Multifamily

Joint Venture Acquires Apartment Community in Suburban Maryland for $86.8M

by Alex Tostado January 31, 2019

SILVER SPRING, MD. — A joint venture between The Donaldson Group, Declaration Capital and DRA Advisors has acquired Montgomery White Oak Apartments, a 592-unit, garden-style apartment community in Silver Spring, for $86.8 million. The partnership plans to renovate the property, with the main focus of the renovation being the heating and cooling systems in each unit. Montgomery White Oak Apartments is situated on 28 acres adjacent to White Oak Federal Research Campus, home to the Food and Drug Administration’s (FDA) headquarters and the U.S. Army Research Laboratory. Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE represented the seller, Joncon Venture LLP, in the sale. Maxi Thiels Leachman and David Webb of CBRE arranged acquisition financing through Freddie Mac on behalf of the buyers.

January 31, 2019

Acquisitions Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $37.5M Acquisition Loan for New Apartment Complex in Richmond

by Alex Tostado January 31, 2019

RICHMOND, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $37.5 million Fannie Mae loan to Heritage Income Property LLC for the acquisition of James River at Stony Point, a newly built apartment complex in Richmond. Harry Giallourakis of Bellwether Enterprise’s Cleveland office originated the 12-year, interest-only loan. The borrower purchased James River at Stony Point through a 1031 tax-deferred exchange. Located at 9101 Stony Point Parkway, the 280-unit community includes a fully furnished clubhouse with a heated saltwater pool and sundeck, outdoor grill and fire pit lounge, 24-hour fitness center, dog park and a business center. Individual units feature modern appliances, in-suite washers and dryers and walk-in closets.

January 31, 2019

Acquisitions Multifamily Texas

Varden Capital Sells 223-Unit Apartment Community in West Houston

by Taylor Williams January 31, 2019

HOUSTON — Varden Capital Properties, an Atlanta-based firm specializing in value-add acquisitions, has sold Gracie Square, a 223-unit apartment community in west Houston. The property, which was sold as part of a larger disposition of 18 multifamily assets across the southern U.S., features one-, two-, three- and four-bedroom units. Amenities include two pools, a fitness center, outdoor grilling areas and a dog park. The buyer was The Walden Group, a New Jersey-based investment firm. Tyler Averitt and Craig Hey of Cushman & Wakefield brokered the sale.

January 31, 2019

Acquisitions Multifamily Texas

SVN Negotiates Sale of 50-Unit Apartment Property in Irving

by Taylor Williams January 31, 2019

IRVING, TEXAS — SVN | Investment Sales has negotiated the sale of Crescent Ridge Apartments, a 50-unit multifamily property in Irving. The Class C property is located near both DFW International Airport and Dallas Love Field Airport. Nicholas Brown of SVN represented the seller and procured the buyer, both of which requested anonymity.

January 31, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $7.1M Sale of Apartment Building in Queens

by David Cohen January 31, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $7.1 million sale of a 13-unit luxury apartment building in Queens. Located at 23-23 Astoria Blvd., the seven-story, 13,568-square-foot property consists of 12 one-bedroom apartments and one three-bedroom apartment. The building also features seven parking spaces, a laundry room and a common rooftop deck. Stephen R. Preuss represented the seller, an ownership group of Tinaandrew, Ballis, Juuj Realty and Theopan Properties LLC. The buyer was J & N Development.

January 31, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Orchestrates $1.9M Sale of Multifamily Property in Queens

by David Cohen January 31, 2019

NEW YORK CITY — GFI Realty Services has arranged the $1.9 million sale of a four-unit multifamily building in the Ridgewood section of Queens. Located at 503 Grandview Ave., the two-story property was built in 1921 and includes two three-bedroom apartments and two four-bedroom apartments. The property was recently fully renovated. Yehoshua Shamel of GFI represented the seller and buyer in the transaction, both local investors.

January 31, 2019

California Development Loans Multifamily Seniors Housing Western

Dekel Capital Structures $59.4M in Construction Financing for Assisted Living Community in Glendale, California

by Amy Works January 31, 2019

GLENDALE, CALIF. — Dekel Capital has assembled $59.4 million in debt and equity financing for the development of Sage Glendale Senior Living, a 113-bed assisted living and memory care facility in Glendale. Developed by Willis Development, Sage Glendale Senior Living will feature 81 assisted living units, 24 private memory care units, and four semi-private memory care units. Community amenities will include a community garden, library, theater, classrooms, exercise area, commercial kitchen and beauty salon. Slated for completion in first-quarter 2020, the seniors housing community will be located at 509-525 W. Elk Ave., approximately nine miles north of downtown Los Angeles. The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through Dekel Capital’s advisory practice. The four-year financing, with interest-only monthly payments for the first 36 months of the term, was underwritten at 65 percent loan-to-cost ratio. Dekel also provided $20.7 million in joint venture equity through the firm’s proprietary equity fund Dekel Strategic Investors.

January 31, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.2M Acquisition Financing for Seniors Housing Community in Oakland

by Amy Works January 31, 2019

OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland. The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year. The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community. Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.

January 31, 2019

Weidell-NorthMarq-quote-2019-Multifamily-Trends

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Top 5 Multifamily Investment, Financing Trends to Watch in 2019

by Jaime Lackey January 30, 2019

We’re already well into the first quarter of 2019 and with that comes the many industry events, including NMHC’s Apartment Strategies Conference and MBA’s CREF 2019. Before the year — and conference season — gets fully underway, we want to share our perspective on the top financing and investing trends that may impact your multifamily investment opportunities in the coming months. 1. New Construction Generates Sales, Financing Opportunities Multifamily development has been robust in recent years, reaching a peak in 2018. About 280,000 apartment units were delivered in 2018, and more than 1.1 million units have been delivered during the past ﬁve years. Only about 25 percent of these units have sold at this point. Developers are expected to either place permanent ﬁnancing on projects or implement exit strategies by increasingly bringing stabilized projects to market. 2. Value-Add Remains Popular, Proﬁtable Investors looking to steer clear of some of the aggressive pricing for new properties will continue to target value-add opportunities. Value-add strategies that can be executed in short time frames of about 18 months will appeal to investors and lenders as vacancies tighten and rents rise in nearly every major market in the country. 3. Interest Rates May Plateau …

January 30, 2019

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Putting The Green In Green Financing

by Jaime Lackey January 30, 2019

Green bonds have been around since 2007, but they only really started to gain traction in 2014 when about $37 billion worth of bonds were issued in the U.S. That number jumped to $45.4 billion last year, according to Bloomberg New Energy Finance (BNEF). These financing vehicles, which tout environmental and social good, can be big business. Fannie Mae accounted for much of these green mortgage-backed securities (Green MBS) with $19.8 billion contributed in 2018. These loans center on assets that have achieved green certification or those that can reduce their energy and water consumption. “Multifamily had another outstanding year in 2018, thanks to our lenders,” says Rob Levin, senior vice president for multifamily customer engagement at Fannie Mae. “Together, we supported all market segments, bringing liquidity to the market while building a balanced portfolio that reflects our strategy with strong credit quality and mission-rich business.” Getting With The Program Lenders are taking advantage of the government-sponsored entities’ (GSEs) sustainability programs at an accelerated pace. Walker & Dunlop structured $392.3 million in green financing for three multifamily properties in Southern California in June 2018. Class A communities the Medici and the Orsini I in downtown Los Angeles were financed through …

January 30, 2019

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