Multifamily

Heritage-Village-Assisted-Living-Mesa-AZ

HJ Sims Funds $5.1M Mezzanine Loan for Seniors Housing Asset Expansion in Arizona

by Amy Works September 11, 2019

MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.

September 11, 2019

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive

InterFace Panel: DFW Multifamily Developers Must Stand Out from the Crowd

by Taylor Williams September 11, 2019

DALLAS — When developing multifamily product in a market that has added more than 20,000 new units in each of the past three years, distinguishing a community from its peers isn’t just important — it’s essential. According to data from CoStar Group, the Dallas-Fort Worth (DFW) metroplex added approximately 70,000 multifamily units between 2016 and 2018. The market has also absorbed more than 25,000 units over the last 12 months, a period in which only about 23,000 apartments were delivered. Vacancy currently sits at 7.5 percent. A panel of developers at the eighth annual InterFace Multifamily Texas conference discussed best practices for differentiating a property in a market that is not only teeming with new supply, but also home to segments of sophisticated renters. Held on Sept. 5 at the Westin Galleria hotel in Dallas, the event drew more than 225 attendees. Drew Kile, senior vice president at Institutional Property Advisors, a division of Marcus & Millichap, moderated the panel. Cultivating A Story Whether by the inclusion of an unusual amenity, the delivery of distinct unit mix that is perfectly targeted to the surrounding demographic or the ascription of a unique story behind the project, multifamily developers in DFW simply …

September 11, 2019

Acquisitions Multifamily Texas

Castle Lanterra Sells 370-Unit Apartment Community in Austin

by Taylor Williams September 10, 2019

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Array, a 370-unit apartment community located in the East Riverside area of Austin. The 14-acre property was originally constructed in 1973 and then completely renovated in 2013. Floor plans include one-, two- and three-bedroom apartments in 40 two-story residential buildings. Array features amenities such as two pools, two dog parks, a fully equipped fitness center with an elevated spinning room and yoga room, an outdoor sports court and a resident lounge. CLP acquired the asset in 2016 for $38.5 million before executing a value-add program.

September 10, 2019

Loans Multifamily Texas

Greystone Provides $19.5M in Acquisition Financing for Multifamily Asset in Haltom City

by Taylor Williams September 10, 2019

HALTOM CITY, TEXAS — Greystone has provided $19.5 million in Fannie Mae acquisition financing for a 216-unit apartment community in Haltom City, a suburb of Fort Worth. The financing consisted of an $18.2 million Fannie Mae Green Rewards loan and a $1.3 million mezzanine loan to supplement the first mortgage. Both loans are nonrecourse and carry 12-year terms and fixed interest rates. The borrower was not disclosed.

September 10, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $8.5M Construction Loan for 24-Unit Multifamily Property in Boston

by Alex Patton September 10, 2019

BOSTON — Cornerstone Realty Capital has arranged a $8.5 million construction loan for the Residences at Hyde Park Station, a 24-unit multifamily property in Boston. The property will consist of 24 two-bedroom units, one 300-square-foot commercial space, a common area roof deck and a parking garage. The permanent financing carries a fixed interest rate, an 85 percent loan-to-cost structure, a seven-year term and a 30-year amortization schedule. The lender and construction schedule were undisclosed.

September 10, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Purchases Workforce Housing Complex in Charlotte for $18M

by Alex Tostado September 10, 2019

CHARLOTTE, N.C. — FCP has purchased Somerset Apartments, a 240-unit workforce housing complex in Charlotte, for $18 million. Somerset Apartments offers one- through three-bedroom floor plans and is situated near the LYNX Light Rail Blue Line. Communal amenities include a clubhouse, swimming pool, grilling area and a sports court. Brooks Colquitt of Cushman & Wakefield represented the undisclosed seller in the transaction. The garden-style community is located adjacent to FCP’s Hunters Pointe.

September 10, 2019

Acquisitions Florida Multifamily Southeast

Blue Magma Residential Acquires Multifamily Community in Pensacola for $17.8M

by Alex Tostado September 10, 2019

PENSACOLA, FLA. — Blue Magma Residential LLC has acquired Heritage Apartments, a 20-building, 194-unit multifamily community in Pensacola, for $17.8 million. The buyer will rebrand the property as The Park at Sterling Hills and will invest $2 million to renovate the exterior and interior units of the property. Heritage Apartments offers one-, two- and three-bedroom floor plans, and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, fitness center, clubhouse, dog park and grilling stations. David Etchison of Berkadia represented the buyer in the transaction. Regions Bank provided acquisition financing. The seller was not disclosed.

September 10, 2019

Development Multifamily Texas

MetroNational, Slate Complete 333-Unit Apartment Community in Houston

by Taylor Williams September 9, 2019

HOUSTON — A partnership between MetroNational and Slate Real Estate Partners has completed The McAdams, a 333-unit apartment community located in the Memorial City area of Houston. The property offers a mix of one-, two- and three-bedroom units ranging in size from 563 to 1,821 square feet and features custom cabinetry and stainless steel appliances. Amenities include a rooftop pool, resident lounge, fitness center, a game room and a pet park. Rents at The McAdams range from $1,515 to $4,865 for a three-bedroom unit, according to The Houston Chronicle.

September 9, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Grandbridge Arranges $34M Construction Loan for Seniors Housing Community in Pennsylvania

by Alex Patton September 9, 2019

LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard Thomas, Meredith Davis and Kim Huffstutler.

September 9, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

by Alex Tostado September 9, 2019

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.

September 9, 2019

Newer Posts

Older Posts