Multifamily

Marcus & Millichap Directs $2.5M Sale of Two-Property Multifamily Portfolio in Aurora, Colorado

by Amy Works February 18, 2019

AURORA, COLO. — Marcus & Millichap has arranged the sale of a two-property apartment portfolio located in Aurora. A private investor acquired the assets for $2.5 million. Totaling 12,300 square feet, the two properties — 1643 Clinton Street and 1680 Akron Street — feature a total of 24 units. Each building has one studio unit and 11 one-bedroom/one-bath units. Portfolio amenities include off-street parking, on-site laundry and hard-surface flooring in the units. Clayton Primm of Marcus & Millichap represented the buyer, while Boomer Beatty and Peter Standley, also of Marcus & Millichap, represented the seller, a private investor, in the deal.

February 18, 2019

Affordable Housing Illinois Loans Midwest Multifamily

Associated Bank Secures $20M Construction Financing for Affordable Housing Renovation Project in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.

February 18, 2019

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Secures $60M Acquisition Loan for Multifamily Portfolio in New Jersey

by David Cohen February 15, 2019

HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.

February 15, 2019

Development Florida Mixed-Use Multifamily Southeast

Bainbridge Cos. Delivers 218-Unit Multifamily Project in Tampa Bay Area

by Alex Tostado February 15, 2019

ST. PETERSBURG, FLA. — Bainbridge Cos. has delivered 930 Central Flats, a 218-unit multifamily complex in St. Petersburg’s Edge District. The Tampa Bay area project also includes underground parking, ground-floor amenities and five stories of apartments. The complex offers studio, one- and two-bedroom floor plans and amenities including a beach-style swimming pool, sun decks, barbecue grills and lounge seating, dog spa, rooftop garden and community dining tables. The site is situated less than a mile from downtown St. Petersburg and Tropicana Field, home of the Tampa Bay Rays.

February 15, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Eight Skilled Nursing Facilities in Texas

by Taylor Williams February 15, 2019

NEW YORK — Blueprint Healthcare Real Estate Advisors has brokered the sale of eight skilled nursing facilities located throughout Texas. Chicago-based Mozart Healthcare acquired seven of the facilities and negotiated leases with two Texas-based operators to run the portfolio. Regional operator Trinity Healthcare acquired the eighth facility. Christopher Hyldahl and Gideon Orion of Blueprint represented the seller, a national owner based in New York. The prices and names of the facilities were not disclosed.

February 15, 2019

Affordable Housing Development Midwest Minnesota Multifamily

Dominium Breaks Ground on 180-Unit Affordable Housing Property in Minnesota

by Kristin Harlow February 15, 2019

LEXINGTON, MINN. — Dominium has broken ground on Landings of Lexington, a 180-unit affordable housing property in Minnesota. The two-building property will include a clubhouse along Lovell Road and Lexington Avenue. Additional amenities include a fitness center, activity area for kids, storage lockers and outdoor obstacle course. Construction is slated for completion in spring 2020. Units will be restricted to residents earning up to 60 percent of the area median income.

February 15, 2019

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $15.2M Condo Deconversion Sale in Oak Park, Illinois

by Kristin Harlow February 15, 2019

OAK PARK, ILL. — 33 Realty has brokered the sale of a 79-unit condo building located at 932 W. Pleasant St. in Orland Park for $15.2 million. The Pleasant Court Condominium Association was the seller. The buyer, a family office looking to increase its holdings in suburban infill markets, plans to convert the building into rental apartment units and complete renovations. 33 Realty’s sister company, Cubed Construction, will complete the renovations, which are estimated to cost $3 million. Completion of the renovation project is slated for spring 2020. Drew Millard and John Meyer of 33 Realty represented the buyer in the sale.

February 15, 2019

Arizona Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $39.3M in Financing for Seniors Housing Properties in Arizona, Oregon

by Amy Works February 15, 2019

MESA, ARIZ., AND SPRINGFIELD, ORE. — Walker & Dunlop has funded $39.3 million in financing for two seniors housing properties in Arizona and Oregon. Kevin Giusti, Michael Davis and Jeff Ringwald of Walker & Dunlop led the origination team for the transactions. The Walker & Dunlop team structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located at 2415 S. Signal Butte Road in Mesa. Owned Ahlstrom Investments and managed by Avista Senior Living, the facility offers assisted living and memory care units. Prior to the property’s full stabilization, Walker & Dunlop secured a 10-year, fixed-rate loan while recapitalizing the property owner’s equity. The team also arranged a $13.5 million refinance through Freddie Mac for The Rawlin at Riverbend Memory Care. The Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while providing a 15-year, fixed-rate loan. The dedicated memory care facility is located at 3491 Game Farm Road in Springfield.

February 15, 2019

Connecticut Development Multifamily Northeast Seniors Housing Uncategorized

Covenant to Break Ground on $48M Senior Living Expansion in Connecticut

by David Cohen February 14, 2019

CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.

February 14, 2019

Acquisitions Multifamily Texas

Keener Investments Acquires 150-Unit Multifamily Property in Metro Houston

by Taylor Williams February 14, 2019

CLEAR LAKE CITY, TEXAS — Houston-based Keener Investments has acquired Terrace Villas, a 150-unit multifamily property in Clear Lake City, about 25 miles southeast of Houston. The garden-style property features one-, two- and three-bedroom units averaging 831 square feet per residence. Amenities include a pool, business center, playground, clubhouse and a coffee bar. Keener will upgrade the property’s unit interiors and amenity spaces. The seller was not disclosed. Warren Hitchcock of NorthMarq Capital arranged a bridge loan of an unspecified amount for the acquisition through a life company on behalf of Keener Investments.

February 14, 2019

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