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Multifamily

Mirador-Corpus-Christi
AcquisitionsMultifamilySeniors HousingTexas

Cushman & Wakefield Brokers Sale of 228-Unit Senior Living Campus in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.

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Harvest-of-Roanoke-Texas
DevelopmentMultifamilySeniors HousingTexas

Civitas, LKP Ventures Break Ground on 83-Unit Seniors Housing Community in Roanoke, Texas

by Taylor Williams

ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures have broken ground on Harvest of Roanoke, an 83-unit seniors housing community in Roanoke, located due north of Fort Worth. Situated on 5.2 acres along the Texas 114 Corridor, the developers claim this is the first senior living community to be developed in the area. The community will feature 67 assisted living and 16 memory care apartments in a 67,000-square-foot building. Harvest of Roanoke is scheduled to open in fall 2020. Arrive Architects, Senior by Design and Ridgemont Commercial Construction are also contributing to the project.

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LoansMultifamilyNew JerseyNortheast

KRE Group Receives $45M Construction Loan for New Jersey Apartment Project

by Taylor Williams

BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be complete by spring 2020.

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LoansMultifamilyNew YorkNortheast

Hunt Provides $6.7M Loan for Refinancing of Manufactured Housing Community Near Buffalo

by Taylor Williams

NIAGARA FALLS, N.Y. — Hunt Real Estate Capital has provided a $6.7 million Fannie Mae loan for the refinancing of Cayuga Village MHC, a 275-site manufactured housing community in Niagara Falls, located just north of Buffalo. The property was built in stages between the 1950s and 1990s and is located near several major retail centers. A portion of the proceeds will be used to expand the property by 20 to 40 additional sites and to fund capital improvements across the manufactured housing community. The loan, which carries interest-only payments for the first three years, was provided to a family-owned operation that has held the property for more than 50 years.

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DevelopmentMultifamilyNew YorkNortheastSeniors Housing

Sentinel Opens 160-Unit Seniors Housing Community in Port Jervis, New York

by Taylor Williams

PORT JERVIS, N.Y. — Sentinel Senior Living LLC has opened The Sentinel of Port Jervis, a 160-unit assisted living community in Port Jervis, located along the Pennsylvania border approximately 70 miles northwest of New York City. The building was formerly a Days Inn, which was renovated and expanded for the project. The 65,000-square-foot building sits on over five acres. The Sentinel is seeking to expand its footprint in the area, completing a similar project in Amsterdam in 2017. The company plans to use these projects as a blueprint for future developments.

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IowaLoansMidwestMultifamily

Marcus & Millichap Arranges $3.6M Refinancing for Apartment Property in Iowa

by Kristin Harlow

WAVERLY, IOWA — Marcus & Millichap Capital Corp. has arranged a $3.6 million non-recourse loan for the refinancing of Legacy Apartments in Waverly in northeastern Iowa. The 34-unit apartment property was newly constructed. The loan features a 15-year term, 30-year amortization schedule and a fixed rate of 4.52 percent. The borrower was a development group.

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DevelopmentFloridaMultifamilySeniors HousingSoutheast

Solutions Advisors Group to Open $27.5M Seniors Housing Community in Tampa

by Alex Tostado

TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.

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LoansMultifamilySeniors HousingTexas

Capital Funding Provides $18.5M Acquisition Financing for Skilled Nursing Portfolio in Texas

by Taylor Williams

TEXAS — Capital Funding LLC has provided a total of $18.5 million in bridge-to-HUD financing for the acquisition of four skilled nursing facilities in Texas. The portfolio totals 491 beds. The borrower, seller(s) and names of the facilities were not disclosed. A third-part operator will manage the properties. Patrick McGovern of Capital Funding originated the deal.

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The-Enclave-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

BNE Real Estate Begins Leasing 260-Unit Apartment Community in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based developer BNE Real Estate Group, in partnership with Hoboken Brownstone Co. and McKinney Properties, has begun leasing The Enclave, a 260-unit multifamily community in Jersey City, located across the Hudson River from Manhattan. Apartments include studio, one- and two-bedroom units with 9-foot ceilings, quartz countertops, stainless steel appliances, washers and dryers and private balconies in select units. The Enclave offers more than 40,000 square feet of resort-style amenity space, including a pool, private grilling areas and an outdoor bar. The property also features a fitness center, dog run, multiple entertainment lounges, a game room, coworking office space, a conference room and a children’s play area. Residents can also enjoy complimentary shuttle service to nearby public transit lines, as well as access to Amazon package lockers and 24-hour concierge services. Monthly rents start at $2,150 and some units are available for immediate occupancy.

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