Multifamily

Walker & Dunlop Secures $24.8M Construction Loan for Seniors Housing Complex in Michigan

by Kristin Harlow January 16, 2019

WYOMING, MICH. — Walker & Dunlop Inc. has secured a $24.8 million loan for the construction of Traditions at Rivertown, a seniors housing complex in Wyoming, just south of Grand Rapids. The 150-unit property will include independent living, assisted living and memory care units. Slated for completion in November, the property will feature a library, bar, theater, fitness center, coffee bar, lounge and underground parking. Benjamin Krosin, Jeff Schmidt, Tim Cotter and Russell Dey of Walker & Dunlop partnered with Kari Zapolski of Inner Circle Holdings to structure the five-year loan with three years of interest-only payments. A regional bank provided the loan on behalf of the borrower, Redstone Group Management Inc.

January 16, 2019

Arkansas Loans Multifamily Southeast

Dougherty Mortgage Provides $22.8M Fannie Mae Loan for Multifamily Property in Little Rock

by Alex Tostado January 15, 2019

LITTLE ROCK, ARK. — Dougherty Mortgage LLC has provided a $22.8 million Fannie Mae refinancing loan to Bowman Pointe LLC for Phase II of Bowman Pointe in Little Rock. The second phase of Bowman Pointe will comprise 202 units. The loan features a 10-year term and a 30-year amortization. The borrower plans to build Bowman Pointe in three separate phases.

January 15, 2019

Loans Multifamily New Jersey Northeast

HFF Arranges $70M Refinancing for Apartment Community in Harrison, New Jersey

by David Cohen January 15, 2019

HARRISON, N.J. — HFF has arranged a $70 million loan to refinance Steel Works, a recently completed, 286-unit apartment community in Harrison. Located at 1200 Frank E. Rodgers Boulevard South, the five-story property is currently 96 percent occupied and consists of a mix of studio, one- and two-bedroom floor plans. Amenities include an outdoor swimming pool with sundeck, fitness center, resident clubroom, dog park and electric car charging stations. Greg Nalbandian and Jim Cadranell of HFF secured financing for the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure a 10-year, fixed-rate loan through an institutional lender. Loan proceeds were used to retire existing construction financing.

January 15, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $4.7M Sale of Apartment Building in Brooklyn

by David Cohen January 15, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $4.7 million sale of a four-unit apartment property in Brooklyn. Located at 91 1st Place, the five-story property measures 7,200 square feet. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 15, 2019

Development Multifamily Texas

AMCAL Equities Acquires 35.3 Acres in Fort Worth for New Multifamily Project

by Taylor Williams January 15, 2019

FORT WORTH, TEXAS — Agoura Hills, Calif.-based AMCAL Equities LLC has acquired 35.3 acres near Fort Worth Alliance Airport for the development of a new multifamily project. Construction of Phase I will begin in June and deliver 264 units, while construction of Phase II will begin in 2022 and deliver 256 units. Amenities will include multiple pools, a fitness center, media and movie room, business center and a dog park. Lane Kommer and Dan Spika of Henry S. Miller represented AMCAL Equities in the land sale. Ryan Turner, David Davidson and Ed Bogel of Davidson Bogel Real Estate represented the seller, Dallas-based Harwood Properties LLC.

January 15, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 288-Unit Apartment Community in Houston

by Taylor Williams January 15, 2019

HOUSTON — Marcus & Millichap has brokered the sale of One Pine Apartments, a 288-unit multifamily community in Houston. Built in 1972, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, outdoor grilling area and a business center. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. The new ownership will implement a value-add program.

January 15, 2019

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

by Kristin Harlow January 15, 2019

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Dougherty & Co. LLC also underwrote tax-exempt bonds for the development, which is expected to open in summer 2020.

January 15, 2019

Acquisitions California Multifamily Western

Institutional Property Advisors Brokers $47.5M Sale of Apartment Asset in Bay Area

by Amy Works January 15, 2019

MARTINEZ, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hidden Creek Apartments, a multifamily property located in Martinez. Fairfield Hidden Creek LLC sold the asset to an undisclosed buyer for $47.5 million. Built in 1985 and situated on 5.4 acres, Hidden Creek Apartments features 168 units in a mix of one- and two-bedroom floor plans, averaging 793 square feet. On-site amenities include a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal.

January 15, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Acquires Hillside Village Apartments in Inland Empire for $11M

by Amy Works January 15, 2019

SAN BERNARDINO, CALIF. — Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Hillside Village Apartments, a multifamily property located in San Bernardino. A private seller sold the property for $11 million. Located at 2196 Kendall Drive, the property features 80 apartments in a mix of one- and two-bedroom layouts with private balconies or patios, a pool, spa, fitness center and laundry facilities. Warren Berzack and Slavic Zlatkin of Lee & Associates represented the buyer and seller in the transaction.

January 15, 2019

Acquisitions Multifamily Office Oregon Western

CBRE Negotiates $10M Sale of Former YWCA Building in Portland

by Amy Works January 15, 2019

PORTLAND, ORE. — CBRE has brokered the sale of a residential and office building located in Portland’s Cultural District. W.H.J. Holdings LLC sold the property to Harsch Investment Properties for $10 million. Located at 1111 SW 10th Ave., the five-story, 66,074-square-foot building is currently occupied by Morrison Child and Family Services, a nonprofit that provides specialized services to children who have experienced trauma or adversity. Built in 1958 and renovated in 2002, the former YWCA building currently features on-site parking, a full gym, pool and cafeteria. Trevor Kafoury of CBRE represented the seller in the deal.

January 15, 2019

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