Multifamily

Mag Mile Capital Facilitates $12.1M Loan for Apartment Complex in Columbia

by Amy Works October 17, 2018

COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and closing services. The borrower, Cohen Investment Group, is utilizing the loan to make capital improvements to the property, increase the net operating income and secure either a CMBS or agency take-out or sale at exit. Constructed in 1974, the two-story property features 224 units in a mix of one-, two- and three-bedroom and townhouse-style layouts, a clubhouse, swimming pool, fire pit, volleyball court and playground.

October 17, 2018

Development Loans Multifamily Student Housing Washington Western

Fields Holdings Receives $64M Construction Loan for Student Housing Tower Near University of Washington

by Amy Works October 17, 2018

SEATTLE — Quantum Capital Partners has secured $64 million in construction financing for The M, a 24-story student housing development located near the University of Washington in Seattle. The property — developed by Los Angeles-based Fields Holdings — will offer studio, one-, two-, three- and four-bedroom units alongside 4,350 square feet of ground-floor retail and one level of subterranean parking. Shared amenities will include study rooms, a recreational lounge, fitness center, theater, indoor basketball court, roof-top deck, bicycle parking and a door man. A timeline for development has yet to be announced.

October 17, 2018

Georgia Loans Multifamily Southeast

SunTrust Originates $8.2M Acquisition Loan for Apartment Property in South Georgia

by Amy Works October 17, 2018

VALDOSTA, GA. — SunTrust Banks has originated a $8.2 million bridge loan for the acquisition of Fields of North Valdosta, a multifamily property located at 480 Murray Road in Valdosta. The pet-friendly property features 113 two-bedroom units, ranging in size from 970 square feet to 1,200 square feet. Units include air conditioning, dishwasher, disposal, plush carpeting, walk-in closets and washer/dryer connections. Community amenities include a clubhouse, playground, swimming pool and volleyball court. Evan Hom of SunTrust CRE’s New York office originated the 36-month, floating-rate loan that features interest-only payments for the undisclosed borrower.

October 17, 2018

California Loans Multifamily Seniors Housing Western

CBRE Arranges $11.2M Acquisition Financing for 101-Unit Seniors Housing Property Near San Francisco

by Amy Works October 17, 2018

CONCORD, CALIF. — CBRE has arranged $11.2 million in financing for the acquisition of Entrust of Concord, a 101-unit independent living, assisted living and memory care community in the Bay Area city of Concord. The borrower was a joint venture between Agemark Senior Living and Trellis Real Estate Group. The property will be immediately rebranded as TreVista Concord. Originally constructed in 1970, the community is situated on 2.7 acres near both downtown Concord and downtown Walnut Creek. Upon closing, Agemark and Trellis plan to spend several million dollars in capital upgrades. The acquisition represents Trellis and Agemark’s third joint venture partnership. The property is located within three miles of two of the largest medical centers in Contra Costa County, which together comprise 799 licensed medical beds. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments through a national bank.

October 17, 2018

Loans Multifamily Seniors Housing Texas

HJ Sims Closes $186.5M in Construction Financing for Seniors Housing Project in Dallas

by Taylor Williams October 17, 2018

DALLAS — Connecticut-based investment bank HJ Sims has closed on $186.5 million in financing for Legacy Midtown Park, a 325-unit continuing care retirement community in Dallas that broke ground over the summer. Individual components of the financing package include $69.9 million in underwritten bonds, $70.5 million in financing and $14 million in subordinate financing. The property will offer independent living, assisted living and memory care units. The borrower was Legacy Senior Communities, a Plano-based not-for-profit organization that will also manage the property. Services at Legacy Midtown Park will become available in phases over 2019 and 2020

October 17, 2018

Acquisitions Multifamily Student Housing Texas

CBRE Brokers Sale of 1,005-Bed Student Housing Community Near Texas Tech University in Lubbock

by Taylor Williams October 17, 2018

LUBBOCK, TEXAS — CBRE has brokered the sale of Wildwood of Lubbock, a 1,005-bed student housing community serving Texas Tech University in Lubbock. Built in 2017, the 294-unit property is located less than two miles from campus and features a pool, fitness center, a study center and community green space. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the developer and seller, Georgia-based Dovetail Development, in the transaction. The buyer was a private real estate fund advised by Dallas-based Crow Holdings Capital-Real Estate. The sales price was not disclosed.

October 17, 2018

Loans Midwest Minnesota Multifamily

PCCP Provides $44.8M Senior Loan for Development of Apartment Project in Minneapolis

by Kristin Harlow October 17, 2018

MINNEAPOLIS — PCCP has provided a $44.8 million senior loan for the development of 1400 Nicollet Avenue, a proposed 231-unit apartment project in the Loring Park neighborhood of Minneapolis. Reuter Walton Development is developing the project, which will include 10,000 square feet of ground-floor retail space and 170 parking spaces. Approximately 80 percent of the units will be priced between $1,200 and $1,800 per month. Amenities will include a tenant lounge, clubroom, game room, fitness center, pet spa, bike storage and repair center, rooftop deck and pool. A timeline for construction was not disclosed.

October 17, 2018

Affordable Housing Development Illinois Midwest Multifamily

Evergreen Real Estate Group Breaks Ground on 48-Unit Affordable Housing Community in Chicago

by Kristin Harlow October 17, 2018

CHICAGO — Evergreen Real Estate Group has broken ground on Oso Apartments, a 48-unit affordable housing community in Chicago’s Albany Park neighborhood. Located at 3435 W. Montrose Ave., the five-story building will house 32 one-bedroom units and 16 two-bedroom units. First move-ins are scheduled for late summer 2019. Of the 48 units, 32 will be set aside for renters on Chicago Housing Authority’s waiting list. The remaining 16 units will be reserved for households earning up to 60 percent of the area median income. Amenities will include a public plaza, community room, in-building laundry, bike storage and 22 parking spaces. Chicago-based Canopy Architecture + Design served as the project architect. Evergreen Construction Co., a division of Evergreen Real Estate Group, will construct the property.

October 17, 2018

Development Loans Massachusetts Multifamily Northeast Top Stories

JPMorgan Chase Provides $306.5M Construction Loan for St. Regis Residences in Boston

by David Cohen October 17, 2018

BOSTON — JPMorgan Chase Bank has provided a $306.5 million construction loan for The St. Regis Residences a 114-unit, waterfront multifamily project in Boston’s Seaport district. The 22-story tower, which will be located at 150 Seaport Blvd., will feature a twisting and angular design evoking billowing sails in a nod to its location. Every residence in the property will offer views of the Boston skyline or Boston Harbor. The residences will also include underground parking and a two-story restaurant. Amenities will include a swimming pool, spa, health club, library and golf simulator. HFF represented the developer, Cronin Development, in the transaction. HFF also advised Cronin in structuring a joint venture for $34.5 million with a private equity partner, the JCM Opportunity Fund I LLC, a subsidiary holding of Joyal Capital Management. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline,” said HFF senior director Brett Paulsrud. Condominium units at the St. Regis Residences will range from one-bedrooms to penthouse homes. The 208,000-square-foot project will also include around 10,000 square feet of retail space, according to the developer’s website. …

October 17, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Recapitalizes 289-Unit Portfolio in New England for LCB Senior Living

by David Cohen October 16, 2018

BOSTON — Cushman & Wakefield Senior Housing Capital Markets Group has arranged recapitalization financing for a 289-unit independent living, assisted living and memory care portfolio in New England. The borrower is LCB Senior Living and its joint venture capital partner, Harrison Real Estate Capital, which recently acquired the properties. The amount of the financing was not disclosed. The assets include four properties in Ipswich, Mass. (built in 2014); South Windsor, Conn. (built in 2015); Avon, Conn. (built in 2015); and Lincoln, R.I. (built in 2009). The Cushman & Wakefield team that led the transaction included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue. In addition to the sale, Cushman & Wakefield arranged acquisition financing on behalf of the buyer with PGIM Real Estate Finance that closed concurrently with the recapitalization. The financing holds a 10-year term that is interest-only through maturity.

October 16, 2018

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