Multifamily

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works September 7, 2018

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

September 7, 2018

California Development Multifamily Western

CIM Group Delivers 525-Unit Apartment Tower in Downtown Los Angeles

by Amy Works September 7, 2018

LOS ANGELES — CIM Group has completed the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope St. in downtown Los Angeles. The property features 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apartment tower features a 30,000-square-foot rooftop deck with thousands of plants and more than 132 trees; an indoor lounge; and a large outdoor terrace. The tower is adjacent to a seven-story, 650-stall parking structure and a 5,000-square-foot Petco.

September 7, 2018

Loans Multifamily Southeast Virginia

Berkadia Secures $41M HUD Refinancing for Apartment Community in Richmond

by Camren Skelton September 7, 2018

RICHMOND, VA. — Berkadia has arranged a $41 million loan for the refinancing of Malvern Manor Apartments, a garden-style multifamily community located at 41 Malvern Ave. in Richmond. Steve Murden and David Blake of Berkadia arranged the 34-year loan through the U.S. Department of Housing and Urban Development (HUD)’s 223(f) program on behalf of the borrower, Malvern Manor Apartments LLC. Originally constructed in 1948, Malvern Manor has had numerous improvements in recent years, including a new clubhouse and additional apartment units. The community includes a mix of one- and two-bedroom floor plans and features a resort-style swimming pool, fitness center and onsite management.

September 7, 2018

Development Multifamily New Jersey Northeast

Prism Capital Partners Opens 300-Unit Multifamily Community in New Jersey

by David Cohen September 6, 2018

WEST ORANGE, N.J. — Prism Capital Partners has opened The Residences at Edison Lofts, a 300-unit multifamily community in West Orange. The property is a redevelopment of the 100-year-old Thomas Edison Invention Factory and Commerce Center. The residences at Edison Lofts range from 590 to 1,500 square feet with rental rates starting at $1,625 per month. Designed by Minno & Wasko Architects and Planners, Edison Village features 16-foot ceiling heights and 10-foot windows to let in natural light. Amenities at the complex include a private fitness center, indoor swimming pool, bike storage, a media room, business center, private dining room, doorman and concierge service.

September 6, 2018

Loans Massachusetts Multifamily Northeast

TD Bank Provides $10.2M Construction Loan for Multifamily Development in Boston

by David Cohen September 6, 2018

BOSTON — TD Bank has provided a $10.2 million construction loan for The Clarion, a 39-unit unit, mixed-income residential development in the Roxbury neighborhood of Boston. The project will include 27 affordable housing units for low- or moderate-income working families earning between 30 percent and 60 percent of Boston’s area median income. The remaining 12 units will be workforce housing units reserved for middle-income families earning between 100 percent and 120 percent of the median income. The borrower, Community Builders Inc., is a non-profit real estate developer based in the Northeast. Construction on the project is slated for completion by the start of 2019.

September 6, 2018

Acquisitions Multifamily Student Housing Utah Western

Vintage Capital Partners Sells 265-Bed Student Housing Community Near Dixie State University

by Amy Works September 6, 2018

ST. GEORGE, UTAH — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An investor based in California acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner. “We are proud of what we have built at Dixie and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year-eight pro-forma price.”

September 6, 2018

Illinois Loans Midwest Multifamily

Philipsborn Arranges $1.2M Refinancing for Apartment Building in University Park, Illinois

by Kristin Harlow September 6, 2018

UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.

September 6, 2018

Conference Coverage Features Multifamily Property Type Seniors Housing

Senior Living Communities Invest in Technology to Improve Resident Care

by David Cohen September 6, 2018

ATLANTA — As internet-connected technology continues to become ubiquitous in our everyday lives, residents at senior living facilities across the United States are using more and more devices. “From seven years ago to today, the average resident has gone from two devices to seven to nine devices,” said Kevin Merrill, business development director at Inviacom during an “Investing in Technology” panel at the InterFace Seniors Housing Southeast conference. The event was held Wednesday, Aug. 29 at the Westin Buckhead hotel in Atlanta, drawing nearly 520 developers, lenders, investors and operators from the senior living space. “Seniors are adopting the technology and bringing it into communities like you wouldn’t believe,” added Merrill. “We continue to see the evolution of technology pushing in and contributing to the improvement of every aspect of the community. The panel was moderated by Matt Haywood, CEO of Tazergy, and tackled how seniors housing communities can invest in technology that both increases revenue and improves resident care. Participating were: Kevin Isakson, director of sales and marketing at Isakson Living; Jesse Marinko, CEO and founder at Phoenix Senior Living; Dan Phelps, SVP Healthcare at ServingIntel; and Merrill. Technology Empowers Businesses, Prospects Technology is changing the way that those …

September 6, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $33.6M Acquisition Financing for Affordable Housing in Stamford

by David Cohen September 5, 2018

STAMFORD, CONN. — Greystone has provided a $33.6 million acquisition loan for Park Square West, a 143-unit, affordable housing community in Stamford. Dan Sacks of Greystone provided the financing to a New Jersey-based borrower who purchased the property for $42 million. The Fannie Mae acquisition financing features a 12-year fixed rate and five years of interest-only payments. Built in 2001, 20 percent of the units at the property are reserved for renters earning 50 percent of the area median income. Amenities at the community include a rooftop sundeck, fitness center and gated parking.

September 5, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen September 5, 2018

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles Kingston of Lancaster Pollard structured the financing and helped Centre Crest secure the USDA commitment. The loan represents an 85 percent loan-to-cost ratio, and features a fixed interest rate of 3.9 percent for the entire 36-year term. The loan also has a year of interest-only payments and no pre-payment penalties. In March, the College Township Council unanimously approved plans for the facility. In June, Centre Care closed on a 30-acre parcel of land where construction would occur. The development is scheduled to open in 2020.

September 5, 2018

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