Multifamily

Essex Brokers $5.3M Sale of 41-Unit Multifamily Building in Chicago’s Logan Square

by Kristin Harlow July 2, 2019

CHICAGO — Essex Realty Group has brokered the sale of a 41-unit multifamily building in Chicago’s Logan Square neighborhood for $5.3 million. The property is located at 1627 N. Humboldt Blvd., near the 606 Bloomingdale Trail. The 33 studios and eight one-bedroom units are fully renovated. Doug Imber, Kate Varde and Clay Maxfield represented the seller, a venture of 1627 N. Humboldt HHI LLC. The seller purchased the property for $2.8 million in 2015. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, 1627 Humboldt LLC.

July 2, 2019

Acquisitions Colorado Multifamily Western

Nexus Negotiates $2.6M Sale of Multifamily Property in Metro Denver

by Jeff Shaw July 2, 2019

WESTMINSTER, COLO. — Nexus Commercial Realty LLC has closed on the $2.6 million sale of The Abbey at Westminster, a 16-unit multifamily property at 7120 Hooker St. in Denver. Austin Smith and Sean Holamon of Nexus represented the seller, 7120 Hooker LLC. Gunnar Wilson, Brandon Kaufman and Nik McCarter represented the buyer, Claude and Tiffany Cismaru. The Abbey at Westminster totals 11,888 square feet and offers a mix of one- and two- bedroom units.

July 2, 2019

Development Florida Multifamily Southeast

EJF Capital, Chance Partners to Construct $86M Multifamily Community in Jacksonville

by Alex Tostado July 1, 2019

JACKSONVILLE, FLA. — EJF Capital and Chance Partners will construct San Marco Crossing, a 486-unit multifamily community in Jacksonville’s San Marco neighborhood. The $86 million property is situated within an Opportunity Zone. Construction is expected to begin in the third quarter of this year with delivery slated for late 2020 or early 2021. Ameris Bank, with participation from Stifel Bank, is providing $51 million in construction financing. San Marco Crossing will be situated about three miles south of downtown Jacksonville. Jacksonville-based Oak Constructing will serve as the general contractor for the project.

July 1, 2019

Development Multifamily North Carolina Southeast Student Housing

Corvias, North Carolina Central University to Develop Mixed-Use Student Housing Project in Durham

by Alex Tostado July 1, 2019

DURHAM, N.C. — North Carolina Central University has chosen Corvias to develop two new student housing facilities totaling 1,247 beds and a 100,230-square-foot student center. The two residence halls will be called Chidley South and George Street. Both are being funded through a public-private partnership between the university and Corvias, and are expected to open in 2020. Vines Architecture is designing the residence halls in conjunction with the public-private partnership. Metcon is the general contractor. The $47 million student center is expected to be complete in 2021. Plans include a 1,750-seat auditorium and a 1,000-seat banquet hall, along with concessions and computer stations. O’Brien Atkins Associates, Duda | Paine Architects and MHTN Architects designed the student center. The general contractors are Balfour Beatty Construction, Holt Brothers Construction and Structure Building Co. Funds for the student center were generated by a $300 annual student fee approved by the student body in 2014.

July 1, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $35M Sale of Seniors Housing Community Near Columbia

by Alex Tostado July 1, 2019

WILDEWOOD, S.C. — Cushman & Wakefield has arranged the $35 million sale of Wildewood Downs, a 248-unit seniors housing community in Wildewood. Wildewood Downs was developed between 2000 and 2014 and comprises 76 independent living homes, 60 independent living apartments, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility with an 80-bed licensed capacity. The property is located 13 miles north of downtown Columbia on 38 acres. David Kliewer, Paul Carr and Allen McMurtry of Cushman & Wakefield represented the seller, an affiliate of The Hollinger Group, in the transaction. Senior Living Communities (SLC) acquired the asset for $141,129 per unit using debt financing from a publicly traded REIT.

July 1, 2019

Illinois Loans Midwest Multifamily

PCCP Provides $33.1M Senior Loan for Refinancing of Apartment Community in Lombard, Illinois

by Kristin Harlow July 1, 2019

LOMBARD, ILL. — PCCP has provided a $33.1 million senior loan for the refinancing of Apex 41, a five-story, 181-unit apartment community in Lombard. The loan will pay off the existing construction loan and provide additional time for lease-up and stabilization of the property. Apex 41 is situated on a three-acre site at 2760 S. Highland Ave. Completed in March 2017, the property is atop a two-story parking garage. Amenities include a pool, clubhouse, golf simulator and dog run. GSP Development was the borrower.

July 1, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $11.5M Refinancing for Apartment Property in Gretna, Nebraska

by Kristin Harlow July 1, 2019

GRETNA, NEB. — NorthMarq has arranged an $11.5 million loan for the refinancing of Avenue 204 at Royal View, a 120-unit apartment property in Gretna, about 20 miles southwest of Omaha. The property, located at 10816 S. 204th St., features one- and two-bedroom floor plans with in-unit washers and dryers. Amenities include a pool, fitness center, grilling area and clubhouse. Josh Larsen of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.

July 1, 2019

Acquisitions Kansas Midwest Multifamily

Skyline, ND Consulting Acquire Multifamily Property in Kansas City, Kansas for $8.9M

by Kristin Harlow July 1, 2019

KANSAS CITY, KAN. — Skyline LLC and ND Consulting have acquired Silver City Apartments in Kansas City for $8.9 million. Originally built in the 1970s, the 160-unit property underwent a tax credit renovation in the mid-1990s. Dan Piatkowski of Affordable Housing Investment Brokerage Inc. brokered the transaction. Commercial Group, a Topeka, Kan.-based owner and operator, sold the asset. The buyers were interested in the HAP contract in place at the property and plan to expedite renovations needed. A tax credit renovation is the renovation of an existing property in effort to provide quality affordable housing to low-income tenants, according to Piatkowski. In exchange for tax credits and other fees, which lessen a developer’s financial exposure, developers renovate properties that are often project-based Section 8, agreeing to specific rental restrictions for a certain period of time based on tenant’s income. All different types of debt service are used to finance these types of properties, including Freddie Mac, Fannie Mae, HUD and other loan programs.

July 1, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

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