Multifamily

Exact Capital, Lam Group Top Off 26-Story, Marriott-Branded Hotel in Harlem

by Taylor Williams July 1, 2019

NEW YORK CITY — A partnership between two New York-based developers, Exact Capital and Lam Group, has topped off a 26-story Renaissance by Marriott hotel in Harlem. The 210-room property is being constructed above Harlem’s historic Victoria Theater, which was originally built in 1917. The hotel will include a 5,000-square-foot ballroom, and the building will house 25,000 square feet of retail space. Completion is slated for 2020. A 191-unit multifamily building under construction on the site is also nearing completion. Half of the units in the residential building will be rented at below-market rates.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Acquisitions Hospitality Multifamily South Carolina Southeast Top Stories

RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Acquisitions Delaware Multifamily Northeast Student Housing

Vesper Acquires Student Housing Community Near University of Delaware for $48M

by Taylor Williams June 28, 2019

NEWARK, DEL. — Vesper Holdings has acquired The Retreat at Newark, a 597-bed student housing community located near the University of Delaware campus in Newark, for $48 million. The property offers a mix of one-, two-, four- and five-bedroom units. Shared amenities include a basketball court, clubhouse, fitness center, tanning beds, a golf simulator, outdoor grilling areas, a pool, hot tub and a computer lounge. TSB Realty brokered the sale of the property on behalf of an undisclosed seller. Vesper plans to invest $1 million in capital improvements in order to renovate shared amenity spaces as well as make exterior improvements and substantial technology upgrades throughout the property.

June 28, 2019

Loans Multifamily New York Northeast

Arbor Provides $4M Freddie Mac Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams June 28, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small balance loan for the refinancing of a 13-unit apartment building located at 2402 Gerritsen Ave. in Brooklyn. Built in 1964 and recently rehabilitated, the property includes ground-floor retail space. Vincent Chiodo of Arbor’s New York office provided the loan, which carries a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.

June 28, 2019

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 250-Unit Apartment Community in Dallas

by Taylor Williams June 28, 2019

DALLAS — CBRE has negotiated the sale of Greens of Hickory Trail, a 250-unit multifamily community located about 10 miles south of downtown Dallas. The property was built in 2000 and was 97 percent occupied at the time of sale. Chris Deuillet, Chandler Sims, Jeff Kunitz and Mike Canori of CBRE represented the seller in the transaction. According to brokers, the property’s rental restrictions will phase out over the next two years, creating an opportunity for the undisclosed buyer to upgrade the property and unlock additional value.

June 28, 2019

Kentucky Loans Multifamily Southeast

Greystone Provides $125.2M Fannie Mae Loan for Multifamily Portfolio in Kentucky, Pennsylvania

by Alex Tostado June 28, 2019

NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.

June 28, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $46.5M Sale of Apartment Complex in Raleigh-Durham

by Alex Tostado June 28, 2019

MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.

June 28, 2019

Acquisitions California Multifamily Seniors Housing Western

Faris Lee Investments Brokers Acquisition of Seniors Housing Community in Bay Area for $39M

by Amy Works June 28, 2019

HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.

June 28, 2019

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 306-Unit Town Commons Multifamily Community Near Phoenix

by Amy Works June 28, 2019

GILBERT, ARIZ. — The Praedium Group has purchased Town Commons, a multifamily complex located in Gilbert, for an undisclosed price. The name of the seller was not released. Comprising 24 residential buildings, Town Commons features two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story, garden-style buildings. Constructed in 2018, the property features 306 units in a mix of one-, two-, three- and four-bedroom layouts, ranging in size from 776 square feet to 2,197 square feet. Community amenities include a resort-style swimming pool, outdoor lounge, bonfire pits, barbecue grills, dog park, children’s splash pad, clubhouse with a cyber café, private work space with a 55-inch presentation television and fitness center.

June 28, 2019

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