Multifamily

Mosaic Development Sells Newly Built Apartment Community in Fort Myers for $49.7M

by Amy Works November 12, 2018

FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.

November 12, 2018

Development Florida Multifamily Seniors Housing Southeast

Hunt Midwest, Integral Break Ground on Seniors Housing Project in Palm Beach County

by Amy Works November 12, 2018

ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.

November 12, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Arranges Sale of New Multifamily Community in Elizabethtown, Kentucky

by Amy Works November 12, 2018

ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.

November 12, 2018

Acquisitions Multifamily Texas

NKF Arranges Sale of Two Multifamily Assets Totaling 670 Units in Austin

by Taylor Williams November 12, 2018

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of Estates at Southpark Meadows and Terraces at Southpark Meadows, two multifamily assets totaling 670 units in south Austin. The properties, which were acquired as value-add opportunities, were built in 2009 and border the Southpark Meadows power center. Patton Jones of NKF’s Capital Markets group represented the seller, Atlanta-based BVT Equity Holdings, in the transaction. The buyer was not disclosed.

November 12, 2018

Development Loans Multifamily Nevada Western

CapitalSouth Provides $41.1M Construction Loan for Multifamily Property in Las Vegas

by Amy Works November 12, 2018

LAS VEGAS — CapitalSouth, a division of Pacific Western Bank, has provided a $41.1 million construction loan for the development of Tuscan Highlands, a multifamily property located in Las Vegas’ Southern Highlands submarket. The property will be situated on 15.2 acres at the southwest corner of St. Rose Parkway and Interstate 15. The 26-building community will feature 304 market-rate apartments units in a mix of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts and townhomes. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The resort hall and restaurant will feature a private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space and a full bar. Jonathan Lee of George Smith Partners arranged the financing for the borrower, Watt Cos. and Schulman Properties.

November 12, 2018

Acquisitions Colorado Multifamily Western

Ellwood Corp. Sells 68-Unit Apartment Building in Denver for $16.5M

by Amy Works November 12, 2018

DENVER — Ellwood Corp. has completed the sale of Brittany House Apartments, a multifamily property located at 77 S. Ogden St. in Denver’s West Washington Park district. Denver-based RedPeak acquired the property for $16.5 million, or $242,647 per unit. The five-story building features 68 units in a mix of studio, one- and two-bedroom units. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

November 12, 2018

Leasing Activity Multifamily Seniors Housing Texas

MedEquities Enters 15-Year Lease With Fort Worth-Based Seniors Housing Operator

by Taylor Williams November 12, 2018

FORT WORTH, TEXAS — MedEquities Realty Trust Inc. (NYSE: MRT) has signed a 15-year lease with Creative Solutions in Healthcare, a Fort Worth-based operator of skilled nursing and assisted living facilities. Beginning in 2019, Creative Solutions will assume operations of all 10 MedEquities facilities currently leased to an affiliate of OnPointe. Creative Solutions currently operates 55 skilled nursing and assisted living facilities in Texas.

November 12, 2018

Industrial Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $3.4M Refinancing for Apartment, Industrial Portfolio in Massachusetts

by David Cohen November 12, 2018

MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.

November 12, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $46.5M Refinancing for Two Multifamily Properties in Suburban Detroit

by Kristin Harlow November 12, 2018

NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.

November 12, 2018

Development Illinois Midwest Multifamily

Holland Construction Breaks Ground on $34M Apartment Community in Edwardsville, Illinois

by Kristin Harlow November 12, 2018

EDWARDSVILLE, ILL. — Holland Construction Services has broken ground on a $34 million apartment community known as Whispering Heights in Edwardsville, located near St. Louis. Fireside Financial is the developer. The community will feature two six-story buildings with a total of 153 luxury units. The development will also include 18,000 square feet of retail and restaurant space. Additional features include a fitness center, business center and rooftop amenity deck with grilling stations, fire pits and a bar area. Completion is slated for fall 2019. Gray Design Group is the project architect. David Garfinkel of NorthMarq Capital arranged a $21.8 million construction loan for the project through Illinois National Bank.

November 12, 2018

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