Multifamily

Newmark Arranges $29.9M in Financing for Five55 Apartment, Retail Development in Santa Cruz

by Amy Works November 13, 2018

SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.

November 13, 2018

Alaska Loans Mixed-Use Multifamily Retail Western

KeyBank Provides $12.7M Financing for Mixed-Use Property in Anchorage, Alaska

by Amy Works November 13, 2018

ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.

November 13, 2018

Acquisitions Multifamily Nevada Western

Northcap Commercial Directs $7.1M Sale of 72-Unit Multifamily Portfolio in Las Vegas

by Amy Works November 13, 2018

LAS VEGAS — Northcap Commercial Multifamily has negotiated the sales of two multifamily properties located in Las Vegas. iA Financial Group sold the properties for $7.1 million, or $99,305 per unit, in an all-cash transaction. Built in 2004 and totaling 72 units, the properties are Casa Bonita Apartments at 1411 N. 23rd St. and Valley Vista Apartments at 2930 Mountain Vista St. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 13, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $6M Refinancing for Village Montrachet Apartments in Burien, Washington

by Amy Works November 13, 2018

BURIEN, WASH. — Hunt Real Estate Capital has provided a $6 million Freddie Mac Small Balance Loan for the refinancing of Village Montrachet Apartments in Burien. Village Montrachet LLC, an entity backed by an undisclosed sponsor who purchased the property in 2001, is the borrower. The new loan will refinance existing debt and provide the borrower with proceeds to invest in the acquisition of another commercial property. Built in 1988, the property consists of three three-story apartment buildings offering a total of 57 units in a mix of 30 one-, 20 two- and six three-bedroom layouts. Community amenities include 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces. Sergey Klimov of Hunt Real Estate Capital originated the loan, which is a 5/1 Hybrid-ARM loan with a 30-year schedule and a yield maintenance prepayment schedule. Glenn Gioseffi of Kidder Mathews sourced the loan.

November 13, 2018

Acquisitions Florida Multifamily Southeast

Mosaic Development Sells Newly Built Apartment Community in Fort Myers for $49.7M

by Amy Works November 12, 2018

FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.

November 12, 2018

Development Florida Multifamily Seniors Housing Southeast

Hunt Midwest, Integral Break Ground on Seniors Housing Project in Palm Beach County

by Amy Works November 12, 2018

ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.

November 12, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Arranges Sale of New Multifamily Community in Elizabethtown, Kentucky

by Amy Works November 12, 2018

ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.

November 12, 2018

Acquisitions Multifamily Texas

NKF Arranges Sale of Two Multifamily Assets Totaling 670 Units in Austin

by Taylor Williams November 12, 2018

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of Estates at Southpark Meadows and Terraces at Southpark Meadows, two multifamily assets totaling 670 units in south Austin. The properties, which were acquired as value-add opportunities, were built in 2009 and border the Southpark Meadows power center. Patton Jones of NKF’s Capital Markets group represented the seller, Atlanta-based BVT Equity Holdings, in the transaction. The buyer was not disclosed.

November 12, 2018

Development Loans Multifamily Nevada Western

CapitalSouth Provides $41.1M Construction Loan for Multifamily Property in Las Vegas

by Amy Works November 12, 2018

LAS VEGAS — CapitalSouth, a division of Pacific Western Bank, has provided a $41.1 million construction loan for the development of Tuscan Highlands, a multifamily property located in Las Vegas’ Southern Highlands submarket. The property will be situated on 15.2 acres at the southwest corner of St. Rose Parkway and Interstate 15. The 26-building community will feature 304 market-rate apartments units in a mix of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts and townhomes. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The resort hall and restaurant will feature a private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space and a full bar. Jonathan Lee of George Smith Partners arranged the financing for the borrower, Watt Cos. and Schulman Properties.

November 12, 2018

Acquisitions Colorado Multifamily Western

Ellwood Corp. Sells 68-Unit Apartment Building in Denver for $16.5M

by Amy Works November 12, 2018

DENVER — Ellwood Corp. has completed the sale of Brittany House Apartments, a multifamily property located at 77 S. Ogden St. in Denver’s West Washington Park district. Denver-based RedPeak acquired the property for $16.5 million, or $242,647 per unit. The five-story building features 68 units in a mix of studio, one- and two-bedroom units. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

November 12, 2018

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