Multifamily

Allen Morris Receives $90M Loan for Residential Component of Mixed-Use Project in Atlanta’s West Midtown District

by Camren Skelton July 30, 2018

ATLANTA — The Allen Morris Co. has received a $90 million construction loan for Star Metals Residences, the residential component of Star Metals Atlanta, the company’s planned mixed-use community in Atlanta’s West Midtown district. Square Mile Capital Management LLC and Pacific Western Bank provided the loan for the 409-unit community, which will also feature 16,300 square feet of ground-floor retail. Located at 1050 Howell Mill Road, Star Metals Residences will feature a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door and a library with fireplace. The rooftop area will feature lounge/meeting rooms; a bar and lounge; game room area with a pool table; gaming systems and arcade games; outdoor ping-pong and bocce ball; a glass-box fitness center; swimming pool; grilling area; movie projection area and fire pits. At full build-out, Star Metals Atlanta will also include a 14-story office tower with 35,000 square feet of retail and restaurants. Construction has begun on the residential portion of the project, which is scheduled for a spring 2020 completion. Oppenheim Architecture, Dwell Design Studio and Square Feet Studio are designing the community, and Juneau Construction is the general contractor. Brasfield & Gorrie …

July 30, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $33.1M Sale of Multifamily Community in Metro Charlotte

by Camren Skelton July 30, 2018

MOORESVILLE, N.C. — Cushman & Wakefield has brokered the $33.1 million sale of Fountains at Mooresville Town Square, a 227-unit apartment community in Mooresville, a suburb roughly 33 miles north of Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. RST Development acquired the property. Constructed in 2012, The Fountains at Mooresville Town Square is located within Mooresville Town Square, a 122,000-square-foot mixed-use development. The community features a saltwater pool, fitness center, demonstration kitchen, billiards room and a fenced-in dog park.

July 30, 2018

Development Multifamily Seniors Housing Washington Western

Áegis Living Opens 82-Unit, Italian-Inspired Seniors Housing Community in Seattle

by Amy Works July 30, 2018

SEATTLE — Áegis Living has opened the doors on Áegis at Ravenna, an assisted living and memory care community in Seattle’s Maple Leaf neighborhood. The property will feature 82 total units. The Ravenna name is a reference to both a neighboring Seattle neighborhood and a 19th-century opera house in Ravenna, Italy, the inspiration for the community’s design. The community features views of local landscapes, including Maple Leaf Reservoir Park, Waldo Woods and Lake Washington. Based in nearby Bellevue, Áegis Living operates 30 seniors housing communities in Washington, California and Nevada.

July 30, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $4M Sale of 21-Unit Apartment Building in Denver

by Amy Works July 30, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 1410 Poplar St. in Denver. An undisclosed buyer purchased the property for $4 million or approximately $190,000 per unit. Built in 1949, the building features 21 apartment units. Eric Veith of Pinnacle represented the buyer, while Matt Lewallen and Kevin Calame of Pinnacle represented the undisclosed seller in the transaction.

July 30, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $41.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow July 30, 2018

MINNEAPOLIS — Dougherty Funding LLC has provided a $41.4 million loan for the construction of Second & Second Apartments in Minneapolis. The name stems from the property’s location at the southeast corner of 2nd Avenue and 2nd Street. Plans call for 158 apartment units and 22,716 square feet of retail space. Dougherty provided the loan on behalf of the borrower, 128 2nd Street North LLC.

July 30, 2018

Development Midwest Missouri Multifamily Seniors Housing

Assisted Living Facility in St. Louis Undergoes $32M Renovation

by Kristin Harlow July 30, 2018

ST. LOUIS — The renamed McKnight Place Assisted Living & Memory Care in St. Louis has undergone a $32 million renovation. The project’s first phase included a three-story, 102,000-square-foot expansion featuring 90 apartment units. The second phase included a 74,000-square-foot renovated space with 18 additional assisted living suites and 27 separate memory care suites. Amenities include a main-floor dining room, café bistro, fitness center, chapel, billiard room, beauty salon, art room and greenhouse. The property is located on the 15-acre care campus at The Gatesworth, which now totals more than 1 million square feet of space for seniors. GateCo Development was the general contractor for the project. Greystone provided financing.

July 30, 2018

Development Indiana Midwest Multifamily

Flaherty & Collins to Develop 200-Unit Multifamily Project in LaPorte, Indiana

by Kristin Harlow July 30, 2018

LAPORTE, IND. —The City of LaPorte Redevelopment Commission has selected Flaherty & Collins Properties to develop a 200-unit multifamily project in the city’s NewPorte Landing redevelopment project. Plans call for two buildings totaling approximately 167,000 square feet. Amenities will include a pool, outdoor courtyard, dog park, fitness center and bike storage. The apartment property represents a capital investment of more than $30 million, according to Flaherty & Collins. The LaPorte Redevelopment Commission is financing the project with tax-increment financing. Construction is set to begin next summer with completion in late 2020.

July 30, 2018

Acquisitions Midwest Multifamily North Dakota

IRET Sells 477-Unit Multifamily Portfolio in North Dakota for $42.3M

by Kristin Harlow July 27, 2018

WILLISTON, N.D. — IRET (NYSE: IRET) has closed on the sale of its interest in a multifamily portfolio in Williston for $42.3 million. IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consist of 433 units and a vacant land parcel. IRET was the sole owner of Dakota Commons, which includes 44 units. IRET managed all 477 units prior to the sale. Williston is in the Bakken region of North Dakota, which is known for oil production. Following this transaction, IRET has no remaining units in Williston. The buyer was Weidner Apartment Homes.

July 27, 2018

Loans Michigan Midwest Multifamily

Dougherty Provides $12.3M Construction Loan for Apartment Property in Marquette, Michigan

by Kristin Harlow July 27, 2018

MARQUETTE, MICH. — Dougherty Funding LLC has provided a $12.3 million construction loan for One Marquette Place Apartments in Michigan. The 64-unit apartment property will feature a 1,900-square-foot café and a 2,800-square-foot office suite. Amenities will include a fitness center and resident lounge with patio. Dougherty served as lead lender and servicer for the loan. One Marquette Place LLC was the borrower.

July 27, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $20M Refinancing for Multifamily Community in Connecticut

by David Cohen July 27, 2018

WINDSOR, CONN. — KeyBank Real Estate Capital has provided a $20 million Freddie Mac, first mortgage loan for Windsor Station, a 130-unit multifamily community in Windsor. Built in 2017, the property sits on 6.5 acres and comprises two four-story buildings. Tom Peloquin of KeyBank arranged the non-recourse, fixed-rate financing with a 12-year term, six years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt. The lender was undisclosed. Lexington Partners LLC and LAZ Investments developed Windsor Station.

July 27, 2018

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