Multifamily

SunTrust Provides $12.9M Acquisition Loan for San Antonio Apartments

by Taylor Williams April 8, 2019

SAN ANTONIO — SunTrust Bank (NYSE: STI) has provided a $12.9 million Fannie Mae acquisition loan for Marbach Park, a 304-unit multifamily community in San Antonio. The property, which was built in 1984 and was more than 95 percent occupied at the time of the loan closing, offers one- and two-bedroom units. Amenities include a pool, fitness center, coffee bar and a playground. Evan Hom of SunTrust originated the 15-year loan, which carries a 30-year amortization schedule and eight years of interest-only payments, on behalf of two undisclosed sponsors based in California and Dallas.

April 8, 2019

Development Midwest Missouri Multifamily

Cohen-Esrey Begins Conversion of Kansas City Office Building into Luxury Apartments

by Kristin Harlow April 8, 2019

KANSAS CITY, MO. — Cohen-Esrey Development Group is converting a seven-story office building in Kansas City into a luxury apartment project. The first phase of construction, Midtown Plaza, will add 107 luxury one- and two-bedroom units to the Midtown area. Additional phases of construction call for retail and office space and a rooftop restaurant, as well as additional apartments and townhomes. California-based Kartel Capital purchased the property in 2008. Cohen-Esrey is the project developer and Construction Technologies is the general contractor. John Perlik and Don Coleman of CBRE Capstone arranged construction financing through Arvest Bank.

April 8, 2019

Development Midwest Minnesota Multifamily

Doran to Break Ground on 175-Unit Apartment Community in Minnetonka, Minnesota

by Kristin Harlow April 8, 2019

MINNETONKA, MINN. — Doran Cos. will break ground later this month on a new luxury apartment community in Minnetonka. The 175-unit property will be located at the intersection of Wayzata Boulevard and Fairfield Road near I-394. The project is the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of Kelly Doran. At more than 20,000 square feet, the amenity space will feature a pool, spa, sauna, entertainment suite, clubroom, game area, fitness center, coworking space and outdoor grilling area. The community will include 35 income-restricted units at 50 percent of the area median income. The city of Minnetonka provided $4.8 million in tax-increment financing for the affordable units.

April 8, 2019

Loans Midwest Minnesota Multifamily

Dougherty Provides $12.8M Acquisition Loan for Multifamily Property in Brooklyn Center, Minnesota

by Kristin Harlow April 8, 2019

BROOKLYN CENTER, MINN. — Dougherty Mortgage has provided a $12.8 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Unity Place in Brooklyn Center. The multifamily property consists of 11 two-story buildings. The property will undergo $5.2 million in renovations, including the construction of a new clubhouse building with a new management office, community room, fitness center, conference room and patio. In addition to the 40-year loan, the borrower, Unity Limited Partnership, utilized 4 percent low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC underwrote the bonds.

April 8, 2019

Acquisitions Arizona Multifamily Western

Embrey Partners Sells 319-Unit The Flats at SanTan in Metro Phoenix

by Amy Works April 8, 2019

GILBERT, ARIZ. — Embrey Partners has completed the disposition of The Flats at SanTan, an apartment community located at 2550 S. Santan Village Parkway in Gilbert. Weidner Apartment Homes acquired the 319-unit property for an undisclosed price. Built in 2018 and situated on 10 acres, The Flats at SanTan features eight residential buildings, attached and detached garages, leasing office, clubhouse, fitness center, heated pool, spa, outdoor yoga courtyard, Wi-Fi lounge with computers and printers, dog park, dog wash, outdoor kitchen, grilling areas and fire pit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

April 8, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

KeyBank Originates $12.2M Fannie Mae Loan for 70-Unit Seniors Housing Community in Massachusetts

by David Cohen April 8, 2019

LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.

April 8, 2019

Affordable Housing Development Loans Multifamily New Jersey Northeast

TD Bank Provides $6.9M Construction Loan for Affordable Housing Community in Camden, New Jersey

by David Cohen April 8, 2019

CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.

April 8, 2019

Georgia Loans Multifamily Southeast

Arbor Provides $47M Refinancing Loan for Multifamily Complex in Metro Atlanta

by Alex Tostado April 5, 2019

STONE MOUNTAIN, GA. — Arbor Realty Trust Inc. has provided a $47 million refinancing loan for 13Ten Apartment Homes, a 977-unit multifamily complex in Stone Mountain. The 12-year, fixed-rate Fannie Mae loan includes six years of interest-only payments. Stephen York of Arbor originated the loan on behalf of the undisclosed borrower. The asset, which is situated about 15 miles east of downtown Atlanta, was built in 1988 and renovated earlier this year. Community amenities include a fitness center, indoor and outdoor pools, business center, dog park, car-care center and a gazebo with a fishing pier. Local media outlets reported in April 2018 that there was a fire that destroyed 12 units within the apartment community. No details were provided if the refinancing is connected with the fire damage.

April 5, 2019

Loans Mississippi Multifamily Southeast

Dougherty Mortgage Provides $20.7M Refinancing Loan for Apartment Community Near Memphis

by Alex Tostado April 5, 2019

OLIVE BRANCH, MISS. — Dougherty Mortgage LLC has provided a $20.7 million Fannie Mae refinancing loan for The Plantation Apartment Homes, a 336-unit community in Olive Branch. The 12-year loan features a 30-year amortization schedule. Plantation Apartment Group LP was the borrower. The Plantation Apartment Homes is situated about 24 miles southeast of downtown Memphis and offers community amenities such as a stocked fishing lake, swimming pool, fitness center, playground, two clubhouses and laundry facilities.

April 5, 2019

Development Multifamily Texas

Lang Partners Breaks Ground on $65M Multifamily Community in Fort Worth

by Taylor Williams April 5, 2019

FORT WORTH, TEXAS — Dallas-based development firm Lang Partners has broken ground on The Cooper, a $65 million multifamily project in Fort Worth. Located at 1001 W. Rosedale St., the property will consist of 390 units in one-, two- and three-bedroom formats. Units will range in size from 600 to 1,810 square feet and will feature 10- to 12-foot ceilings, walk-in closets and showers, private terraces, quartz countertops and platinum silver appliances. Communal amenities include a pool with private cabanas, outdoor grilling and lounge area, fitness center with a yoga studio, coffee bar, pet park, coworking office space and package lockers with cold storage and dry cleaning services. KWA Construction is the general contractor and GFF is the architect for the project, which is slated for an August 2020 completion.

April 5, 2019

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