Multifamily

Berkadia Arranges $97M Construction Loan for Apartment Complex Near Miami

by Alex Tostado June 17, 2020

SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.

June 17, 2020

Development Florida Multifamily Southeast

LandSouth Breaks Ground on 257-Unit Multifamily Community Near Tampa Bay

by Alex Tostado June 17, 2020

LAKEWOOD RANCH, FLA. — LandSouth Construction has broken ground on Summerhouse Apartments, a planned 257-unit, five-building community in Lakewood Ranch. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, pool and dog fountains. The five-acre plot is situated at 11716 18th Place, 48 miles south of downtown Tampa. LIV Development is developing the asset, which is expected to deliver in winter 2022.

June 17, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

Cadence Living, Dylan Investments Acquire Tanner Spring Seniors Housing Asset Near Portland

by Amy Works June 17, 2020

WEST LINN, ORE. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our growing portfolio,” says Rob Leinbach, Cadence principal. “Tanner Spring has a terrific reputation and we love the West Linn neighborhood. It is a unique property with sweeping views of the Willamette River valley that we believe is well positioned for the long term.” Cadence Living is currently developing, owns and/or operates communities throughout the South and West.

June 17, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

Development Multifamily New Jersey Northeast

Woodmont Begins Development of 433-Unit Multifamily Community in Princeton, New Jersey

by Alex Patton June 16, 2020

PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.

June 16, 2020

Development Multifamily Northeast Pennsylvania

GMH Capital, AEW Capital Plan to Develop 225-Unit Multifamily Property in Malvern, Pennsylvania

by Alex Patton June 16, 2020

MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.

June 16, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 250-Unit Multifamily Community in Raleigh

by Alex Tostado June 16, 2020

RALEIGH, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the Trace, a 250-unit multifamily community in Raleigh. The property was built in 1995 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, playground, dog park, valet trash pickup, picnic area, grilling area, fitness center and a clubhouse. The asset is located at 8224 Green Lantern St., 10 miles northwest of downtown Raleigh. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Hawthorne Residential Partners, in the transaction. NKF’s Debt & Structured Finance team arranged financing on behalf of the buyer, KnightVest, which bought the community for an undisclosed price. The terms of the loan were also not disclosed.

June 16, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Secures $50M Construction Financing for Affordable Housing Community in San Marcos

by John Nelson June 16, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital’s Community Development Lending and Investment (CDLI) division has secured $50 million of private placement financing for Riverstone, a planned 336-unit affordable housing community in San Marcos. The borrower, Louisville, Ky.-based LDG Development, plans to deliver the property by June 2022. The 18-acre property will feature 12 apartment buildings, a one-story clubhouse, pool and equipment room and two clusters of detached garages. The apartments will comprise one-, two-, three- and four-bedroom layouts, and all apartments will be reserved for residents earning 60 percent or less of the area median income (AMI). Austin-based Capital Area Housing Finance Corp. issued $43.5 million of activity bonds for the project. The remaining $6.5 million portion of the financing is a balance sheet loan provided by KeyBank. David Lacki and Alton Tinker of the KeyBank CDLI team structured the financing.

June 16, 2020

Development Midwest Multifamily Ohio

236-Unit Luxury Apartment Complex Set to Open in Downtown Columbus This Month

by Kristin Harlow June 16, 2020

COLUMBUS, OHIO — Industry Columbus, a 236-unit luxury apartment complex in downtown Columbus, is set to open later this month. Charles Street Development Corp. is the developer. The project is the first and only community in downtown Columbus to feature a rooftop swimming pool and hot tub, onsite dog park and full floor of coworking space. Located at 230 E. Long St., the community features studios, one- and two-bedroom units, as well as private townhomes. Additional amenities include a pet washing station, sports bar and lounge, private event space, outdoor courtyard and fitness center. Monthly rents start at $1,095. Residents can currently earn $3,000 toward rent by moving in before Aug. 15. Village Green is the property manager. Denver-based Charles Street maintains a regional office in Ohio.

June 16, 2020

Indiana Loans Midwest Multifamily

KeyBank Secures $59.3M for Construction of Affordable Seniors Housing Property in Indianapolis

by Kristin Harlow June 16, 2020

INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.

June 16, 2020

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