Multifamily

M&T Bank Arranges $105M Construction Loan for Condominium Conversion in Boston

by David Cohen March 14, 2019

BOSTON — M&T Bank has arranged a $105 million construction loan for the development of 138-unit residential condominium project in Boston. Located at 100 Shawmut Ave., the 67,733-square-foot property is currently a vacant, class B office building. The redevelopment will incorporate the existing six-story structure with an expansion of a new 142,000-square-foot building that will rise an additional seven stories. The building’s 1930s façade will remain as is. The development will also include 110 parking spaces. M&T Bank secured the financing on behalf of borrower, The Davis Cos., through a syndicated senior construction loan from four local banks. The banks included Berkshire Bank, HarborOne Bank, Needham Bank, and Bank of New England. Terms of the financing were not disclosed.

March 14, 2019

Acquisitions Connecticut Healthcare Multifamily Northeast Seniors Housing

Angel Commercial Negotiates $2.1M Sale of Former Nursing Home in Bridgeport

by David Cohen March 14, 2019

BRIDGEPORT, CONN. — Angel Commercial has negotiated the $2.1 million sale of the former Astoria Park Nursing Home in Bridgeport. Located at 725 Park Ave., the 61,344-square-foot building was acquired by the Bridgeport Rescue Mission, which will use the property for a new community care center. Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor of Coastal Fairfield County. Jon Angel of Angel Commercial represented the seller, Laureate Astoria LLC, in the transaction.

March 14, 2019

Acquisitions Multifamily Texas

Eagle Property Capital Acquires Three Houston Multifamily Assets Totaling 750 Units

by Taylor Williams March 14, 2019

HOUSTON — Miami-based investment firm Eagle Property Capital (EPC) has acquired three multifamily assets totaling 750 units in Houston’s outer loop. The properties include the 312-unit Landmark at Barker Cypress, the 246-unit Champions Park Apartments and the 192-unit Champions Centre Apartments. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged acquisition financing for EPC through Freddie Mac’s Green Advantage program. All three loans carried fixed interest rates, 10-year terms and five-year interest-only periods.

March 14, 2019

Acquisitions Multifamily Texas

Praedium Group Sells 346-Unit Apartment Community in Plano

by Taylor Williams March 14, 2019

PLANO, TEXAS — The Praedium Group, a New York City-based investment firm, has sold Legends at Chase Oaks, a 346-unit multifamily community in the northeastern Dallas suburb of Plano. After acquiring the asset in 2014, Praedium Group executed a value-add program to the property’s unit interiors and amenity spaces, the latter of which includes a pool, business center, fitness center, resident clubhouse and a playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. The buyer was California-based StarPoint Properties.

March 14, 2019

Development Michigan Midwest Multifamily Seniors Housing

CA Ventures, HED Complete 122-Unit Seniors Housing Project in Birmingham, Michigan

by Kristin Harlow March 14, 2019

BIRMINGHAM, MICH. — Developer CA Ventures and architect Harley Ellis Devereaux (HED) have completed The Sheridan at Birmingham, a 122-unit seniors housing project in Michigan. The 111,264-square-foot property includes 83 assisted living units and 39 memory care units. The assisted living portion is contained in a four-story building. The one-story memory support portion is tucked behind the assisted living units and opens into an enclosed garden. HED designed a series of landscaped gardens and courtyards on the 3.7-acre site.

March 14, 2019

Acquisitions California Multifamily Seniors Housing Western

CBRE Arranges $15M Sale of Two Seniors Housing Properties in Orange, California

by Amy Works March 14, 2019

ORANGE, CALIF. — CBRE has arranged the sale of two seniors housing communities in Orange, approximately 33 miles southeast of downtown Los Angeles. Marlon LTD, a private partnership, acquired the two newly constructed apartment communities from RC Hobbs Cos. for $15 million. The sale was an exchange dependent on Marlon selling two older properties in nearby Tustin. The seniors housing apartments included a 28-unit property at 184 N. Prospect St. and a 12-unit property at 130 S. Hewes St. CBRE’s Dan Blackwell represented Marlon and RC Hobbs in the transactions. Korkees LP, another exchange buyer represented by Blackwell, purchased the two older assets in Tustin.

March 14, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

by Alex Tostado March 13, 2019

SWEETWATER, FLA. — Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended for double-wide homes and 36 percent are intended for single-family homes. Amenities include a swimming pool, management/maintenance office, mail facility, tennis courts and a playground. Lil’ Abner is situated less than two miles north of Florida International University and about 19 miles west of downtown Miami.

March 13, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Capital Health Group Sells 534-Bed Seniors Housing Portfolio in Southeastern Pennsylvania

by David Cohen March 13, 2019

PENNSYLVANIA — Capital Health Group LLC (CHG) has arranged the sale of a four-community, 534-bed seniors housing portfolio in southeastern Pennsylvania. Affiliates of CHG acquired the portfolio, which features a mix of independent living, assisted living and memory care units, in January 2017. CHG’s affiliated management company, Milestone Retirement Communities LLC, operated the communities during this time. Under CHG’s ownership, portfolio occupancy averaged over 93 percent and the operating margin was consistently above 38 percent. CHG sold the community on behalf of CHH Senior Housing LP, a CHG-sponsored operating company capitalized by Akard Street Partners, an investment venture with the Teacher Retirement System of Texas. The buyer, price and names of the communities were not disclosed. CHG is a private equity firm that was founded in 2006 to make capital investments in seniors housing facilities through acquisition and development. CHG’s current portfolio includes 41 operating communities and six communities under development. Milestone’s portfolio is located nationally across 20 states and consists of 89 communities with more than 7,800 units.

March 13, 2019

Acquisitions California Multifamily Student Housing Western

HFF Brokers $92.5 Million Sale of 942-Bed Student Housing Community Near San Diego State

by Amy Works March 13, 2019

SAN DIEGO, CALIF. — HFF has arranged the $92.5 million sale of Fifty Twenty-Five, a 942-bed student housing community located near San Diego State University. Sean Deasy, Hunter Combs and Scott Clifton of HFF represented the seller, FPA Multifamily, and procured the buyer, Denver-based Cardinal Group Investments. Completed in 2010, the LEED-Gold certified property offers a mix of studio, two- and four-bedroom units. Shared amenities include a resort-style swimming pool, 24-hour fitness center, study rooms, a computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage.

March 13, 2019

Acquisitions California Multifamily Western

Kidder Mathews Directs $7.2M Sale of Apartment Building in Costa Mesa, California

by Amy Works March 13, 2019

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of 19@18th, an apartment building located at 145 E. 18th St. in Costa Mesa. Jim Colombo, a private investor, acquired the property from 18th Street Partners for $7.2 million. Situated on a 30,000-square-foot lot, the apartment building features 19 units. The buyer plans to renovate the property, including new air conditioning, granite countertops, new roofs, and kitchen and bath upgrades, as well as resurfacing of exterior decks. Steven Brombal and Josh Rhee of Kidder Mathews represented the seller in the deal.

March 13, 2019

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