NEW YORK CITY — Kearny Bank has provided a $28.3 million loan for the refinancing of a 12-building multifamily portfolio in the Union Square and West Village neighborhoods of Manhattan. The portfolio spans nearly the entire block of 17th Street between Union Square and Irving Place, including 11 garden-style townhome buildings as well as a 24-unit building located on Cornelia Street in the West Village. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan, which carries a fixed interest rate of 3.5 percent with three years of interest-only payments, on behalf of an undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.
WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.
CHICAGO — In order to recognize the unique and unprecedented conditions of COVID-19’s impact on its triple-net-leased seniors housing tenants, healthcare REIT Ventas has established a rent deferral program for those care providers for the month of April. Under the program, certain seniors housing care providers who are Ventas tenants can defer 25 percent of their April 2020 payment obligation until Oct. 1 or receipt of government assistance. All amounts deferred are required to be used for operating expenses to care for seniors at Ventas communities. Ventas says these tenants account for approximately 20 percent of its total portfolio by net operating income. Based on current expectations, Ventas estimates that the amount of payments deferred under the terms of this program for April could be in the range of $3 million to $9 million. As of March 28, out of the 740 communities within the Ventas portfolio, 33 communities have experienced at least one confirmed COVID-19 diagnosis affecting approximately 70 residents out of 70,000 and 25 staff out of 55,000. Ventas is based in Chicago.
EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …
WICHITA, KAN. — KeyBank Community Development Lending and Investment has provided a $10 million construction-to-permanent loan to Steele Properties for the acquisition and renovation of Shadyway Plaza in Wichita. Steele Properties, based in Denver, is a real estate investment company that acquires, rehabilitates and constructs affordable housing. Built in 1979, Shadyway Plaza serves elderly and disabled residents. The seven-story building includes 100 one-bedroom units, all of which are income-restricted under low-income housing tax credit regulations at 60 percent of area median income. Monroe Group Ltd., Steele’s sister company, will manage the property. Steele plans to spend $3.7 million on renovations, including a new roof and doors as well as upgrades to the security features, HVAC system, community room and common area lighting. In addition to the $10 million loan, financing included 4 percent tax credits allocated by the Kansas Housing Resources Corp., tax-exempt bonds issued by the city of Wichita and $4 million of tax credit equity provided by the National Development Council. Sarah Geis of KeyBank structured the financing. The 4 percent tax credit is designed to subsidize 30 percent of the low-income unit costs in a project.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Foote Hills Apartments & Townhomes in Grand Rapids for an undisclosed price. The 182-unit, Class B multifamily property sits on 19.2 acres. The community features a pool, fitness center and newly remodeled clubhouse. Scott Nurski and Craig Black of NAI Wisinski represented the undisclosed buyer and seller.
HURON, S.D. — Dougherty Mortgage LLC has provided a $5.5 million Fannie Mae loan for the refinancing of Wheatgrass Village in Huron in eastern South Dakota. Constructed in 2018, the 81-unit property consists of one three-story apartment building and two two-story rental townhomes. The property also includes two single-story garage buildings. The 12-year loan features a 30-year amortization schedule. Wheatgrass Village LLC was the borrower.
BEAVERTON, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.
SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.