Multifamily

Berkadia Arranges $13M Loan to Refinance North Little Rock Apartment Complex

by Alex Tostado December 6, 2018

NORTH LITTLE ROCK, ARK. — Berkadia has arranged $13 million in refinancing to borrower Salter Properties for Argenta Flats, a 160-unit apartment community located at 123 W. 7th St. in North Little Rock. New York-based Benefit Street Partners provided the loan. Charles Foschini, Christopher Apone and Patrick Jordan of Berkadia arranged the loan on behalf of the borrower. The loan comprises a first mortgage and mezzanine debt and features a 10-year term with two years interest-only. Argenta Flats offers one- and two-bedroom apartments with amenities such as a fitness room, wine room, book exchange room, business center and a pool.

December 6, 2018

Development Multifamily New York Northeast

S3 Capital Partners Provides $75M Construction Loan for Apartment Tower in the Bronx

by David Cohen December 6, 2018

NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.

December 6, 2018

Loans Multifamily Texas

LMI Capital Closes Four Loans Totaling $15M for Houston Area Apartments

by Taylor Williams December 6, 2018

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has closed four loans totaling $15 million for a quartet of multifamily properties totaling 335 units throughout the greater Houston area. The properties are located in the Galveston, Spring Branch and north Houston submarkets. Jamie Safier of LMI Capital placed the loans for the Galveston and north Houston communities, as well as for one of the Spring Branch assets. Jamie Mullin of LMI Capital placed the loan for the other Spring Branch property. The borrowers, lenders and property names were not disclosed.

December 6, 2018

California Development Multifamily Student Housing Western

ACC, San Francisco State Break Ground on 584-Unit Student Housing Community

by Amy Works December 6, 2018

SAN FRANCISCO — A public-private partnership between American Campus Communities (ACC) and San Francisco State University has broken ground on a 584-bed student housing community with mixed-use components on the university’s campus in San Francisco. The development will offer fully furnished, apartment-style units. Shared amenities will include social and recreational lounges and an academic success center, alongside 15,000 square feet of retail space. The development, located on the southeast edge of campus, is scheduled for completion in 2020.

December 6, 2018

Development Multifamily Seniors Housing Washington Western

AMWA to Develop 255-Unit Affordable Seniors Housing Community in Arlington, Washington

by Amy Works December 6, 2018

ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle. Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. All residents must be over the age of 55 and earning 60 percent or less of the area median income. Finance partners on the project include Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital. AMWA Construction will oversee the construction process, with a planned delivery of August 2020. FPI Management will operate the community. Cedar Pointe is the first real estate development project in Washington for AMWA Development, an independently owned and operated affiliate of AMCAL, a Southern California-based real estate developer.

December 6, 2018

Senior Care of Jacksonville in Jacksonville, Texas

Multifamily Seniors Housing Texas Top Stories

Largest Skilled Nursing Operator in Texas, Senior Care Centers, Declares Bankruptcy

by Jeff Shaw December 6, 2018

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers locations — both reported that they have not been paid in months. Senior Care Centers also received a slew of bad press last year after not evacuating residents in advance of Hurricane Harvey, which resulted in state citations and dozens of care violations. (The Category 4 hurricane made landfall along the Texas coast in August 2017.) The company reported “burdensome debt levels and expensive leases” as reasons for its bankruptcy filing. All facilities will remain open during the restructuring, and the company claims it will continue to pay all vendors and its 11,000 employees during the process. “As the entire industry has seen, the leases associated with the communities have become cost-prohibitive,” says Michael Beal, chief operating officer. “This kind of action …

December 6, 2018

Development Multifamily Southeast Tennessee

Middleburg Opens 328-Unit Apartment Community in Nashville’s Cool Springs District

by Alex Tostado December 5, 2018

FRANKLIN, TENN. — Mosby Cool Springs, a 328-unit apartment community in Franklin, is now open. The developer, Middleburg, manages the property. The development team includes architect of record and interior designer Humphreys & Partners, landscape architect Gamble Design Collaborative and civil engineer Kimley-Horn. Situated about 20 miles south of Nashville in the metro’s Cool Springs district, Mosby Cool Springs’ floor plans include studio, one- and two-bedroom options. Amenities include a fitness center; clubhouse with game room, event space, study and conference rooms, and a coffee bar; swimming pool and plunge pool; on-call massage therapist; dog park and spa; car care center; and package acceptance with locker system.

December 5, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $87M for Revitalization of Two Affordable Housing Developments in Cincinnati

by Kristin Harlow December 5, 2018

CINCINNATI — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $87 million for the acquisition and revitalization of two affordable housing developments in Cincinnati. Avondale Properties is a Section 8 development that includes Burton Apartments, Entowne Manor, Founders Home and Georgia Morris, containing a total of 209 units that are scattered along a main thoroughfare in the Avondale neighborhood. Alms Hill Apartments is a single building that contains 200 affordable units. Both properties are more than 40 years old.The borrower, Related Cos., plans to keep all 409 units as affordable for families earning up to 60 percent of the area median income. Between the two developments KeyBank provided $21 million in low-income housing tax credit equity, $38 million in construction financing and $28 million in Fannie Mae financing. The Ohio Housing Finance Agency issued the tax-exempt bonds. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds. Victoria O’Brien, Kyle Kolesar, Dirk Falardeau and Sam Adams of KeyBanc Capital Markets arranged the financing.

December 5, 2018

Indiana Loans Midwest Multifamily

Greystone Provides $32M HUD Loan for Refinancing of Multifamily Property in Plainfield, Indiana

by Kristin Harlow December 5, 2018

PLAINFIELD, IND. — Greystone has provided a $32 million HUD-insured loan for the refinancing of Central Park Metropolis, a 304-unit multifamily property in Plainfield. Built in 2006, the property features a mix of one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, café and private movie screening room. Eric Rosenstock of Greystone originated the 35-year loan on behalf of the borrower, Becovic Management Group. The nonrecourse loan features a fixed rate and qualifies for HUD’s green mortgage insurance premium rate reduction program.

December 5, 2018

Acquisitions Multifamily New York Northeast

GFI Realty Arranges $26.7M Sale of Two-Building Apartment Portfolio in Brooklyn

by David Cohen December 5, 2018

NEW YORK CITY — GFI Realty Services has arranged the $26.7 million sale of a two-building apartment portfolio in the Prospect Park section of Brooklyn. Located at 111 Woodruff Ave. and 11 Crooke Ave., the properties include 89 residential units, 20 percent of which are vacant. The portfolio includes a unit mix of studio, one-,two- and three-bedroom apartments. The buildings are within two blocks of each other. Erik Yankelovich of GFI represented both the buyer, Greenroad Capital, and the undisclosed seller in the transaction.

December 5, 2018

Newer Posts

Older Posts