Multifamily

Aegis Living Opens 104,000 SF Seniors Housing Community Near Seattle

by Amy Works July 24, 2019

MERCER ISLAND, WASH. — Aegis Living has opened its newest seniors housing community, located on Mercer Island, between Seattle proper and the developer’s headquarters in Bellevue. Inspired by a Lake Placid ski lodge, the 104,000-square-foot building features 89 units of assisted living and memory care. The community offers a mix of studio, one-bedroom and two-bedroom options, with 16 apartments dedicated to memory care. Aegis Living is the developer, owner and operator. Compass Construction was general contractor for the property, which architect Ankrom Moisan designed. The LA Studio was landscape architect. Aegis operates 32 communities in Washington, California and Nevada, with seven additional communities in development.

July 24, 2019

Development Multifamily Texas

Hillwood Underway on 332-Unit Apartment Community in Fort Worth

by Taylor Williams July 24, 2019

FORT WORTH, TEXAS — Hillwood is underway on construction of Tacara Village, a 332-unit multifamily community that will be located within the company’s 26,000-acre AllianceTexas campus in Fort Worth. The property will offer 14 different floor plans and will feature smart locks and thermostats from provider Dwelo. Amenities will include a pool, outdoor kitchen, fitness center, pet park, game room and access to nearby walking trails and parks. Phase I of the project will open later this summer, and full completion is slated for early 2020.

July 24, 2019

Development Multifamily New Jersey Northeast

Cushman & Wakefield Arranges $57.3M Refinancing for Seniors Housing Property in Hamilton, New Jersey

by Alex Patton July 24, 2019

HAMILTON, N.J. — Cushman & Wakefield has arranged a $57.3 million loan for the refinancing of Homestead at Hamilton, a seniors housing community in Hamilton, an eastern suburb of Trenton. The building rises four stories and features 195 units of independent living, assisted living and memory care housing. At the time of loan closing, the property was 61 percent occupied with expected stabilization within 12 months. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield arranged the transaction. MidCap Financial provided the $57.3 million floating-rate, first-mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest. The MidCap team included Lawrence Brin, Andrew Lavinder and Kevin McMeen.

July 24, 2019

Acquisitions Multifamily Texas

S2 Capital Acquires 272-Unit Cypress Club Apartments in Arlington

by Taylor Williams July 24, 2019

ARLINGTON, TEXAS — Locally based investment firm S2 Capital has acquired Cypress Club Apartments, a 272-unit multifamily community in Arlington. Built in 2014, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and playground. The seller was not disclosed. Mark Brandenburg of JLL arranged acquisition financing for the transaction through Freddie Mac.

July 24, 2019

Acquisitions Multifamily Texas

Limited Liability Company Buys 102-Unit Multifamily Asset in Kingsville, Texas

by Taylor Williams July 24, 2019

KINGSVILLE, TEXAS — A limited liability company has purchased Hawks Landing, a 102-unit multifamily asset in Kingsville, located south of Corpus Christi. The community features a pool, dog park, basketball court, playground and a resident clubhouse. Dougherty Mortgage arranged an undisclosed amount of Fannie Mae acquisition financing through a partnership with Old Capital Lending on behalf of the new ownership. The names of the buyer and seller were not released.

July 24, 2019

Acquisitions California Multifamily Seniors Housing Top Stories Washington Western

Madison Marquette, GFH Financial Acquire Six-Property Senior Living Portfolio for Over $180M

by Kristin Harlow July 24, 2019

CALIFORNIA, WASHINGTON AND MICHIGAN — Madison Marquette and GFH Financial Group have acquired a portfolio of six private-pay senior living communities in California, Washington and Michigan. Although a specific purchase price was not provided, GFH described the deal as “exceeding $180 million in value.” The properties include: Chateau at River’s Edge and Chateau on Capitol Ave in Sacramento, Calif.; Callaway Gardens in Kennewick, Wash.; Summer Wood in Moses Lake, Wash.; Pine Ridge in Spokane, Wash.; and Independence Village in Brighton, Mich. The communities total 509 units and feature a mix of independent living, assisted living and memory care. The occupancy as of the first quarter was 92 percent, and GFH notes that most of the assets were recently renovated and able to attain above-market rents. Senior Resource Group, JEA Senior Living and Senior Village Management operate the properties. GFH, an investment firm from the tiny Middle Eastern island country of Bahrain, will serve as the investment manager while Madison Marquette will serve as the day-to-day manager of the portfolio. GFH will be 91 percent owner, while Madison Marquette will own 6 percent. The communities’ operators will own the remaining 3 percent stake. “Through our recent platform activities in the space, …

July 24, 2019

Corsa-Tuscan-Village-North-Salem-New-Hampshire

Loans Multifamily New Hampshire Northeast

KeyBank Provides $50M Construction Loan for Multifamily Property in Salem, New Hampshire

by Alex Patton July 23, 2019

SALEM, N.H. — KeyBank Real Estate Capital has provided $50 million in permanent Freddie Mac financing for a 256-unit mid-rise apartment complex in Salem, New Hampshire. The property, Tuscan Village North, was originally financed using a $38 million construction loan, and is projected to reach stabilized occupancy by October 2019. The loan is structured with an 11-year term, and subsequent to a 6-year interest only period. It amortizes on a 30-year schedule. Dirk Falardeau of KeyBank’s Commercial Mortgage group arranged the financing.

July 23, 2019

Loans Multifamily New Jersey Northeast

PMZ Arranges $37.5M Construction Loan for MC Hotel in Montclair, New Jersey

by Alex Patton July 23, 2019

MONTCLAIR, N.J. — PMZ Realty Capital LLC. has arranged a $37.5 million bridge loan to finance a new MC Hotel in Montclair, New Jersey. The 159-unit property is part of the Autograph Collection by Marriott, an independently owned portfolio of upscale hotels. The hotel is scheduled to open August 2019, and includes a rooftop bar, over 8,500 square feet of event space, a restaurant and a lobby library. A public mortgage REIT funded the loan, which carries a three-year term with a floating rate based on LIBOR.

July 23, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 232-Unit Multifamily Asset in El Paso

by Taylor Williams July 23, 2019

EL PASO, TEXAS — Greysteel has arranged the sale of Las Lomas Apartments, a 232-unit multifamily asset in El Paso. The property is located adjacent to several entertainment concepts, including Topgolf, Alamo Drafthouse Cinema and iFly indoor skydiving facility. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the Chicago-based seller and procured the California-based buyer in the transaction.

July 23, 2019

Acquisitions Multifamily Texas

Three Pillars Capital Buys 122-Unit Apartment Community in Southeast Houston

by Taylor Williams July 23, 2019

HOUSTON — Local multifamily investment firm Three Pillars Capital Group has purchased Camino Del Sol, a 122-unit multifamily community in southeast Houston. Built on 4.2 acres in 1969, the property offers a pet play area and onsite parking. Three Pillars will implement a capital improvements program, the scope and timing of which are still being determined. The seller was GE 2507 LLC.

July 23, 2019

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