Multifamily

Interra Brokers Two Multifamily Sales in Chicago’s South Shore Neighborhood for $6.4M

by Kristin Harlow November 15, 2018

CHICAGO — Interra Realty has brokered the sales of two multifamily buildings in Chicago’s South Shore community for $6.4 million. The first property, located at 6901 S. Paxton Ave., sold for $4.2 million. The 50-unit building includes a mix of one, two-, three- and four-bedroom units. At the time of sale, the property was 94 percent leased. The second property, located at 7250 S. Yates Blvd., sold for $2.2 million. The 29-unit building features hardwood flooring, granite countertops and in-unit laundry. The asset was 93 percent leased at the time of closing. David Goss, Jon Morgan, Ted Stratman, Lucas Fryman and Jeremy Morton of Interra represented the undisclosed buyers and seller.

November 15, 2018

Loans Michigan Midwest Multifamily

Q10|Lutz Arranges $2M Refinancing for Multifamily Property in Warren, Michigan

by Kristin Harlow November 15, 2018

WARREN, MICH. — Q10|Lutz Financial Services has arranged a $2 million loan for the refinancing of a 34-unit multifamily property in Warren, a northern suburb of Detroit. The asset was fully occupied at the time of refinancing. Steven Siegel of Q10|Lutz arranged the non-recourse loan on behalf of the undisclosed borrower. Loan terms included 80 percent leverage, a fixed interest rate of 4.66 percent, 10-year term and 30-year amortization schedule. A Southeast-based lender provided the loan.

November 15, 2018

Development Multifamily Southeast Virginia

CPDC Breaks Ground on Adjacent Multifamily Buildings in Richmond’s Jackson Ward

by Alex Tostado November 14, 2018

RICHMOND, VA. — Community Preservation and Development Corp. (CPDC) has broken ground on two adjacent apartment buildings in Jackson Ward district of Richmond. One of the apartment buildings will include 82 units, 46 of which will be at market price. The other will be a 72-unit affordable community for seniors moving in from Richmond’s Fay Towers. The Richmond Times-Dispatchreported in July that the project would cost $33 million. Amenities are set to include a fitness center, dog-grooming room, media room, and outdoor patio and grill area. S.L. Nusbaum realty will manage the property, which is expected to begin leasing in October 2019.

November 14, 2018

Loans Multifamily New Jersey Northeast

MRC Provides $67.5M Acquisition Loan for Multifamily Project in New Jersey

by David Cohen November 14, 2018

HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been approved for 435 multifamily units. Located at 700 Frank E. Rodgers Blvd., the first phase of the project is slated for completion in Spring 2019. The development team on the project includes Hollister as general contractor, NK Architects as design architect, Studio 1200 as interior designer, and The Marketing Directors as leasing and marketing agent.

November 14, 2018

Acquisitions Development Multifamily Northeast Pennsylvania

PREIT Sells Four-Acre Multifamily Development Site in Metro Philadelphia for $10.3M

by David Cohen November 14, 2018

EXTON, PA. — The Pennsylvania Real Estate Investment Trust has sold a four-acre development site in Exton for $10.3 million. The site is located adjacent to the Exton Square Mall, which is approximately 33 miles northeast of Philadelphia. The property was acquired by Hanover Co., which plans to build a 300-unit apartment building on the site. PREIT recently revamped the Exton Square Mall with the addition of a Whole Foods location earlier this year.

November 14, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Two Assisted Living Communities in Philadelphia

by David Cohen November 14, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.

November 14, 2018

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $36.3M FHA Loan for Acquisition of Skilled Nursing Portfolio in Ohio

by Kristin Harlow November 14, 2018

OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that KeyBank previously provided the borrower for the acquisition of nine skilled nursing facilities.

November 14, 2018

Loans Multifamily Texas

Bellwether Arranges $23.7M Acquisition Loan for Austin Apartment Community

by Taylor Williams November 14, 2018

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged a $23.7 million Fannie Mae acquisition loan for Preserve at Wells Branch, a 308-unit multifamily community in Austin. The community offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and basketball court. The new ownership plans to convert the property into an affordable housing community with 51 percent of the units available to households earning 80 percent or less of the area median income. Kevin Bowen of Bellwether arranged the 12-year loan, which features a fixed interest rate, on behalf of the borrower, the Housing Authority of the City of Austin.

November 14, 2018

Development Multifamily Student Housing Texas

Servitas Completes $22.7M Student Housing Project for Blinn College in Brenham, Texas

by Taylor Williams November 14, 2018

BRENHAM, TEXAS — Developer Servitas has completed Mill Creek Residence Hall, a $22.7 million student housing project serving Blinn College in Brenham, roughly midway between Houston and Austin. The 169,700-square-foot property features 464 suites in four- and two-bed configurations, as well as community study rooms, common areas and onsite laundry facilities. Moss Construction and Hunt Cos. provided general contracting and construction management services for the project, which Kirksey Architecture designed. The property welcomed its first student residents this semester.

November 14, 2018

Loans Multifamily Utah Western

Bellwether Enterprise Arranges $12M Loan for Multifamily Property in Millcreek, Utah

by Amy Works November 14, 2018

MILLCREEK, UTAH — Bellwether Enterprise Real Estate Capital has secured a $12 million conversion loan for Artesian Springs Phase III in Millcreek. Located at 36 E. Columbia Ave., the property features 120 units, of the larger property’s 134 total units, with long-term rent restrictions at 50 percent and 60 percent of area median income per a Land Use Restrictive Agreement with Utah Housing. Doug Taylor and Cindy Hannon of Bellwether Enterprise arranged the loan for the borrowers, David Bevan and David Peterson. The company provided a 24-month forward conversion using Chase Bank as the construction lender. Originally a Freddie Mac forward Tax-Exempt Loan closed in 2016, the forward loan converted to the Freddie Mac permanent loan prior to the forward commitment expiration date. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

November 14, 2018

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