PROVO, UTAH — Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.2 million to refinance Lakeview Court Apartments, a multifamily property in Provo. The borrower is Geneva Road 44 LLC. The loan features a 12-year term, 30-year amortization and 24 months of interest-only payments. Situated on a two-acre site, Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprising three three-story apartment buildings. Developed in 2015, the asset has 42,988 square feet of rentable space and 88 parking spots. At the time of sale, the property was 97 percent occupied.
HALLOWELL, MAINE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, a continuing care retirement community in Hallowell, a southern suburb of Augusta. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000 and assisted living was added in 2006. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Toby Siefert and Bradley Clousing of SLIB handled the transaction.
LONG ISLAND, N.Y. — Cushman & Wakefield has brokered the $8 million sale of 212-230 Middle Neck Road, a 53,097-square-foot residential development site in the Great Neck neighborhood of Long Island. The buyer, McKinley Homes, plans to develop a 40-unit multifamily building on the site with one-, two- and three-bedroom units, storage, community laundry room, gym, rooftop lounge and a deck area. Daniel Abbondandolo, Robert Kuppersmith and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, GN Properties LLC, in this transaction. Kelly Koukou and Bradley Diamond of Lee & Associates represented McKinley Homes.
FRISCO, TEXAS — Hillwood has broken ground on The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. Designed by JHP Architecture, the property will offer studio, one- and two-bedroom units as well as townhomes. Units will feature granite countertops, custom cabinetry and walk-in closets, as well as smart locks and thermostats. Amenities will include a pool with cabanas, coworking space, a fitness center, coffee and wine bars, resident lounge, sauna and a pet washing facility. Preleasing is scheduled to begin in summer 2020 with the first units slated to come on line in early 2021.
DALLAS — Buckner Senior Living has opened Ventana by Buckner, a 301-unit seniors housing community in North Dallas. Development costs were estimated at $140 million. The project, designed by D2 Architecture, features two 12-story towers that house 189 independent living residences, 38 assisted living residences, 48 nursing apartments and 26 memory care residences. Buckner is collaborating with Baylor Scott & White Health for medical and spiritual care services, Stephan Pyles for culinary services, Cooper Aerobics for health and wellness and Southern Methodist University for continuing education. Apartments range from 950 to 2,000 square feet.
ARLINGTON, TEXAS — JLL has arranged the sale of The Palace, a 280-unit apartment community in Arlington. The garden-style property was built in 1971 and was recently renovated to upgrade signage, building exteriors and common areas. The community was 96.4 percent occupied at the time of sale. Art Barnes, David Godvin and Jorg Mast of JLL represented the seller, MBP Capital Inc., in the transaction and procured the buyer, Raven Multifamily. Deverick Jordan, Andrew Speer, Clint Hoelscher and Donovan Collins of JLL placed an undisclosed amount of Fannie Mae acquisition financing for the deal.
CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. The purchase price was undisclosed. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. Operation Pathways, the resident services affiliate of NHP, will provide onsite services.
There’s a human factor when it comes to working in the affordable housing industry. Kelly Frank, senior banker at KeyBank, recalls attending a ribbon-cutting ceremony for a scattered-site housing development where a woman came up to her in tears expressing how grateful she was to have a home in a safe neighborhood setting. The ability to make such a positive impact on someone’s life is one reason Frank loves the affordable housing business. “A lot of work is being done to bring affordable housing to every community,” says Frank. “Everybody’s eyes are on it because it’s a resounding theme throughout the country that there’s just not enough affordable housing.” The United States is short 7 million rental units that are affordable and available to extremely low-income renters, according to the National Low Income Housing Coalition. These renters have household incomes that are at or below the poverty guideline, or 30 percent of their area median income. The silver lining is that Cleveland-based KeyBank and other lenders have a large toolbox of financing mechanisms available to combat the affordable housing crisis and facilitate the development and preservation of affordable units. Many loans are processed through agencies, including government-sponsored enterprises such as …
BUFORD, GA. — Harbor Group International LLC (HGI) has sold Preserve at Mill Creek, a 400-unit multifamily property located in Buford, 32 miles northeast of Atlanta, for $75 million. The buyer was not disclosed. The asset is located 1400 Mall of Georgia Blvd. and features one-, two- and three-bedroom apartments, as well as a swimming pool, tennis courts and a fitness center. The property is near Interstate 85 and Ga. Highway 20 and the Mall of Georgia. First Communities manages the property. HGI recently completed a $3.9 million renovation to the community. The Norfolk-based investor also purchased The Cedars at Elm Hill in Nashville earlier this year with plans to make capital improvements.
PANAMA CITY BEACH, FLA. — Mesa Capital Partners will break ground in December on The Tyde, a new $50 million multifamily project in Panama City Beach. The Tyde will feature 300 one-, two-, and three-bedroom apartments with varying construction layouts, including two-story carriage homes, three-story walk-ups and four-story, elevator-serviced buildings. The community will be situated at the intersection of Clara Avenue and U.S. Highway 98, less than a mile from the Gulf of Mexico and near retail and local employers Bay Medical Center and Tyndall Air Force Base. The Tyde will include a clubhouse, fitness center, community space, pool, outdoor fireplaces and grill stations. Atlanta-based Mesa Capital Partners plans to have the units available to lease in late 2020. The project team includes architect Gary B. Coursey & Associates Architects Inc. and engineer Robert Carroll, and Mesa Capital Partners is in the process of selecting a general contractor.