HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $13.5 million for a pair of multifamily assets in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $7.5 million loan for the refinancing of a 100-unit property in Fort Bend County. The loan carried a fixed 3.52 percent interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $6 million loan for a 90-unit community in Texas City. That loan was structured with a fixed interest rate for seven years and three years of interest-only payments.
BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.
ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.
SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of interest-only payments followed by a 30-year amortization schedule. In the second transaction, M&T provided a $40.5 million FHA-insured loan to refinance a 300-bed skilled nursing facility in Staten Island. The fully amortizing loan features a 35-year term, 3.9 percent fixed rate and 60 percent loan-to-value ratio. Quigley and Pipitone, along with Jennifer Kooney of M&T, secured the debt.
ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …
JACKSONVILLE, FLA. — Presidium has broken ground on Presidium at Town Center, a four-story, 370-unit apartment complex in Jacksonville’s St. Johns Town Center area. The 470,000-square-foot development is expected to be complete in mid-2021. Interior units will feature energy-efficient appliances and 9- to 10-foot ceilings. Communal amenities will include a swimming pool; 10,000-square foot leasing/amenity building containing a club room, game room and fitness center; and a rooftop terrace and lounge overlooking the pool. Dwell Design Studio is the architect, Connolly & Wicker is serving as the civil engineer, and Dix.Hite + Partners Inc. is the landscape architect.
RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi throughout the community, indoor mailroom and a package delivery/storage system. The community was built through a partnership with Union Presbyterian Seminary. The school is located across the street and previously owned the land that Canopy at Ginter sits upon. The community will provide Union students with additional housing opportunities. Canopy at Ginter Park is located at the corner of Westwood Avenue and Brook Road, three miles north of downtown Richmond. Fifth Third Bank provided construction financing.
JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.
KATY, TEXAS — General contractor Allied Orion Group has broken ground on Territory at Greenhouse Apartments, a 288-unit multifamily project in the western Houston suburb of Katy. Developed by Dhanani Private Equity Group, the Class A community will be located near Houston Methodist Hospital, Texas Children’s Hospital and Cullen Park, as well as a multitude of dining, retail and entertainment options including LaCenterra in Cinco Ranch, City Centre, and Katy Mills Mall. Territory at Greenhouse’s units will feature one-, two- and three-bedroom units with stainless steel appliances, vinyl plank flooring and private balconies. Communal amenities will include a resort-style pool, fitness center, outdoor movie amphitheater, resident clubhouse and lounge, a business center and a dog park. Completion is slated for February 2020 and preleasing will begin this fall.
BRYAN, TEXAS — Multifamily investment firm West Shore LLC has acquired Broadstone Traditions, a 261-unit residential community located in the Central Texas city of Bryan. Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community, a 396-unit property owned and operated by West Shore since 2018. Units feature quartz or granite countertops, stainless steel appliances, full-size washing machines and dryers, walk-in closets, private patios or balconies and wine refrigerators and beverage centers in select units. Amenities include three pools with cabanas and sun decks, three fitness centers, outdoor kitchens and grilling stations, an outdoor putting green, three dog parks with pet washing stations, two business centers with private conference rooms and complimentary Starbucks coffee bars.