Multifamily

McGough Breaks Ground on 402-Unit Multifamily Development in Bloomington, Minnesota

by Kristin Harlow February 13, 2019

BLOOMINGTON, MINN. — McGough has broken ground on The Fenley, a 402-unit apartment project at Bloomington Central Station in Minnesota. The project is the third multifamily development on the company’s 50-acre master-planned site. The Fenley is one of the first ground-up development projects to be built in Minnesota under the new Opportunity Zone tax program. Northwestern Mutual Life Co. provided debt financing. The property will have 10 percent of its units reserved for those who make 80 percent of the area median income. The project, designed by ESG Architecture and Design, will include amenities such as a pool patio, bocce court, sky lounge, fitness room, community room and courtyard with ground-floor retail space. Upon the project’s completion, McGough will have spearheaded development of 1,060 housing units on the site, which is also home to corporate offices for HealthPartners and Ceridian. The Fenley is expected to open in June 2020.

February 13, 2019

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $4.5M Sale of Apartment Building in Brooklyn

by David Cohen February 13, 2019

NEW YORK CITY — Ariel Property Advisors has arranged the $4.5 million sale of an eight-unit apartment building in the Crown Heights neighborhood of Brooklyn. The four-story building measures 10,200 square feet and is near the Nostrand Avenue subway station, which provides access to the 2, 3 and 5 subway lines. Jonathan Berman and Michael A. Tortorici represented the undisclosed seller in the transaction. The buyer was also undisclosed.

February 13, 2019

Acquisitions California Mixed-Use Multifamily Restaurant Retail Western

Gadsden Growth Properties Buys $240M Mixed-Use Asset in San Francisco Bay Area

by Amy Works February 13, 2019

FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.

February 13, 2019

California Development Multifamily Seniors Housing Western

Belmont Village Opens 149-Unit Seniors Housing Community in Orange County, California

by Amy Works February 13, 2019

ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.

February 13, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Portland

by Amy Works February 13, 2019

PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities. Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million. Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community.

February 13, 2019

District of Columbia Loans Multifamily Southeast

Commercial, Multifamily Loan Originations Up 14 Percent in Fourth-Quarter 2018, Says MBA

by Alex Tostado February 12, 2019

WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …

February 12, 2019

Acquisitions Maryland Multifamily Southeast

AMAC Acquires Multifamily Community in Metro D.C. for $66M

by Alex Tostado February 12, 2019

CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.

February 12, 2019

Development Florida Multifamily Southeast

ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami

by Alex Tostado February 12, 2019

MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.

February 12, 2019

Development Multifamily Texas

Sovereign Properties Breaks Ground on $73M Apartment Community in Metro Dallas

by Taylor Williams February 12, 2019

ALLEN, TEXAS — New York-based development firm Sovereign Properties has broken ground on Sovereign at Twin Creeks, a $73 million project that will bring 366 multifamily units to the northeastern Dallas metro of Allen. Amenities will include a resort-style pool, fitness center, business lounge and a resident clubhouse. The development will also feature a 15,000-square-foot medical office building adjacent to the community. Davis Bros. Construction is the general contractor for the project, which is expected to be complete by late summer 2020.

February 12, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing for Apartment Property in Lincoln, Nebraska

by Kristin Harlow February 12, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 12, 2019

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