Multifamily

Universe Holdings Acquires Serena Vista Multifamily Property in Metro San Diego for $34.4M

by Amy Works March 31, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment community located in La Mesa, for $34.4 million. The name of the seller was not released. Located at 5810 Amaya Drive, Serena Vista features 110 apartments in a mix of one- and two-bedroom layouts spread across 17 residential buildings on a 5.2-acre site. Community amenities include a swimming pool, spa, two laundry facilities, fitness center, clubhouse, garages and covered parking with storage. Built in 1971, the property has undergone significant interior and exterior upgrades, with Universe planning to implement a light capital improvement plan to upgrade the property’s common areas. At the time of sale, the property was fully leased and stabilized.

March 31, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $16.2M Sale of Inlet View Apartments in Silverdale, Washington

by Amy Works March 31, 2020

SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.

March 31, 2020

Development Loans Louisiana Multifamily Southeast

Greystone Provides $25.3M HUD Construction Loan for Multifamily Community in Youngsville, Louisiana

by Alex Tostado March 30, 2020

YOUNGSVILLE, LA. — Greystone has provided a $25.3 million HUD 221(d)(4) loan for the construction of Sugar Mill Villas Apartments, a planned 164-unit multifamily community in Youngsville. The non-recourse, fixed-rate loan will fund 85 percent of the project. The loan will automatically convert to a 40-year, fully amortizing permanent loan upon stabilization. The community will be situated at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood. Sugar Mill Villas will also be located near the Youngsville Sports Complex, a $20 million, 70-acre development. A timeline for construction of Sugar Mill Villas was not disclosed. The borrower was also not disclosed.

March 30, 2020

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $10.6M Sale of Apartment Complex Near Jacksonville

by Alex Tostado March 30, 2020

ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.

March 30, 2020

Acquisitions Multifamily Texas

Strategic Realty Acquires 240-Unit Stonebridge at City Park Apartments in Houston

by Taylor Williams March 30, 2020

HOUSTON — Strategic Realty Holdings LLC has acquired Stonebridge at City Park, a 240-unit apartment community in southwest Houston. The property offers one- and two-bedroom units ranging in size from 680 to 1,107 square feet and amenities such as a pool, fitness center, business center and onsite laundry facilities. Florida-based alternative lender Electra Capital contributed a $5.5 million preferred equity investment for the acquisition. The seller was not disclosed.

March 30, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Provides $15.9M HUD Loan for Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow March 30, 2020

MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable seniors housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a project-based Section 8 HAP contract. Under this program, the rents are subsidized by HUD. The borrower is Trinity Limited Partnership. The property will receive $6.7 million in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co., an affiliate of Dougherty Mortgage, underwrote the bonds. This is the second transaction to close under the new HUD 221(d)(4) pilot program through Minneapolis. The term is 40 years plus construction period with a 40-year amortization.

March 30, 2020

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Secures $7.4M Refinancing for Memory Care Community in Oregon

by Amy Works March 30, 2020

EUGENE, ORE. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.

March 30, 2020

Acquisitions California Multifamily Western

Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

by Amy Works March 27, 2020

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom cabanas, an outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service. The asset is the final tranche of a 13-property multifamily portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six U.S. markets, was announced in July 2019. Blake Rogers, Matthew Lawton and Sean Deasy of JLL Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions Multifamily New York Northeast

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

by Alex Patton March 27, 2020

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz represented the undisclosed seller.

March 27, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

by Alex Patton March 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a fitness center. The property is positioned at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. Construction is slated for completion later this year. Jon Mikula, Michael Klein and Andrew Zilenziger arranged the loan.

March 27, 2020

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