Multifamily

Sudberry Properties Breaks Ground on The Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works June 20, 2019

SAN DIEGO — Sudberry Properties has started construction of The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9850 Carroll Canyon Road in San Diego’s Scripps Ranch submarket. Situated on 9.5 acres, The Hub will features 260 apartments and 10,700 square feet of retail and restaurant space. The property is slated to open in phases, with the first apartments and commercial spaces available for occupancy in the fourth quarter of 2020. The Hub will consist of five four-story, garden-style residential buildings, a leasing center, 2,053-square-foot gym, lounge and a terrace overlooking a landscaped pool area, as well as high-visibility locations for restaurants and retailers. The property will feature apartment units in a mix of one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet. Interior amenities will include stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is handling leasing for the property. Aldon Cole and Olga Walsh of HFF arranged a construction loan through a commercial bank, as well as mezzanine financing from a correspondent life company …

June 20, 2019

Development Iowa Midwest Multifamily

Woda Cooper Breaks Ground on Mixed-Income Apartment Community in Cedar Rapids, Iowa

by Kristin Harlow June 20, 2019

CEDAR RAPIDS, IOWA — Woda Cooper Cos. has broken ground on Anderson Greene, a 44-unit, mixed-income apartment community in Cedar Rapids. The $8.7 million first phase will include 39 units for residents at or below 60 percent of the area median income, with five units offered at market rate. Woda Cooper also plans to develop a $9.2 million second phase with 48 units that will be built approximately one year after the first phase. A community center with a clubroom as well as outdoor spaces and a playground will be part of Phase I. Funding for the first phase of development was made possible through the allocation of housing tax credits by the Iowa Finance Authority, with primary investment by Wells Fargo, permanent and construction loans by Merchants Capital and additional loans from the Housing Fund for Linn County and Monticello Structured Products LLC. The city of Cedar Rapids also provided funding. Woda Construction Inc. is the general contractor. Other project partners include architect Hooker DeJong Inc., engineer Hall & Hall Engineers Inc. and sustainability consultant Sol Design + Consulting.

June 20, 2019

Loans Midwest Missouri Multifamily

M&T Realty Capital Corp. Provides $3.9M Fannie Mae Loan for Acquisition of Apartment Property in Kansas City

by Kristin Harlow June 20, 2019

KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.

June 20, 2019

Development Multifamily Northeast Rhode Island Student Housing

GMH, Wexford Open 270-Bed Student Housing Property in Providence

by Taylor Williams June 20, 2019

PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a business center, private study rooms and a cyber café with a complimentary coffee bar. Leasing began in February.

June 20, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $16.2M Sale of Multifamily Asset in The Bronx

by Taylor Williams June 20, 2019

NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.

June 20, 2019

Development Multifamily Texas

Signorelli Opens Phase I of Apartment Community in Metro Houston

by Taylor Williams June 20, 2019

NEW CANEY, TEXAS — The Signorelli Company has opened Phase I of The Pointe at Valley Ranch Town Center, a project that delivered 336 multifamily units to the northeastern Houston suburb of New Caney. The waterfront property features one-, two- and three-bedroom units and proximity to shopping and dining via nearby Valley Ranch Town Center. Residents will also have access to a 10-acre beach, a pool, outdoor kitchen and a fitness center, as well as package and concierge services. Signorelli expects to begin construction of Phase II, a 120-unit project, by year’s end.

June 20, 2019

Loans Multifamily Texas

NXT Capital Provides $53M Loan for Refinancing of Plano Apartment Community

by Taylor Williams June 20, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

June 20, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $39M for Corpus Christi Apartments

by Taylor Williams June 20, 2019

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

June 20, 2019

Loans Multifamily Seniors Housing Texas

Live Oak Bank Funds $10M Acquisition Financing for Seniors Housing Community in Texas

by Taylor Williams June 20, 2019

TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.

June 20, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $20.5M in Financing for Continuing Care Retirement Community in Pennsylvania

by Taylor Williams June 19, 2019

WEST CHESTER, PA. — HJ Sims has arranged $20.5 million for the rebuilding of a portion of Barclay Friends, a nonprofit continuing care retirement community (CCRC) in West Chester, a borough 25 miles west of Philadelphia. In 2017, a fire destroyed the Woolman Building, which housed residential, dining, common areas, administrative space and the memory care programming. While the skilled nursing areas reopened following renovations in 2018, ownership is still finalizing plans to replace the Woolman Building. Barclay’s property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims arranged the financing package, which will both fund the rebuilding and refinance existing debt. M&T provided the capital. Construction is scheduled to begin this year

June 19, 2019

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