Multifamily

Bellaire Partners Buys 216-Unit OakRidge Apartment Homes in San Antonio

by Taylor Williams February 28, 2020

SAN ANTONIO — Bellaire Partners, a California-based investment firm, has purchased OakRidge Apartment Homes, a 216-unit community in northeast San Antonio. The property features one- and two-bedroom units averaging 692 square feet and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Moses Siller and Zar Haro of JLL represented the seller, Regional Investment & Management, in the transaction. Mark Brandenburg of JLL arranged an undisclosed amount of acquisition financing through NexBank on behalf of the buyer. The loan was structured with a five-year term and a fixed interest rate.

February 28, 2020

Development Multifamily Seniors Housing Texas

Civitas, PremCap Open 89-Unit West Fork at Weatherford Seniors Housing Community

by Taylor Williams February 28, 2020

WEATHERFORD, TEXAS —Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth (DFW) metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.

February 28, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

California Loans Multifamily Western

Ready Capital Closes $8.9M Loan for Multifamily Property in Los Angeles

by Amy Works February 28, 2020

LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.

February 28, 2020

Rosewood Courte for Northwest Care Senior Living

Acquisitions Multifamily ORIX Seniors Housing Washington Western

Lancaster Pollard Provides $7.2M Refinancing for Rosewood Courte Memory Care in Edmonds, Washington

by Amy Works February 28, 2020

EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.

February 28, 2020

Development Illinois Midwest Multifamily

Joseph J. Duffy Co. Begins Construction of Mixed-Income Apartment Community in Chicago

by Kristin Harlow February 28, 2020

CHICAGO — Joseph J. Duffy Co. has begun construction of a seven-story, mixed-income apartment community in Chicago’s Jefferson Park neighborhood. Nonprofit organization Full Circle Communities is the developer for the 75-unit building located at 5150 N. Northwest Highway. The project will provide housing for veterans, persons with disabilities and working families. Sixty of the units will be affordable and 15 will be market-rate. Amenities will include a community room, library, business center, picnic area, community garden, dog run and 40 parking spaces. The project is expected to receive LEED Silver certification upon completion. Cordogan, Clark & Associates is the project architect.

February 28, 2020

Development Michigan Midwest Multifamily

Bedrock Begins Pre-Leasing 35-Unit Multifamily Property in Detroit’s City Modern

by Kristin Harlow February 28, 2020

DETROIT — Bedrock has begun pre-leasing The Flats at 2660 John R. Street, the first of five market-rate multifamily properties to be located in City Modern, an 8.4-acre development in Detroit’s Brush Park neighborhood. The first property is home to 35 units, comprised of studios, one- and two-bedroom floor plans. Amenities include bicycle storage, dry cleaning lockers, a package delivery system and third-floor outdoor terrace. Move-ins will begin in April. Lorcan O’Herlihy Architects designed the property. Detroit-based Bedrock is a full-service real estate firm. Since its founding in 2011, the company and its affiliates have invested and committed over $5.6 billion to acquiring and developing more than 100 properties.

February 28, 2020

Acquisitions Illinois Midwest Multifamily

Interra Arranges $6.5M Condo Deconversion Sale in Chicago’s Rogers Park

by Kristin Harlow February 28, 2020

CHICAGO — Interra Realty has arranged the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit condominium building in Chicago’s Rogers Park neighborhood, for $6.5 million. Built in 1929, the property rises three stories. Renovated two- and three-bedroom units feature exposed brick, kitchens with granite countertops and stainless-steel appliances as well as in-unit laundry. Craig Martin and Lucas Fryman of Interra represented the buyer, a local investment group that purchased the asset through a 1031 tax-deferred exchange. Martin and Fryman also represented the sellers, a private equity group that owned 36 of the units, three individual investors who each owned a unit and one owner-occupier.

February 28, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Axiom Capital Corp.: How healthy is today’s real estate market?

by Sarah Daniels February 28, 2020

Charles Cronin of Axiom Capital Corp. discusses how the longest upcycle in history is impacting the lending environment. Cronin weighs in on the overall health of the commercial real estate lending industry now and what people learned from the 2007/08 financial crisis. What can people expect from the market going into 2020, especially with high prices and fierce competition in both sales and lending? Low credit spreads and rates are positive signs for commercial real estate. However, challenges related to high-end apartments and areas with very high costs of living signal the need for both discipline and flexibility as secondary and tertiary markets become more attractive. Watch the video to hear more about what Cronin sees in today’s market. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 28, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Capital Funding, Bank Leumi Provide $27.8M Acquisition Loan for Seniors Housing Facility in New Jersey

by Alex Patton February 28, 2020

WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.

February 28, 2020

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