Multifamily

Greystone Provides $27M Bridge Loan for Houston Multifamily Asset

by Taylor Williams September 19, 2019

HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.

September 19, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $26.7M Refinancing for Apartment Complex in Des Moines

by Kristin Harlow September 19, 2019

DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.

September 19, 2019

Acquisitions Massachusetts Northeast Seniors Housing Student Housing

Welltower Buys Former Newbury College Campus Near Boston for $34M

by Alex Patton September 19, 2019

BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.

September 19, 2019

Delaware Loans Multifamily Northeast Walker & Dunlop

Walker & Dunlop Arranges $18M Construction Loan for Multifamily Development in Lewes, Delaware

by Alex Patton September 19, 2019

LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are currently under construction and slated for completion in 2020. Jon Kushner and Ben Retter of Walker & Dunlop arranged the loan on behalf of the borrower, Fernmoor Homes.

September 19, 2019

Acquisitions Maryland Multifamily Southeast

Orlo Sells Apartment Complex in Suburban Maryland for $45.8M

by Alex Tostado September 18, 2019

SUITLAND, MD. — Orlo has sold Ashton Heights, a 283-unit apartment complex in Suitland, for $45.8 million. The property was 96 percent occupied at the time of sale. Ashton Heights is located at 3901 Suitland Road, seven miles southeast of downtown Washington, D.C. The community was built in the 1970s and offers two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, playground and grilling areas. Robin Williams, Dean Sigmon, Justin Shay and Michael D’Amelio of Transwestern represented the seller in the transaction. The buyer was not disclosed.

September 18, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $27.5M Sale of Multifamily Community in Huntsville

by Alex Tostado September 18, 2019

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $27.5 million sale of Fern Parc, a 343-unit multifamily community in Huntsville. Wicker Park Capital Management LLC acquired the property for $80,029 per unit. Fern Parc is located at 4100 Memorial Parkway SW, five miles south of downtown Huntsville, and offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, kiddie pool, bark park, fitness center, cabanas, business center, playground and pet care services. Fern Parc was built in 1974 and renovated in 2015. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Panther Residential Management, in the transaction.

September 18, 2019

Development Multifamily Texas

LMC Opens 326-Unit Apartment Community in Metro Houston

by Taylor Williams September 18, 2019

KATY, TEXAS — LMC, a multifamily developer and operator that is a subsidiary of Miami-based Lennar Corp., has opened The Maddox, a 326-unit apartment community located adjacent to Memorial Hermann Katy Hospital on the western outskirts of Houston. Floor plans consist of one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, ceramic tile backsplashes, walk-in closets and smart thermostats. Amenities include a pool, fitness center, an outdoor grilling and gaming area, a community lounge with a bar and workspaces, beer garden and a dog park.

September 18, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges $10.4M Sale of Houston Manufactured Housing Community

by Taylor Williams September 18, 2019

HOUSTON — Marcus & Millichap has arranged the $10.4 million sale of Royal Coach Village Mobile Home Park, a 24.4-acre manufactured housing community in Houston. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company. The asset generated nine offers in less than 30 days on the market and sold at more than 100 percent above the listing price.

September 18, 2019

The-Grove-at-Orenco-Station-Hillsboro-OR

Loans Multifamily Oregon Western

KeyBank Arranges $50M Acquisition Financing for 264-Unit Apartment Complex in Oregon

by Amy Works September 18, 2019

HILLSBORO, ORE. — KeyBank Real Estate Capital has secured $50 million in Fannie Mae financing for San Francisco-based Jackson Square Properties for the acquisition of The Grove at Orenco Station, a 264-unit multifamily property located 6710 NE Vinings Way in Hillsboro. Built in 1998 and renovated in 2014, the apartment complex comprises 12 three-story apartment buildings, a single-story clubhouse and a leasing office building. The property recently underwent a $3.2 million renovation that started in 2015 and was completed in 2018. Paul Angle of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing for the acquisition.

September 18, 2019

Loans Multifamily Utah Western

Rockworth Cos. Receives Construction Financing for 214-Unit MillPond Apartments in Utah

by Amy Works September 18, 2019

AMERICAN FORK, UTAH — Rockworth Cos. has received an undisclosed amount of construction financing for development of The MillPond Apartments, a multifamily property located in American Fork, a suburb 30 miles south of Salt Lake City. JLL, led by Mike White, arranged the high-stacked, three-year, limited-recourse construction loan for the borrower. Located at 80 N. 1020 West, the $44 million project will feature a 214-unit apartment community comprising 11 three-story buildings with wood-frame construction. Averaging 906 square feet, the one-, two- and three-bedroom units will feature patios or balconies, in-unit washers/dryers, nine-foot ceilings, oversized bathtubs, high-quality cabinetry and luxury wood-style flooring. Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue/picnic area, dog park and bike repair facility.

September 18, 2019

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