WALTHAM, MASS. — New York Life Real Estate Investors has provided a $96 million refinancing for The Merc at Moody & Main, a 269-unit multifamily complex with street-level retail in Waltham. Located at 45 Moody St., a Roche Brothers’ Brothers Marketplace anchors the property. NYLREI provided a 12-year, fixed-rate loan to the borrower, Northland Investment Corp.
REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization schedule.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of RiverVue Apartments, a 375-unit multifamily property in Fort Worth. Built in 2017, the community is located within the 63-acre Trinity River in Waterside mixed-use development and consists of studio, one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling area, cyber lounge and conference room, on-site storage units, a game room and nearby walking trails. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the buyer, St. Regis Properties, in the sale. Jake Roberts, also of IPA, arranged a 10-year, fixed-rate loan for the acquisition through an undisclosed life insurance company.
DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.
LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.
GERMANTOWN, WIS. — HFF has arranged the sale and acquisition financing for River’s Cove Apartments in Germantown, a suburb of Milwaukee. The 112-unit apartment community is situated on 11 acres and overlooks the Menomonee River. Units average 1,062 square feet. Amenities include a picnic area, parking garage and access to nearby walking trails. The property was 98 percent occupied at the time of sale. Wick Kirby, Kevin Girard, Sean Fogarty, Marty O’Connell, Jaime Fink and Matthew Lawton of HFF represented the seller, Mandel Group Inc. Tom Wilson and Jason Bond of HFF arranged a 12-year Fannie Mae loan through M&T Realty Capital on behalf of the buyer, Weidner Apartment Homes.
HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.
Fundamentals in the Orlando multifamily market are exceptionally strong and should remain healthy as long as this economic cycle continues. Following a period of no construction after the recession, new supply is finally starting to catch up with pent-up demand held in check during the downturn. Even with over 7,000 units projected to be delivered annually for the next several years, occupancy rates should hold strong between 95 and 96 percent. Supported by continued economic expansion in the Orlando metro area as well as strong population and job growth, we remain bullish on the multifamily market and do not see the potential risk of oversupply any time in the near future. The justification for continued new construction makes sense given Orlando’s history. As in most markets throughout the country, the recession halted new multifamily development in Orlando. From 2007 to 2009, there was virtually no new supply added to the market. It was not until 2010 that construction picked up again, and by that time, post-recession job creation had already taken off, causing a tremendous amount of pent up demand for housing. Each year since, new supply has been quickly leased, and it has not yet slowed. As of July …
NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.
LAWRENCEVILLE, N.J. — HFF has negotiated the sale of Steward’s Crossing, a 240-unit apartment community in Lawrenceville. The sales price was undisclosed. Located at 1000 Stewards Crossing Way, the 12-building property is spread across 12 acres. Amenities include a clubhouse, 24-hour fitness center, swimming pool with sundeck, grilling areas, dog park, walking paths and covered parking. HFF represented the seller, Merion Realty Partners and a joint venture partner, in the transaction. Berkshire Group purchased the property.
