Multifamily

MG Properties Acquires 396-Unit Country Brook Apartments in Metro Phoenix for $74M

by Amy Works September 17, 2018

CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square feet. Cindy Cooke and Brad Cooke of Colliers International handled the marketing and sale transaction.

September 17, 2018

Village-Green-Retirement-Campus-Federal-Way-WA

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $21.6M Financing for 167-Unit Seniors Housing Community Near Seattle

by Amy Works September 17, 2018

FEDERAL WAY, WASH. — CBRE has arranged $21.6 million in financing for Village Green Retirement Campus, a 167-unit independent living and assisted living community in the Seattle suburb of Federal Way. The borrower is The Powell Family, a Seattle-based developer and operator of many types of commercial real estate. The community is located less than a mile from St. Francis Hospital, which is a part of CHI Franciscan Health, one of the largest health care systems in the Puget Sound area. Situated on 12.9 acres, the property comprises two main buildings and 30 cottages. Mark Capeloto of CBRE’s Debt and Structured Finance office in Seattle and Aron Will of CBRE National Senior Housing arranged the financing. The Freddie Mac loan features a seven-year term, floating rate and 36 months of interest-only payments.

September 17, 2018

California Industrial Loans Multifamily Western

Ready Capital Closes Two Loans Totaling $8.1M in California

by Amy Works September 17, 2018

BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up. In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.

September 17, 2018

Acquisitions Multifamily Nevada Western

NAI Alliance Negotiates $2.4M Sale of Apartment Community in Reno

by Amy Works September 17, 2018

RENO, NEV. — NAI Alliance has arranged the sale of Locust Apartments, a two-parcel multifamily property located 1700 Locust St. and 520 Colorado River Blvd. in Reno. A Reno-based private developer and investor sold the community to an undisclosed buyer for $2.4 million. Built in 1986 and renovated in 2016 and 2017, the property features 17 garden-style apartment units with granite countertops, stainless steel appliances, Tahoe wood-style cabinetry and all new blinds, windows, doors, roofs and water heaters. The community offers a mix of studio, one- and two-bedroom units, a laundry room and a manager’s quarters. At the time of sale, the property was 100 percent leased. Benjamin Nelson of NAI Alliance represented the seller in the deal.

September 17, 2018

Company News Multifamily Texas

NorthMarq Capital Adds Six Multifamily Investment Specialists to Dallas Office

by Taylor Williams September 17, 2018

DALLAS — NorthMarq Capital has added six multifamily investment sales specialists to its Dallas branch, which is the Minneapolis-based financial intermediary’s top-producing debt and equity advisory office. Joining the Dallas team is Taylor Snoddy, the top overall producer for Transwestern over the last two years, along with former Transwestern associates James Roberts and Philip Wiegand. Over the past two years, Snoddy, Roberts and Wiegand have closed more than $2.5 billion in multifamily sales and are on pace to exceed $1 billion in sales in 2018. Also joining NorthMarq’s Dallas office from Transwestern are Eric Stockley, Devin Etzold and Charles Hubbard, who will provide financial analysis, client service and transaction coordination.

September 17, 2018

Loans Multifamily New Jersey Northeast

Angelo Gordon Arranges $64M Construction Loan for Apartment Building in Hoboken

by David Cohen September 14, 2018

HOBOKEN, N.J. — Angelo Gordon has arranged a $64 million construction loan for the Wonder Lofts, an 89-unit apartment building in Hoboken. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will include five separate buildings and retain a significant amount of the property’s existing architectural detail. Angelo Gordon secured financing through Arkansas-based Bank OZK on behalf of Prism Capital Partners and Parkwood Development Corp. Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to begin in the fourth quarter of this year.

September 14, 2018

Loans Multifamily Texas

KeyBank Secures $59.4M Green Acquisition Loan for Houston Apartment Complex

by Taylor Williams September 14, 2018

HOUSTON — KeyBank Real Estate Capital has secured a $59.4 million acquisition loan for The Westmore at Bellaire, a 580-unit apartment complex in Houston. Built in 1990, the Class A property comprises 19 three-story buildings. Caleb Marten of KeyBank secured the non-recourse, fixed-rate loan through Fannie Mae’s Green Rewards program. The 10-year loan also includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

September 14, 2018

Development Multifamily Texas

Leon Capital Breaks Ground on 262-Unit Apartment Community in Austin

by Taylor Williams September 14, 2018

AUSTIN, TEXAS — Dallas-based Leon Capital has broken ground on Society, a 262-unit multifamily community located at 6001 S. Congress Ave. in Austin. The property will offer creative office space with a tech lounge, fitness center, pool and outdoor TV lounge. Preleasing is expected to begin in summer 2019, and the first units are slated a fall 2019 delivery. Austin-based Rhode Partners is serving as project architect, and LG Wade Construction is the general contractor.

September 14, 2018

Acquisitions Multifamily Texas

SVN Negotiates Sale of 154-Unit Apartment Property in Irving

by Taylor Williams September 14, 2018

IRVING, TEXAS — SVN has negotiated the sale of Rock Island Apartments, a 154-unit multifamily property in Irving. The property was built in 1973 and was 98 percent occupied at the time of sale. Byron Griffith of SVN brokered the sale. The Arlington-based buyer will implement a value-add program to the unit interiors and amenities. Other terms of sale and the seller were not disclosed.

September 14, 2018

Loans Multifamily Texas

Hunt Provides $5.1M Freddie Mac Refinancing of Multifamily Asset in Orange, Texas

by Taylor Williams September 14, 2018

ORANGE, TEXAS — Hunt Real Estate Capital has provided a $5.1 million Freddie Mac loan for the refinancing of Terrace Vines Apartments, a 104-unit multifamily asset in Orange, a city in southeast Texas. The seven-year loan features a fixed interest rate and a 30-year amortization schedule. The borrower is QRH Prop One LLC, which purchased the asset in early 2016. The property, which includes amenities such as a pool, playground, business center and dog park, was 99 percent occupied at the time of loan closing.

September 14, 2018

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