Multifamily

Cushman & Wakefield Arranges $20.6M Sale of Creekside Apartments in San Leandro, California

by Amy Works August 17, 2020

SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.

August 17, 2020

Acquisitions California Multifamily Western

LDK Ventures, USA Properties Fund Break Ground on 345-Unit Multifamily Project at Sacramento’s Railyards

by Amy Works August 17, 2020

SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.

August 17, 2020

Acquisitions Multifamily Washington Western

Glencrest Group Acquires Briggs Village Apartments in Olympia, Washington

by Amy Works August 17, 2020

OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.

August 17, 2020

Development Florida Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $67M HUD Construction Loan for Shoma Village Apartments Near Miami

by Taylor Williams August 17, 2020

HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units. Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan. The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction. “The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to …

August 17, 2020

Loans Multifamily Texas

Colliers Arranges $40.7M HUD Construction Loan for Multifamily Project in Manor, Texas

by Taylor Williams August 14, 2020

MANOR, TEXAS — Colliers has arranged a $40.7 million HUD loan for the construction of The Grassdale at Manor, a 320-unit multifamily project that will be located in an opportunity zone in the eastern Austin suburb of Manor. The market-rate community will consist of 10 garden-style buildings and 579 parking spaces. Units will feature one-, two- and three-bedroom floor plans. Colliers arranged the loan through a partnership with Old Capital Lending on behalf of The Grassdale at Manor LLC.

August 14, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of 112-Bed Skilled Nursing Facility in Athens, Texas

by Taylor Williams August 14, 2020

ATHENS, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. An undisclosed REIT sold the asset to a Fort Worth-based owner-operator. The sales price was undisclosed.

August 14, 2020

Loans Multifamily New Jersey Northeast

JLL Provides $20.5M Agency Loan for Refinancing of Multifamily Asset in Jersey City

by Taylor Williams August 14, 2020

JERSEY CITY, N.J. — JLL has provided a $20.5 million Freddie Mac loan for the refinancing of Garabrant, a multifamily asset located in the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the six-story, 80-unit property features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, hardwood floors and island kitchens. Amenities include a fitness center, rooftop terrace, outdoor grilling areas, a sauna and bike storage space. Matthew Pizzolato of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Point Capital Development LLC.

August 14, 2020

Acquisitions Connecticut Multifamily Northeast

CBRE Brokers $16.3M Sale of Multifamily Portfolio in Hartford

by Taylor Williams August 14, 2020

HARTFORD, CONN. — CBRE has brokered the sale of a $16.3 million multifamily portfolio in the Connecticut capital city of Hartford. The portfolio spans two properties, a 165-unit community at 873 West Blvd. and a 52-unit property at 748 New Britain Ave. Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley, David Gavin, Simon Butler and Biria St. John of CBRE represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, in the transaction. The team also procured the buyer, New York-based private investment firm 25th Century, which will implement a value-add program.

August 14, 2020

Alabama Georgia Loans Multifamily Southeast Tennessee

KeyBank Provides $163M Refinancing Loan for Six-Property Multifamily Portfolio in Three Southeastern States

by Alex Tostado August 14, 2020

CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.

August 14, 2020

Affordable Housing Development Multifamily Southeast Virginia

Woda Cooper to Develop Affordable Housing Complex in Portsmouth, Virginia

by Alex Tostado August 14, 2020

PORTSMOUTH, VA. — Woda Cooper Cos. will develop Holley Pointe, a 50-unit affordable housing complex in Portsmouth. The Columbus, Ohio-based developer expects the project to cost $10.9 million and to be complete in summer 2021. The Virginia Housing Authority provided Low-Income Housing Tax Credits to support the development, which will offer two- and three-bedroom floor plans. The community will be open to families, singles and seniors earning 80 percent or less of the area median income (AMI). Rents are projected to range from $710 and $1,135 per month. In addition, there will be 6,500 square feet of commercial space on the ground level. Hooker DeJong Architecture designed the building, Hoggard-Eure Associates is the civil engineer and Woda Construction Inc. is the general contractor. Woda Cooper’s management division will oversee day-to-day operations.

August 14, 2020

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