya Rios of NorthMarq secured the financing for the sponsor, San Mateo, Calif.-based JB Matteson. The firm arranged the non-recourse financing through a correspondent life insurance company. The 10-year term is structured with interest-only debt service payments for the full term. Vanoni Ranch Apartments features 316 units with nine-foot ceilings, in-unit washers/dryers, smart thermostats, Roman bathtubs and walk-in closets. Community amenities include a fitness center, yoga room, barbecue and picnic area, pool, spa, business center and lounge.

August 28, 2020

Loans Multifamily Oregon Western

Gantry Arranges $20M Refinancing for Lodges at Lake Salish Apartments in Oregon

by Amy Works August 28, 2020

FAIRVIEW, ORE. — Gantry has secured $20 million in financing for Lodges at Lake Salish Apartments, a multifamily community located at 20699 NE Glisan St. in Fairview. Blake Hering, Matt Illias and Heather Kegler of Gantry arranged the Freddie Mac loan to refinance an existing loan that was coming due. The new loan was structured as a 10-year, full-term interest-only payment deal. Constructed in 2004, the 18-building community features 203 apartments in a mix of one- and two-bedroom layouts, averaging 966 square feet in size. Community amenities include a clubhouse with leasing offices, lounge, movie theater, fitness center, outdoor pool, spa, lake views and nature paths.

August 28, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington

by Amy Works August 28, 2020

SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property.

August 28, 2020

Development Georgia Multifamily Southeast

Mill Creek to Develop 194-Unit Multifamily Community in Metro Atlanta

by Alex Tostado August 27, 2020

DECATUR, GA. — Mill Creek Residential will develop Modera Decatur, a 194-unit multifamily community in Decatur. The Atlanta-based developer expects to immediately break ground with plans to open the community in fall 2022. Modera Decatur will be situated on 2.1 acres at 163 Clairemont Ave., six miles northeast of downtown Atlanta. Communal amenities will include a pool, clubroom, fitness center, rooftop lounge and a fire pit, as well as 24,500 square feet of retail space on the ground floor. Modera Decatur will be Mill Creek’s ninth community in Atlanta.

August 27, 2020

Development Michigan Midwest Multifamily

Public-Private Partnership Breaks Ground on $36.3M Mixed-Income Development in Midtown Detroit

by Kristin Harlow August 27, 2020

DETROIT — Developers Preservation of Affordable Housing (POAH) and Develop Detroit have broken ground on a $36.3 million mixed-income development in Midtown Detroit’s Sugar Hill Arts District. Slated for completion in late 2021, the project will occupy what is currently a vacant lot on the northwest corner of John R and Garfield streets. The development will include 68 apartment units, 11,900 square feet of retail space and 164 parking spaces. Fourteen of the units will be set aside for residents who earn 30 to 60 percent of the area median income. The project site is located across from the John D. Dingell VA Medical Center. As such, many of the affordable units be dedicated to homeless veterans. Midtown Detroit Inc. plans to develop an outdoor green space adjacent to the building. In addition to the affordable housing component, the project is significant because it is one of the last designed by Phil Freelon, a celebrated black architect who passed away last year. The project team includes general contractor Whiting-Turner and architects Perkins & Will and McIntosh Poris. VM3 Consulting Corp. is working to engage minority- and women-owned firms as well as Detroit-based workers. Project funding comes from the City of …

August 27, 2020

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