Multifamily

Greystone Arranges $178M Refinancing for 26-Story Apartment Tower in Brooklyn

by Kristin Harlow July 3, 2019

NEW YORK CITY — Greystone has arranged a $178 million permanent loan for the refinancing of Hoyt & Horn, a new 26-story apartment tower in downtown Brooklyn. Wells Fargo Multifamily Capital provided the loan to the borrower, a joint venture between affiliates of Rose Associates and Benenson Capital Partners. The 15-year, fixed-rate loan was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s 80/20 Housing Program. Under the 80/20 program, 20 percent of the units within a building are set aside for low- and moderate-income households. The new financing replaces the original $158 million construction loan provided by J.P. Morgan and SunTrust Bank. Built in 2018, Hoyt & Horn is a mixed-income rental community with 368 units. It features a lobby, bicycle storage, fitness center, golf simulator, game room and outdoor decks. Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property and is expected to open late this year. An additional 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street are currently available for lease. Drew Fletcher of Greystone Capital Advisors served as exclusive advisor on the transaction, …

July 3, 2019

Acquisitions Florida Multifamily Southeast

TruAmerica, RSE Capital Purchase 454-Unit Apartment Portfolio in Tampa for $63.8M

by Alex Tostado July 2, 2019

TAMPA, FLA. — A joint venture between TruAmerica Multifamily and RSE Capital Partners has purchased a two-property, 454-unit apartment portfolio in Tampa for $63.8 million. The portfolio includes Twin Lakes and Runaway Bay, which were both built in the 1980s. Each community offers one- and two-bedroom floor plans situated in two-story residential buildings. The new owners plan to upgrade the interiors with higher end finishes. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas. Patrick Dufour and Ryan Crowley of Newmark Knight Frank (NKF) represented the undisclosed seller in the transaction. Mitch Clarfield and Ryan Greer of NKF arranged a 10-year Freddie Mac acquisition loan on behalf of the buyers.

July 2, 2019

Acquisitions Loans Mississippi Multifamily Southeast

NKF Arranges Sale, Provides $25M Acquisition Loan for Multifamily Community in Metro Memphis

by Alex Tostado July 2, 2019

SOUTHAVEN, MISS. — Newmark Knight Frank (NKF) has arranged the sale of The Clare, a 352-unit multifamily community in Southaven. NKF also provided the buyer, ValCap Group, with a $25 million Freddie Mac acquisition loan. The Clare was constructed in 1997 and offers one-, two- and three-bedroom floor plans ranging from 723 to 1,120 square feet. Communal amenities include two swimming pools, a tennis court, volleyball court and a fitness center. The Clare, formerly known as Legacy at Church Lake, is situated at 5186 Church Lake Drive, 18 miles south of downtown Memphis. The seller was not disclosed. Blake Pera of NKF represented the buyer in the transaction. Adam Randall, John Meany and John Westby-Gibson of NKF placed the debt financing.

July 2, 2019

Development Massachusetts Multifamily Northeast

Fountain Residential, HC2 Underway on 150-Unit Multifamily Project in Massachusetts

by Taylor Williams July 2, 2019

SUNDERLAND, MASS. — A joint venture between two Dallas-based firms, Fountain Residential Partners and HC2 Capital, is underway on North 116 Flats, a 150-unit multifamily project in the central Massachusetts city of Sunderland. Situated on 18 acres, North 116 Flats will feature 38 units that will be rented to households earning 80 percent or less of area median income. Floor plans include one-, two- and three-bedroom units, stone countertops, faux hardwood floors and individual washers and dryers. Select units will be offered for lease as fully furnished with 50-inch TVs. Amenities will include an 8,000-square-foot clubhouse with a fitness center, dog parks, outdoor grilling stations and sports courts. Stuart Roosth Architects is designing the project, and Granby, Massachusetts-based Western Builders is serving as general contractor. Construction is scheduled to be complete by summer 2020.

July 2, 2019

Loans Multifamily New York Northeast

Stonehenge Receives $63M Loan for Refinancing of Two Multifamily Buildings in Manhattan

by Taylor Williams July 2, 2019

NEW YORK CITY — Stonehenge NYC, a New York City-based investment and management firm, has received a $63 million loan for the refinancing of two multifamily buildings totaling 206 units in Manhattan. The properties are located at 108 W. 15th St. and 210 W. 89th St. and span 56 and 150 units, respectively. New York Community Bank provided the funds to Stonehenge, which has owned and managed the buildings since the 1990s. Ralph Herzka and Abe Hirsh of Meridian Capital Group arranged the financing, the specific terms of which were not disclosed.

July 2, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Mortgage Provides $5.3M HUD Loan for Affordable Seniors Housing Property in Pennsylvania

by Taylor Williams July 2, 2019

MIDDLETOWN, PA. — Sims Mortgage Funding, a subsidiary of Connecticut-based lender HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable seniors housing community located outside of Harrisburg. The property was built in the early 1980s. Sims Mortgage secured the financing through the HUD 223(f) loan program, which is often used to finance affordable housing projects. The loan, a portion of which will be used to fund capital improvements, was structured with a 35-year term.

July 2, 2019

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 276-Unit Multifamily Asset in Houston

by Taylor Williams July 2, 2019

HOUSTON — Berkadia has arranged the sale of Vargos on the Lake, a 276-unit multifamily asset in Houston. Built in 2015, the property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Communal amenities include a coffee bar, fitness studio, conference room and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller and developer, Hunington Properties Inc., in the transaction. Cutt Ableson of Berkadia secured acquisition financing through an undisclosed lender on behalf of the buyer, Boston-based Berkshire Residential Investments.

July 2, 2019

Development Multifamily Texas

Daniel Corp. Breaks Ground on 264-Unit Apartment Project in South Austin

by Taylor Williams July 2, 2019

AUSTIN, TEXAS — Daniel Corp., a Birmingham, Ala.-based full-service real estate firm, has broken ground on a 264-unit multifamily project located near McKinney Falls State Park in south Austin. Units at the property will feature granite countertops and stainless steel appliances, and amenities will include a clubhouse, pool, fitness center and a nature trail. Completion is slated for late 2020. Daniel Corp. also recently sold Brezza, a 330-unit community that is also located in south Austin that it delivered in 2017

July 2, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

CareTrust REIT Buys Skilled Nursing Facility in Nampa, Idaho

by Jeff Shaw July 2, 2019

NAMPA, IDAHO — CareTrust REIT has acquired Cascadia of Nampa, a newly constructed, 99-bed transitional rehabilitation facility in Nampa. The facility was added to CareTrust’s existing master lease with Idaho-based Cascadia Healthcare LLC, bringing the total facility count under the Cascadia master lease to 12 facilities with 1,013 licensed beds. CareTrust participated in the facility’s development, making a preferred equity investment with Cascadia’s development affiliate in 2016 to construct the asset. In conjunction with the investment, CareTrust obtained an option to purchase the facility at a formula-based price upon stabilization of the operations. Cascadia completed construction and opened the facility in November of 2017. CareTrust’s investment for Cascadia of Nampa was approximately $12.8 million, inclusive of transaction costs and after receiving credit for CareTrust’s original equity investment and preferred returns thereon. Initial annual cash rent will be approximately $1.5 million. The master lease carries annual CPI-based escalators and has approximately twelve years remaining on the initial term, plus three five-year renewal options. The acquisition was funded using cash on hand.

July 2, 2019

Development Michigan Midwest Multifamily

Pioneer Construction Builds 202-Unit Apartment Complex in Downtown Grand Rapids

by Kristin Harlow July 2, 2019

GRAND RAPIDS, MICH. — Pioneer Construction has completed construction of 601 Bond Apartments in downtown Grand Rapids. Ghafari Associates provided architecture and interior design services for the 16-story, 202-unit development. Time Equities is the developer and KMG Prestige is the property manager. The property includes covered parking and 4,000 square feet of retail space. Additional amenities include a rooftop deck, fitness center, lounge and pet grooming station. Monthly rental rates start at $1,399.

July 2, 2019

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