Multifamily

Dougherty Provides $2.1M Fannie Mae Loan for Refinancing of Affordable Housing Property in Nebraska

by Kristin Harlow September 5, 2018

NORTH PLATTE, NEB. — Dougherty Mortgage has provided a $2.1 million Fannie Mae loan for the refinancing of Pacific Place Apartments in North Platte. The 64-unit affordable housing property is situated on 3.8 acres in central Nebraska. Built in 1997, the property includes two buildings with a children’s playground and two laundry facilities. The 10-year loan, under Fannie Mae’s Multifamily Affordable Housing program, features a 30-year amortization schedule. North Platte Housing Partners LLC was the borrower.

September 5, 2018

Acquisitions Colorado Multifamily Western

Equity Residential Acquires 372-Unit Alexan Uptown Apartment Tower in Denver

by Amy Works September 5, 2018

DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Logan St. in Denver’s Uptown neighborhood. Trammel Crow Residential sold the 12-story property for an undisclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Individual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. On-site community amenities include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state-of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity’s re-entry into the Denver market since exiting in area in January 2018.

September 5, 2018

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

by Amy Works September 5, 2018

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

September 5, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works September 5, 2018

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

September 5, 2018

Acquisitions California Development Mixed-Use Multifamily Retail Western

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works September 5, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

September 5, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $6.4M Refinancing for Apartment Building Near Boston

by David Cohen September 4, 2018

LYNN, MASS. — Cornerstone Realty Capital has secured the $6.4 million refinancing of a 55-unit apartment building in Lynn. Located at 16 Newhall St., the fully occupied building is approximately 11 miles north of Boston. Cornerstone secured a loan through a correspondent lender with an initial fixed-rate period followed by a floating rate. The first 12 months will feature interest-only payments, followed by 30-year amortization. The borrower was undisclosed.

September 4, 2018

Development Multifamily New York Northeast Seniors Housing

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

by David Cohen September 4, 2018

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.

September 4, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Building in Philadelphia

by David Cohen September 4, 2018

PHILADELPHIA — Marcus & Millichap has arranged the $1.2 million sale of the Frederick Douglass Apartments in Philadelphia. The mixed-use property consists of 16 residential units and four retail spaces and is located at 5600 Germantown Ave. in the Germantown neighborhood. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company, in the transaction. A New York-based buyer purchased the property.

September 4, 2018

Development Multifamily Texas

Howard Hughes Breaks Ground on 386-Unit Apartment Community in Metro Houston

by Taylor Williams September 4, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Two Lakes Edge, a 386-unit multifamily community in The Woodlands, about 30 miles north of Houston. Situated on the 200-acre Lake Woodlands, the property features a pool and outdoor entertainment area, sky lounge, fitness center and kayaks and bikes for complimentary use by residents. Two Lakes Edge will also include ground-floor retail and restaurant space. Completion is slated for spring 2020.

September 4, 2018

Loans Multifamily Seniors Housing Utah Western

Live Oak Bank Provides $5M Financing for Two Assisted Living Communities Near Salt Lake City

by Amy Works September 4, 2018

MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.

September 4, 2018

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