Multifamily

Cushman & Wakefield Brokers $48.2M Sale of The Ellis Apartment Community in Savannah

by Alex Tostado November 7, 2019

SAVANNAH, GA. — Cushman & Wakefield has brokered the $48.2 million sale of The Ellis, a new 235-unit apartment complex in Savannah. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubroom, yoga studio, 24-hour fitness center, poolside fire pit, dog park, pet spa and grilling stations. The sellers, Brand Properties and Mariner Group, delivered the property earlier this year. Robert Stickel, Taylor Bird and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. ECI Group acquired the property.

November 7, 2019

Acquisitions Loans Louisiana Multifamily Southeast

Greystone Provides $15.4M Fannie Mae Green Acquisition Loan for Multifamily Property in Baton Rouge

by Alex Tostado November 7, 2019

BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include barbecue and picnic areas, a clubhouse, business center, fitness center and a pool. Keith Hires of Greystone originated the loan.

November 7, 2019

Loans Multifamily New York Northeast Seniors Housing

Capital One Provides $285M Loan for Refinancing of Prime Care Seniors Housing Portfolio

by Alex Patton November 7, 2019

NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.

November 7, 2019

Development Multifamily Texas

StreetLights Residential Breaks Ground on 340-Unit Apartment Project in Arlington

by Taylor Williams November 7, 2019

ARLINGTON, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Jackson, a 340-unit multifamily community located within the Viridian master-planned development in Arlington. The property will offer studio, one-, two- and three-bedroom units in addition to limited two-story floor plans known as “carriage units.” Residences will range in size from 588 to 1,671 square feet and feature granite countertops, custom cabinetry and spa-inspired bathrooms. Amenities will include coworking spaces, a creative makerspace with a chef’s kitchen, a private lounge with a coffee bar, fitness center with a flex room for yoga and spin, a resort-style pool and outdoor courtyard spaces. WDG Architecture designed the project, and SLR Construction LLC is serving as the general contractor. Residences are expected to be available for occupancy in fall 2020.

November 7, 2019

Acquisitions Illinois Midwest Multifamily

RDG Funds Acquires Multifamily Asset in Chicago for $40.1M

by Kristin Harlow November 7, 2019

CHICAGO — Chicago-based private equity firm RDG Funds LLC has acquired 13Thirteen Randolph Street Lofts in Chicago’s West Loop neighborhood for $40.1 million. The Class A multifamily asset includes four retail tenants and 74 apartment units. The property comprises two historic buildings, originally constructed in 1892 and 1927. Both buildings were renovated and transformed into residences in 2013. Shared amenities include a rooftop deck, resident lounge, media center, theater room and fitness center. RDG has retained Greystar to assist with its business plan for the property. Todd Stofflet and Jason Stevens of Cushman & Wakefield represented the seller, JP Morgan Asset Management. Monthly rents start around $1,600.

November 7, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Pathway to Living, Caddis Open Assisted Living Facility in Wisconsin

by Kristin Harlow November 7, 2019

BROOKFIELD, WIS. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village Brookfield, an assisted living and memory care community in Brookfield, a suburb of Milwaukee. The property totals 70 assisted living units and 24 memory care units on a 10-acre plot. Assisted living units range in size from 351 to 917 square feet. Memory care units range in size between 293 to 306 square feet. During development, Caddis Healthcare gifted 2.9 acres of land to the city of Brookfield to support the development of a public park. Heartis Village Brookfield is the fourth Heartis-owned community managed by Pathway.

November 7, 2019

Acquisitions Illinois Midwest Multifamily

Colliers Brokers Sale of 93-Unit Apartment Building in Chicago

by Kristin Harlow November 7, 2019

CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle Limited. Michigan Avenue Real Estate Partners was the seller.

November 7, 2019

Loans Midwest Multifamily Ohio

Maverick Commercial Arranges $2M Acquisition Loan for Manufactured Housing Community in Ohio

by Kristin Harlow November 7, 2019

MIDDLEFIELD, OHIO — Maverick Commercial Mortgage has arranged a $2 million loan for the acquisition of a 152-site manufactured housing community in Middlefield known as Middlefield MHC. The community features a management office, off-street parking and storage units. Ben Kadish of Maverick arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. A national lender provided the nonrecourse loan. Borrower Park Place Communities currently owns and operates 35 manufactured housing communities in 13 states.

November 7, 2019

Riverway-Assisted-Living-Memory-Care-South-Jordan-UT

Loans Multifamily ORIX Seniors Housing Utah Western

Lancaster Pollard Arranges $7.5M Refinancing for Assisted Living Community in Utah

by Amy Works November 7, 2019

SOUTH JORDAN, UTAH — Lancaster Pollard Mortgage Company has arranged a $7.5 million refinancing for Riverway Assisted Living and Memory Care in South Jordan, approximately 15 miles south of downtown Salt Lake City. The borrowers are Giza Development and SAL Management Group. The financing represents a long-term financing solution through Fannie Mae, as well as some cash out. The deal is Giza’s second with Lancaster Pollard in 2019. Ross Holland and Rodger Davis led the transaction for Lancaster Pollard.

November 7, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates Sales of Multifamily Properties in Metro Atlanta Totaling $80M

by Alex Tostado November 6, 2019

ATLANTA — Berkadia has negotiated two sales of four multifamily properties in metro Atlanta totaling $80 million. In the first sale, Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia arranged the combined $36 million sales of Pines at Greenbriar and Mountain Oaks on behalf of the seller, a joint venture between Adams Investor and Crown Bay Group. Pines at Greenbriar sold to Olive Tree Holdings and Mountain Oaks sold to Highland Properties Group. Pines at Greenbriar is located at 2909 Campbellton Road in southwest Atlanta. The 376-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, playground and an onsite laundry facility. The buyer has plans to renovate an unspecified number of units. Mountain Oaks is located at 4719 Central Drive in Stone Mountain, 14 miles east of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans along with community amenities such as a barbeque area, pool and a newly renovated clubhouse. In the second deal, the same Berkadia team brokered the $44 million sale of Sedgefield Apartments and Castlebrook Apartments, two garden-style properties in Marietta. Berkadia represented the seller, Princeton Enterprises LLC. The Waldon Group acquired both properties. Sedgefield …

November 6, 2019

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