Multifamily

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

by Alex Tostado May 13, 2019

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, respectively, and total 1,233 units. Amenities include tennis courts, three pools with sun decks, volleyball court and a fitness center. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction. Bloomfield Hills, Mich.-based Contour Development Group acquired the portfolio.

May 13, 2019

Florida Loans Multifamily Southeast

Regions Provides $54M Construction Loan for New Tampa Bay Apartment Development

by Alex Tostado May 13, 2019

BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.

May 13, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Acquire 278-Unit Multifamily Community in Metro Tampa

by Alex Tostado May 13, 2019

LARGO, FLA. — Balfour Beatty Communities and ApexOne Investment Partners have teamed up to acquire Waterchase Apartments, a 278-unit multifamily community in Largo, 23 miles west of downtown Tampa. Constructed in the 1980s, Waterchase spans 18 acres and was 94 percent occupied at the time of sale. The property offers studio, one- and two-bedroom floor plans, as well as three swimming pools, a dog park, fitness center and a newly renovated clubhouse. Balfour Beatty will deliver both property and asset management services for Waterchase. Patrick Dufour, Ryan Moody and Ryan Crowley of Newmark Knight Frank (NKF) represented the seller, Hudson Capital, in the transaction.

May 13, 2019

Loans Midwest Multifamily Ohio Seniors Housing

Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Kristin Harlow May 13, 2019

CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.

May 13, 2019

Acquisitions Colorado Multifamily Western

Gelt Buys 384-Unit Cedar Run Apartments in Denver for $62M

by Amy Works May 13, 2019

DENVER, COLO. — Los Angeles-based Gelt Inc. has acquired Cedar Run Apartments, a 384-unit multifamily community located at 888 S. Oneida St. in Denver. Maxx Properties sold the asset for $62 million. Situated on 14 acres, Cedar Run features nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, with an average size of 846 square feet. On-site amenities include a 27,000-square-foot clubhouse building with two racquetball courts, an indoor pool, fitness center and conference room spaces. Additionally, the property features two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking. The property was built in 1970 and partially renovated between 2012 and 2017. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Newmark Knight Frank’s Mitch Clarfield and Ryan Greer secured a 10-year, full-term, interest-only loan at 70 percent loan-to-value and a 4.2 percent rate through Freddie Mac’s Green-Up program.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

Loans Multifamily Texas

New York Life Provides $42M Acquisition Loan for Metro Austin Apartments

by Taylor Williams May 13, 2019

ROUND ROCK, TEXAS — A division of insurance giant New York Life has provided a $42 million first mortgage loan for the acquisition of Bexley Round Rock, a 330-unit multifamily community located on the northern outskirts of Austin. The loan carried a 20-year term and a fixed interest rate. The borrower was Virginia-based Weinstein Properties.

May 13, 2019

Loans Multifamily Texas

PCCP Originates $36.5M Loan for Refinancing of Houston Apartments

by Taylor Williams May 13, 2019

HOUSTON — Los Angeles-based PCCP has originated a $36.5 million senior loan for the refinancing of Bayou on the Bend, a 241-unit apartment community located in the River Oaks submarket of Houston. Built on 3.6 acres, the property offers studio, one- two- and three-bedroom units averaging 1,161 square feet. Amenities include two pools, a fitness center, business center, game room and outdoor grilling areas. Adam Allen and Ben Johnson of Newmark Knight Frank placed the debt with PCCP on behalf of the borrower, Arel Capital, which acquired the asset in 2017. Bayou on the Bend was 87 percent occupied at the time of the loan closing.

May 13, 2019

Acquisitions Multifamily Seniors Housing Texas

Capital Square 1031 Acquires New Memory Care Community in Houston

by Taylor Williams May 13, 2019

HOUSTON — Investment and management firm Capital Square 1031 has launched an investment fund for the acquisition of a memory care community in the Kingwood neighborhood of Houston. The 10,000-square-foot community includes 16 beds, and was delivered in April. Village Green Alzheimer’s Care Home, a local operator of five memory care communities in metro Houston, operates the property under an absolute net lease whereby Village Green is responsible for all expenses, including structure, maintenance and repairs. Bill Pyle of EDGE Realty Capital Markets represented the seller, Verdad Real Estate, in the transaction. Bear Real Estate Advisors represented Capital Square 1031.

May 13, 2019

Development Multifamily New York Northeast

Carlyle, Stonehenge Undertake $235M Renovation of Manhattan Apartment Building

by Taylor Williams May 13, 2019

NEW YORK CITY — A joint venture between an affiliate of The Carlyle Group and full-service real estate firm Stonehenge NYC has begun renovations of The Ritz Plaza, a 479-unit apartment building located within Times Square in Manhattan, to the tune of $235 million. Deutsche Bank provided the financing for the project, which will fund capital improvements to unit interiors and common areas. Hodges Ward Elliot arranged the funds. Stonehenge has owned and managed the property, which offers studio, one- and two-bedroom units plus amenities like a pool, fitness center and rooftop terrace, since 1996.

May 13, 2019

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