Multifamily

SunTrust Provides $10.6M Acquisition Loan for Condo Deconversion in Chicago

by Kristin Harlow August 16, 2018

CHICAGO — SunTrust Banks Inc. has provided a $10.6 million bridge loan for the acquisition and deconversion of Cambridge Commons in Chicago. Built in 1970, the property was renovated in 2000. After the closing on July 23, all of the units became apartment rentals. Manny Brown and John Gordon of SunTrust originated the loan on behalf of the borrower, a private equity firm. Areas such as Chicago are seeing more condo deconversions because it is difficult to find land for new developments to meet the rising demand for multifamily properties, according to Gordon. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

August 16, 2018

Development Florida Multifamily Southeast Top Stories

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

by Camren Skelton August 16, 2018

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW Partners. The transaction is Miami’s largest condo construction loan this year, according to Two Roads Development. “There was strong lender interest in the project given the presale activity, the developer’s experience and the boutique nature of the building,” says O’Grady. The loan comes as Elysse approaches the 50 percent-sold mark, with unit sales representing more than $100 million in total transaction volume so far. “Construction is in full swing at Elysee and this financing will provide for the continued development and completion of the tower,” says James Harpel, chairman and senior partner of Two Roads Development. The West Palm Beach-based company broke ground on the project in 2017 and expects to wrap up construction by 2020. Elysse will offer three- and four-bedroom floor plans ranging from 2,300 …

August 16, 2018

Acquisitions Maryland Multifamily Southeast

HFF Brokers $70.3M Sale of Multifamily Property in Metro D.C.

by Camren Skelton August 15, 2018

SILVER SPRING, MD. — HFF has brokered the $70.3 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, located roughly six miles north of Washington, D.C. Walker Coker, Brian Crivella, Roland Merchant and Stephen Conley of HFF arranged the transaction on behalf of the seller, Ares Management LP. The HFF team also procured the buyer, Bridge Investment Group LLC. Spring Parc includes a mix of one-, two- and three-bedroom units and features a swimming pool, grilling area, two playgrounds, dog park with agility course and a fitness center

August 15, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Secures $18.5M Sale of Class A Office Building in Northwest Tampa

by Camren Skelton August 15, 2018

TAMPA, FLA. — Cushman & Wakefield has secured the $18.5 million sale of Citrus Park Crossings, a 75,845-square-foot, Class A office building located at 12750 Citrus Park Lane in northwest Tampa. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Ryan Cos., which also developed the property. Empire Square Group LLC acquired the three-story asset. Constructed in 2013, Citrus Park Crossings was fully leased at the time of sale to tenants such as EVO Payments International, Stellar, Rizzetta & Co., Corin USA, All Risks Ltd., CopyPress and Land Castle Title Co.

August 15, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Arranges $18.5M Sale of Apartment Community in Louisville

by Camren Skelton August 15, 2018

LOUISVILLE, KY. — The Kirkland Co. has arranged the sale of River Hill, a 273-unit apartment community in Louisville. Brandon Wilson and Brian Devlin of Kirkland brokered the transaction on behalf of the buyer, Covenant Capital, as well as the seller, Lafayette Cos. The sales price was not disclosed, but Louisville Business First reports the asset sold for $18.5 million. Constructed in 1972, River Hill includes a mix of one- to four-bedroom apartment units. Community amenities include a pool and laundry facilities.

August 15, 2018

Affordable Housing Loans Multifamily Texas

Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio

by Taylor Williams August 15, 2018

SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether secured the loan, which carries a fixed interest rate and a 35-year amortization schedule. The borrower was not disclosed.

August 15, 2018

Loans Massachusetts Multifamily Seniors Housing

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

by David Cohen August 15, 2018

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units. The fixed-rate, nonrecourse loan made at a loan-to-cost ratio of 85 percent is for a period of 15 years.

August 15, 2018

Acquisitions California Multifamily Western

Xenon Investments Buys 81-Unit Apartment Property in Hollywood for $28M

by Amy Works August 15, 2018

LOS ANGELES — Xenon Investments, a local multifamily operator, has purchased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two-bedroom units, controlled access, a swimming pool with sundeck, courtyard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities include spacious floorplans and air conditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state-of-the-art amenities and conveniences. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal.

August 15, 2018

California Development Loans Multifamily Western

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

by Amy Works August 15, 2018

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction. Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

August 15, 2018

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