Multifamily

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

Acquisitions Colorado Multifamily Western

RedPeak Property Acquires 66-Unit Safari Club Apartments in Denver for $16.8M

by Amy Works May 31, 2019

DENVER — RedPeak Property has purchased Safari Club Apartments, a multifamily building in Denver. An undisclosed seller sold the asset for $16.8 million. Located at 990 Logan St., the property features 66 apartments. Marc Lippitt, Scott Shwayder and Justin Herman of Greystone Unique Apartment Group represented the seller in the transaction.

May 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

LCS Completes Renovation, Rebranding of Seniors Housing Community in Illinois

by Kristin Harlow May 31, 2019

GODFREY, ILL. — Life Care Services has completed a renovation project at The United Methodist Village, which has been renamed Asbury Village. The nonprofit continuing care retirement community, which opened in 1997, is located in Godfrey, approximately 25 miles north of St. Louis. The new amenities include communal spaces, a new library, activity areas, fireplace and coffee bar. The community also recently added a new wellness clinic. Life Care Services continues to manage the community, as it has for 17 years.

May 31, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $40M Acquisition of 77-Unit Multifamily Asset in Bay Area

by Amy Works May 30, 2019

REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the purchase of 926 Woodside, a multifamily asset at 926 Woodside Road in Redwood City. A private investor acquired the property for $40 million in a 1031 exchange. The seller was not disclosed. Adam Levin, Robert Johnston and Michael Henshaw of the Marcus & Millichap’s Levin Johnston team represented the buyer in the transaction. Situated in the Palm Park neighborhood, the property was originally constructed in 1963 and renovated in 2016. The community features secure gated entry, keyless building entry, elevators, bike storage, electric vehicle chargers, an on-site laundry room and community courtyards with barbecue areas. The property exchange included the sale of four multifamily communities with a combined value of $31.9 million. The properties include 131 Elm Street, a 20-unit multifamily asset in San Mateo, Calif.; Delano Apartments, a 35-unit community in San Jose, Calif.; 560 Charter Street, a 15-unit property in Redwood City; and 1416 Floribunda Avenue, a nine-unit property in Burlingame, Calif.

May 30, 2019

California Development Loans Multifamily Western

JLL Arranges $35M Loan for Refugio Apartments in Santa Maria, California

by Amy Works May 30, 2019

SANTA MARIA, CALIF. — JLL Capital Markets has secured a $35 million loan to facilitate the refinancing and completion of Refugio Apartments, a 125-unit rental townhome community in Santa Maria. Annaly Capital Management provided the loan to the borrower, Dynamic Development Co. Situated on seven acres at 270 W. McCoy Lane, Refugio Apartments comprises seven stucco buildings with 125 luxury townhomes rentals. The two- and three-story units offer three bedrooms, at least 2.5 bathrooms, balconies, attached two-car garages and private backyards in select units. Community amenities include a 3,000-square-foot recreational center with a resort-style swimming pool, year-round spa, barbecue area, business center and resident clubhouse with built-in fitness center. Residents already have taken occupancy in completed portions of Refugio Apartments, with final completion scheduled for June 2019. Aaron Niedermayer, Reid McGlamery, Brian Buglione and Brandon Krupetsky of JLL arranged the financing.

May 30, 2019

Acquisitions California Multifamily Seniors Housing Western

ESI Arranges $12.8M Sale of Seniors Housing Community in San Luis Obispo, California

by Amy Works May 30, 2019

SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.

May 30, 2019

Acquisitions Multifamily New Jersey Northeast

Maya, Harbor Group Acquire Multifamily Building in Union City, New Jersey, for $31M

by Taylor Williams May 30, 2019

UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.

May 30, 2019

Loans Multifamily Texas

HFF Arranges Refinancing of Two Apartment Communities Totaling 552 Units in Metro Houston

by Taylor Williams May 30, 2019

STAFFORD, TEXAS — HFF has arranged two loan of undisclosed amounts for the refinancing of two multifamily communities totaling 552 units in Stafford, a southwestern suburb of Houston. Shadowbrooke, built in 2003, features 240 units and was 92 percent occupied at the time of loan closing. Silverbrooke, completed in 2007, totals 312 units and was 93 percent occupied. A private park adjoins the two properties, providing shared amenities such as a jogging trail, sand volleyball court, playground and putting green. Each community also houses its own resort-style swimming pool, hot tubs, clubhouse and fitness center. Cortney Cole and John Williamson of HFF worked on behalf of the borrower, Venterra Realty, to secure the loans, both of which were structured with 10-year terms and fixed interest rates.

May 30, 2019

Loans Multifamily ORIX Seniors Housing Texas

Lancaster Pollard Places Two Bridge Loans Totaling $42M for Skilled Nursing Portfolio in Texas

by Taylor Williams May 30, 2019

TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank to secure a $30 million, 30-month bridge loan for three facilities in South Texas. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard placed the debt on behalf of the borrower, Arboretum Group. The specific names and locations of the properties were not disclosed.

May 30, 2019

Loans Multifamily Seniors Housing Texas

Hunt Capital Partners Obtains $8.4M Financing for Affordable Seniors Housing Project in Irving

by Taylor Williams May 30, 2019

IRVING, TEXAS — Hunt Capital Partners, in partnership with Saigebrook Development and O-SDA Industries, has obtained $8.4 million in federal low-income housing tax credits for the development of Canova Palms, an affordable seniors housing project in Irving. The three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50 and 60 percent of the area median income. Maker Bros. is the general contractor, and Miller Slayton Architects Inc. is the architect for the project. Construction began in mid-May and is slated for completion in May 2020.

May 30, 2019

Newer Posts

Older Posts