Multifamily

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel into Student Housing for Tulane Medical Students

by Alex Tostado April 3, 2020

NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.

April 3, 2020

Kentucky Loans Multifamily Seniors Housing Southeast

Bellwether Enterprise Provides $36.3M Refinancing Loan for Seniors Housing Community in Lexington, Kentucky

by Alex Tostado April 3, 2020

LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The property is situated across the street from Bayer Properties’ Summit at Fritz Farm mixed-use development.

April 3, 2020

Loans Multifamily New York Northeast

ABS Altman Warwick Arranges $29.7M Refinancing for Multifamily Portfolio in Upper Manhattan

by Alex Patton April 3, 2020

NEW YORK CITY — ABS Altman Warwick, a New York City-based division of ABS Partners Real Estate, has arranged a $29.7 million refinancing for a three-building multifamily portfolio in Upper Manhattan. The 183-unit portfolio includes a 73-unit building in Washington Heights and two buildings totaling 110 units in Hamilton Heights. Freddie Mac provided the loan at a fixed interest rate of 3.47 percent for 10 years with four years of interest-only payments. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan on behalf of the undisclosed borrower, which has owned the portfolio since the early 2000s.

April 3, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $3.2M Sale of Multifamily Community in Plainfield, New Jersey

by Alex Patton April 3, 2020

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $3.2 million sale of Executive Arms Apartments, a 27-unit multifamily community in Plainfield, a southwestern suburb of New York City. Located at 309-315 W. 8th St., Executive Arms exclusively consists of 950-square-foot studios. Stephen Tragash of Gebroe-Hammer represented the seller, 315 West 8 LLC, in the transaction. Niko Nicolaou, also of Gebroe-Hammer, procured the buyer, a private unnamed investor.

April 3, 2020

California Loans Multifamily Western

Real Asymmetry Receives $58.5M Refinancing for San Diego-Area Multifamily Portfolio

by Amy Works April 3, 2020

SAN DIEGO AND LA MESA, CALIF. — Real Asymmetry has received $58.5 million in refinancing for a recently renovated, five-property multifamily portfolio in San Diego and La Mesa. Zane Sweet of JLL Capital Markets arranged the 10-year, fixed-rate loan through Union Bank for the borrower. Loan proceeds were used to refinance existing bank debt. Totaling 328 workforce-oriented apartments, the portfolio includes Asana at North Park at 3710-3810 Wabash Ave., Pacific Cove at 4019 Oakcrest Drive and 14th Street at 1028 14th St. in San Diego, as well as Tierra Del Rey at 3675 King St. and Tiburon at 7740 Parkway Drive in La Mesa.

April 3, 2020

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $26.2M in Acquisition Financing for Two Multifamily Assets in Phoenix

by Amy Works April 3, 2020

PHOENIX — Tower Capital has secured two acquisition loans totaling $26.2 million for multifamily properties in Phoenix. The names of borrowers were not disclosed. The Phoenix-based independent structured finance firm arranged $21.5 million for San Maria Apartments, a 400-unit affordable housing complex located at 7002 W. Indian School Road in Phoenix. The gated property features a heated swimming pool, spa, basketball court, on-site laundry facility and covered parking. Additionally, Tower Capital arranged $4.7 million for Arcadia Palms Apartments, a multifamily community located at 4446 N. 36th St. in Phoenix. Situated in the city’s Arcadia submarket, the property features 34 apartments.

April 3, 2020

Acquisitions Midwest Minnesota Multifamily

NAI Legacy Acquires 152-Unit Apartment Asset in Robbinsdale, Minnesota

by Kristin Harlow April 3, 2020

ROBBINSDALE, MINN. — NAI Legacy has acquired Birdtown Flats as part of its Opportunity Zone investment strategy. Among the first completed ground-up developments in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February. It is located in Robbinsdale, just north of Minneapolis. The 152-unit community includes a rooftop deck, fitness center, business center, common area and dog walk. The Beard Group was the developer and Steven Scott Management is the property manager. CliftonLarsonAllen Wealth Advisors assisted in capital raising efforts. NAI Legacy’s Opportunity Zone program offers institutional-quality investments for investors, along with Opportunity Zone tax benefits. Since launching the program, the firm has completed four investments totaling approximately $50 million.

April 3, 2020

Iowa Loans Midwest Multifamily

Marcus & Millichap Arranges $14.5M Refinancing for Multifamily Property in Cedar Falls, Iowa

by Kristin Harlow April 3, 2020

CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.

April 3, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Real Estate Capital Provides $6.4M Acquisition Loan for Apartment Community in Clarkston, Michigan

by Kristin Harlow April 3, 2020

CLARKSTON, MICH. — Hunt Real Estate Capital has provided a $6.4 million Freddie Mac small balance loan for the acquisition of Chalet Villa Apartments in Clarkston, about 40 miles north of Detroit. Built in 1974, the 123-unit apartment community is located at 6935 Tuson Blvd. It consists of eight two-story buildings. Larry Harwood of Q10 | Lutz Financial Services arranged the 10-year, fixed-rate loan. The borrower was 6935 Chalet Villa Apartments LLC. The seller recently invested approximately $1.8 million in capital improvements to the roofing, sidewalks and sewer.

April 3, 2020

Features Multifamily Seniors Housing

Wide-Ranging Financial Fallout Expected as Seniors Housing Industry Confronts Pandemic, Says Economist

by Alex Patton April 3, 2020

Great uncertainties cloud the immediate outlook for the U.S. economy and the seniors housing industry in the wake of the COVID-19 pandemic. But one thing is certain: Unlike other industries that have been forced to shut down, senior living communities are open and continue to serve residents. With that framework in mind, a March 26 webinar sponsored by the National Investment Center for Seniors Housing & Care (NIC) addressed the ongoing financial implications of the COVID-19 pandemic for operators, developers and capital providers. The webinar is the first in a series of NIC-hosted webinars to address industry challenges related to the pandemic. Webinar participants included Beth Mace, NIC chief economist; Jim Costello, senior vice president, Real Capital Analytics; Kurt Read, principal, RSF Partners; Matthew Ruark, senior vice president, head of commercial and healthcare mortgage production, KeyBank Real Estate Capital; and Kevin McMeen, president, real estate, MidCap Financial Services. Early impact The immediate financial repercussions of the pandemic include a stall in transactions, a rise in lender caution, confusion over valuations, and a search for clarity on how the disease will impact occupancies going forward. The most startling data point was noted by Mace at the outset. Weekly jobless claims March …

April 3, 2020

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